Dr. Agarwal’s Health Care Limited (AHCL), India’s largest eye care services chain, reported revenue of ₹1,711 crore in FY25. The company also posted an EBITDA of ₹502 crore and a profit after tax of ₹110 crore. This marks strong year-on-year growth of over 16% in profits and nearly 28% in revenue.
AHCL currently operates 230 facilities across India and 19 in Africa, serving over 2.4 million patients. With more than 830 doctors and 1,800 paramedics, the company has also performed 2.8 lakh surgeries during FY25.
Alongside its financial growth, the company has announced a proposed merger of Dr. Agarwal’s Eye Hospital Limited (AEHL) with AHCL. AEHL is a leading eye care chain with 63 facilities, mainly in Tamil Nadu, and reported a total income of ₹402 crore in FY25.
As part of the merger, shareholders of AEHL will receive 23 shares of AHCL for every 2 shares they hold. This represents a 15% premium to AEHL’s recent trading average. The merger also includes a preferential allotment of ₹70 crore to finance expansion plans.
The combined entity is expected to deliver higher efficiency and stronger capital allocation. AHCL noted that the merger will simplify its structure, reduce costs, and create a larger base for future fundraising and growth. The transaction is expected to be completed by Q2 FY27, subject to regulatory approvals.
With this move, Dr. Agarwal’s aims to create a unified platform for growth. The company believes the merger will benefit shareholders and be accretive to earnings from the first year of implementation.
