Metropolis Healthcare Ltd(METROPOLIS)

NSE: METROPOLISBSE: 542650

₹ 531.9+1.71%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 11,034 crWebsite: www.metropolisindia.comUpdated: 24 Oct 2026

About

Metropolis Healthcare Limited, established in 1981, is one of India's leading pathology laboratory chains offering over 4,500 tests across routine, specialised and super-speciality diagnostics. The company operates 210+ clinical laboratories and 5,000+ service touchpoints across approximately 750 towns in India, plus company-managed labs in 5 African countries. In FY26 it reported revenue of INR 1,645.85 crores, making it one of the larger listed diagnostics players in India.^[1][2]

Service portfolio

Metropolis offers over 4,500 tests and profiles spanning routine, specialised and super-speciality diagnostics, including molecular diagnostics, genomics, cytogenetics, oncology, infectious diseases, reproductive health, preventive healthcare and clinical research.^[1]
Specialty Diagnostics contributed 40% of Q1 FY27 revenue, growing 17% YoY; management targets this segment reaching 45% of revenue via genomics expansion and Core Diagnostics test menu cross-sell.^[3]
TruHealth wellness portfolio contributed 18% of Q1 FY27 revenue and grew 22% YoY; radiology-integrated wellness packages grew over 40% and premium packages grew over 50% in Q1 FY27.^[3]
Metropolis launched the Centre of Genomics, backed by CAP-accredited laboratories in Mumbai and Gurugram, adding 275+ new NGS tests and driving 68% growth in genomics revenues in FY26.^[1]
Metropolis became the first listed diagnostics company in India to receive a patent in tuberculosis diagnostics.^[1]

Laboratory network and accreditation

As of FY26, Metropolis operates 210+ clinical laboratories and 5,000+ service touchpoints across approximately 750 towns in 28 States and 7 Union Territories.^[1]
Metropolis has 35 ISO 15189 accredited laboratories - 31 in India and 4 in Kenya - plus 2 CAP-accredited world-class laboratories.^[1]
Centre-to-lab ratio improved from 21:1 a year ago to 24:1 in Q1 FY27; medium-term target is 35:1.^[3]
Metropolis added 300 service centres in Q1 FY27, taking the total network to 5,003; in FY26 the company added 490 centres.^[3][4]

Key operating metrics

Patient volume reached 3.69 million in Q1 FY27, up 10% YoY; test volume reached 7.83 million, up 11% YoY.^[3]
Revenue per patient was INR 1,219 in Q1 FY27, up 6% YoY; revenue per test was INR 575, up 5% YoY. No price increase was taken over the prior 18 months.^[3]
Digital channels grew from 0% to 25% of organic revenue over three years via the Metropolis app, website and customer data platform; digital customers generate nearly 1.6x higher revenue per patient than offline customers.^[4][1]
B2C contributed approximately 58% of FY26 revenues; hospitals, corporates, institutions and other enterprise customers (B2B) contributed the remaining 42%.^[1]

Geography and distribution

Tier 3 and smaller towns grew approximately 25% in Q1 FY27, ahead of Tier 2 at 14% and Tier 1 at 11%; rural centres grew 36%.^[3]
North India's share of group revenue rose from mid-single digits to 17% of revenues, aided by Core Diagnostics, DAPIC-Dehradun and Scientific Pathology-Agra acquisitions.^[4]
Metropolis has company-managed laboratories and collection centres in 5 African countries - Kenya, Zambia, Ghana, Tanzania and Uganda - and serves B2B partners across 16 additional international markets.^[1]

Core Diagnostics acquisition

Core Diagnostics completed its EBITDA turnaround within 4 quarters of acquisition, moving from approximately -2% EBITDA at acquisition to high-single-digit EBITDA margin in Q4 FY26.^[4]
As of Q1 FY27, Core Diagnostics is in the final leg of integration; its EBITDA margin is high single-digit (~8%), up from loss-making at acquisition. The revenue multiple paid at acquisition was less than 2x.^[3]
Core Diagnostics' NGS and advanced oncology capabilities are being cross-sold into the broader Metropolis network; 300+ new NGS tests were added, driving double-digit YoY growth in specialty.^[5]

Expansion and capex

Metropolis plans to build 100 mini-hubs combining pathology with basic radiology (X-ray, ultrasound, 2D echo, TMT) over approximately 2 years: 50 upgrades of existing centres and 50 new builds, at approximately INR 35 - 40 lakh capex per hub.^[3]
Own B2C operated centres are targeted to grow from approximately 750 to approximately 1,000 by FY29, adding adjacency services beyond pathology.^[3]
FY27 group capex is guided at approximately INR 65 crores, broadly similar to FY26, maintained at approximately 4% of revenue.^[3]
Metropolis plans to add 400 - 500 collection centres net in FY27, targeting a centre-to-lab ratio of approximately 30:1 by FY27 year-end.^[3]

Recent developments

Q2 FY27 business update (filed 5 October 2026): revenue grew approximately 15% YoY for the quarter ended September 30, 2026, with EBITDA margins improving on both YoY and QoQ basis; TruHealth Wellness and Specialty were the fastest-growing segments.^[6]
Ambika Pathology, Kolhapur was consolidated effective 18 September 2025, completing the fourth acquisition of FY26.^[7]
The Board approved a 3:1 bonus share issue (3 fully paid-up equity shares of face value INR 2 each for every 1 existing share), subject to statutory and shareholder approvals, announced in Q3 FY26.^[5]
Centre of Genomics launched in Delhi post Core Diagnostics integration in Q3 FY26, functioning as a national reference hub for high-throughput sequencing, bioinformatics and clinical interpretation.^[5]

Market Cap

₹11,034 Cr

High / Low

₹609 / 413

Stock P/E

53.4

Price / Book

7.1

Book Value

₹73

EPS

₹9.2

No. of Shares

20.73 Cr

ROCE

18.6%

ROE

13.4%

OPM

17.5%

Debt / Equity

0.01

Sales

₹1,646 Cr

Net Profit

₹191 Cr

Promoter holding

47.8%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials

Metropolis Healthcare Ltd(METROPOLIS)

About

Service portfolio

Laboratory network and accreditation

Key operating metrics

Geography and distribution

Core Diagnostics acquisition

Expansion and capex

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

Product Segments

Corporate Actions