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Dr. Agarwal's IPO
Price Band
₹382.0–402.0
Issue Size
₹3027.26 Cr
Lot Size
35 shares
Min Investment
₹14,070
GMP
₹-4.0 (-1.0%)
Issue Price
₹402.0
Dr. Agarwal's IPO AI Summary
- Dr. Agarwal's IPO is listed on BSE, NSE.
- Price band: ₹382.0–₹402.0 per share, lot size 35 shares (min. investment ₹14,070).
- Subscription window: 29 Jan–31 Jan 2025, listing on 04 Feb 2025.
- Current GMP is ₹-4.0 (-1.0%), an estimated listing price of ₹398 — unofficial and can change daily.
Dr. Agarwal's Health Care Limited is a prominent player in the eye care sector in India, offering a wide range of services and having a significant operational footprint. While the company has strengths such as its brand reputation and comprehensive service offerings, recent declines in profitability may be a concern for potential investors.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Dr. Agarwal's IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 31 Jan 2025 — not a current signal.
6 of 11 reviewers say Positive
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Dr. Agarwal's IPO Grey Market Premium (GMP) Today
GMP
₹-4.0
GMP %
-1.0%
Est. Listing
₹398.0
Updated: 25 Jul 2026 14:30
About the Company
Incorporated in 2010, Dr. Agarwal's Health Care Limited offers a comprehensive range of eye care services, including cataract and refractive surgeries, consultations, diagnoses, non-surgical treatments, and the sale of optical products, contact lenses, accessories, and eye care-related pharmaceutical items. As of September 30, 2024, there were 737 doctors providing care to patients across the company's facilities. During this period, the company served 2.13 million patients and performed 220,523 surgeries. In the six months leading up to September 30, 2024, they served 1.15 million patients and conducted 140,787 surgeries. The Services provided by the company are:- Cataract surgeries Offer cataract surgical treatments at its Facilities, such as small incision cataract surgery, phacoemulsification, robotic cataract surgery and glued intraocular lens treatments; Refractive surgeries: Refractive surgeries are procedures that correct eye refractive errors, helping individuals reduce or eliminate their need for glasses and contact lenses. The main types include LASIK, SMILE, implantable collamer lenses, and photorefractive keratectomy (PRK). Other surgeries: Offer a range of other surgical treatments for eye ailments, such as surgical retinal treatments, corneal transplantation and pinhole pupilloplasty, oculoplasty and surgeries for the treatment of glaucoma and pterygium. As of September 30, 2024, the company's Indian network has 28 hubs (Tertiary Facilities, including three COEs) and 165 spokes (53 Primary and 112 Secondary Facilities). As of September 30, 2024, the company has a presence in India across 117 metro and non-metro cities spanning 14 states and four union territories through 193 Facilities. Competitive Strength Largest eye care services provider in India with a trusted brand End-to-end, comprehensive eye care services offering Scalable, asset-light, hub-and-spoke operating model Proven clinical excellence is driven by a strong clinical board and a history of surgical innovations. Doctor-promoters leading a team of qualified medical professionals and supported by experienced management Proven track record of delivering organic growth, integrating and scaling acquisitions and improving operating profitability
Company Financials (₹ Cr)
As of 2024-09-30
| Period Ended | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 3,393.41 | 2,752.82 | 1,825.17 | 1,026.13 |
| Total Income | 837.94 | 1,376.45 | 1,031.49 | 713.78 |
| Profit After Tax | 39.56 | 95.05 | 103.23 | 43.16 |
| NET Worth | 1,502.67 | 1,337.68 | 627.83 | 212.34 |
| Reserves and Surplus | 1,509.11 | 1,365.86 | 652.63 | 236.27 |
| Total Borrowing | 373.68 | 387.79 | 356.18 | 290.18 |
Key Ratios
EPS
₹3.08
NAV
₹50.53
ROE
9.33%
ROCE
14.61%
RoNW
6.21%
P/B Value
7.96
P/E Ratio
130.44
Market Cap
₹12698.37 Cr
PAT Margin
6.90%
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Rainbow Children's Medicare Limited | 124.03 | 17.24% | 67.9 | 21.38 | 21.38 |
| Aster Dm Healthcare Ltd | 71.62 | 3.63% | 136.07 | 3.6 | 3.6 |
| Krishna Institute of Medical Sciences Limited | 228.47 | 16.96% | 79.79 | 7.75 | 7.75 |
| Narayana Hrudayalaya Ltd | 141.98 | 27.37% | 33.14 | 38.86 | 38.86 |
| Global Health Limited | 108.17 | 16.46% | 57.49 | 17.8 | 17.8 |
| Fortis Healthcare Ltd. | 101.48 | 7.82% | 82.11 | 7.93 | 7.93 |
| Max Healthcare Institute Limited | 86.54 | 12.58% | 95.88 | 10.89 | 10.84 |
| Apollo Hospitals Enterprise Ltd. | 481.93 | 62.5% | 107.11 | 62.5 | 62.5 |
| Dr. Agarwal's Health Care Limited This IPO | 50.53 | 6.21% | 130.44 | 3.14 | 3.13 |
Promoters
Amar Agarwal, Athiya Agarwal, Adil Agarwal, Anosh Agarwal, Ashvin Agarwal, Ashar Agarwal, Amar Agarwal Family Trust, Adil Agarwal Family Trust, Anosh Agarwal Family Trust, Ashvin Agarwal Family Trust, Ashar Agarwal Family Trust, DR.AGARWAL’S EYE INSTITUTE and Agarwal's Eye Institute Pvt.Ltd.
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Repayment/prepayment, in part or full, of certain of the borrowings 195.00 2 General corporate purposes and Unidentified Inorganic Acquisitions 77.47 3 Issue Expenses 140.69 Total 413.15
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹1,031.49 Cr for the year ended 31 Mar 2023, increasing to ₹1,376.45 Cr by 31 Mar 2024. However, it declined to ₹837.94 Cr as of 30 Sep 2024, though this is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit after tax was ₹103.23 Cr for the year ended 31 Mar 2023, which slightly decreased to ₹95.05 Cr by 31 Mar 2024. As of 30 Sep 2024, profit after tax further declined to ₹39.56 Cr, though this is a 9-month figure, not a full year, so isn't directly comparable.
Valuation
At the issue price of ₹402.0, Dr. Agarwal's Health Care Limited has an implied P/E of 130.44, compared to its peers trading at P/E ratios ranging from 33.14 to 136.07.
Grey Market Premium, Explained
The grey market premium (GMP) is an unofficial indicator of the expected listing price of an IPO. A positive GMP suggests that the stock may list at a higher price than the issue price, while a negative GMP indicates the opposite.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall investment strategy and risk tolerance. It's important to consider the company's growth potential and market position.
Who May Want to Wait
Investors who are risk-averse or those seeking stable, predictable returns may want to avoid this IPO, especially given the recent decline in profitability.
IPO Timeline, Explained
The IPO is set to open on January 29, 2025, and will close on January 31, 2025. Allotment of shares is expected by February 3, 2025, with the listing date scheduled for February 4, 2025.
Listing Gains — The Risk
Listing-day gains can be unpredictable. Factors such as market conditions, investor sentiment, and overall demand for the stock can influence the price on the first day of trading. It's important to be aware that a negative GMP may indicate potential listing-day losses.
This evaluation is generated from Dr. Agarwal's's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Dr. Agarwal's IPO GMP today?
Dr. Agarwal's IPO GMP today is ₹-4.0 (-1.0%), indicating an estimated listing price of ₹398. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Dr. Agarwal's IPO?
The price band of Dr. Agarwal's IPO is ₹382.0–₹402.0 per share.
When does Dr. Agarwal's IPO open and close?
Dr. Agarwal's IPO opens on 29 January 2025 and closes on 31 January 2025.
When does Dr. Agarwal's IPO list on the stock exchange?
Dr. Agarwal's IPO listed on 04 February 2025 at ₹398.0.
What is the lot size for Dr. Agarwal's IPO?
The lot size for Dr. Agarwal's IPO is 35 shares, requiring a minimum investment of ₹14,070.
What is the lot size for this IPO?
The lot size for Dr. Agarwal's IPO is 35 shares.
What is the minimum investment required?
The minimum investment required is ₹14,070.
What is the price band for the IPO?
The price band for the IPO is ₹382.0 to ₹402.0.
When does the IPO open and close?
The IPO opens on January 29, 2025, and closes on January 31, 2025.
What does GMP mean?
GMP stands for grey market premium, which indicates the expected listing price of the IPO based on unofficial trading.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
29 Jan 2025
Close
31 Jan 2025
Allotment
03 Feb 2025
Listing
04 Feb 2025
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