Healthcare Service Provider industry

36 companies · ₹77,182 cr · 13 with AI deep dives · Q1FY27 report

Diagnostic volume recovery broadens; operating leverage rebuilds margins, B2G receivables remain the drag.

Turning upmargin troughed at 21.6% and has risen for 6 quarters to 24.5%, on positive revenue growth

Revenue YoY: +24.3%
EBITDA margin: 24.5%; -10bps YoY
Price, 1 year: -1.6%; 40% of names up
P/E vs own 5y: +0.4%; 42.0x now

Exhibit 1The quarter in numbers

constant panel of 9 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	2,625 cr	2,388 cr	+9.9%	2,111 cr	+24.3%	2,625 cr	0.0%
EBITDA margin	24.5%	23.1%	+140bps	24.6%	-10bps	25.9%	-140bps

Revenue

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%

EBITDA margin

Jun 26: 24.5%
Mar 26: 23.1%
QoQ: +140bps
Jun 25: 24.6%

Sept 26: 0 of 12 reported so far, so it is not in the trend above.

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

20.58x - 55x across the panel today

The median name trades at 42.0x, +0.4% against this industry's own 5-year median of 41.8x, and -24.5% against its own peak of 55.6x.

Exhibit 3Structure

₹77,182 cr

Dr Lal Pathlabs Ltd is 39.8% of this industry by market cap. The top 5 are 89.7% and the top 10 are 97.3%.

mid 3small 5micro 2812 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 41.96x, 5y ROCE above its median of 11.78%, 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.

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Exhibit 5Coverage (25 of 36)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Dr Lal Pathlabs Ltd	₹30,935 cr	57.3x	36.2x	28.9%	28.3%	+19.1%	Unlock
Vijaya Diagnostic Centre Ltd	₹14,511 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

tailwindBroad-based volume growth powering double-digit revenue gains across diagnostics7 managements

Seven of nine companies reported revenue growth of 17-36% YoY, with volume not price as the primary driver. METROPOLIS explicitly stated no price increase for 18 months yet…

VIJAYA (Q1FY27): “The consolidated revenue for current quarter stood at ~Rs. 231 crores reflecting a strong…”

tailwind6 managements mixed6 managements

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.

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AppendixThe other 11 companies

1-11

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Nidan Laboratories & Healthcare Ltd	₹18 cr	12.1x	4.6x	6.0%	19.0%	-11.2%