Dr. Agarwal's Health Care Limited (AGARWALEYE) fair value: what the stock is really worth
As of Sep 30, 2026: fair value of Dr. Agarwal's Health Care Limited ₹92.44, price ₹479, upside -80.7%, quality 41 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Structural break:
The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.
Weakest SetupStrongly overvalued and low quality.
!Fair value ₹92.44 · Strongly overvalued (−80.7%)
!Quality 41/100
!Expensive Growth(revenue 5y +34.6 %/yr)
!Thin margins · 6.4% net margin (TTM)
✓Low debt · generates free cash flow
!Trails peers(5/13)
!Moderate moat48/100
!Evidence only low, so the estimate is less certain
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
20‑month range ₹334.05 – ₹560.70 · fair‑value band ₹59.31 – ₹115.55 · the ₹479.30 price screens above the ₹92.44 fair value. Dashed = 300-day average. As of Sep 27, 2026.
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Dr. Agarwal's Health Care Limited operates eye hospitals in India and internationally.
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Dr. Agarwal's Health Care Limited operates eye hospitals in India and internationally. It offers cataract surgeries, such as small incision cataract surgery, phacoemulsification, robotic cataract surgery, and glued intraocular lens treatments; and refractive surgeries, including surgical procedures to correct the refractive error of the eye to get rid of or reduce dependence on glasses and contact lens. The company also provides surgical retinal treatments, corneal transplantation and pinhole pupilloplasty, oculoplasty, and surgeries for the treatment of glaucoma and pterygium; doctor consultation services; and diagnostic services for eye disorders along with non-surgical treatments, including retinal laser therapy and dry eye treatment services. It also sells glasses, lenses, contact lenses, and frames; and eye care-related pharmaceutical products. The company was incorporated in 2010 and is based in Chennai, India.
Stock analysis
Dr. Agarwal's Health Care Limited (AGARWALEYE) currently trades at ₹479.30, while our model-based Fair Value estimate is ₹92.44, 80.7% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹155.84 per share, and 0 of the 25 models we run sit above the ₹479.30 price.
Bear case: the Asset-Based group reads lowest at ₹42.81, and 25 of the 25 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹59.31 (bear) to ₹115.55 (bull), the price of ₹479.30 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 41/100 (below-average quality), in the Healthcare sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Dr. Agarwal's Health Care Limited reported revenue of ₹20.8B in FY2026 versus ₹7.0B in FY2022, a compound +31.5%/yr. Reported net income was ₹1.3B in FY2026, compounding +37.1%/yr from FY2022.
Key figures
Market cap ₹153B (≈ $1.6B) · P/E ratio 115.2 · P/S ratio 7.38 · EPS (TTM) ₹4.16 · Net margin 6.4% · Return on equity 8.3% · Return on assets (EBIT) 12.4% · Operating margin 15.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).
What moves the price
The share trades about 15% below its 52-week high and 18% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −38% fair-value upside, at −81%, AGARWALEYE screens richer than that median.
Fair Value models
Bear ₹59.31Fair Value ₹92.44Bull ₹115.55
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹2.10 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+21.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+27.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+34.6%
Start year 2021 (pandemic)
’21
’22
’23
’24
’25
’26
What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+27.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+27.8%
Dividend (yield on the price)0.0%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+72.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+18.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +65.9% a year for the price and +13.4% for the forecasts.
Compare Dr. Agarwal's Health Care Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Medical Instruments & Supplies · 201 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score41 · Bottom 25%
Fair Value upside−80.7% · Bottom 25%
Profitability
Return on equity (TTM)8.3% · Above median
Return on assets4.8% · Above median
Net margin (TTM)6.4% · Below median
Operating margin (TTM)15.0% · Above median
Growth and dividend
Revenue growth22.6% · Top 25%
Balance sheet
Debt / equity0.07× · Below median
Valuation Multiplesvs Medical Instruments & Supplies median · lower = cheaper
P/E (TTM)115.2× · Priciest 25%
P/B7.54× · Priciest 25%
P/S (TTM)7.34× · Priciest 25%
P/FCF223.3× · Priciest 25%
EV/EBITDA26.8× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 23
FUTURE (revenue growth)100· sector 29
PAST (return on equity)33· sector 27
HEALTH (low debt)97· sector 96
DIVIDEND (yield)0· sector 33
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Dr. Agarwal's Health Care Limited Fair Value". https://www.fairvalue-calculator.com/stock/AGARWALEYE
Frequently asked questions
Is Dr. Agarwal's Health Care Limited (AGARWALEYE) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of ₹92.44 versus a price of ₹479.30, about −81% upside (overvalued).
What is the fair value of AGARWALEYE?
Our model-based fair value for Dr. Agarwal's Health Care Limited is ₹92.44 (as of Sep 27, 2026), built from audited fundamentals. The current price: ₹479.30.
What is the quality score of AGARWALEYE?
Dr. Agarwal's Health Care Limited has a Quality Score of 41/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Dr. Agarwal's Health Care Limited (AGARWALEYE)?
Our model-based price target is the fair value of ₹92.44 (as of Sep 27, 2026) from 25 valuation models. Cautious scenario ₹59.31, optimistic scenario ₹115.55. It is a calculation from audited fundamentals, not an analyst target.
What is the Dr. Agarwal's Health Care Limited stock forecast for 2026?
Our models put fair value at ₹92.44, about −81% upside versus a price of ₹479.30 (overvalued). Cautious scenario ₹59.31, optimistic scenario ₹115.55. The calculation is refreshed regularly with new filings.
What is the revenue of Dr. Agarwal's Health Care Limited (AGARWALEYE)?
Dr. Agarwal's Health Care Limited reported trailing-twelve-month revenue of about ₹20.8B (latest available figure, as of Sep 27, 2026).
What growth is priced into Dr. Agarwal's Health Care Limited (AGARWALEYE)?
For today's price to be fair in a discounted-cash-flow model, Dr. Agarwal's Health Care Limited would have to grow free cash flow by +72.7 % per year for five years (discount rate 13.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +34.6 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of AGARWALEYE use?
Our models discount Dr. Agarwal's Health Care Limited at 13.9 %: a base by market capitalisation (small), country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Dr. Agarwal's Health Care Limited that is +72.7 % per year a year over ten years, using the same discount rate (13.9 %) and the same formula as our fair value.
How much growth has Dr. Agarwal's Health Care Limited (AGARWALEYE) delivered so far?
Over the past 5 years revenue at Dr. Agarwal's Health Care Limited grew +34.6 % a year. The price currently implies +72.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Dr. Agarwal's Health Care Limited (AGARWALEYE) growing?
The median revenue growth in the sector is +0.0 % a year. That is the yardstick for the growth priced into Dr. Agarwal's Health Care Limited (+72.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Dr. Agarwal's Health Care Limited (AGARWALEYE)?
The free-cash-flow yield on the price is 0.45 %: that much free cash flow Dr. Agarwal's Health Care Limited produces per unit of market value. When it exceeds the discount rate of our models (13.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Dr. Agarwal's Health Care Limited (AGARWALEYE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Dr. Agarwal's Health Care Limited it is ₹92.44 per share (as of Sep 27, 2026), against a price of ₹479.30. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Dr. Agarwal's Health Care Limited stock overvalued or undervalued in 2026?
As of Sep 27, 2026, AGARWALEYE trades above its calculated fair value: price ₹479.30, fair value ₹92.44, a gap of about −81% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AGARWALEYE?
No. The price is what the market pays today (₹479.30); the fair value is what the company's own numbers justify (₹92.44). For Dr. Agarwal's Health Care Limited the two are ₹386.86 per share apart. That gap is exactly why we show both numbers side by side.
How much is Dr. Agarwal's Health Care Limited worth?
The market values Dr. Agarwal's Health Care Limited at about ₹153B (market capitalisation, as of Sep 27, 2026). Per share that is ₹479.30; our models calculate a fair value of ₹92.44 per share.
What do the bullish and bearish scenarios say about AGARWALEYE?
Our models span a range for Dr. Agarwal's Health Care Limited: cautious scenario ₹59.31, base ₹92.44, optimistic ₹115.55 per share (as of Sep 27, 2026, price ₹479.30). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AGARWALEYE?
Dr. Agarwal's Health Care Limited trades at a price-to-earnings ratio of 115.2 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹92.44 is built from several models across several years. Other multiples: P/B 7.5, P/S 7.3, EV/EBITDA 26.8.
How solid is the balance sheet of Dr. Agarwal's Health Care Limited (AGARWALEYE)?
Balance-sheet figures for Dr. Agarwal's Health Care Limited (as of Sep 27, 2026): return on equity 8.3%, debt of 0.07 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is AGARWALEYE from its 52-week high?
Dr. Agarwal's Health Care Limited trades at ₹479.30, about 15% below its 52-week high of ₹560.70 and 18% above the low of ₹406.55 (as of Sep 30, 2026). Distance from the high says nothing about value: that is what the fair value of ₹92.44 is for.
Which stocks are comparable to Dr. Agarwal's Health Care Limited?
From the same area (Healthcare) we also value Intuitive Surgical, Inc, EssilorLuxottica Société anonyme, Becton, Dickinson and Company, Medline Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Dr. Agarwal's Health Care Limited stock attractive at the current price?
The data as of Sep 27, 2026: price ₹479.30, calculated fair value ₹92.44 (−81%), Quality Score 41/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of AGARWALEYE calculated?
We run Dr. Agarwal's Health Care Limited through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹92.44, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.7 % above its aggregate fair value. Dr. Agarwal's Health Care Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Dr. Agarwal's Health Care Limited (AGARWALEYE)?
The closing price on Sep 30, 2026 was ₹479.30. Our model-based fair value is ₹92.44, about −81% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Dr. Agarwal's Health Care Limited right now?
The price sits above even our optimistic bull case (₹115.55). The favourable scenario is already priced in. Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (₹59.31 to ₹115.55) leaves room in how you read the outcome.
Key figures of Dr. Agarwal's Health Care Limited
How large is the market capitalisation of Dr. Agarwal's Health Care Limited (AGARWALEYE)?
The market capitalisation of Dr. Agarwal's Health Care Limited is ₹153B (≈ $1.6B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Dr. Agarwal's Health Care Limited (AGARWALEYE)?
The price-to-sales ratio of Dr. Agarwal's Health Care Limited is 7.38 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Dr. Agarwal's Health Care Limited (AGARWALEYE)?
Earnings per share at Dr. Agarwal's Health Care Limited are ₹4.16 (price ÷ EPS = P/E 115.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Dr. Agarwal's Health Care Limited (AGARWALEYE)?
The net margin of Dr. Agarwal's Health Care Limited is 6.4% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Dr. Agarwal's Health Care Limited (AGARWALEYE)?
The return on equity (ROE) of Dr. Agarwal's Health Care Limited is 8.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Dr. Agarwal's Health Care Limited (AGARWALEYE)?
On an EBIT basis the return on assets of Dr. Agarwal's Health Care Limited is 12.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Dr. Agarwal's Health Care Limited (AGARWALEYE)?
The operating margin of Dr. Agarwal's Health Care Limited is 15.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Dr. Agarwal's Health Care Limited (AGARWALEYE)?
Revenue at Dr. Agarwal's Health Care Limited is growing +22.6% versus a year earlier (3y avg +27.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Dr. Agarwal's Health Care Limited (AGARWALEYE)?
Earnings per share at Dr. Agarwal's Health Care Limited are growing +20.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Dr. Agarwal's Health Care Limited (AGARWALEYE) carry?
The net debt of Dr. Agarwal's Health Care Limited is ₹9.4B (fiscal year 2026, ≈ 13.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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