NSE: LALPATHLAB · BSE: 539524
DR. LAL PATH LABS LTD.
Operates a diagnostic testing network with central laboratories and patient collection centres across India. In FY26, it added 14 new labs and over 1,100 collection centres, taking the network wider; revenue for the year was Rs. 2,763 crore, up 12.2% year-on-year. Around 75% of revenue comes from B2C patients and the balance from B2B referrals (doctors, hospitals and institutions). The Swasthfit preventive-health package brand contributed 27% of FY26 revenue, while Sovaaka — an AI-powered premium wellness screening brand — was launched with one centre in January 2026. Tier 3+ cities now account for 39% of revenue, and the company is expanding internationally through a Dubai subsidiary and an 80% stake in Ghana's Sunshine Healthcare. The largest cost line is materials (reagents and consumables) at 19.3% of revenue, followed by employee costs at 18.2% and other operating expenses at 34.1%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. B2C patient testing (75%), Swasthfit preventive healthcare packages (27%), Sovaaka premium wellness, B2B (doctors, hospitals, institutions). Asset-light diagnostic services with a hub-and-spoke lab plus franchisee collection-centre network.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,087 | 2,017 | 2,227 | 2,461 | 2,763 |
| EBITDA (ex other income) | 561 | 490 | 609 | 696 | 752 |
| margin % | 26.9 | 24.3 | 27.4 | 28.3 | 27.2 |
| Owners' profit | 345 | 239 | 358 | 487 | 505 |
| EPS, as reported (₹) | 41.70 | 28.82 | 43.05 | 58.48 | 30.24 |
| ROE % · ROCE % | 22.7 · 27.3 | 14.2 · 19.9 | 19.2 · 26.9 | 22.3 · 28.0 | 20.1 · 25.7 |
| Debt / equity (x) | 0.22 | 0.14 | 0.04 | 0.00 | 0.00 |
| Cash from operations | 447 | 456 | 535 | 569 | 636 |
| Capex | (94) | (37) | (51) | (44) | (167) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 660 | 597 | 603 | 670 | 731 | 660 | 703 | 798 |
| Profit before tax | 183 | 138 | 153 | 181 | 204 | 124 | 160 | 229 |
| Net profit | 131 | 98 | 156 | 134 | 152 | 91 | 132 | 171 |
| EPS (₹) | 15.52 | 11.60 | 18.57 | 15.88 | 18.05 | 5.42 | 7.86 | 10.15 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DR. LAL PATH LABS LTD. ◆ | 32,213 | 46.3 | 12.68 | 37.5 | 20.1 | 24.8 | 11.8 | 35.0 |
| VIJAYA DIAGNOSTIC CEN LTD | 14,838 | 79.1 | 15.50 | 41.4 | 18.1 | 16.8 | — | 46.4 |
| METROPOLIS HEALTHCARE LTD | 11,341 | 23.4 | 7.44 | 27.1 | 12.5 | 14.4 | 10.5 | 25.8 |
| THYROCARE TECH LTD | 7,871 | 28.9 | 13.43 | 28.7 | 27.8 | 33.2 | 10.9 | 33.9 |
| NEPHROCARE HEALTH SERV L | 6,301 | 65.1 | 5.64 | 24.9 | 6.9 | 8.6 | — | 25.3 |
| KRSNAA DIAGNOSTICS LTD | 1,628 | 16.7 | 1.66 | 8.3 | 10.3 | 8.4 | — | 27.7 |
| SURAKSHA DIAGNOSTIC LTD | 1,621 | 45.3 | 6.66 | 16.4 | 12.9 | 11.5 | — | 36.0 |
| 3B BLACKBIO DX LTD. | 1,170 | 19.5 | 3.53 | 13.8 | 18.1 | 22.5 | (8.9) | 52.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 46.3 | 23.4 | 17 of 25 | 33% |
| P/B | 12.7 | 2.0 | 22 of 24 | 9% |
| ROCE | 24.8 | 6.1 | 3 of 29 | 93% |
| ROE | 20.1 | 6.0 | 3 of 24 | 91% |
| Debt / Equity | 0.0 | 0.1 | 1 of 23 | 77% |
| EBITDA margin | 35.0 | 25.6 | 5 of 24 | 83% |
| Revenue growth | 19.1 | 20.8 | 14 of 25 | 46% |
| Profit growth | 27.2 | 22.0 | 10 of 25 | 63% |
| Market cap | 32213 | 34 | 1 of 30 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Dr. Lal PathLabs to discuss Q2 and H1 FY27 results on November 4 | board shareholder meetings | low | — | — |
| 27 Oct 2026 · Board to consider second interim dividend for FY2026-27 | corporate actions | medium | — | — |
| 27 Oct 2026 · Board to review September results and consider second interim dividend | results | low | — | — |
| 13 Oct 2026 · Dr. Lal Path Labs unit acquires full ownership of Centrapath Labs | strategic transactions | medium | — | — |
| 12 Oct 2026 · Dr Lal PathLabs invests up to Rs 30.3 Cr in wholly owned subsidiary | business updates | low | — | — |
| 9 Oct 2026 · RTA compliance certificate for Q2 FY27 under SEBI Reg 74(5) | compliance | minimal | — | — |
| 8 Oct 2026 · Income Tax Dept files appeal against favorable order at ITAT | regulatory legal | high | — | — |
| 1 Oct 2026 · Acquisition of stake in SN Genelab completed | strategic transactions | high | — | — |
| 26 Sept 2026 · Dr Lal PathLabs completes 80% acquisition of Ghana's SHL | strategic transactions | high | — | — |
| 25 Sept 2026 · Board meeting on Nov 4, 2026 to consider Q2/H1 FY27 results | results | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.