Dr Agarwal's Hea Q4 FY26 Results (NSE: AGARWALEYE)
Signal: Steady quarter
The read
Q4FY26 revenue grew 22.6% YoY to ₹564 Cr, EBITDA margin at 30.2% stable near prior year, PAT ₹50 Cr (+14.5% YoY). Full year PAT surged 52.4% on revenue growth of 21.6% and margin expansion. Network expansion continues with 57 new centers in FY26, including strong organic entry into Delhi NCR. Surgical volumes up 23.6% in Q4 and 14.5% for the year. Mature facilities revenue grew 35.3% in FY26, signalling strong same-store momentum.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹564.11 Cr | 22.6% | 6.5% |
| EBIT | ₹97.37 Cr | 25.4% | |
| Net profit | ₹49.96 Cr | 14.5% | |
| EPS | ₹1.25 | 21.4% | |
| EBIT margin | 30.2% |
P&L walk
Q4FY26: Revenue growth driven by surgery volumes (+23.6%) and mature facility revenue (+30.5%); EBITDA margin expanded 160bps QoQ to 30.2% on operating leverage, though down 60bps YoY; PAT growth moderated to 14.5% YoY due to higher depreciation and tax.
Key positives
- Q4 revenue growth of 22.6% YoY, with India revenue up 22.1% and mature facilities up 30.5%.
- EBITDA margin expanded 160bps QoQ to 30.2%, demonstrating operating leverage from higher volumes.
- Full-year PAT up 52.4% to ₹168 Cr, significantly outpacing revenue growth of 21.6%.
- Added 57 new facilities in FY26 (1 per week), entering 26 new cities, with 30 surgical centres.
- Surgical volumes grew 23.6% in Q4 and 14.5% for the full year.
- Successful IPO proceeds used to repay borrowings, reducing finance costs by 11.7% YoY in Q4.
Key concerns
- EBITDA margin declined 60bps YoY in Q4 (30.2% vs 30.8%) due to cost pressures from expansion.
- PAT growth in Q4 moderated to 14.5% YoY from higher depreciation and tax, despite strong revenue growth.
- Valuation remains elevated at P/E of 118x (industry 48.5x), pricing in high growth expectations.
Research and educational content only. Not investment advice.