Dr. Agarwal's Eye Hospital Limited (DRAGARWQ.BO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-82.4%

₹949.60

vs ₹5,400.00 price

Levered DCF

₹2,935.84

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	31.97×	36.04×	33.11×	11.71×	14.27×	-102.32×	6.56×	14.64×
P/B	6.47×	9.4×	9.77×	3.82×	4.4×	2.69×	1.6×	3.82×
P/S	4.76×	4.96×	4.81×	1.62×	1.71×	1.05×	0.51×	1.03×
EV / EBITDA	17.62×	18.53×	18.45×	8.21×	8.5×	6.24×	2.99×	6.47×
Gross margin	36.2%	34.4%	32.2%	77.2%	76.8%	53.7%	77.2%	77.8%
Operating margin	21.2%	19.9%	20.8%	21.0%	19.2%	8.8%	15.2%	11.2%
Net margin	14.9%	13.8%	14.5%	13.8%	12.0%	-1.0%	7.8%	7.0%
Current ratio	1.23×	0.64×	0.74×	0.84×	0.94×	0.91×	0.75×	0.84×
Debt / equity	0.94×	1.59×	1.71×	2.05×	2.47×	1.24×	1.07×	0.52×
Interest coverage	8.39×	5.88×	8.01×	6.99×	5.34×	1.76×	3.11×	5.27×
Dividend yield	0.1%	0.1%	0.2%	0.3%	0.0%	0.0%	0.9%	0.4%
Payout ratio	4.4%	4.3%	5.6%	3.8%	0.1%	-2.5%	6.2%	5.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	20.2%	26.1%	29.5%	32.6%	30.8%	-2.6%	24.4%	26.1%
Return on invested capital	10.9%	11.0%	11.4%	11.9%	10.4%	-2.4%	15.4%	17.2%
Return on assets	9.1%	8.9%	9.4%	9.5%	7.7%	-0.9%	9.7%	11.9%
Free cash flow yield	2.0%	-0.6%	1.2%	-0.3%	2.9%	15.4%	23.9%	0.2%
Earnings yield	3.1%	2.8%	3.0%	8.5%	7.0%	-1.0%	15.3%	6.8%
Enterprise value	₹25.6B	₹22.9B	₹17.7B	₹6.4B	₹5.1B	₹1.9B	₹1.4B	₹1.9B
Net debt / EBITDA	2.2×	2.6×	2.45×	2.64×	2.76×	1.49×	1.12×	0.65×
Cash conversion cycle (days)	-1	-9	-20	-110	-135	-28	-23	-55