Operates a pan-India diagnostic testing business, running pathology and preventive-health tests through 43 Indian labs and one lab in Tanzania, processing 55.2 million tests for 5.4 million patients in Q1 FY27. The core Diagnostic Testing Services segment generated ₹772.53 crore in FY26, or 93.2% of segment revenue, and ₹197.48 crore of EBIT, driven by branded wellness packages (Aarogyam, Jaanch), routine pathology, and a B2B network of 11,700 active franchisees fed via channel partners. Imaging Services, which runs PET-CT and CT centres and makes radiopharmaceuticals through subsidiary Nueclear Healthcare, contributed ₹53.14 crore (6.4% of segment revenue) and just ₹0.67 crore of EBIT; the board has approved evaluating its demerger or sale, expected over ~6 months. The cost stack is dominated by materials (26.4% of revenue) and employee costs (16.7%), with depreciation at 7.1% and capex at 2.5% of revenue, reflecting a hub-and-spoke processing model rather than a heavy-asset footprint. A new specialty diagnostics line in genomics and allergy was commercially launched in Q1 FY27, with management targeting 15–20% of the portfolio over 3–5 years. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Diagnostic Testing Services (93%), Imaging Services (6%), Others (0%). Asset-light, hub-and-spoke diagnostic services with low capex (2.5% of revenue) and high working-capital turnover.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 589 | 527 | 572 | 687 | 829 |
| EBITDA (ex other income) | 235 | 120 | 137 | 190 | 256 |
| margin % | 39.9 | 22.8 | 24.0 | 27.7 | 30.9 |
| Owners' profit | 176 | 64 | 71 | 92 | 163 |
| EPS, as reported (₹) | 33.30 | 12.16 | 13.42 | 17.13 | 10.27 |
| ROE % · ROCE % | 33.5 · 42.4 | 12.0 · 16.2 | 13.2 · 18.0 | 16.6 · 26.3 | 27.8 · 33.6 |
| Debt / equity (x) | 0.00 | 0.00 | 0.04 | 0.00 | 0.00 |
| Cash from operations | 267 | 129 | 168 | 191 | 213 |
| Capex | (38) | (44) | (62) | (45) | (21) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 177 | 166 | 187 | 193 | 217 | 196 | 224 | 240 |
| Profit before tax | 37 | 28 | 48 | 50 | 62 | 35 | 64 | 68 |
| Net profit | 47 | 19 | 22 | 38 | 48 | 28 | 49 | 51 |
| EPS (₹) | 4.99 | 3.58 | 4.17 | 7.35 | 9.05 | 1.82 | 2.99 | 3.23 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Diagnostic Testing Services | 773 | 93.2 |
| Imaging Services | 53 | 6.4 |
| Others | 3 | 0.4 |
| Total, before eliminations | 829 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DR. LAL PATH LABS LTD. | 31,794 | 45.7 | 12.51 | 37.0 | 20.1 | 24.8 | 11.8 | 35.0 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · Pledge on 7.94 crore Thyrocare shares fully released by promoter Docon | ownership changes | high | — | — |
| 4 Sept 2026 · API Holdings absorbs Docon; 51.02% stake in Thyrocare vests in API | strategic transactions | medium | — | — |
| 4 Sept 2026 · Thyrocare publishes notice on IEPF share transfer | compliance | minimal | — | — |
| 4 Sept 2026 · API Holdings gains 51.02% in Thyrocare via Docon amalgamation | strategic transactions | high | — | — |
| 1 Sept 2026 · NCLT approves merger of Docon Technologies with API Holdings | strategic transactions | high | — | — |
| 19 Aug 2026 · API Holdings fully repays 1,700 crore NCDs; pledge on Thyrocare shares released | credit debt | high | — | — |
| 19 Aug 2026 · Pledge on 7.94 crore Thyrocare shares fully released | ownership changes | high | — | — |
| 18 Aug 2026 · Promoter Docon releases pledge on 1.75 crore Thyrocare shares | ownership changes | high | — | — |
| 18 Aug 2026 · Thyrocare promoter Docon's pledge on 7.94 crore shares fully released | ownership changes | high | — | — |
| 18 Aug 2026 · HSBC Mutual Fund crosses 5% in Thyrocare, holds 6.63% | ownership changes | high | — | — |
| 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 |
| VIJAYA DIAGNOSTIC CEN LTD |
| 15,456 |
| 82.4 |
| 16.15 |
| 43.1 |
| 18.1 |
| 16.8 |
| — |
| 46.4 |
| METROPOLIS HEALTHCARE LTD | 12,088 | 25.0 | 7.93 | 28.9 | 12.5 | 14.4 | 10.5 | 25.8 |
| THYROCARE TECH LTD ◆ | 8,797 | 32.3 | 15.01 | 32.1 | 27.8 | 33.2 | 10.9 | 33.9 |
| NEPHROCARE HEALTH SERV L | 7,678 | 79.3 | 6.88 | 30.4 | 6.9 | 8.6 | — | 25.3 |
| KRSNAA DIAGNOSTICS LTD | 1,794 | 18.4 | 1.83 | 9.0 | 10.3 | 8.4 | — | 27.7 |
| SURAKSHA DIAGNOSTIC LTD | 1,693 | 47.2 | 6.95 | 17.2 | 12.9 | 11.5 | — | 36.0 |
| 3B BLACKBIO DX LTD. | 1,217 | 20.3 | 3.67 | 14.3 | 18.1 | 22.5 | (8.9) | 52.6 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 32.3 | 23.2 | 18 of 29 | 39% |
| P/B | 15.0 | 2.3 | 23 of 24 | 4% |
| ROCE | 33.2 | 6.1 | 2 of 29 | 96% |
| ROE | 27.8 | 7.3 | 4 of 26 | 88% |
| Debt / Equity | 0.0 | 0.0 | 3 of 26 | 68% |
| EBITDA margin | 33.9 | 25.6 | 6 of 24 | 78% |
| Revenue growth | 24.3 | 20.8 | 9 of 25 | 67% |
| Profit growth | 34.1 | 22.0 | 8 of 25 | 71% |
| Market cap | 8797 | 38 | 4 of 30 | 90% |
| 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 |
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.
