Dr Agarwals Health Care Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Dr Agarwals Health Care Ltd trades at ₹486, in a confirmed uptrend and 3 weeks into that stage. That is +5.7% against its own 200-day average. It sits at 56% of a 52-week range of ₹410 to ₹546. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).

Today the stock is in a confirmed uptrend — week 3 of stage 2, confirmed. At ₹486 it trades +5.7% versus its 200-day average and sits at 56% of its 52-week range (₹410–₹546).

Against the market, two honest reads. Cumulative: over the last 1.4 years the stock moved +21% while the NIFTY 500 moved +12% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-07-10) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 23rd percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Dr Agarwals Health Care Ltd trades at 115.0× P/E, near the bottom of its own range — cheaper only 23% of the time. Its long-run median P/E is 137.3×, measured across 1.2 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 115.0× is near the bottom of its own range — cheaper only 23% of the time, against a long-run median of 137.3× measured over 1.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +59.1% against a +10.9% price move — earnings outran the price, pushing the multiple DOWN its own range.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 31% on reported income across 10 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Dr Agarwals Health Care Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 6 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

51.0/100 — rank 3 of 7 in Hospitals/Medical Services · 70% evidence confidence

Dr Agarwals Health Care Ltd scores 51.0 out of 100 against the 7 companies it is compared with in Hospitals/Medical Services, ranking 3. Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -38.8% and the one-year return is 10.9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.

The four contributions add to the total exactly: 27.1 + 8.7 + 8.5 + 6.7 = 51. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Dr Agarwals Health Care Ltd reported ₹564 Cr of revenue in the Mar 26 quarter, +22.6% year on year. That is the 6th straight quarter of year-on-year growth. Over 6 years it has compounded at 25.6% a year. The last full year, FY26, came in at ₹2,080 Cr. The last four reported quarters add to ₹2,080 Cr.

Dr Agarwals Health Care Ltd reported ₹564 Cr of revenue in the Mar 26 quarter, +22.6% year on year. That is the 6th straight quarter of year-on-year growth. Over 6 years it has compounded at 25.6% a year. The last full year, FY26, came in at ₹2,080 Cr. The last four reported quarters add to ₹2,080 Cr.

FY26 revenue came in at ₹2,080 Cr (+21.6% on the year), capping 6 years at 25.6% compound. The latest quarter (Mar 26) printed ₹564 Cr, +22.6% year on year — the 6th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +21.5% growth against the decade's 25.6% — the current year is running slower than its own long-run rate.

→ Revenue grew — did margins hold as it scaled? Next: 29.0% this quarter (+1.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Dr Agarwals Health Care Ltd's operating margin is 29.0% in the Mar 26 quarter, +1.0 percentage points against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 18.0% to 28.0%. The current quarter is running above every full year in that window.

Dr Agarwals Health Care Ltd's operating margin is 29.0% in the Mar 26 quarter, +1.0 percentage points against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 18.0% to 28.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 29.0%, +1.0 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 18.0%–28.0%.

Why the margin moved: operating margin went +0.2 pp year on year while gross margin went +0.3 pp — the gain came mostly from the gross line: input costs and pricing.

→ Margins held — did that reach the bottom line? Next: profit +16.3% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Dr Agarwals Health Care Ltd earned ₹50.0 Cr of net profit in the Mar 26 quarter, +16.3% year on year. It is the 6th consecutive quarter of growth. Full-year FY26 profit was ₹168 Cr. That is 8.9% of the quarter's revenue. The same quarter a year earlier earned ₹43.0 Cr.

Dr Agarwals Health Care Ltd earned ₹50.0 Cr of net profit in the Mar 26 quarter, +16.3% year on year. It is the 6th consecutive quarter of growth. Full-year FY26 profit was ₹168 Cr. That is 8.9% of the quarter's revenue. The same quarter a year earlier earned ₹43.0 Cr.

Mar 26 profit was ₹50.0 Cr, +16.3% year on year — the 6th consecutive quarter of growth. On the full year, FY26 printed ₹168 Cr (+52.7%).

Why profit moved: revenue contributed +22.6% and the margin +1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +64.0% vs revenue +21.5%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 328% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 328% of Dr Agarwals Health Care Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹519 Cr of operating cash against ₹168 Cr of profit. After ₹713 Cr of capital spending, ₹−194 Cr was left as free cash.

FY26: operating cash of ₹519 Cr against reported profit of ₹168 Cr, leaving free cash of ₹−194 Cr after ₹713 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 328% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 328%: the cash cycle stretched 171 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: the bigger cash user is investment — capital spending ran 3.5× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹2,398 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Dr Agarwals Health Care Ltd's cash conversion cycle runs −76 days in FY26, up from −247 days in FY21. Capital spending ran ₹2,398 Cr over the last 3 years. At FY26 sales of ₹2,080 Cr each day of that cycle holds about ₹5.7 Cr, so roughly ₹−433 Cr sits inside the business at any moment.

FY26: debtors at 28 days, inventory at 178 days — roughly 5.9 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −76 days, looser than FY21's −247.

The full loop: cash goes out to suppliers and production on day 0; stock waits 178 days to sell; customers pay about 28 days after that; and suppliers themselves are paid at 283 days — netting out to the −76-day cycle.

In money terms: at FY26 sales of ₹2,080 Cr, each day of the cycle holds about ₹5.7 Cr — so the −76-day loop keeps roughly ₹−433 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹2,398 Cr over the last 3 fiscal years against ₹677 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹234 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 11%.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Dr Agarwals Health Care Ltd earns a ROCE of 11% in FY26. That is up from a trough of −1% in FY21. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 8.1% net margin on 0.53× asset turns.

FY26 ROCE is 11%, recovered from a FY21 trough of −1% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 8.1% net margin × 0.53× asset turns × 1.95× balance-sheet leverage ≈ 8.4% on equity. Margin does its share; leverage is a meaningful part of the equation.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 31% on reported income across 10 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.53.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Dr Agarwals Health Care Ltd carries ₹1,066 Cr of borrowings against ₹2,026 Cr of equity in FY26, a debt-to-equity of 0.53. Operating profit covers the interest bill 6×. Over 5 years borrowings went from ₹185 Cr to ₹1,066 Cr. Capital spending ran ₹2,398 Cr across the last 3 of those years.

FY26: borrowings of ₹1,066 Cr against equity of ₹2,026 Cr — a debt-to-equity of 0.53. Operating profit covers the interest bill 6×. Over 5 years borrowings went from ₹185 Cr to ₹1,066 Cr while capital spending ran ₹2,398 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 31% on reported income across 10 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Who owns this, and are they adding or leaving? Next: Foreign institutions cut 2.6 points over 5 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions cut 2.6 points of Dr Agarwals Health Care Ltd over 5 quarters, the biggest move on the register. That takes foreign institutions to 58.0% of the company. Domestic institutions moved +2.5 points over the same window, to 7.7%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −2.6 points over 5 quarters to 58.0%; Domestic institutions: +2.5 points over 5 quarters to 7.7%; Promoters: −0.1 points over 5 quarters to 32.3%.

Why the register moved: rotation — foreign institutions −2.6 points against domestic institutions +2.5 points over 5 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Dr Agarwals Health Care Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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