Motilal Oswal's research report on Dr Agarwals Health Care
Dr. Agarwal’s Health Care (DAHL) delivered in-line Revenue/EBITDA for the quarter. However, there was a miss on earnings due to higher-thanexpected interest outgo for the quarter. DAHL is on a robust growth path, driven by increased traction at existing/mature facilities and the addition of new facilities (17 added in 4QFY25). DAHL delivered 17% YoY growth in surgeries conducted during 4QFY25. Interestingly, refractive surgeries almost doubled to 4,882, offering significantly higher realizations compared to cataract surgeries. DAHL has crossed the milestone of 100 mature facilities (operational for 3+ years) as of the end of FY25.
Outlook
We largely maintain our estimates for FY26/FY27. We value DAHL on an SOTP basis (22x EV/EBITDA for the surgery business, 14x EV/EBITDA for the opticals business, 12x EV/EBITDA for the pharmacy business, adj for a stake in Dr. Agarwal eye hospital/Thind hospital) and arrive at a TP of INR460.
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