LALPATHLAB
Small CapDr. Lal Path Labs Ltd.
Pharma
Dr. Lal PathLabs Ltd. is a leading Indian diagnostics company with 75+ years of experience. It operates an integrated nationwide network of 312 clinical labs, 7,727 Patient Service Centers, and 13,935 Pick-up Points, offering over 4,800 pathology and radiology tests. The company serviced 30.3 million patients in FY26.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 2/100PAT -15% YoY · margin compression · Rev +17% YoY · +7% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹703 Cr | +16.6% | +6.5% |
| EBITDA | ₹187 Cr | +10.7% | +4.5% |
| Operating margin | 27.0% | -100 bps | +0 bps |
| PAT | ₹132 Cr | -15.4% | +45.0% |
| PAT margin | 18.8% | -709 bps | +499 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Dr. Lal PathLabs reported strong Q4 FY26 revenue growth of 16.6% YoY to Rs. 703 crore, driven by robust sample volume momentum. Full-year FY26 revenue grew 12.2% to Rs. 2,763 crore, with normalized PAT up 17.9% YoY, reflecting sustained profitability and operational efficiency.
The company delivered solid Q4 and FY26 results, marked by strong volume growth and an improved test mix. Strategic expansion of labs and collection centers, coupled with a focus on high-end diagnostics and AI-powered wellness offerings like Sovaaka, positions it for continued market-leading growth.
Revenue by Geography FY26
Latest issuer-disclosed distribution across 7 reported categories.
Capacity & Access Enhancement
Added 32 Labs, 1900+ PSCs, and 2300 PUPs in the last 2 years to fuel future growth.
Preventive Health Checkups
Encouraging traction in bundled offerings like SwasthFit, with strong acceptance across metro and non-metro markets.
High-End Diagnostics
Strengthened capabilities through selective expansion in high-end diagnostics, including radiology and advanced testing.
AI-powered Precision Health Screening
Launched Sovaaka, a flagship brand for 'AI-powered Precision Health Screening', leveraging AI for customer experience and operational efficiency.
Clinical Laboratories
312 clinical labs as of March 31, 2026, with 14 new laboratories added in FY26.
Patient Service Centers (PSCs)
7,727 PSCs as of March 31, 2026, with more than 1100 collection centers added in FY26.
Pick-up Points (PUPs)
13,935 PUPs as of March 31, 2026.
Shift to Wellness-Oriented Diagnostics
India's healthcare landscape is witnessing an emerging trend, moving from episodic care to a wellness-oriented diagnostic model.
Rise in Chronic Diseases & Aging Population
Clear rise in the prevalence of chronic/non-communicable diseases and an aging population, demanding a proactive approach to early detection and preventive health.
Expanding Healthcare Ecosystem
The wider healthcare ecosystem is expanding, with hospitals adding new infrastructure and capabilities, which diagnostics usually grows alongside and often ahead of.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Financial results are best monitored on a year-to-date basis due to seasonality in business and specific quarter occurrences influencing performance.
Revenue Growth
Q4 FY26 Revenue: Rs. 703 crore, 16.6% YoY growth. FY26 Revenue: Rs. 2,763 crore, 12.2% YoY growth.
Normalized EBITDA Margin
Q4 FY26 Normalized EBITDA Margin: 26.6%. FY26 Normalized EBITDA Margin: 28.3%.
Normalized PAT Margin
Q4 FY26 Normalized PAT Margin: 18.8%. FY26 Normalized PAT Margin: 19.3%.
Sample Volumes
Q4 FY26 Samples: 7.4 Mn (+8.2% YoY). FY26 Samples: 30.3 Mn (+5.3% YoY).
Sustained Profitability
Disciplined execution enabled the company to sustain strong profitability, even while reinvesting in the business to support long-term growth.
Strategic Expansion
Successfully executed the expansion plan for the year, adding 14 new laboratories and over 1100 collection centers.
AI-powered Precision Health
An important milestone has been the launch of Sovaaka, a flagship brand in the premium wellness space, representing a foray into 'AI-powered Precision Health Screening'.
Market Positioning
Ideally positioned to scale alongside the broader healthcare ecosystem by integrating scale with digital innovation and higher-value testing.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | 12.2% (FY26 YoY) | Sustained double-digit revenue growth, indicating continued market share gains and demand. |
| Normalized EBITDA Margin | 28.3% (FY26) | Maintenance or improvement of margins, reflecting cost efficiencies and favorable test mix. |
| Patient Volume Growth | 10.4% (FY26 YoY) | Acceleration in patient volume momentum, indicating successful network expansion and service adoption. |
| New Lab/PSC Additions | 14 labs, 1100+ PSCs (FY26) | Continued aggressive network expansion to bridge access gaps and penetrate new markets. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
44NeutralSMA20 -8.7% / mo · near 52W low
Technical chart
LALPATHLABweekly · 6M-45.2%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 33.
- RSI(14) at 33 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 48% off 52W high · 24% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 15/20 to the score.
- Balance sheet contributes 10/15 to the score.
Main drags
- Fair-value margin of safety is negative at -23.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 96th percentile of the scored universe and 93rd percentile within Pharma. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 93rd pctile, median 70 · Small: 98th pctile, median 65
222 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.8%.
- ▸10 years of positive FCF.
- ▸Debt/equity is 0.08.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 49.20
- P/B
- 10.31
- EV/EBITDA
- 27.68
- Market Cap
- 25931.00Cr
Profitability
- ROE
- 22.50%
- ROCE
- 28.30%
- ROA
- 16.21%
- Dividend Y
- 0.91%
Growth (CAGR)
- Revenue 5Y
- 12.00%
- EPS 5Y
- 13.00%
- Revenue 3Y
- 11.00%
- EPS 3Y
- 30.00%
Balance Sheet
- Debt/Equity
- 0.08
- Interest Coverage
- 34.00×
- Altman Z
- 9.03
- Book Value
- 150.00
Cash Flow
- FCF Yield
- 0.83%
- FCF Positive Y
- 10/5
- OCF
- 636.00 Cr
- EPS TTM
- 30.13
Shareholding
- Promoter Hold
- 53.21%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 55%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.