### **Company Overview** Dr. Agarwal's Eye Hospital Ltd., now operating as **Dr. Agarwal's Health Care Limited**, is India’s largest eye care service chain by revenue and a pioneer in the ophthalmology sector. Founded in 1957 in Chennai by Dr. Tahira Agarwal and Dr. Jaiveer Agarwal, the organization began as a single clinic and has since evolved into a pan-Indian and international network dedicated to delivering **high-quality, affordable, and accessible eye care**. The company is led by Prof. (Dr.) Amar Agarwal, Chairman and a globally recognized innovator in ophthalmic surgery. Listed on both the **BSE and National Stock Exchange of India**, the company combines clinical excellence with management rigor, supported by strategic investments from global firms such as **TPG and Temasek**. --- ### **Operational Model & Strategy** - **Asset-Light, Hub-and-Spoke Network**: Nearly all facilities operate on leased premises, enabling rapid, low-capital expansion into urban and underserved rural areas. - **Geographic Footprint (as of Aug 2025)**: - **India**: 230 facilities across **14 states and 5 union territories**. - 79 in Tier-I cities - 151 in Tier-II/III and rural locations - **Africa**: 19 facilities in 9 countries; plans to expand further in Kenya, Zambia, and Tanzania. - **CAGR of Facility Growth**: 29.7% from FY22 to Q1 FY26, reflecting aggressive network expansion. - **Digital-First Approach**: EMR-integrated workflows, modular infrastructure, and digital patient journey enhance precision, efficiency, and trust. --- ### **Clinical Excellence & Innovation** The company is a clinical leader in ophthalmology with globally recognized innovations: - **Glued IOL** (Intraocular Lens) - **PDEK** (Pre-Descemet's Endothelial Keratoplasty) - **CAIRS** (Cornea Associating Intraocular Refractive Surgery) - **CACXL** (Corneal Collagen Cross-Linking) These techniques have gained international acclaim and are taught and presented at major global ophthalmology forums. The group employs **over 500 ophthalmologists** and **3,500+ staff**, having treated **over 15 million patients** cumulatively. --- ### **Services Offered** - **Primary and Secondary Care**: Preventive screenings, routine check-ups, optical retail (spectacles, contact lenses), and management of common conditions like cataracts and glaucoma. - **Super-Specialty Services**: Available at tertiary hubs in: - Vitreo-retinal surgery (e.g., diabetic retinopathy, AMD) - Pediatric ophthalmology - Ocular oncology - Neuro-ophthalmology - Uvea and oculoplasty - **Surgical Focus**: Over 80.7% of ~62,000 surgeries performed in FY25 were cataract procedures. - **Technology Investment**: Plans include advanced capabilities in **SMILE, Laser Cataract Surgery**, and treatments for macular degeneration. --- ### **Expansion & Growth Initiatives** The company is on a high-growth trajectory, aiming to **double its network to over 300 facilities in India and Africa within 3–4 years** through: - **Greenfield Projects**: New centers in high-potential regions such as Maharashtra, Punjab, Delhi, Uttar Pradesh, and central India. - **Acquisitions**: Targeting small hospitals and regional chains. - **Africa Expansion**: Strategic priority; currently 15 hospitals, with 10 new centers planned in Kenya, Zambia, and Tanzania. - **Investment**: **$80 million** raised from TPG and Temasek in 2023 to fund expansion and technology upgrades. - **Capex Plan**: Over **₹1,200 crores** allocated to network and technology development. Recent expansions (2023–2024) include: - 8 new clinics in Tamil Nadu and 3 in Andhra Pradesh. - 6 new surgical centers: Coonoor, Sholinganallur, Pudukkottai, Tiruvannamalai, Virudhachalam, and Namakkal. - Entry into Kerala with a facility in Cochin; strengthened presence in southern Tamil Nadu (e.g., Nagercoil). **Center of Excellence**: A state-of-the-art super-specialty hospital completed on **Cathedral Road, Chennai** in FY24, now operational from FY25, offering integrated, multi-specialty eye care under one roof. --- ### **Brand & Access Strategy** - **Rebranding (2023)**: Vision centers ("20|20 Eyecare") rebranded to **"Dr. Agarwal's Eye Clinic"** for stronger brand consistency. - **Outreach**: Primary eye clinics to be established in **over 100 tier 2 and tier 3 towns**, improving access across rural India. - **Public Health Campaigns**: Targeted advertising and awareness programs to promote **early screening** and proactive eye care. --- ### **Financial Performance** - **FY23 Revenue**: ₹267.89 crores (+33% YoY); **PAT up 53%** year-on-year. - **FY22 Revenue**: Over ₹700 crores. - **FY20** (Pre-COVID Disruption): - Total Income: ₹178.60 crores - EBITDA Margin: 27.36% - **Post-COVID Recovery**: Strong rebound in FY22–23 with outpatient visits growing **34% YoY**, reaching pre-pandemic levels. Cataract and refractive surgery volumes showed significant growth. --- ### **Strengths** 1. **Pioneering Clinical Reputation** with proven innovations and strong outcomes. 2. **Scalable Hub-and-Spoke Model** enabling rapid, capital-efficient expansion. 3. **Digital Integration** for end-to-end patient journey management. 4. **Trained Workforce Development**: Emphasis on recruitment, fellowships, and continuous training. 5. **Strong Promoter Leadership** blending clinical and managerial expertise. 6. **Strategic Funding & Global Validation** from TPG and Temasek.