Dr. Agarwal’s Health Care Ltd is evaluating entry into Ethiopia as part of its international expansion strategy, while continuing to add 55–60 facilities annually in India.
“Ethiopia is a high-potential market, which we are looking at entering right now. We are in the process of identifying assets where we can start our facility. It has a steady patient base,” Chief Executive Officer Adil Agarwal said during an earnings call.
The company is currently conducting a feasibility study of the Ethiopian eye care market, which management described as sizeable with a high cash-revenue mix and strong regard for Indian doctors.
Chief Financial Officer Yashwant Venkat said the proposed expansion would be funded by the company’s Orbit entity, with no capital outflow from India.
He added that Ethiopia’s proximity to Kenya — where the group already has a strong team — makes it operationally convenient.
“Ethiopia is one of the growing markets in Africa. The lack of services and rising population in Addis Ababa present a lucrative opportunity,” he said.
Strong Domestic Performance
The southern region remains the company’s largest market, contributing 63% of total group revenues. The region posted revenue of ₹950 crore, up 22.4% YoY, with 172 facilities across southern states. The company aims to retain leadership in Tamil Nadu and Telangana while expanding in Karnataka, Andhra Pradesh and Kerala through new facility additions.
The west region accounted for 16% of revenues at ₹244 crore, growing at 18.4% despite festive season impact. The company operates 46 facilities in the region and plans to deepen its presence in Maharashtra, including micro-markets in Mumbai and Pune, while expanding further in Surat.
The north region contributed 8.3% of group revenues, reporting ₹126 crore in revenue, up 19.7%.
Expansion Pipeline
Up to December 2025, the company added 38 new facilities, including 23 surgical centres. It plans to launch 16 more centres next quarter, five in the south, five in the west and six in the north, of which 11 will be surgical centres.
Surgical services remain the primary revenue driver, contributing 67% to group revenue. Diagnostics and consultations account for 11.6%, while optical and pharmacy sales contribute 21.5%, said Venkat.
For year-to-date December 2025, the Company performed 2.38 lakh surgeries, marking a growth of 12%. Cataract surgeries accounted for 73% of total surgeries, followed by refractive surgeries at around 5%. Volumes for cataract and refractive surgeries grew 10%, while other surgeries on a blended basis recorded a growth of 19%.
Within the hi-end cataract surgeries, robotic cataract surgeries, called as Femto cataract, grew by 83% to 4,400 procedure.