Healthcare Service Provider industry
39 companies · ₹84,810 cr · 8 with AI deep dives · Q1FY27 report
Diagnostics volume surge lifts margins sector-wide, but government-payer AR risk bifurcates the recovery.
- Revenue YoY
- +24.3%
- EBITDA margin
- 24.5%
- -10bps YoY
- Price, 1 year
- +10.1%
- 89% of names up
- P/E vs own 5y
- +22.4%
- 49.6x now
Exhibit 1The quarter in numbers
constant panel of 9 companies above ₹500 cr- Jun 26
- 2,625 cr
- Mar 26
- 2,388 cr
- QoQ
- +9.9%
- Jun 25
- 2,111 cr
- YoY
- +24.3%
- Peak
- 2,625 cr
- vs peak
- 0.0%
- Jun 26
- 24.5%
- Mar 26
- 23.1%
- QoQ
- +140bps
- Jun 25
- 24.6%
- YoY
- -10bps
- Peak
- 25.9%
- vs peak
- -140bps
Breadth: 100% of 9 companies grew revenue year on year (was 100% a quarter earlier) and 67% expanded margin (was 67%).
Exhibit 2What it costs
22.58x - 59.47x across the panel todayThe median name trades at 49.6x, +22.4% against this industry's own 5-year median of 40.5x, and -10.7% against its own peak of 55.6x.
Exhibit 3Structure
₹84,810 crDr Lal Pathlabs Ltd is 37.8% of this industry by market cap. The top 5 are 89.1% and the top 10 are 97.3%.
Exhibit 4Screen
P/E below the sub-industry median of 49.65x, 5y ROCE above its median of 11.73%, and at least 2 growth triggers stated on the latest earnings call.
Which names clear this screen is premium
The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.
See plans →Exhibit 5Coverage (25 of 39)
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
- Mcap
- ₹15,446 cr
- P/E
- 82.3x
- EV/EBITDA
- -
- ROCE
- 19.2%
- Margin
- 42.8%
- Rev YoY
- +22.8%
- Mcap
- ₹12,139 cr
- P/E
- 60.2x
- EV/EBITDA
- 29.1x
- ROCE
- 16.7%
- Margin
- 25.0%
- Rev YoY
- +16.6%
- Mcap
- ₹7,717 cr
- P/E
- 100.4x
- EV/EBITDA
- 31.0x
- ROCE
- 13.7%
- Margin
- 24.6%
- Rev YoY
- -
- Mcap
- ₹1,167 cr
- P/E
- 14.5x
- EV/EBITDA
- 12.5x
- ROCE
- 69.9%
- Margin
- 18.7%
- Rev YoY
- +17.0%
- Mcap
- ₹863 cr
- P/E
- 35.3x
- EV/EBITDA
- 23.2x
- ROCE
- 23.1%
- Margin
- 36.4%
- Rev YoY
- -
- Mcap
- ₹115 cr
- P/E
- 18.7x
- EV/EBITDA
- 11.1x
- ROCE
- 11.2%
- Margin
- 16.2%
- Rev YoY
- -
- Mcap
- ₹98 cr
- P/E
- 43.3x
- EV/EBITDA
- 50.1x
- ROCE
- 15.7%
- Margin
- 17.3%
- Rev YoY
- +17.5%
- Mcap
- ₹44 cr
- P/E
- 20.4x
- EV/EBITDA
- 15.6x
- ROCE
- 84.7%
- Margin
- 36.1%
- Rev YoY
- -2.3%
- Mcap
- ₹30 cr
- P/E
- 24.6x
- EV/EBITDA
- 9.9x
- ROCE
- 14.2%
- Margin
- 10.5%
- Rev YoY
- +13.6%
- Mcap
- ₹28 cr
- P/E
- -
- EV/EBITDA
- 46.4x
- ROCE
- 5.1%
- Margin
- 2.2%
- Rev YoY
- -0.7%
Exhibit 6What managements said
from this industry's latest earnings calls · as of 2026-06-30Patient and test volumes are the primary revenue drivers across diagnostic names. METROPOLIS confirmed no price increase in 18 months while growing 17%. VIJAYA's 22.8% revenue…
- METROPOLIS (Q1FY27): “We exceeded our stated guidance with revenue growing by approximately 17% year-on-year…”
Exhibit 7Outlook
The outlook and what resolves next quarter
Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.
Create a free account →AppendixThe other 14 companies
1-14- Mcap
- ₹19 cr
- P/E
- 12.1x
- EV/EBITDA
- 4.8x
- ROCE
- 6.0%
- Margin
- 23.0%
- Rev YoY
- -11.2%