Dr. Agarwal’s Health Care Limited (NSE: AGARWALEYE) Q3 2026 Earnings Call dated Feb. 04, 2026
Corporate Participants:
Aashna Dharia — IR
Adil Agarwal — Chief Executive Officer & Whole-Time Director
Yashwanth Venkat — CFO
Rahul Agarwal — COO
Ashar Agarwal — Chief Business Officer
Analysts:
Unidentified Participant
Binay Singh — Analyst
Ananya Khanna — Analyst
Sucrit Patil — Analyst
Tushar Manudhane — Analyst
Kartick Bane — Analyst
Dishant Jain — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Q3 and nine months ended December 31st, 2025 earnings conference call hosted by Dr. Agarwal’s Health Care Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call please signal an operator by pressing Star then zero on your touchstone phone.
I now hand the conference over to Ms. Ashna Dharia head investor relations from Dr. Agarwal’s Healthcare Limited. Thank you. And over to you Ashna.
Aashna Dharia — IR
Thank you Ryan. A very good morning. Ladies and gentlemen, welcome to Dr. Agarwal’s Healthcare Q3 and nine months ended 12-31-2025 earnings call. From the management side we have Dr. Adil Agarwal, Chief Executive Officer. Dr. Ashad Agarwal, Chief Business Officer. Mr. Rahul Agarwal, Chief Operating Officer. Dr. Van Na Jain, Chief Strategy Officer and Mr. Yashwant Venkat, Chief Financial Officer. We’ve also released the financial results, press release and investor presentation all of which are available on our website and the exchanges as well. Before we continue we want to remind everyone that this call is being recorded and the transcript will be made available on our website afterwards.
Additionally, please be aware today’s discussion may include certain forward looking statements which should be considered in the light of the risk our business faces. Please refer to the detailed statement on page two of the investor presentation. It is now my pleasure to hand over the call to Dr. Adil. Dr. Adil Agarwal, our Chief Executive Officer who will share his opening remarks and insights. Dr. Adil, over to you.
operator
Ladies and gentlemen, we have lost the line of the management. Please stay connected while I reconnect the management. Thank you. Ladies and gentlemen, thank you for your patience. We have the management line reconnected. Dr. Azil, you may proceed.
Adil Agarwal — Chief Executive Officer & Whole-Time Director
Thank you Ashna and Ryan. A very good morning to all of you and a warm welcome to the Q3FY26 earnings call of Dr. Agarwaz Healthcare Limited. Let me begin by providing you all an update on the performance of the company. For the nine months ended December 2025. The company reported a total income of 1,548 crores up 20.8% year on year while revenue from operations rose 21.2% to 1516 crores. We delivered a robust Indian EBITDA of 440 crores reflecting our 23.6% year on year growth with margins improving by 64 basis points to 28.4%. Our profit after tax grew 74.3% year on year to 118 crores with PAT margins expanding by 234 basis points to 7.6%.
Moving on to the third quarter performance, I’m pleased to share that we delivered a robust and well rounded quarter reflecting strong execution across our Network. For the third quarter, the company reported a total income of 540 crores, up 21.9% year on year while revenue from operations rose 23% to 530 crores. Q3 also delivered a robust index EBITDA of 155 crores reflecting a 21.3% year on year growth with margins of 28.4%. For Q3, profit after tax grew 55% to 44 crores while PAT margins expanded by 171 basis points to 8.1% for Q3. Next I would like to share our footprint and network growth Update during the nine months ended December 2025 we served over 22 lakh patients and performed nearly two 38,283 surgeries every day.
Nearly 10,000 patients now walk into our facilities across our network, up from about 8,000 in the previous financial year. This represents a 25% growth in walk ins. This consistent growth in footfall reflects not just the scale of our operations but also the strength of our brand recall and our ability to deliver quality eye care close to where patients live. During the year, we continue to invest in the expansion and stabilization of our newly launched facilities. The ramp up across recently launched facilities has been faster than earlier phases, supported by strengthening brand equity, reinforcing our confidence in scaling expansion more aggressively while continuing to deliver superior clinical outcomes in India.
Now we have a total network of 253 facilities across 14 states and five union territories covering 148 cities. Our presence is well diversified now, with 31% of our facilities in tier one markets, 62% in other markets and 7% located internationally. We expect our footprint by commissioning 14 new greenfield facilities this quarter, further strengthening our reach and capacity. These included nine secondary centers including one in Tamil Nadu in Tirupatu, Kolhapur in Maharashtra, Kanaspura Road in Bangalore and Raichur in Karnataka. We also launched a project in Haryana in Gurgaon, Chand Kera and Baroda in Gujarat, Preet Vihar in Delhi and Ungol in Andhra Pradesh, along with five primary centers across Tamil Nadu and Orissa.
Let me now turn to an update on our clinical excellence initiatives and our growth in complex surgeries. For the nine month period ending December 2025, high end cataract surgeries accounted for 43.5% of total cataract procedures. 45,459 surgeries were done in total, an increase of 43.5% over the same period last year. Within the high end surgeries, robotic cataract surgeries, what we call as the femto cataract, grew by a robust 83% year on year, rising from 2,616 to 4,400 procedures as shared in our previous earning call. New robotic cataract systems have now been installed at our Velacheri facility in Chennai and our Delhi facility, which is now performing close to 60 such surgeries on a monthly basis on average.
Additionally, we are strengthening our advanced surgical capabilities with the addition of robotic systems in Gurgaon and in Washi. Lenticular procedures, what we call as the smile surgeries for refractive, increased 17.7% year on year from 4,223 to 4,970 surgeries while retinal surgeries totaled 940 surgeries, up 23.2% from last year. We also did a total of 792 corneal transplants over this entire period. We continue to invest in cutting edge technology to enhance diagnostic accuracy and surgical outcomes. Recent additions include the Catalyst and Elida systems at our Gurgaon center as well as the Lumera 300 and Ottery sparrows at our Sweet Bihar Center.
On the research and capability building front, our clinicians have contributed over 340 publications in leading international medical journals over the past three decades, underscoring our commitment to advancing ophthalmic science. During the quarter, nearly 50 doctors underwent advanced training across multiple specialties as part of our Continuous Learning and Development initiative. Now moving on to some business updates, let me first begin with our region wise performance. Our southern region continues to be our largest market, contributing to 63% of our total group revenues. This region delivered 950 crores of revenue, representing a strong growth of 22.4% year on year.
We have 172 facilities located across our southern states and this includes 12 new additions in this year with four new facilities being added in Tamil Nadu, five in Karnataka, two in Andhra and one in Kerala. We remain focused on sustaining our market leadership in both Tamil Nadu and Telangana while further increasing adoption of the latest technologies in these regions in Karnataka, Andhra Pradesh and Kerala. We are strengthening our network presence in both these markets by expanding significantly into high potential underserved markets through strategic facility opening. Now coming to the west region, this region contributes to about 16% of our overall group revenues and delivered 244crores in revenue up by 8.18.4% year on year.
Despite some impact of the festive season during the quarter, we currently have 46 facilities in the west region including six new facilities which are opened in these nine months. Maharashtra, as you have highlighted earlier continues to be a key region for us as we aim to deepen our presence in the underserved regions of the state while further expanding into the micro markets of our metro cities such as Mumbai and Pune in Gujarat. We remain optimistic given the strong performance of our new centers in Surat. We also commissioned a secondary facility in Chandkhera in Ahmedabad and also launched a facility in Baroda.
We plan to further strengthen our footprint in the state by adding more facilities and accelerating adoption of advanced technologies across the region. Now coming to the north region, this contributed to 8.3% of our group revenues and this region reported 126 crores of revenue this quarter up by 19.7% year on year. We currently operate 24 facilities in the entire north region. Continuing from our previous update on our entry into the Delhi NCR region, operations have commenced on a strong note with strong traction in patient volumes and steady month on month revenue growth. Building on the success of our Delhi main flagship facility, we launched a secondary facility in Gurgaon in November 2025.
December marked its full month of operations during which it witnessed strong patient traction. We have also commissioned facilities in Pre S Bihar and Rajori Garden which is currently in the early ramp up phase with focused efforts underway to build local market awareness and progress on key accreditation milestones. Overall performance remains strong across regions with all markets delivering healthy double digit year on year growth. Now moving on to our vintage performance of this year, facilities operational prior to FY22 contributed to about 1,125 crores registering a year on year growth of 14.2% underpinning our strong same store sales growth performance.
Facilities opened in FY23 generated 187 crores growing at 14.3% while those launched in FY24 delivered 124 crores in revenue achieving a strong growth of 18%. Moving on to our next business update, our planned facility openings for each quarter of the current year up to December 2025 we strengthened our network by adding 38 new facilities, out of which 23 were surgical centers. Over the next quarter of this financial year, we plan to launch another 16 centers, including five in the south, five in the west and six in the north. Out of the total planned addition, 11 facilities are expected to be surgical centers.
So to conclude, our sustained focus on operational efficiency and disciplined execution has driven a strong performance across the first three quarters and we are well positioned to meet the guidance committed at the beginning of the fiscal year. Now I would like to hand it over to our CFO, Mr. Yashod Venkat, who will take a deeper dive into our financial performance.
Yashwanth Venkat — CFO
Thank you Dr. Adil. I’ll begin with the operational update. Surgical services continue to be the main revenue driver contributing 67% to the group revenue. Diagnosis consultations and other non surgical treatments contributed 11.6% and the sale of optical products and pharmacy Items accounted for 21.5%. For year to date, December 2025 we performed 238283 surgeries marking a 11.6% year on year growth. Cataract surgeries remain the largest contributor accounting for approximately 72.7% of total surgeries followed by refractive surgeries at 5%. Volumes for cataract and refractive surgeries grew 9.6% year on year while other surgeries on a blended basis recorded a growth of 18.9%.
Our payer mix for YTD December 2025 stood at 62.4% from cash, 28.5% from insurance and DPA and 9.1% from government schemes. The domestic payer mix stood at 70.9% from cash, 22.9% from insurance and TPA, 6.3% from government schemes. Moving on to the financial section, I’ll start with the revenue split. The group’s revenue from operations grew by 23% year on year reaching 530 crores in Q3FY26 compared to 431 crores in Q3FY25. Revenue from operations in India stood at 480 crores reflecting a growth of 23.1% despite unseasonal rains in our core markets and impact on the business due to festivals.
This growth was supported by near equal contributions from both volume and value of close to 13% with the remaining contribution coming from new Centers opened in FY25 and FY26. Gross margin remained stable year on year and decreased slightly quarter on quarter despite a higher contribution of surgeries in segment mix with high end cataract procedures rising to 26.6% in YTD December 2025 when compared to with FY25 of 24.6%. Doctor and employee costs cumulatively have increased by 140 basis points to 33.4% of total revenues for Q3FY26 as compared to Q3FY25. I would also like to briefly address the impact of the new labor codes.
We have undertaken a detailed evaluation of the labor codes across the group based on the information currently available and the provisions notified so far. Our existing salary structures and employee benefit policies are already broadly aligned with the requirements of the labor force and the incremental impact for us is not material. Currently. We’ll continue to monitor the finalization of central and state rules and any further clarifications from the government and we’ll make appropriate adjustments if required. Other expenses as a percentage of total revenue have reduced to 15.5% of total revenues. A total of INR 95 crores in loans have been repaid from IPO proceeds.
128 crores in Q4FY25 and 67 crores in YTD Dec 25, leading to lower finance costs and higher profitability versus the same quarter last year. From 75.1%, the share of profit after tax attributable to owners has expanded to 79.1% in YTD December 2025, signaling improved profitability in the holding company. Thank you all. We’ll open the floor to questions.
Questions and Answers:
operator
Thank you. Ladies and gentlemen. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press STAR and two participants are requested to use their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the first question from the line of Vinay Singh from Morgan Stanley. Please go ahead.
Binay Singh
Hi team. Congratulations on another steady quarter. Two questions from my side. When we look at the surgery mix for the quarter, you know, taking from the YTD numbers, we know that the cataract surgery growth has slowed down to around 4%. But at the same time, the refractive surgery growth has risen quite sharply. So could you comment on these trends? In fact, and also typically we see refractive March quarter tends to be the biggest. But this time your December itself is very strong. So how should we see that trend going ahead? So that’s the first question. Thanks.
Adil Agarwal
Hi Vinay thanks for the question. I will just request our COO Mr. Rahul Agarwal to just take this.
Rahul Agarwal
So Vinay. Hi. Actually our cataract has been quite strong this quarter. We have grown by almost 18 and a half percent.
operator
Ladies and gentlemen, we have lost the line of the management. Please stay connected while I reconnect the management. Thank you. Ladies and gentlemen, we have the management line reconnected. Vinay, if you could please repeat the question for the management. Thank you.
Rahul Agarwal
I can just start off. Yeah. So as I was saying, our cataract for this quarter has been stronger at 18.5% growth. In fact refractive has been slower for us this quarter and largely for this year. It’s more to do with the overall industry being slightly slow on the refractive side this year. Hopefully we’ll bounce back on refractive next year. That’s how we are seeing it this quarter. I think from a cataract perspective which is the bulk of the business that’s coming in has been very strong.
Binay Singh
So just to clarify, you think the number of surgeries are up 18%.
Rahul Agarwal
The value is up 18% and the number is up 13.7% on cataracts.
Binay Singh
Okay, okay. No. I’ll separately take this and share. And similarly when I do the emerging. Facility revenue growth for this quarter. Therein also we see that the mature facility revenue growth has picked up whereas the emerging facility revenue growth has slowed down. So again this is subtracting the nine month versus last presentation data.
Yashwanth Venkat
See just a small clarification. See if you go to the investor deck on slide 13. It is better to look at the revenue growth on a vintage wise basis. Vinay. Because the mature facility definition is a rolling definition. So it will not be appropriate to calculate. So if you look at your FY22 up to FY22 centers on a YTD basis it is close to about 14.2%. For the half year it was about close to 13 point. Around 13 and a half to 13.8%. So similarly other vintages also if you can calculate the. That that would give you the right picture.
Binay Singh
Right? Right. Right. No, no. Thanks team. And just lastly if you could shares a Capex number for the year. How much have you done? Ytd. And also what was Tin’s contribution this quarter? That’s it. Thanks.
Yashwanth Venkat
So on Capex we have done about close to 275 crores out of the 310 crores which we had committed. And on the expense in the subsidiary for the Cathedral Road facility we are. Then we have Done. Close to about 35 crores out of 70 crores which were committed.
Binay Singh
Okay, thanks.
operator
Thank you. We take the next question from the line of Ananya Khanna from Alpha Alternatives. Please go ahead.
Ananya Khanna
Hello, sir. First of all, congratulations on a steady quarter. Secondly, my question to you. As you mentioned you commissioned a few new new facilities, right? So I want to understand when those are supposed to sort of become operational and when are you expecting for them to break even?
Yashwanth Venkat
I think Dr. Had mentioned about commissioning of a couple of facilities in Delhi. One in Preet we have, which is. Which got launched at the end of December and one in Rajori Garden which has already got launched in January. See, in terms of a break even, currently it will be difficult for us to comment on the Delhi facilities. However, we expect the facilities to broadly break even around the 15 to 18 month kind of a number. That’s a very broad estimate.
Ananya Khanna
All right, sir. But you also mentioned a few other facilities apart from the ones in Delhi. I’m talking about the primary health centers, etc. So what about those?
Adil Agarwal
Okay, so we have totally launched about 23 surgical centers and about 14 primary centers. Out of these 23 centers, I will just give you the exact breakup. Give me a second. Yeah. So we launched five new facilities in four new facilities in Tamil Nadu, five new facilities in Karnataka, two in Andhra and one in Kerala. If you look at the western region, we have also launched two new centers in Baroda, one in Baroda and one in Chanchera which is in Gujarat. And we launched one in Kolhapur and one in Aurangabad in Maharashtra. The unit metrics of our centers which have been launched in our core market are pretty much, you know, meeting the estimates in terms of what we have previously guided.
The centers which have been opened in some of these non core markets, as Yashmith has just explained, will meet break even in what, 12 to 15 months. That is the current run rate of these centers.
Ananya Khanna
All right, thank you.
operator
Thank you. We take the next question from the line of Sukrit D Battle from ISIGHT Fin Trade Private Limited. Please go ahead.
Sucrit Patil
Good afternoon. To the team. I have two questions. The first question to Mr. Adil is taking a slightly forward looking lens. As the network continues to scale, how does the management balance capacity expansion, doctor Availability and case mix to protect returns on capital? What are the operating signals typically that tell you whether to accelerate expansion in a cluster or pause and optimize the current existing centers that you have? That’s the first question. I’ll ask my second question after this. Thank You.
Adil Agarwal
So the first important metric for you to look at is despite the scale of our expansion. So like I mentioned, we have launched about 52 facilities in the last 12 months. In these last nine months alone, we have added about 37 new facilities. The, the goal is to end up at about 52 to 55 facilities by the end of this year. One of the heaviest signs which we believe of us expanding the right way and us being able to scale up our operations in the right manner is if you see our EBITDA margins, we’ve been able to maintain them at a 28.5% EBITDA margin.
So despite us being able to scale up this many new centers, we’ve been able to maintain our margins, which basically means that we are ramping up. Our new centers are a lot faster to break even. That’s the first sign. A second very important sign is our same store sales growth. That is a very, very important metric that we track. And like Rahul had mentioned, our same store sales growth is north of about 13.5%, which is again a very, very healthy sign. All of these signs lean to the fact that you’re generating, able to generate significantly healthy cash flows which are actually able to deploy towards ramping up more centers.
So I would say these two are very, very important signs for us which we look at. How are you able to scale up your new centers at the same time? What is the kind of same store sales growth you are able to maintain? If you’re able to do these significantly and you’re actually able to better your margins or at least maintain your margin, you will start to see the return on capital improving over the next two to three years, which is what we’ve already demonstrated over the last nine months.
Sucrit Patil
My second question to Mr. Venkat is. From a financial monitoring point of view, beyond the reported margins, what internal unit level metrics do you track most closely to assess whether the pricing, power utilization or cost efficiency is trending according to. The way that you have planned or. It’S starting to weaken across the board. Just want to understand your view on this. Thank you.
Yashwanth Venkat
Yeah. See, every center in terms of the performance is tracked at the branch EBITDA level. The branch operating margin of every center is tracked on a monthly basis. We go about looking at projection for the particular year first. When we start the center we have a five year projection and we also track it on a monthly basis here. If the center starts to say, not break even within the stipulated particular time for that particular market, then we bring in few interventions in Terms of both revenue ramp up as well as we also look at unit level costs such as your doctor cost, employee cost and also what we spend on marketing and few other administrative expenses as well which are in our control.
Sucrit Patil
Yeah, I said thank you and best. Of luck for the next next quarter.
Adil Agarwal
Thank you Sukrit. Thanks.
operator
Thank you. We take the next question from the line of Nikhil from Simpl, please go ahead.
Unidentified Participant
Yeah, hello, thanks for the opportunity and congrats on good set of numbers. I hope I’m audible.
Adil Agarwal
Yes Nikhil, you’re audible. You can, you can, you can go. Ahead with the question.
Unidentified Participant
Yeah, sir, so my question was if I look at our revenue per facility over like last nine months across regions we’ve seen that there is a drop in revenue per facility while our surgical mix has improved. So can you just help us understand why are we, why why the revenue per facilities are dropping across the regions. So and how does this play play out over a period of time like over last five, 10 years, how would these numbers play out?
Yashwanth Venkat
Nikhil? Hi Nikhil. A small correction. See when you’re calculating the revenue for facility you have to break it down into surgical as well as primary. For example, I think you are using the slide dwell on the investor deck while calculating the revenue per facility. So in terms of the actual revenue per surgical facility has grown at a healthy CAGR of about 14 to 15% over the last four years. If you get into slide number 13, we have given the breakup of the both the mature and emerging facilities, both the surgical as well as the non surgical.
So in terms of the non surgical facilities they contribute about close to 1 and a half to 2% of the overall group revenue. So if you have you remove that from your working then you can see that there’s a clear track of increase in revenue per surgical facility.
Unidentified Participant
Okay. And so where I’m coming from is like, like if I look at only east as a region and consider it based on the revenue which we have mentioned and the divide by the number of facilities, the average was for last year was around 2 crore which today like based on the rough calculation comes to 1.57, 1.6 while our surgical like the number of patients and the surgery mix and everything has improved. So is it like when we go in and east is also a geography which is the number of facilities are less. So is it like when we enter these new geographies we have to play the pricing game in order to get the footfalls.
I’m just trying to understand from how do we develop these New geography perspectives.
Yashwanth Venkat
Okay, Nikhil, I answer your question just in east currently I’ll just take Odisa as the market. We have three facilities. So we launched the third surgical facility just last year. It has not even completed one year of full operations. So generally when this, when the facility is launched, it also takes say about close to three years to reach a certain level of maturity. So the couple of other facilities in Orissa have been have continued to grow in the mid teens kind of a number where there is a significant amount of maturity for those facilities as well.
So. And one more point is when the facility gets launched, some of them would not have completed one whole year of operations as well. So when you calculate the data by looking at whatever we have presented in the investor deck, there’s a slide skew to that as well.
Unidentified Participant
Okay, Second question is, see if I try to remove like from the console the standalone numbers and try to see the revenue from the subsidiaries come to around 80 crores for this quarter. And here I think largely it’s Thinned, which is the major revenue contributor. And if I do a P and L subtraction I get like for last nine months the subsidiaries are operating at almost 37, 38%. Where again thinned is the major contributor. Now what I’m trying to understand is that I know Thinned is the established chain in Punjab. And if I draw comparables to Tamil Nadu, which is Dr.
I, which is the other subsidiary, even that does not operate at such high kind of a margin. So what is the differential that we are able to operate at such high margins in a specific entity like thin, while even in our markets like Tamil Nadu we are operating at 28 to 30%. So what brings this differential and can we close these differentials over a period?
Yashwanth Venkat
See, TIND is a unique case where bulk of the revenue comes from a single facility based out of Jalandhar. There are no further cost as far as the regional resources and corporate resources are.
operator
Ladies and gentlemen, we have lost the line of the management. Please stay connected while I reconnect the management. Thank you. Ladies and gentlemen, we have the management line reconnected. So please proceed.
Yashwanth Venkat
Yeah, as I was explaining, as was explaining then, the majority of the revenue comes from a single facility and there are no cost as far as the regional resources are concerned and very minimal cost as far as Cockpit is concerned. Our subsidiary aehl, which is predominantly consists of mature facilities and operating out of Tamil Nadu. There also the margins are at close to about 33% as far as the corporate margins are concerned. When you also add Back your regional and corporate costs. Those margins would be slightly more comparable to what the current margins are at Tecplus.
Unidentified Participant
Okay, and last question. See, based on the brand equity that we have in thin, my idea would have been, and this could, I could be wrong here, that since Punjab and Haryana have always been a sister states, there would have been a patient flow from nearby states as well. So have we not expanded in Punjab beyond like where beyond when we had acquired this entity? Or like what’s how. How many new facilities we’ve opened based on the brand equity or if you can just share. What have we done with this? Beyond what what, what it was.
Adil Agarwal
I request Dr. Asha Agarwal to come in. He’s our chief business officer and he’s heading the entire expansion piece. He will give you an update in terms of what.
Ashar Agarwal
Hi, Nikhil. Nikhil. Basically we are working right now on three new facilities under the thin banner. Ludhiana is under work right now, so it should launch soon. But the other two centers are a little more futuristic so there is expansion play coming into THIND as well. Okay. And Haryana is already underway. Gurgaon is already launched, but that is under the Dr. Agarwal’s banner.
Unidentified Participant
Okay. Okay. And on the status, I would request.
operator
You to please join back the queue for follow up questions. Thank you. We take the next question from the line of Tushar Manudane from Motilalo Swar Financial Services Ltd. Please go ahead.
Tushar Manudhane
Thanks for the opportunity, sir. So just coming back on the surgery revenue growth. While the revenue growth has been very healthy for the quarter, but number of surgeries growth rate has been little soft in if I, you know, put that 2,38,000 surgeries into different categories, both overall number of surgeries as well as if I have to break that into cataract and refractive. If you could just explain that first.
Rahul Agarwal
Okay. Hi Prashant, this is Ahul. From an overall surgery perspective, if you see while the surgery growth is at 11.6%, we are also getting a lot of premiumization which is happening. So you’ll have to see the overall growth from both the number and the value perspective. One of the things that Adil also mentioned initially was that we are doing a lot of technology upgradations in a lot of our centers both on refractive as well as on cataract. In cataract, we have added quite a few centers with our Catalyst machines and Zyma machines which are the ones which do pemto cataract for us or body cataract as the market knows.
It as, so those are very, very value accretive. And as the numbers go up there, that’s where we are seeing a huge impact coming in into our premiumization play. Just to give you an example, only the femto gatrac numbers that we had achieved last quarter was to the tune of almost 1800 surgeries. So that’s almost a mix of. If I just look at our high end surgeries, it’s a mix of almost 13% of our high end surgery which are getting converted to pemprogatride. So that’s something which is adding a huge value to us and helping us do our overall surgical value growth also.
So it’s not just the volumes but it’s the total value which you should look at.
Tushar Manudhane
That’s, that’s interesting. So if I have to, let’s say put that as a specialized surgical procedure, maybe temporal contract lenticular or retinal surgery to club all this. If not, you know, individual segment wise, but a specialized surgical procedure by revenue, how much that would be contributing to our surgical revenues if that number is handy.
Yashwanth Venkat
So just if I have to give you high end cataract numbers that for the last quarter we are at closer to 28% and out of that femtocatract I mentioned is 1800, which is 13 of the, which is 13 of the overall high end cataract numbers.
Tushar Manudhane
28, sorry.
Rahul Agarwal
28% is the high end. Cataract percentage of the overall cataract numbers.
Tushar Manudhane
As per value or
Adil Agarwal
The total cataract. No, in terms, in terms of, in terms of overall value, which is the total income coming in from overall cataract surgeries but 28 comes in from high end cataract surgeries is what Rahul is saying.
Tushar Manudhane
Got it, got it. And so secondly, this formation of this Utopia subsidiary, what are the sort of measures over there? If you could throw some light over there.
Adil Agarwal
On what? On what? The chart on Ethiopia. Ethiopia. Ethiopia is a high potential market which we are looking at entering right now. We are in the process of looking at assets where we can actually start our facility. It’s got a steady patient base and they have a lot of respect for our Indian doctors, which is why we believe that’s a significantly potential market for us.
Ashar Agarwal
I just add Ethiopia one is, you know, there’s no cash going from India, it is completely funded by the orbit entity. Second is operationally it is an easier center, easier location for us to handle because it’s a neighboring state to Kenya and we have a very strong team in place in Kenya.
Plus Ethiopia is one of the growing markets in entire Africa. So the potential opportunity that exists today with the lack of services, with the number of people coming into Addis Ababa is lucrative according to us right now.
Tushar Manudhane
So whether it goes or don’t go from India, but at a console level if I have to give, if you can share some ballpark number in terms of any investment amount maybe in terms of building the facility or any inorganic opportunities, we’re thinking out there any ballpark number which you have earmarked for this?.
Adil Agarwal
O pportunity is purely going to be organic only. But once we have a few more details we will come back to you in terms of what is the estimated capex spend which you’re looking at right now. What we are doing is we are doing a feasibility study of the market and what we have seen right now. We like that the overall size of the eye care market in Ethiopia is quite large. Second, it has a very high cash revenue mix which is something which we like as well. And there’s a lot of respect for Indian doctors.
We believe there is a good potential for us to scale up the business. But we have not reached a stage where we have estimated the capex that and projection. Next time when we come back we will come back to you with more details on capex spends estimated and what are the positions going to look like.
Tushar Manudhane
Thanks. Thanks a lot.
Adil Agarwal
Thank you.
operator
Thank you. We take the next question from the line of Pratik from Bandhan amc. Please go ahead.
Unidentified Participant
Yeah, hi, so just one small question. Could you just let me know the green feed losses for the quarter for the first nine months please?
Adil Agarwal
Sorry, brainfield losses. We’ll just give it to you just one second. Sure. Yeah. So overall, overall at a regional level our total losses are about 28 crores crores as total PP losses which includes branches launched over the last three years. What we consider as an emerging centers. So over these three years everything put together cumulative is about 28.57 crores. And this is something which we have been saying that, you know, despite some of the early greenfield losses that we face, we’ve still been able to maintain our margins which is a healthy sign in terms of how we are ramping up any of our centers. Most of these losses will come from the centers which have opened in the last nine months.
FY24 and FY25 vintage centers have already started to become profitable. So losses coming from those centers is much less.
Ashar Agarwal
I’ll just add here one point. This is including all the centers that are loss making. When you go into cohort analysis, FY20, 25 centers at a branch level cohort is not loss making. The entire cohort is positive. It is not loss making at all. What Dr. Adil just mentioned was all the cumulative centers of only loss making centers.
Unidentified Participant
Okay. The corresponding revenue to this and this first nine months. Right. That’s a correct understanding. Right.
Ashar Agarwal
This is including. What Dr. Adil has mentioned is including FY25 and FY26. All loss making centers.
Unidentified Participant
No, no. I’m saying. So this was the first nine months. Right. The 28 crores which you just also.
Ashar Agarwal
This is for the first 9 months, correct. Pre operating losses as well.
Unidentified Participant
Yeah. And the revenue corresponding to this on the slide. 30. Is it 300 crores? I. I just did 20 of 15, 13.
Yashwanth Venkat
You’re talking about the. The revenue coming in from those particular Centers is basically FY24, FY25 and FY26. We’ve already shared the breakup in. In.
Unidentified Participant
No, no. My question was. So let’s say the 28 crores lowers. The last one would be on. On a revenue basis. Right. That revenue base is 300 crores for the first nine months. Just to get a right to like comparison.
Yashwanth Venkat
No, no, no, no, no, no, no. That’s not how you look. That is not how you look at. When you’re looking at the revenue base. It includes your profitable centers as well. Only for the last.
Unidentified Participant
Could you just call out that revenue? How much is the revenue from these 28 crores of loss? What’s the corresponding revenue of those?
Adil Agarwal
We don’t. We don’t have that exact number right now. With us. With us. Pratik, on a separate call we can. We can share some of those numbers.
Unidentified Participant
Surely. Sir, that was really helpful. Thank you sir. Thanks. Thanks. And all the best. Thanks.
operator
Thank you. We take the next question from the line of Karthik Pane from Bajaj Life Insurance. Please go ahead.
Kartick Bane
Thank you for the opportunity. Would like to know more about the same store growth which is of 13%. How is split there between price growth and the patient volumes?
Rahul Agarwal
Sure. So I can give you an overall perspective on you know, what the breakup looks like. We have on the overall 13% we have a volume growth which is half of it, close to six and a half. And the value growth which is six and a half. In this six and a half of value growth we have both price hike and premiumization. Large part of the value growth is coming from premiumization which I already spoke about. Almost close to 5% has come in from premiumization even in volume growth. I would break it down into two parts.
One is the basic OPD growth which is closer to the 4, 4.5% range which we get on a year on year basis. And the remaining is what we do with the same walk ins which comes in where we are able to get better conversion rate on the same patients. As the facilities start maturing and the confidence starts and the trust starts growing higher, our conversion also on the same walk in numbers start increasing higher. So that’s another 2%. So that’s broadly how the 13% makeup comes in.
Kartick Bane
Okay, and second question is on the robotic surgery. So firstly, are these robots on the lease and operate basis or have we already bought the robots? And secondly, 60 surgeries that you mentioned per month per robot, is this the highest capacity or is there a scope for further improvement in the capacity utilization for robotics?
Adil Agarwal
So the 60 robotic cataract surgeries, the number we mentioned was what we have started to do from our Delhi facility. It’s not overall some of our centers, some of our high volume centers do a number which is much higher than that as well. So overall we have done about 4,400 robotic surgeries across the, across the group, which signifies approximately 83% growth over last year. All the machines which we have are all fully owned by the company and they are not leased out. Just to clarify, most of our hubs across major cities now have a robotic CATA SSG machine.
Kartick Bane
Okay, thank you.
operator
Thank you. We take the next question from the line of Deshaun Chan from Quasar Capital. Please go ahead.
Dishant Jain
Yeah, Am I audible, sir?
Adil Agarwal
Yes,
Dishant Jain
Hello. Yeah, thank you for the opportunity. One question on the subsidiary financials. There has been a sequential growth on the employee side. So any reasons particularly for that?
Adil Agarwal
So we are talking about the subsidiary ehl. So that’s, that’s regular part of the business where you know, as we continue to expand our business, we are continuing to add more and more, you know, employees to our network. We’ve also added a few primary centers and as we continue to strengthen our business, we continue to keep adding employees. Nothing out of the ordinary in age.
Dishant Jain
So it’s a business as usual.
Adil Agarwal
Business as usual..
Dishant Jain
Is it possible to give the operating cash flow numbers for nine months for holding as well as subsidy?
Adil Agarwal
Yashwanth?
Yashwanth Venkat
See, operating cash flow, it’s close to about 80% which has been our average for the last three years.
Dishant Jain
Okay, and sir, two more questions on the majorly update. One on the facility in the subsidiary company with a large facility. What is that update on it? And another would be on merger update. What is the progress over there .
Adil Agarwal
Quickly on the merger update? Right now we have. We have filed for no objection certificate from the stock exchanges. We expect receiving this no objection certificate from the stock exchanges very shortly. Following this we will proceed to the National Company Law Tribunal NCRT to convene meetings for our shareholders and creators. We expect these meetings to occur around two to three months post the receivement of the NOC from stock exchanges.
Dishant Jain
Okay. And on the facility that is going to come in subsidiary company. When are we going to start it?
operator
Ladies and gentlemen, we have lost the line of the management. Please stay connected while I reconnect the management. Thank you. Ladies and gentlemen, we have the management line reconnected. Sir, please perceive.
Adil Agarwal
Yeah, so I think we expect the entire merger process to be completed by Q3 Q4 of 26. 27.
Dishant Jain
Q3 Q4 of 27. And then lastly on the update on the facility facility in the subsidiary company that is going to come.
Adil Agarwal
So the. The estimate on that facility is we are expecting to complete everything and get all our licenses and approvals by Q2 of FY27. So hopefully by some sometime end of Q2 we should be to able. End of Q2.
Dishant Jain
Okay, those are my questions. Thank you. Thanks for the opportunity.
operator
Thank you. We take the next question from the line of Amar Ahil from Raiden Capital. Please go ahead.
Unidentified Participant
Hello. Am I audible, sir?
Adil Agarwal
Yes, yes, you’re audible.
Unidentified Participant
Sorry, but if you mentioned this, what I wanted to ask is how many. New facilities are you going to add coming going forward.
Adil Agarwal
So the guidance which we have given is we’re looking at adding anywhere between 55 to 60 facilities over the next. Over the next couple of years, every year we’ll be looking at adding at least 55 to 60 facilities every year.
Unidentified Participant
Okay, 55 to 60. 51 to 60 facilities every year. Right.
Adil Agarwal
Roughly. Roughly. The math is we’re looking at increasing our network size to about 20 every year.
Unidentified Participant
Okay, 20% everywhere and it gets a break even 15 to 18 months. Right?
Adil Agarwal
No, so there’s a clarification there. I’m just asking to just clarify what we mean by break even.
Yashwanth Venkat
See in our core markets here if we consider core markets of Tamil Nadu, Andhra, Telangana, Karnataka and now Maharashtra has also become our core market. The facilities break even at a store level within six to seven months. What I was earlier speaking about is in the newer regions where it is about close to 15 to 18 months. So on a blended basis all our facilities will will break even within the 12 month kind of a month.
Unidentified Participant
Okay, and what sort of a capex.
operator
I do apologize to interrupt you but your audio is not clear. Could you please repeat your question?
Unidentified Participant
Yeah, is it clear now?
operator
Yes, please go ahead.
Unidentified Participant
Yeah, yeah. What sort of capex it might require. For the to 60 additions every year.
Yashwanth Venkat
For the surgical facility, when it is. A secondary facility the capex ranges between 5 and up to 6 crores. For tertiary facility, generally the capex ranges between close to 11 to 12 crores. And for a primary facility the capex is close to about 35 lakhs.
Unidentified Participant
Oh, okay, got it. And what would be the ratio of primary, secondary and tertiary in terms of additions?
Rahul Agarwal
See, the way you want to think of it is these are not decisions that we planned one year before. We understand the market and then see what the market requires. So if you see a usual split will be about 75% will be surgical, 25% will be primary centers. But between the. In the surgical, the secondary and the tertiary is not something we decide that much prior. I hope that’s clear.
Unidentified Participant
I’m so sorry, I just. I just couldn’t hear the last line you mentioned. Can you please repeat?
Rahul Agarwal
Between the surgical facilities we don’t plan which one should be a tertiary and or a secondary so much prior to the opening. We understand the market at the time of understanding the market, we understand what is required for the market and then we decide whether it has to be a tertiary or a secondary facility. Okay, for example, for Delhi it’s a tertiary facility. But for Kolapur it’s not a tertiary facility. Right, but those decisions are made during market understanding.
Unidentified Participant
Okay, sir, got it. That is from my side. Thank you so much sir.
operator
Thank you. Ladies and gentlemen, we take that as the last question and conclude the question and answer session on behalf of Dr. Agarwal Healthcare Limited that concludes this conference. Thank you for joining us and you may now disconnect your lines.