Molbio Diagnostics Ltd(MOLBIO)

NSE: MOLBIOBSE: 544866

₹ 1,237.65-1.80%refreshed 23 Oct, 03:54 pm ISTMarket cap: ₹ 14,263 crWebsite: www.molbiodiagnostics.comUpdated: 24 Oct 2026

About

Molbio Diagnostics Ltd is an Indian medical devices company that develops, manufactures and sells the Truenat platform - a portable, battery-operated molecular diagnostic system - along with consumable test kits for TB, HPV, hepatitis and other diseases. The company also operates Prognosys, a diagnostics services subsidiary, and holds a majority stake in OptraScan, a digital pathology company. With total income of ₹411.5 Cr in Q1 FY27 and more than 12,500 Truenat devices installed globally, Molbio holds approximately 90% of India's molecular TB diagnostic installation base.^[1]

Revenue mix

Test kits contributed ~74% of product revenue in FY26, up from 67.78% in FY24, establishing a recurring consumables-led revenue model as the installed base grows.^[1]
Prognosys (diagnostics services subsidiary) is guided to deliver ~19% EBITDA margin for FY27, similar to FY26.^[1]

Products and platform

The Truenat platform currently supports tests for TB and multiple other diseases; 34 additional assays across 22 new diseases are in the development pipeline.^[1]
Truenat HPV was validated by an AIIMS-led study as the only test from India to meet all international criteria; a WHO prequalification application is in progress.^[1]
OptraScan received US FDA 510(k) clearance (K260755) for its end-to-end digital pathology system including hardware, software and AI - among the first two globally to receive full end-to-end certification.^[1]
A CT/NG test with IVDR certification is being used to enter European markets.^[1]

Installed base and kit volumes

More than 12,500 Truenat devices are installed globally as of Q1 FY27; 164 devices were sold in Q1 FY27.^[1]
62.4 lakh test kits were sold in Q1 FY27, up from 54 lakh in Q1 FY26.^[1]
Gross margin on the business was 60 - 63% in Q1 FY27.^[1]

Manufacturing capacity

Capacity utilisation was 58% for test kits and 42% for devices in FY26; management states current capacity can support 2x FY26 revenue with minimal incremental capex.^[1]
Inventory days stood at 230 days in Q1 FY27 (trailing 12 months), down from 280 days in March 2026; receivable days were 87 days.^[1]

R&D

R&D spend was ₹87.5 Cr in FY26, up 28% versus FY25; management is guiding R&D at 5 - 6% of revenue for FY27.^[1]
₹105 Cr from IPO proceeds is earmarked for an integrated R&D centre in Bengaluru.^[1]

Customers and distribution

Truenat holds ~90% of India's molecular TB diagnostic installation base but has reached only 8,000 - 9,000 of the estimated 25,000 - 30,000 TB diagnostic centres in the country.^[1]
A new two-year rate contract with the Government of India for TB testing was signed in August 2026, providing near-term domestic revenue visibility.^[1]
OptraScan has commenced discussions with large US laboratory and hospital networks following FDA clearance; the US represents ~60% of the world pathology market.^[1]

Expansion and capex

₹72 Cr of IPO proceeds is being deployed into manufacturing automation at existing facilities.^[1]
Geographic expansion is planned into Africa, Southeast Asia and Latin America for Truenat; a US FDA application for Truenat is also being planned.^[1]

Recent developments

Total income was ₹411.5 Cr in Q1 FY27 versus ₹100.5 Cr in Q1 FY26; approximately ₹57 Cr of export orders deferred from Q4 FY26 due to the Gulf situation were recognised in Q1 FY27.^[1]
Q1 FY27 EBITDA was ₹103.7 Cr at a 25.2% margin, compared with ₹(14.5) Cr and (14.4%) margin in Q1 FY26.^[1]
The AIIMS-led study recommended Truenat HPV to the Government of India for inclusion in the national cervical cancer screening programme; more specific rollout guidance is expected by Q2 FY27.^[1]
OptraScan meaningful revenue contribution is not expected in FY27; management expects it from FY28 - FY29 onwards.^[1]

Market Cap

₹14,263 Cr

High / Low

₹1,687 / 926

Promoter holding

41.3%

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