Dr Agarwal's Eye Q1 FY27 Results (NSE: DRAGARWQ)
Signal: Steady quarter
The read
The key trajectory is sustained revenue growth with Q1FY27 revenue of ₹142.97 crore, +22.28% YoY, and PAT of ₹23.38 crore, +35.46% YoY; however, EBITDA margin declined 84bps YoY to 31.6%, so the next confirmation point is whether the margin can recover while employee cost rose +23.88% and doctor consultancy charges rose +27.74%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹142.97 Cr | +22.28% | +19.13% |
| EBIT | ₹33.73 Cr | N/A | |
| Net profit | ₹23.38 Cr | +35.46% | |
| EPS | ₹48.38 | +31.77% | |
| EBIT margin | 31.6% |
P&L walk
Standalone revenue increased to ₹142.97 crore, +22.28% YoY and +19.13% QoQ, with gross margin expanding to 78.9% YoY while EBITDA rose to ₹45.22 crore, +19.57% YoY; PAT reached ₹23.38 crore, +35.46% YoY, helped by operating growth rather than material other-income dependence.
Key positives
- Revenue reached ₹142.97 crore, +22.28% YoY and +19.13% QoQ, maintaining a high-growth trajectory versus the ₹116.92 crore Q1FY26 base.
- PAT rose +35.46% YoY to ₹23.38 crore, outpacing revenue growth by 13.18 percentage points, while other income of ₹1.96 crore remained small relative to ₹30.96 crore PBT.
- Gross margin expanded 127bps YoY to 78.9% as purchase, inventory and consumable costs declined to 21.1% of revenue from approximately 22.4%.
Key concerns
- EBITDA margin fell 84bps YoY to 31.6% despite revenue growth of +22.28%, as consultancy charges for doctors rose +27.74% and employee benefits expense rose +23.88%.
- EPS growth of +31.77% lagged PAT growth of +35.46%, reflecting dilution after paid-up equity capital increased to ₹4.83 crore from ₹4.70 crore.
- The amalgamation scheme with Dr. Agarwal's Health Care Limited remains subject to final NCLT sanction and other statutory or regulatory requirements.
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