Dr Agarwal's Hea Q2 FY27 Results (NSE: AGARWALEYE)
Signal: Growth reaccelerated
The read
The growth engine strengthened in Q2FY27, with revenue up 31.4% YoY to ₹655.46 crore and surgeries up 22.2% to 95,841, but EBITDA margin contracted 50bps to 27.9% as 21 new centres were added; the key trajectory question is whether mature-hospital growth can absorb the expansion drag.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹655.46 Cr | 31.4% | +6.8% |
| Net profit | ₹57.37 Cr | 55.8% | |
| EPS | ₹1.55 | +44.9% | |
| EBIT margin | 27.9% |
P&L walk
Q2 revenue increased 31.4% YoY to ₹655.46 crore, EBITDA grew 28.8% to ₹185.56 crore and PAT rose 55.8% to ₹57.37 crore; margin fell 50bps to 27.9% despite strong facility and patient expansion.
Segments
No segment results table was disclosed; the operating momentum is visible in India revenue of ₹586 crore, up 31.6% YoY, alongside 21 new centres and 18.8% same-store sales growth.
Key positives
- Revenue from operations reached ₹655.46 crore, up 31.4% YoY, accelerating from Q1FY27 revenue of ₹614.02 crore.
- Same-store sales growth was 18.8%, while India revenue rose 31.6% YoY to ₹586 crore, showing that growth was not solely dependent on new facilities.
- The network expanded by 21 facilities in Q2FY27 to 324 facilities, while surgeries grew 22.2% YoY to 95,841.
- PAT increased 55.8% YoY to ₹57.37 crore, materially faster than revenue growth of 31.4%.
Key concerns
- EBITDA margin declined 50bps YoY to 27.9% and EBITDA growth of 28.8% lagged revenue growth of 31.4%, consistent with near-term investment drag from 21 new centres.
- H1 depreciation declined to ₹46.37 crore from ₹47.25 crore even as PPE rose to ₹1,096.27 crore and CWIP to ₹249.98 crore, requiring monitoring of asset commissioning and depreciation timing.
- EPS growth of 44.9% trailed owner-attributable PAT growth of approximately 53.9%, indicating a PAT-to-EPS divergence despite equity share capital being broadly stable.
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