Dr Lal Pathlabs Ltd(LALPATHLAB)

NSE: LALPATHLABBSE: 539524

₹ 1,853.35+0.42%refreshed 26 Oct, 03:57 pm ISTMarket cap: ₹ 31,108 crNext results: 4 Nov 2026Website: www.lalpathlabs.comUpdated: 27 Oct 2026

About

Dr Lal PathLabs Ltd is India's leading diagnostics chain, offering pathology and radiology services through a hub-and-spoke network of labs and patient service centres across India. In FY26, it reported revenue of Rs. 2,763 crore, growing 12.2% year-on-year, with operations spanning over 312 labs and 7,727 patient service centres as of March 31, 2026. The company operates under the Lal PathLabs and Suburban Diagnostics brands and is expanding internationally into Africa.^[1]

Business and services

Diagnostic and related healthcare tests and services made up 100% of turnover in FY25, covering pathology and radiology.^[2]
Radiology contributed less than 5% of revenue as of Q3 FY26 and is not expected to be a material top-line driver for 2 - 3 years.^[3]
SwasthFit, the bundled preventive health-check brand, contributed 27% of total revenue in both FY26 and Q1 FY27, up from 24% in FY25.^[1]
SwasthFit grew approximately 20% in Q1 FY27, matching overall revenue growth, with broadening traction in Tier 2 and Tier 3 geographies.^[4]
Specialty test portfolios launched include Genevolve (genomics), L-CoRD (reproductive diagnostics) and L-ACE (auto-immune disorders), per the FY25 annual report.^[2]
Sovaaka, an AI-powered precision wellness brand, opened its first centre in January 2026 in Delhi NCR; no additional centres are planned for FY27.^[1]

Lab and collection-centre network

As of March 31, 2026, the network comprised 312 labs and 7,727 patient service centres, after adding 14 labs and more than 1,100 collection centres in FY26.^[1]
Two-year cumulative additions stood at 32 labs and approximately 2,000 collection centres through end-FY26.^[1]
The company had 12,365 pick-up points as of FY25.^[2]
Two high-end radiology centres with CT and MRI capability were operating in Delhi NCR as of Q3 FY26.^[3]

Test volumes and realisations

Patient volumes reached 8.2 million in Q1 FY27, up 8.2% YoY; sample volumes were 25.9 million, up 10.7% YoY.^[4]
Revenue per patient rose to Rs. 968 in Q1 FY27, up 10% YoY, driven by test mix, geographic mix and CGHS/ECHS price-hike tailwinds estimated at 2 - 3%.^[4]
Tests per patient stood at 3.14 in Q1 FY27; for Q4 FY26 it was 3.21, up from 3.07 in Q4 FY25.^[4]
FY26 patient volumes grew 5.3% (vs 4.2% in FY25) and sample volumes grew 10.4%.^[1]

Customers and geographic reach

Customers are individual patients, hospitals, clinics, other healthcare providers and corporate clients, per the FY25 annual report.^[2]
Around 39% of revenues came from Tier 3+ geographies in FY26; cluster-based pricing is used in smaller towns.^[1]
Government-linked business (CGHS, ECHS, PSUs) accounts for less than 5% of total revenue; revised CGHS rates took effect late September 2025.^[5]
The company served 27 states and 5 union territories in India plus Nepal and Bangladesh in FY25; exports were 1.18% of turnover.^[2]
The Suburban Diagnostics brand, serving West India, returned to near double-digit revenue growth in Q1 FY27 after LIMS and digital integration.^[4]
Rural programme GraminFit is active in 7 states and tested more than 1,10,000 patients in Q1 FY27.^[4]

Scientific capability

116 new tests were launched in Q1 FY27, including 4 first-in-India tests, with 81 specialised genomics assays.^[4]
Turnaround time on Whole Exome Sequencing was reduced to 15 days as of Q1 FY27.^[4]
AI solutions are used in histopathology, cytopathology and genomics, per the FY25 annual report.^[2]

Expansion and capex

FY27 capex is guided at Rs. 140 - 150 crore, covering maintenance, 12 - 15 new satellite labs, 3 - 4 radiology centres and international steps.^[4]
FY27 radiology plan: 3 - 4 centres, primarily in Delhi NCR with 1 - 2 pilot centres in Tier 2 towns outside NCR.^[4]
International strategy targets Africa, Middle East, CIS and Southeast Asia over a 3 - 5 year horizon; no near-term revenue target has been set.^[4]
Net cash and equivalents stood at Rs. 1,693 crore as of June 30, 2026, earmarked mainly for M&A in west and south India and radiology rollout.^[4]

Acquisitions and recent developments

On 26 Sep 2026, the company completed acquisition of an 80% stake in Sunshine Healthcare Limited, Ghana, its first African entry, for up to GHS 45.6 million.^[6]
On 24 Sep 2026, it agreed to acquire 70% of SN Genelab Private Limited for up to Rs. 168 crore plus an earnout capped at Rs. 31.5 crore; closing expected by November 30, 2026.^[7]
Shahbazkers Diagnostic Centre in Mumbai was acquired for up to Rs. 20 crore; it had FY26 revenue of Rs. 6.11 crore.^[1]
Suburban Diagnostics' entire business was transferred to the company through voluntary liquidation effective March 18, 2025; it was acquired at a cost of INR 9,604.52 million.^[2]

Market Cap

₹31,108 Cr

High / Low

₹2,035 / 1,272

Stock P/E

56.6

Price / Book

12.2

Book Value

₹150

EPS

₹30.1

No. of Shares

16.76 Cr

ROCE

28.9%

ROE

21.6%

OPM

25.2%

Debt / Equity

0.00

Sales

₹2,763 Cr

Net Profit

₹510 Cr

Promoter holding

52.9%

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