Dr Agarwals Health Care Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 655.46 Cr (+31.44% YoY) and PAT growth of +53.06% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 05, 2026 |
|---|---|
| Revenue (Q2) | Rs. 655.46 Cr (+31.44% YoY) |
| PAT (Q2) | Rs. 55.85 Cr (+53.06% YoY) |
| EBITDA margin | 27.89% (-55 bps YoY) |
| EPS (Q2) | Rs. 1.65 (+54.21% YoY) |
Q2 FY27 revenue of Rs.655.46 Cr grew 31.44% YoY, accelerating from +26.0% in Q1 and exceeding the guided pace of ~FY26's +20.9%, while PAT grew 53.06% YoY. EBITDA margin held at 27.89% (−55 bps YoY) despite 21 new facility additions, keeping the 60-facility FY27 expansion and Rs.380–400 Cr capex plan on track. Execution is ahead of schedule on capacity and the merger, with the open question being the greenfield per-branch loss inflection guided from FY27.
| Driver | What happened | Verdict |
|---|---|---|
| Revenue "ahead" / in-line-to-ahead of guided pace | +31.44% YoY vs "similar pace to FY26 (+20.9%)" guide | Played out |
| Margins "broadly flat" vs stable guide | 27.89% on total income vs 28.44% Q2 FY26 (−55 bps); H1 −14 bps | Played out |
| Manpower pressure on the employee-cost ratio | 19.83% vs 19.88% YoY — no visible slip — no slip in Q2 | Partially |
| Greenfield drag persists, unquantified | Not quantified in the filing | Not observable |
| Consumables-pricing (NPPA) exposure quantified | Silent in the filing | Not observable |
| Merger completed on schedule; comparatives restated | Effective Nov 1, 2026; restated comparatives in the filing | Played out |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| 60 new facilities in FY27 (40 surgical / 20 clinics) | Q4 FY26 earnings call | 39 added in H1 (21 in Q2) | On Track |
| Capex Rs.380–400 Cr in FY27 | Q4 FY26 earnings call | Rs.279.44 Cr H1 (Rs.350.52 Cr incl. acquisitions) | On Track |
| EBITDA margin "stable" vs 28.9% FY26 | Q4 FY26 earnings call ("we expect our EBITDA margins to stay stable…") | 27.89% Q2; 28.19% H1 vs 28.33% H1FY26 — −55 bps YoY | On Track |
| Revenue growth "sustain at a similar pace compared to the previous year" (FY26: +20.9%) | Q4 FY26 earnings call | +31.44% Q2, +28.87% H1 | Met / Exceeded |
| Acquisition payouts Rs.65 Cr in FY27 | Q3 FY26 earnings call | Rs.71.08 Cr paid in H1 | On Track |
| Merger conclusion by Q3 FY27 | prior earnings calls | Sanctioned Sept 30, 2026, effective Nov 1, 2026 | Achieved early |
| "Growth to sustain at a similar pace compared to the previous year" | Q4 FY26 call | +31.4% YoY vs +20.9% FY26 — accelerated | Confirmed |
| "EBITDA margins to stay stable even as we continue to invest aggressively in greenfield expansion" | Q4 FY26 call | 27.89% vs 28.44% YoY; H1 −14 bps — within noise of stable | Confirmed |
| "More surgical facilities added in H1 than in all of FY26" | CEO, Q2 press release | 39 in H1 vs 57 in FY26 — this claim is inconsistent with the FY26 note of 57 additions; the filing supports 39 H1 additions as a record half — record half confirmed | Contradicted as literally worded |
| Record Q2 revenue ("highest-ever quarter at INR 655 Crores") | CEO, Q2 press release | Rs.655.46 Cr > Q1's Rs.614.02 Cr > all prior quarters | Confirmed |
| Metric | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|
| Facilities (cum.) | 258 (Sep-25) | 272 | 288 | 304 | 324 |
| Additions | 11 in Q2 | 14 | 19 | 18 (record 16 surgical) | 21 (1 tertiary/17 secondary/3 primary) |
| Surgeries | — | — | FY26: 3,23,245 | 91,082 (+15.5%) | 95,841 (+22.2%) |
| SSSG | ~12.5% | >13.5% | FY26: 14.1% | — | 18.8% |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.