Standalone PAT up 35% YoY to ₹23.4 Cr on 33% lower finance costs; revenue +22%

Dr. Agarwal's Eye Hospital's standalone revenue rose 22.3% YoY to ₹142.97 Cr (₹116.92 Cr) and 19.1% QoQ (₹120.01 Cr), with PAT up 35.5% YoY to ₹23.38 Cr (₹17.26 Cr) and 44.0% QoQ (₹16.24 Cr). Basic EPS (not annualised) came in at ₹48.38 versus ₹36.72 a year ago. There is no street consensus or management guidance on record for this specific quarter — our records carry no prior guidance, and a web search turned up only a broad FY25-27 estimate (analysts had pencilled ~20%/21%/39% revenue/EBITDA/PAT CAGR), not a quarter-specific number, so vsStreet and vsGuidance are marked unknown rather than inferred. The margin picture is split by line. Net profit margin (on total income) expanded to 16.1% from 14.7% YoY (+147 bps) and from 13.4% QoQ (+277 bps), but this improvement sits below the operating line: operating margin actually compressed to 30.3% from 31.8% a year ago (-150 bps) as "other expenses" jumped 39.4% YoY to ₹22.42 Cr, outpacing the 22.3% revenue growth, while consultancy charges for doctors (+27.8%) and employee costs (+23.9%) also ran ahead of the topline. What pulled PAT growth above operating-profit growth was finance costs falling 33.4% YoY to ₹2.77 Cr from ₹4.16 Cr — the single largest swing factor in the bridge from PBT (+33.5% YoY) to PAT (+35.5% YoY). Two corporate-action threads ran alongside the print. The proposed amalgamation with holding company Dr. Agarwal's Health Care Ltd ccleared equity, secured-creditor and unsecured-creditor votes on July 2, 2026, and now awaits final NCLT sanction — a structural change to track but with no P&L impact yet. Separately, of the ₹70 Cr raised via the September 2025 preferential allotment (1,32,827 shares at ₹5,270 each), only ₹28.20 Cr has been utilised as per the stated objects; the remaining ₹41.80 Cr sits in debt mutual funds, a plausible funding source for further deleveraging that could extend the finance-cost tailwind seen this quarter. No separate management press release accompanied this filing, so the framing here is drawn directly from the results statement and its notes rather than management commentary.