Dr Agarwal's Q1 PAT up 44.6% YoY to ₹55 Cr as margins expand, revenue grows 26%

Dr. Agarwal's Health Care's consolidated revenue from operations grew 26.0% YoY to ₹614 Cr (total income ₹620 Cr, +23.9%), while PAT grew faster at 44.6% YoY to ₹55 Cr — profit outpacing revenue growth for a second straight comparison period. Sequentially, revenue rose 8.9% QoQ, which management called its highest-ever single-quarter sequential growth, and PAT rose 10.1% QoQ; the YoY comparison remains the primary read since eye-care volumes for this chain are not materially seasonal quarter to quarter.

EBITDA rose 25.2% YoY to ₹177 Cr with margin expanding to 28.5% from 28.2% a year ago, and held roughly flat versus Q4 FY26's 28.86%. Consultancy charges for doctors (₹88.3 Cr) and employee benefits (₹121.0 Cr) remained the two largest cost lines, growing broadly in line with revenue. Surgical volumes rose a slower 15.5% YoY to 91,082 cases even as revenue climbed 26%, pointing to rising realization/mix — revenue from Mature Facilities grew a sharper 37.1% YoY to ₹485 Cr, while the newer greenfield sites (23 surgical facilities launched in the trailing six months) are still ramping and, per management, are weighing on incremental margins. PAT growth also benefited from a lower effective tax rate of 26.8% this quarter versus 29.0% a year ago. No exceptional items hit either this quarter or the year-ago quarter at the consolidated level, so the 44.6% PAT growth is a clean like-for-like number, not a one-off.

The stock went into the print at ₹495.75, up 3% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 3 consecutive quarters; revenue is at a 6-quarter high.

Against Street forecasts of roughly ₹540 Cr revenue and ₹1.07 EPS for the quarter (Simply Wall St consensus), the company beat comfortably with ₹614 Cr revenue and ₹1.43 basic EPS. Against management's own guidance from the May 21, 2026 concall — sustained FY27 growth at a pace similar to FY26, stable EBITDA margins despite greenfield investment, and 60 new facility openings planned for the year — the quarter is running ahead of plan: 18 facilities were added, comprising 16 new surgical centres (the highest ever in a single quarter), roughly 30% of the full-year facility target hit in the first quarter alone, and margins expanded rather than merely held steady. Corporately, creditors of both AHCL and its listed subsidiary Dr. Agarwal's Eye Hospital approved the scheme of amalgamation on July 2, 2026 (still awaiting NCLT sanction), and the board separately cleared incorporation of a new Nigerian subsidiary on results day, extending an African network that already spans nine countries. CEO Dr. Adil Agarwal called it "an exceptional quarter on multiple fronts," citing the record facility additions and growth "across all of our regions," while flagging "rising greenfield losses" from the 23 facilities opened in the last six months — a framing that matches the numbers, where EBITDA margin gains were a modest 30bps YoY even as PAT growth outpaced revenue growth.