Dr. Agarwal’s Health Care IPO Details, Financials, Valuation & Peers

Dr. Agarwal’s Health Care Limited offers a wide range of treatments, including cataract and refractive surgeries, consultations, diagnostics, non-surgical treatments, and the sale of optical products and eye care pharmaceuticals. With a market share of approximately 25% in India’s organized eye care service chain segment as of FY 2024, Dr. Agarwal’s operates the largest network of eye care service facilities in the country. As of September 30, 2024, the company operated 209 facilities across India, categorized into Primary, Secondary, and Tertiary Facilities under a scalable hub-and-spoke model. This structure allows for deep market penetration and resource efficiency, enhancing accessibility and patient outcomes. The company also has an international presence with 16 facilities across nine countries in Africa. Backed by strong institutional investors such as Temasek Holdings and TPG.

Key Points:

• Eye Care Services
  • Surgeries: Cataract, refractive (LASIK, SMILE, implantable collamer lens), surgical retinal treatments, corneal transplantation, oculoplasty, glaucoma, and other specialized procedures.
  • Consultations, Diagnostics, and Non-Surgical Treatments: Retinal laser therapy, dry eye treatment, and other ophthalmic solutions.
  • Optical and Pharmaceutical Sales: Glasses, contact lenses, frames, and prescribed eye care-related pharmaceutical products.
• Network in India
  • 209 facilities across 117 cities in 14 states and four union territories.
  • Hub-and-Spoke Model:
    • 28 hubs (Tertiary Facilities): Super-specialty surgical centers, including three Centers of Excellence (COEs).
    • 165 spokes:
      • 53 Primary Facilities: Non-surgical diagnostic and consultation services.
      • 112 Secondary Facilities: Cataract surgeries and other select treatments.
  • COEs provide advanced treatment, academic programs, and continuous training for doctors and optometrists.
• International Expansion
  • Operations in nine African countries with 16 facilities.
  • Services include treatments for cataracts, glaucoma, diabetic retinopathy, retinal detachment, refractive surgeries, and pediatric and neuro-ophthalmology.