METROPOLIS
Micro CapMetropolis Healthcare Limited
Pharma
Metropolis Healthcare is a diagnostics company with 45+ years of experience, operating 212 clinical labs and a 5,000+ service network. It offers over 4,000 tests and profiles, with 35 ISO:15189 accredited labs and 2 CAP accredited labs. The company reported a 12% revenue CAGR over the last 7 years.
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.
Weak 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
Excellent · 90/100Rev +23% YoY · PAT +76% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹425 Cr | +23.2% | +4.7% |
| EBITDA | ₹108 Cr | +74.2% | +13.7% |
| Operating margin | 25.0% | +700 bps | +200 bps |
| PAT | ₹51 Cr | +75.9% | +21.4% |
| PAT margin | 12.0% | +359 bps | +166 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
Metropolis Group reports strong Q4FY26 revenue growth of 23% YoY to INR 425 Cr and PAT growth of 75% YoY to INR 51 Cr, driven by robust demand and efficiency gains. Organic business also showed healthy growth with 15% YoY revenue and 89% YoY PAT in Q4FY26.
The company delivered strong Q4 and FY26 results, with both group and organic segments showing robust revenue and profit growth. Margin expansion and successful integration of recent acquisitions (DAPIC, Scientific Pathology, Ambika) are positive. The Metropolis 3.0 strategy focuses on core strengthening, adjacency expansion, and further acquisitions, indicating continued growth ambition.
Revenue Contribution by City Tier (MHL Group)
Latest issuer-disclosed distribution across 3 reported categories.
Network Expansion & Productivity
Addition of ~1000 service network in last 2 years and productivity enhancement in existing centres drove resilient high single-digit patient and test volume growth.
Specialty & Wellness Testing
Upsell of specialty tests from Core Diagnostics and strong TruHealth growth (21% YoY in FY26) through premiumization and digital recommendations.
Digital Transformation
Digital, app, and AI-led initiatives strengthened recommendations, TruHealth conversion, customer engagement, and supported premiumization.
Tier 3 Market Penetration
B2C growth driven by deeper penetration into Tier 3 markets, supported by network expansion and product range expansion.
Service Network Expansion
490 new centres added in FY26, contributing to a total of 5,026 service network points. The company expanded its presence to ~750 towns from 300 towns in FY23.
Laboratory Network Growth
The company's laboratory network reached 212 labs in FY26, with 87 labs added over the last 5 years.
Robust & Sustainable Demand
Overall performance driven by robust & sustainable demand coupled with efficiency gains, leading to enhanced profitability.
Scientific Upselling & Mix Improvement
Revenue per patient grew by 6% YoY supported by a favorable test mix and higher contribution from Specialty and TruHealth segments, with no price increase in Q4.
Economic Performance
The company's performance is subject to risks related to the performance of the Indian economy and various international markets.
Competition
Future performance is subject to risks from competition within the healthcare industry in India and worldwide.
Strategy Implementation
The company's ability to successfully implement its strategy is a known risk and uncertainty.
Technological Changes
Technological implementation, changes, and advancements pose risks to future performance.
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.
The investor presentation primarily highlights Year-on-Year growth for all key financial and operational metrics, indicating it as the preferred comparison for assessing performance trends and business expansion.
Organic Patient Volume Growth (Q4FY26)
3.4 Mn, +9% YoY
Organic Test Volume Growth (Q4FY26)
7.2 Mn, +9% YoY
Organic Revenue Per Patient (Q4FY26)
INR 1,143, +5% YoY
Organic EBITDA Margin (Q4FY26)
27.2%
Metropolis 3.0 Strategy
Strategy focuses on strengthening the core, expanding to adjacencies (radiology, primary healthcare, genomics), bolt-on acquisitions, and fostering sustainability.
Revenue Growth Target
Management targets a revenue CAGR of mid-teen from FY23 to FY26.
Margin Profile Goal
Management aims to achieve a pre-Covid margin profile.
Market Position Goal
Management aims to be the fastest growing Diagnostics Company within the National Chains Segment.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Core Diagnostics Integration | Integration of Core Diagnostics to be completed by Q1FY27. | Successful and timely completion of Core Diagnostics integration and its contribution to specialty cross-sell and overall growth. |
| EBITDA Margin Trend | Organic EBITDA margins reached 27.2% in Q4 FY26 and 25.9% for FY26. | Sustained or improving EBITDA margins, indicating continued operating leverage and efficiency gains. |
| Patient & Test Volume Growth | Organic patient volume grew 9% YoY and test volume grew 9% YoY in Q4FY26. | Continued high single-digit or double-digit growth in patient and test volumes, especially from Tier 3 markets and new service networks. |
| TruHealth & Specialty Segment Growth | TruHealth revenue grew 21% YoY and Specialty revenue grew 16% YoY for FY26 (Organic). | Sustained strong growth in these higher-value segments, indicating successful premiumization and scientific differentiation. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
44NeutralSMA20 -69.1% / mo · near 52W low
Technical chart
METROPOLISweekly · 1Y-68.5%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 26. Wait for confirmation.
- SMA20 falling (~223.2% over last month) — short-term momentum negative.
- RSI(14) at 26 — oversold zone; bounce conditions.
- MACD above signal, histogram expanding — bullish momentum building.
- 76% off 52W high · 30% 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
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Cash flow contributes 7/10 to the score.
- Balance sheet contributes 9/15 to the score.
Main drags
- Fair-value margin of safety is negative at -568.5%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 8/25; 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 87th percentile of the scored universe and 82nd 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: 82nd pctile, median 70 · Micro: 80th pctile, median 71
0 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 1.2%.
- ▸11 years of positive FCF.
- ▸8/8 recent quarters had positive YoY revenue growth.
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
- 56.50
- P/B
- 7.34
- EV/EBITDA
- 21.17
- Market Cap
- 11092.00Cr
Profitability
- ROE
- 13.80%
- ROCE
- 17.80%
- ROA
- 8.93%
- Dividend Y
- 0.37%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 1.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- 11.00%
Balance Sheet
- Debt/Equity
- 0.15
- Interest Coverage
- 16.04×
- Altman Z
- 8.61
- Book Value
- 73.00
Cash Flow
- FCF Yield
- 1.15%
- FCF Positive Y
- 11/5
- OCF
- 351.00 Cr
- EPS TTM
- 9.17
Shareholding
- Promoter Hold
- 48.86%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 66%
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.