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Motilal Oswal Report
Shares of Dr Agarwal's Health Care Ltd. are likely to remain in focus after Motilal Oswal reiterated its ‘Buy' rating on the stock, driven by strong growth momentum and continued network expansion.
The brokerage has set a target price of Rs 610 against the current market price of Rs 452, implying a potential upside of about 35%.
Motilal Oswal remains bullish on the company's structural growth story, backed by its leadership in the eye-care segment and a rapidly scaling surgical franchise. The brokerage highlighted that the company conducted around 323,000 surgeries in FY26, marking a 14.5% Yoy increase, while realisations rose nearly 8.5% due to premiumisation and a richer case mix.
A key growth driver is the company's aggressive network expansion. Dr Agarwal's Health Care expanded its footprint to 288 facilities across geographies in FY26 and is targeting the addition of around 60 new facilities in FY27, which is expected to further boost volumes and market share.
The brokerage also noted that the company's execution remains strong, supported by robust patient growth and improving operating metrics. Patient volumes rose 24% YoY to nearly 3 million in FY26, while same-store sales growth stood at 14%, reflecting healthy demand and pricing power.
Financially, Motilal Oswal expects a strong earnings trajectory ahead, estimating a revenue, Ebitda, and PAT CAGR of 22%, 23%, and 40% respectively over FY26–FY28, aided by operating leverage, network ramp-up, and premiumisation.
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