NSE: METROPOLIS · BSE: 542650
METROPOLIS HEALTHCARE LTD
Runs a national chain of diagnostic laboratories and patient-facing collection touchpoints, offering pathology tests, specialty diagnostics (oncology, neurology, genomics), and wellness/preventive panels. Pathology services accounted for 96.6% of segment revenue, with the residual 3.4% from other income (FY19 segment disclosure). In FY26, the business served 14 million patients and ran 30 million tests across 210+ labs and more than 5,000 service touchpoints spread over 750+ towns in India, with operations in 21 countries. Specialty testing contributed 37% of revenue and TruHealth wellness 19%, while digital channels accounted for 25% of revenue. The Core Diagnostics acquisition was integrated ahead of schedule, reaching high-single-digit EBITDA in Q4 FY26. The company is planning to add 100 mini hubs (pathology plus basic radiology) and 1,500 new collection centres over the next three years. The cost base is dominated by employee costs (22.9% of revenue), other operating expenses (33.0%), and diagnostic materials and consumables (19.7%). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Pathology services (97%), Other income (3%). Pan-India diagnostics services chain, asset-light on the patient side, fixed-cost-heavy on the lab side
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,228 | 1,148 | 1,208 | 1,331 | 1,646 |
| EBITDA (ex other income) | 359 | 288 | 283 | 303 | 392 |
| margin % | 29.2 | 25.1 | 23.4 | 22.8 | 23.8 |
| Owners' profit | 214 | 143 | 128 | 145 | 190 |
| EPS, as reported (₹) | 41.87 | 27.91 | 24.95 | 28.29 | 9.19 |
| ROE % · ROCE % | 24.2 · 25.5 | 14.5 · 17.3 | 11.7 · 15.1 | 10.9 · 13.3 | 12.5 · 15.7 |
| Debt / equity (x) | 0.29 | 0.08 | 0.00 | 0.01 | 0.01 |
| Cash from operations | 253 | 247 | 264 | 263 | 351 |
| Capex | (31) | (53) | (64) | (43) | (43) |
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 | 350 | 323 | 345 | 386 | 429 | 406 | 425 | 450 |
| Profit before tax | 61 | 42 | 36 | 61 | 71 | 57 | 70 | 78 |
| Net profit | 47 | 31 | 29 | 45 | 53 | 42 | 51 | 57 |
| EPS (₹) | 9.08 | 6.11 | 5.69 | 8.70 | 10.17 | 7.99 | 2.46 | 2.73 |
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) | 23.4 | 23.4 | 13 of 25 | 50% |
| P/B | 7.4 | 2.0 | 20 of 24 | 17% |
| ROCE | 14.4 | 6.1 | 7 of 29 | 79% |
| ROE | 12.5 | 6.0 | 8 of 24 | 70% |
| Debt / Equity | 0.0 | 0.1 | 10 of 23 | 59% |
| EBITDA margin | 25.8 | 25.6 | 12 of 24 | 52% |
| Revenue growth | 16.6 | 20.8 | 15 of 25 | 42% |
| Profit growth | 25.7 | 22.0 | 11 of 25 | 58% |
| Market cap | 11341 | 34 | 3 of 30 | 93% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Metropolis Healthcare to hold Q2 FY27 earnings call on November 4 | board shareholder meetings | low | — | — |
| 28 Oct 2026 · Board to approve September 2026 results and consider interim dividend | results | low | — | — |
| 14 Oct 2026 · Metropolis Healthcare allots 9,516 shares under RSU Plan 2020 | capital market events | low | — | — |
| 6 Oct 2026 · Metropolis Healthcare files routine dematerialisation certificate for Q2 FY26-27 | compliance | minimal | — | — |
| 5 Oct 2026 · Q2FY27 business update - revenue up around 15 percent YoY | business updates | medium | — | — |
| 28 Sept 2026 · Trading window closure for Q2 and half year results | compliance | minimal | — | — |
| 9 Sept 2026 · Allotment of 66,312 equity shares under MHL-RSU Plan 2020 | capital market events | low | — | — |
| 7 Sept 2026 · Subsidiary MQSPL partners with Medsource for quality assessment business | strategic transactions | high | — | — |
| 7 Sept 2026 · Franklin Templeton MF crosses 5% stake in Metropolis Healthcare via open market | ownership changes | medium | — | — |
| 2 Sept 2026 · Metropolis Healthcare investor meet: 3-year growth roadmap shared | investor communications | medium | — | — |
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.