Dr. Agarwal's Health Care CEO, chairman, board of directors and AGM
NSE: AGARWALEYEBSE: 544350Healthcare ServicesSmall Cap
Share price at the NSE close on 28 Oct 2026. Previous close ₹476.60.
28 Oct: open ₹474.85, high ₹478.40, low ₹470.40
- Next results date: the board meets on 5 Nov 2026 to consider: financial results. The notice · Results calendar
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹15,063 Cr442nd largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 101.53
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 7.44
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonein the last 12 months
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 7.6%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 14.1%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026.
- 0.07
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 67,39866.4% delivered
Dr. Agarwal's Health Care's chairperson is Amar Agarwal and its chief executive Adil Agarwal, as filed for the quarter to Sep 2026. Its latest annual general meeting was on 21 Sep 2026.
Dr. Agarwal's Health Care board of directors
At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.Their trades in its shares
- ChairpersonAmar AgarwalRelated to the promoter
- Chief executiveAdil Agarwal
- Company Secretary and Compliance OfficerThanikainathan Arumugam
8 directors4 independent2 executive2 non-executive
- Amar Agarwal · ChairpersonNon-executive · joined Jan 2017 · 2 listed boards
- Adil Agarwal · Chief executiveExecutive · joined May 2016 · 2 listed boards · 3 committee seats, 1 as chair
- Anosh AgarwalExecutive · joined Jan 2014 · 1 listed board
- Venkatraman BalakrishnanIndependent · joined Sep 2019 · reappointed Sep 2024 · 84 months as independent · 2 listed boards · 2 as independent · 4 committee seats, 3 as chair
- Ankur Nand ThadaniNon-executive · joined Sep 2025 · 1 listed board · 1 committee seat
- Archana BhaskarIndependent · joined Sep 2024 · reappointed Sep 2024 · 24 months as independent · 1 listed board · 1 as independent · 4 committee seats, 1 as chair
- Nachiket Madhusudan MorIndependent · joined Sep 2024 · reappointed Sep 2024 · 24 months as independent · 2 listed boards · 2 as independent · 6 committee seats, 2 as chair
- Ranjan Ramdas PaiIndependent · joined Sep 2024 · reappointed Sep 2024 · 24 months as independent · 3 listed boards · 2 as independent · 2 committee seats, 1 as chair
An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.
2 directors who left
- Sanjay Dharambir Anand, left 29 Sep 2026: Tenure Completion
- Ved Prakash Kalanoria, left 24 Sep 2025: Others
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 4 Aug 20268 of 9 present4 independent · 31 days in between
- 3 Jul 20269 of 9 present5 independent · 42 days in between
- 21 May 2026
Audit Committee
Chair Venkatraman Balakrishnan
Ankur Nand Thadani, Nachiket Madhusudan Mor, Ranjan Ramdas Pai, Archana Bhaskar
- 4 Aug 20265 of 6 present4 independent · 74 days in between
- 21 May 20266 of 6 present5 independent
Nomination and remuneration committee
Chair Archana Bhaskar
Ankur Nand Thadani, Nachiket Madhusudan Mor, Venkatraman Balakrishnan
- 4 Aug 20264 of 5 present4 independent · 74 days in between
- 21 May 20265 of 5 present4 independent
Stakeholders Relationship Committee
Chair Venkatraman Balakrishnan
Archana Bhaskar, Adil Agarwal
No meeting listed in the filing.
Risk Management Committee
Chair Nachiket Madhusudan Mor
Ankur Nand Thadani, Adil Agarwal
- 4 Aug 20263 of 3 present2 independent
Corporate Social Responsibility Committee
Chair Nachiket Madhusudan Mor
Ankur Nand Thadani, Adil Agarwal
No meeting listed in the filing.
Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.
Statutory auditor
Named in the results for the quarter to Mar 2026.
- S.R. Batliboi & Associates LLPPeer-review certificate valid to Jul 2027
1 earlier auditor
- Deloitte Haskins & SellsNamed in the filing for the quarter to Mar 2025
A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.
Dr. Agarwal's Health Care AGM and shareholder votes
Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.
Annual general meeting, 21 Sep 2026
42,656 shareholders on the register on 15 Sep 2026; present: 5 promoters and 44 others; votes counted by Mr. Subramanian Chandrasekar / N.A..The company's voting result
TO RECEIVE, CONSIDER AND ADOPT A) THE AUDITED STANDALONE FINANCIAL STATEMENTS OF THE COMPANY FOR THE FINANCIAL YEAR ENDED MARCH 31, 2026, TOGETHER WITH THE REPORTS OF THE BOARD OF DIRECTORS AND AUDITORS THEREON; AND B) THE AUDITED CONSOLIDATED FINANCIAL STATEMENTS OF THE COMPANY FOR THE FINANCIAL YEAR ENDED MARCH 31, 2026, TOGETHER WITH THE REPORTS OF THE AUDITOR THEREONMoreLess
Ordinary99.93% for0.07% againstAgainst: promoters 0.00% · institutions 0.11% · other public 0.01%
Turnout: all 95.06% · promoters 100.00% · institutions 95.23% · other public 22.80%
- TO RE-APPOINT DR. ANOSH AGARWAL (DIN:02636035), WHOLE-TIME DIRECTOR AND CHIEF OPERATING OFFICER, WHO RETIRES BY ROTATION AND BEING ELIGIBLE, SEEKS RE-APPOINTMENTOrdinaryPromoters have an interest in it99.96% for0.04% against
Against: promoters 0.00% · institutions 0.06% · other public 0.02%
Turnout: all 95.06% · promoters 100.00% · institutions 95.23% · other public 22.80%
- TO RE-APPOINT MR. ANKUR NAND THADANI (DIN: 03566737), NON-EXECUTIVE DIRECTOR, WHO RETIRES BY ROTATION AND BEING ELIGIBLE, SEEKS RE-APPOINTMENTOrdinary87.70% for12.30% against
Against: promoters 0.00% · institutions 18.82% · other public 0.02%
Turnout: all 94.96% · promoters 100.00% · institutions 95.08% · other public 22.80%
TO APPOINT M/S. S.R. BATLIBOI & ASSOCIATES LLP, CHARTERED ACCOUNTANTS, AS THE STATUTORY AUDITORS OF THE COMPANY, TO HOLD OFFICE TILL THE CONCLUSION OF THE 20TH AGM OF THE COMPANY AND FIXING THEIR REMUNERATIONMoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 95.06% · promoters 100.00% · institutions 95.23% · other public 22.80%
- TO APPROVE REVISION IN THE REMUNERATION OF DR. ADIL AGARWAL (DIN: 01074272), WHOLE-TIME DIRECTOR AND CHIEF EXECUTIVE OFFICER OF THE COMPANYSpecialPromoters have an interest in it99.98% for0.02% against
Against: promoters 0.00% · institutions 0.02% · other public 0.02%
Turnout: all 95.06% · promoters 100.00% · institutions 95.23% · other public 22.80%
- TO APPROVE REVISION IN THE REMUNERATION OF DR. ANOSH AGARWAL (DIN: 02636035), WHOLE-TIME DIRECTOR AND CHIEF OPERATING OFFICER OF THE COMPANYSpecialPromoters have an interest in it99.98% for0.02% against
Against: promoters 0.00% · institutions 0.02% · other public 0.02%
Turnout: all 95.06% · promoters 100.00% · institutions 95.23% · other public 22.80%
- TO RATIFY THE REMUNERATION TO THE COST AUDITOR FOR THE FINANCIAL YEAR ENDED 2025-26Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 95.06% · promoters 100.00% · institutions 95.23% · other public 22.80%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Meeting called by the tribunal, 2 Jul 2026, 1 resolution
43,122 shareholders on the register on 3 Jun 2026; present: 17 promoters and 30 others; votes counted by Shivam Parashar / NA.The company's voting result
Scheme of Amalgamation amongst Dr. Agarwal’s Eye Hospital Limited and Dr. Agarwal’s Health Care Limited and their Respective Shareholders and Creditors under Section 230-232 of the Companies Act, 2013 and the rules made thereunder.MoreLess
Special99.97% for0.03% againstAgainst: promoters 0.00% · institutions 0.13% · other public 0.00%
Turnout: all 95.91% · promoters 100.00% · institutions 88.57% · other public 96.65%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 17 Dec 2025, 1 resolution
46,736 shareholders on the register on 14 Nov 2025; votes counted by Subramanian Chandrasekar / NA.The company's voting result
Appointment of M/s. S.R. Batliboi & Associates LLP, Chartered Accountants, as the Statutory Auditors of the Company to fill the casual vacancy caused by the resignation of M/s. Deloitte Haskins & Sells, Chartered AccountantsMoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 96.47% · promoters 100.00% · institutions 89.75% · other public 97.34%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 24 Sep 2025, 10 resolutions
50,658 shareholders on the register on 18 Sep 2025; present: 8 promoters and 35 others; votes counted by SUBRAMANIAN CHANDRASEKAR / Not Applicable.
a. To receive, consider and adopt the audited standalone financial statements of the Company for the financial year ended March 31, 2025 together with the Reports of the Board of Directors and Auditors thereon. b. To receive, consider and adopt the audited consolidated financial statements of the Company for the financial year ended March 31, 2025 together with the Reports of the Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 96.63% · promoters 100.00% · institutions 90.65% · other public 97.23%
- To reappoint Dr. Amar Agarwal (DIN: 00435684), Non-executive Director, who retires by rotation and, being eligible, seeks reappointment.OrdinaryPromoters have an interest in it97.31% for2.69% against
Against: promoters 0.00% · institutions 12.60% · other public 0.00%
Turnout: all 96.63% · promoters 100.00% · institutions 90.65% · other public 97.23%
- To reappoint Dr. Adil Agarwal (DIN: 01074272), Whole-time Director and Chief Executive Officer, who retires by rotation and, being eligible, seeks reappointment.OrdinaryPromoters have an interest in it98.62% for1.38% against
Against: promoters 0.00% · institutions 6.46% · other public 0.00%
Turnout: all 96.63% · promoters 100.00% · institutions 90.65% · other public 97.23%
- To approve appointment of Mr. Ankur Nand Thadani (DIN: 03566737) as a Non-executive Director.Ordinary98.95% for1.05% against
Against: promoters 0.00% · institutions 4.91% · other public 0.00%
Turnout: all 96.63% · promoters 100.00% · institutions 90.65% · other public 97.23%
- To approve revision in remuneration of Dr. Adil Agarwal (DIN: 01074272), Whole-time Director and Chief Executive Officer for the financial years 2025-26 to 2027-28.SpecialPromoters have an interest in it96.11% for3.89% against
Against: promoters 0.00% · institutions 18.23% · other public 0.00%
Turnout: all 96.63% · promoters 100.00% · institutions 90.65% · other public 97.23%
- To approve revision in remuneration of Dr. Anosh Agarwal (DIN: 02636035), Whole-time Director and Chief Operating Officer for the financial years 2025-26 to 2027-28SpecialPromoters have an interest in it98.68% for1.32% against
Against: promoters 0.00% · institutions 6.17% · other public 0.00%
Turnout: all 96.63% · promoters 100.00% · institutions 90.65% · other public 97.23%
- To appoint Mr. Subramanian Chandrasekar, Practicing Company Secretary as the Secretarial Auditor of the CompanyOrdinary99.48% for0.52% against
Against: promoters 0.00% · institutions 2.43% · other public 0.00%
Turnout: all 96.63% · promoters 100.00% · institutions 90.65% · other public 97.23%
- To ratify the Dr. Agarwal’s Health Care Limited Employees Stock Option Scheme - 2022Special97.15% for2.85% against
Against: promoters 0.00% · institutions 13.35% · other public 0.00%
Turnout: all 96.63% · promoters 100.00% · institutions 90.65% · other public 97.23%
To ratify the extension of the benefits of the Dr. Agarwal’s Health Care Limited Employees Stock Option Scheme – 2022 to the employees of the subsidiary companies (in India or outside India) of Dr. Agarwal’s Health Care LimitedMoreLess
Special94.33% for5.67% againstAgainst: promoters 0.00% · institutions 26.56% · other public 0.00%
Turnout: all 96.63% · promoters 100.00% · institutions 90.65% · other public 97.23%
- To ratify the remuneration to the Cost Auditor for the financial year 2024-25Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 96.63% · promoters 100.00% · institutions 90.65% · other public 97.23%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
How mutual funds voted
Fund houses must disclose how they vote at every meeting of a company they hold.Funds that hold it
Mutual fund votes, meeting of 21 Sep 2026, 11 fund houses
TO RECEIVE, CONSIDER AND ADOPT A) THE AUDITED STANDALONE FINANCIAL STATEMENTS OF THE COMPANY FOR THE FINANCIAL YEAR ENDED MARCH 31, 2026, TOGETHER WITH THE REPORTS OF THE BOARD OF DIRECTORS AND AUDITORS THEREON; AND B) THE AUDITED CONSOLIDATED FINANCIAL STATEMENTS OF THE COMPANY FOR THE FINANCIAL YEAR ENDED MARCH 31, 2026, TOGETHER WITH THE REPORTS OF THE AUDITOR THEREONMoreLess
11 for0 against- TO RE-APPOINT DR. ANOSH AGARWAL (DIN:02636035), WHOLE-TIME DIRECTOR AND CHIEF OPERATING OFFICER, WHO RETIRES BY ROTATION AND BEING ELIGIBLE, SEEKS RE-APPOINTMENT11 for0 against
- TO RE-APPOINT MR. ANKUR NAND THADANI (DIN: 03566737), NON-EXECUTIVE DIRECTOR, WHO RETIRES BY ROTATION AND BEING ELIGIBLE, SEEKS RE-APPOINTMENT11 for0 against
TO APPOINT M/S. S.R. BATLIBOI & ASSOCIATES LLP, CHARTERED ACCOUNTANTS, AS THE STATUTORY AUDITORS OF THE COMPANY, TO HOLD OFFICE TILL THE CONCLUSION OF THE 20TH AGM OF THE COMPANY AND FIXING THEIR REMUNERATIONMoreLess
11 for0 against- TO APPROVE REVISION IN THE REMUNERATION OF DR. ADIL AGARWAL (DIN: 01074272), WHOLE-TIME DIRECTOR AND CHIEF EXECUTIVE OFFICER OF THE COMPANY
Against Canara Robeco Mutual Fund, Mirae Asset Mutual Fund
- Canara Robeco Mutual FundDr. Adil Agarwal received remuneration of Rs. 56.9 mn in FY26. As per the revised terms, we estimate his remuneration at Rs. 68.1 mn, which can go upto Rs. 84.6 mn. The performance thresholds are modest: based on the Q1 FY27 run rate, the company is already on course to achieve the maximum consolidated PAT target, making him eligible to receive the full variable pay. Nevertheless, we recognize that despite having achieved the previous maximum EBITDA target, the Nomination and Remuneration Committee has remain considered in paying variable pay in the past. While the company has stated that the variable component of remuneration has been evenly split between financial and other performance metrics, as per the notice, variable pay for FY27 is dependent on achievement of only consolidated PAT targets. The board must articulate how it has balanced the competing objectives of profitability and patient outcomes. Aggregate promoter-family remuneration was high at Rs. 162.4 mn, which is 6.6% of consolidated PBT in FY26. Moreover, shareholders had approved a revision in Dr. Adil Agarwal’s remuneration at the 2025 AGM; the rationale for another mid-cycle revision is unclear. We do not support the resolution.
- Mirae Asset Mutual FundIn line with the internal voting guidelines (Passive holding)
9 for2 against - TO APPROVE REVISION IN THE REMUNERATION OF DR. ANOSH AGARWAL (DIN: 02636035), WHOLE-TIME DIRECTOR AND CHIEF OPERATING OFFICER OF THE COMPANY
Against Canara Robeco Mutual Fund, Mirae Asset Mutual Fund
- Canara Robeco Mutual FundDr. Anosh Agarwal received remuneration of Rs. 56.9 mn in FY26. As per the revised terms, we estimate his remuneration at Rs. 67.8 mn, which can go upto Rs. 84.3 mn. The performance thresholds are modest: based on the Q1 FY27 run rate, the company is already on course to achieve the maximum consolidated PAT target, making him eligible to receive the full variable pay. Nevertheless, we recognize that despite having achieved the previous maximum EBITDA target, the Nomination and Remuneration Committee has remain considered in paying variable pay in the past. While the company has stated that the variable component of remuneration has been split between financial parameters with 40% weightage and other parameters with 60% weightage, as per the notice, variable pay for FY27 is dependent on achievement of only consolidated PAT targets. The board must articulate how it has balanced the competing objectives of profitability and patient outcomes. Aggregate promoter-family remuneration was high at Rs. 162.4 mn, which is 6.6% of consolidated PBT in FY26. Moreover, shareholders had approved a revision in Dr. Anosh Agarwal’s remuneration at the 2025 AGM; the rationale for another mid-cycle revision is unclear. We do not support the resolution.
- Mirae Asset Mutual FundIn line with the internal voting guidelines (Passive holding)
9 for2 against - TO RATIFY THE REMUNERATION TO THE COST AUDITOR FOR THE FINANCIAL YEAR ENDED 2025-2611 for0 against
Mutual fund votes, meeting of 2 Jul 2026, 13 fund houses
Scheme of Amalgamation amongst Dr. Agarwal’s Eye Hospital Limited and Dr. Agarwal’s Health Care Limited and their Respective Shareholders and Creditors under Section 230-232 of the Companies Act, 2013 and the rules made thereunder.MoreLess
13 for0 against
Mutual fund votes, meeting of 17 Dec 2025, 19 fund houses
1 proposal
Appointment of M/s. S.R. Batliboi & Associates LLP, Chartered Accountants, as the Statutory Auditors of the Company to fill the casual vacancy caused by the resignation of M/s. Deloitte Haskins & Sells, Chartered AccountantsMoreLess
19 for0 against
Mutual fund votes, meeting of 24 Sep 2025, 7 fund houses
10 proposals
a. To receive, consider and adopt the audited standalone financial statements of the Company for the financial year ended March 31, 2025 together with the Reports of the Board of Directors and Auditors thereon. b. To receive, consider and adopt the audited consolidated financial statements of the Company for the financial year ended March 31, 2025 together with the Reports of the Auditors thereon.MoreLess
7 for0 against- To reappoint Dr. Amar Agarwal (DIN: 00435684), Non-executive Director, who retires by rotation and, being eligible, seeks reappointment.7 for0 against
- To reappoint Dr. Adil Agarwal (DIN: 01074272), Whole-time Director and Chief Executive Officer, who retires by rotation and, being eligible, seeks reappointment.
Against Edelweiss Mutual Fund, LIC Mutual Fund
- Edelweiss Mutual FundCompliant with law. Governance Concern: Past remuneration as well as proposed remuneration package appears to be excessive w.r.t Company’s size and performance.
- LIC Mutual FundGovernance Concern: Past remuneration as well as proposed remuneration package appears to be excessive w.r.t Company s size and performance.
5 for2 against - To approve appointment of Mr. Ankur Nand Thadani (DIN: 03566737) as a Non-executive Director.7 for0 against
- To approve revision in remuneration of Dr. Adil Agarwal (DIN: 01074272), Whole-time Director and Chief Executive Officer for the financial years 2025-26 to 2027-28.
Against Canara Robeco Mutual Fund, Edelweiss Mutual Fund, Invesco Mutual Fund, LIC Mutual Fund
- Canara Robeco Mutual FundDr. Adil Agarwal, 41, is part of the promoter family and serves as Whole-time Director and Chief Executive Officer of Dr. Agarwal’s Health Care Limited. His proposed terms entitle him to a salary of Rs. 21.6 mn, perquisites, and commission linked to EBITDA achievement. For EBITDA above Rs. 4.6 bn, his commission is capped at Rs. 47.5 mn. We estimate his annual remuneration at Rs. 73.4 mn. Both Dr. Adil Agarwal and Dr. Anosh Agarwal draw remuneration in the same range, while their parents, Dr. Amar Agarwal and Dr. (Ms.) Athiya Agarwal, draw remuneration from the listed subsidiary, Dr. Agarwal’s Eye Hospital Ltd. Collectively, promoters and their relatives drew Rs. 177.9 mn in FY25, which is over 10% of consolidated PBT and is not comparable to peers. Thus, we do not support the resolution.
- Edelweiss Mutual FundCompliant with law. Governance Concern: Past remuneration as well as proposed remuneration package appears to be excessive w.r.t Company’s size and performance.
- Invesco Mutual FundDr. Adil Agarwal, 41, is part of the promoter family and serves as Whole-time Director and Chief Executive Officer of Dr. Agarwal’s Health Care Limited. His proposed terms entitle him to a salary of Rs. 21.6 mn, perquisites, and commission linked to EBITDA achievement. For EBITDA above Rs. 4.6 bn, his commission is capped at Rs. 47.5 mn. We estimate his annual remuneration at Rs. 73.4 mn. Both Dr. Adil Agarwal and Dr. Anosh Agarwal draw remuneration in the same range, while their parents, Dr. Amar Agarwal and Dr. (Ms.) Athiya Agarwal, draw remuneration from the listed subsidiary, Dr. Agarwal’s Eye Hospital Ltd. Collectively, promoters and their relatives drew Rs. 177.9 mn in FY25, which is over 10% of consolidated PBT and is not comparable to peers. Thus, we do not support the resolution
- LIC Mutual FundGovernance Concern: Past remuneration as well as proposed remuneration package appears to be excessive w.r.t Company s size and performance.
3 for4 against - To approve revision in remuneration of Dr. Anosh Agarwal (DIN: 02636035), Whole-time Director and Chief Operating Officer for the financial years 2025-26 to 2027-28
Against Canara Robeco Mutual Fund, Edelweiss Mutual Fund, Invesco Mutual Fund, LIC Mutual Fund
- Canara Robeco Mutual FundDr. Anosh Agarwal, 40, is part of the promoter family and serves as Whole-time Director and Chief Operating Officer of Dr. Agarwal’s Health Care Limited. His proposed terms entitle him to a salary of Rs. 21.3 mn, perquisites, and commission linked to EBITDA achievement. For EBITDA above Rs. 4.6 bn, his commission is capped at Rs. 47.5 mn. We estimate his FY26 remuneration at Rs. 73.1 mn. Both Dr. Anosh Agarwal and Dr. Adil Agarwal draw remuneration in the same range, while their parents, Dr. Amar Agarwal and Dr. (Ms.) Athiya Agarwal, draw remuneration from the listed subsidiary, Dr. Agarwal’s Eye Hospital Ltd. Collectively, promoters and their relatives drew Rs. 177.9 mn in FY25, which is over 10% of consolidated PBT and is not comparable to peers. Thus, we do not support the resolution.
- Edelweiss Mutual FundCompliant with law. Governance Concern: Past remuneration as well as proposed remuneration package appears to be excessive w.r.t Company’s size and performance.
- Invesco Mutual FundDr. Anosh Agarwal, 40, is part of the promoter family and serves as Whole-time Director and Chief Operating Officer of Dr. Agarwal’s Health Care Limited. His proposed terms entitle him to a salary of Rs. 21.3 mn, perquisites, and commission linked to EBITDA achievement. For EBITDA above Rs. 4.6 bn, his commission is capped at Rs. 47.5 mn. We estimate his FY26 remuneration at Rs. 73.1 mn. Both Dr. Anosh Agarwal and Dr. Adil Agarwal draw remuneration in the same range, while their parents, Dr. Amar Agarwal and Dr. (Ms.) Athiya Agarwal, draw remuneration from the listed subsidiary, Dr. Agarwal’s Eye Hospital Ltd. Collectively, promoters and their relatives drew Rs. 177.9 mn in FY25, which is over 10% of consolidated PBT and is not comparable to peers. Thus, we do not support the resolution
- LIC Mutual FundGovernance Concern: Past remuneration as well as proposed remuneration package appears to be excessive w.r.t Company s size and performance.
3 for4 against - To appoint Mr. Subramanian Chandrasekar, Practicing Company Secretary as the Secretarial Auditor of the Company
Against Edelweiss Mutual Fund, LIC Mutual Fund
- Edelweiss Mutual FundNo concern on merit of the proposed Secretarial Auditors. Non-Compliant with Regulation 36(5) of SEBI LODR: Credentials of the proposed Secretarial Auditors not disclosed. Transparency Concern: The Company has not disclosed the Audit Fee paid to outgoing Secretarial Auditor, thus, material change in the proposed audit fee vs past audit fee cannot be ascertained, if any.
- LIC Mutual FundConcern over Credentials of the proposed Secretarial Auditors not disclosed. Transparency Concern: The Company has not disclosed the Audit Fee paid to outgoing Secretarial Auditor, thus, material change in the proposed audit fee vs past audit fee cannot be ascertained, if any.
5 for2 against - To ratify the Dr. Agarwal’s Health Care Limited Employees Stock Option Scheme - 20227 for0 against
To ratify the extension of the benefits of the Dr. Agarwal’s Health Care Limited Employees Stock Option Scheme – 2022 to the employees of the subsidiary companies (in India or outside India) of Dr. Agarwal’s Health Care LimitedMoreLess
Against Invesco Mutual Fund
- Invesco Mutual FundWe do not support extending ESOP schemes to employees of group entities other than unlisted subsidiaries. In this case, the scheme permits grants to employees of group companies beyond subsidiaries, which we do not support. Further, Dr. Agarwal’s Eye Hospital Ltd. is a listed subsidiary, and we suggest that such entities institute their own ESOP schemes to ensure clear accountability to their shareholders. Accordingly, we do not support the resolution
6 for1 against- To ratify the remuneration to the Cost Auditor for the financial year 2024-257 for0 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Tax disputes
Reported in the filing for the quarter to Sep 2026.
- Tax disputeNational Faceless Assessment Centre - Income Tax DepartmentSince 7 Mar 2025The appeal proceedings are pending before CIT(A)
- Tax disputeNational Faceless Assessment Centre - Income Tax DepartmentSince 11 Mar 2025The appeal proceedings are pending for disposal before the CIT(A)
- Tax disputeNational Faceless Assessment Centre - Income Tax DepartmentSince 12 Mar 2025The appeal proceedings are pending for hearing before the CIT(A)
- Tax disputeIncome Tax Appellate Tribunal (ITAT)Since 7 Jun 2024The appeal proceedings are pending before ITAT.
- Tax disputeOffice of the Assistant Commissioner, GST & Central Excise, Nungambakkam, ChennaiSince 14 May 2026
The Company has submitted its formal response addressing and clarifying the alleged discrepancies raised in the Show Cause Notice dated May 14, 2026, and the matter is currently pending verification by the concerned officer.MoreLess
At the filing before: The Company is finalizing its response to address and clarify the alleged discrepancies raised in the Show Cause Notice dated May 14, 2026. - Tax disputeOffice of the Assistant Commissioner, GST & Central Excise, Nungambakkam, ChennaiSince 18 May 2026
The Company has submitted its formal response addressing and clarifying the alleged discrepancies raised in the Show Cause Notice dated May 18, 2026, and the matter is currently pending verification by the concerned officer.MoreLess
At the filing before: The Company is finalizing its response to address and clarify the alleged discrepancies raised in the Show Cause Notice dated May 18, 2026.
In the company's own words, from its latest governance filing.
Investor complaints and compliance
Quarter by quarter.
Investor complaints received and resolved, the company's own count
- Received
- Resolved
Open at the quarter's end
- The board is made up as the listing rules require
- Yes
- The board has a regular chairperson
- Yes
- The company has a risk management committee
- Yes
- The chair is related to the managing director
- Yes
- The filing has a part on fines and penalties
- No
- The filing has a part on tax disputes
- Yes
- There was a cyber security incident in the quarter
- No
The company's own answers in its filing.
How money raised was used
Reported for the quarter to Jun 2026.
| Raised | Amount raised | For | Set aside | Spent | Spent elsewhere | Spent elsewhere, amount |
|---|---|---|---|---|---|---|
| Public IssuesJan 2025, checked by ICRA Limited | 300.00 | Issue related expenses | 27.53 | 12.65 | No | 14.88 |
| Public IssuesJan 2025, checked by ICRA Limited | 300.00 | General corporate purposes and unidentified inorganic acquisition | 92.35 | 74.66 | No | 14.88 |