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Dr. Lal PathLabs Ltd.
NSE: LALPATHLABHealthcareDiagnostics & Research
- Last close
- ₹1,838.20
- Day change
- −₹5.50 (−0.30%)vs
- Market cap
- ₹31,947 crIndian rupees
- Research updated
- 1 report
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About Dr. Lal PathLabs
Dr. Lal PathLabs Ltd. is a leading diagnostic and healthcare service provider based in India. The company primarily offers a comprehensive range of pathology and radiology tests, playing a crucial role in the healthcare sector's diagnostic segment. It operates a network of diagnostic centers, providing facilities for blood tests, radiology & imaging, cardiology, general health checks, and preventive healthcare. With an extensive portfolio of tests and a widespread distribution network, Dr. Lal PathLabs Ltd. serves individual patients, corporate clients, hospitals, and medical institutions. Known for integrating technology with pathology services, it provides efficient and reliable diagnostic solutions, thus facilitating better healthcare outcomes. Its impact on the healthcare industry is marked by improving accessibility to quality diagnostic services across varied demographics.
- Sector
- Healthcare
- Industry
- Diagnostics & Research
- Listing
- NSE: LALPATHLAB
- Next results
- Chief executive
- Mr. Ved Prakash Goel C.A.
- Employees
- 5,206
- Headquarters
- Gurugram, India
- ISIN
- INE600L01024
- Website
- lalpathlabs.com
Public research · Report of
Business model & financial foundation
Dr. Lal PathLabs (NSE: LALPATHLAB), Diagnostic laboratory services: revenue of ₹2,763 crore in FY26 (+12.2% on FY25), an EBITDA margin of 28.3%, net profit of ₹504.8 crore and net cash of ₹1,526 crore.
- Revenue, FY26 (₹ crore)
- 2,763
- consolidated
- Revenue growth, FY26
- +12.2%
- on FY25
- EBITDA margin, FY26
- 28.3%
- EBITDA (Operating EBITDA before exceptional items, excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 504.8
- to owners
- Return on equity, FY26
- 21.3%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,526
- Net debt excluding leases, including treasury liquidity
- Market capitalisation (₹ crore)
- 31,710
- at the close of 13 Oct 2026
Company profile
A hub-and-spoke pathology network serving patients through clinical laboratories, patient service centres and collection/pickup partners. Test breadth, bundled preventive testing and geographic penetration drive revenue per patient; lab throughput leverages staff and overhead costs. Collection-centre commissions and competition constrain that leverage. The balance sheet holds material treasury liquidity.
| Item | Value |
|---|---|
| Legal name | Dr. Lal PathLabs Limited |
| Exchange and ticker | NSE: LALPATHLAB; BSE: 539524 |
| ISIN | INE600L01024 |
| Sector | Healthcare |
| Industry | Diagnostic laboratory services |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP (since second term 2022) |
| Market capitalisation | ₹31,710 crore (13 Oct 2026) |
| Shares outstanding | 16.76 crore shares (FY26) |
| Price | ₹1,970 (close, 13 Oct 2026) |
| 52-week range | ₹1,273 - ₹2,039 (to 13 Oct 2026) |
| Website | https://www.lalpathlabs.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Paliwal Diagnostics Private Limited | 80% | Diagnostics |
| Dr Lal Ventures Private Limited | 100% | Diagnostics |
| PathLabs Unifiers Private Limited | 100% | Diagnostics acquisition platform |
| APRL PathLabs Private Limited | 80% | Regional diagnostics |
| Centrapath Labs Private Limited | 100% | Indore diagnostics; remaining 30% acquired 13 Oct 2026 |
| Chanre Laboratory Private Limited | 70% | Diagnostics |
| Dr Lal PathLabs Bangladesh Pvt Ltd | 71.83% | Diagnostics |
| Dr Lal PathLabs Nepal Private Limited | 100% | Diagnostics |
| SN Genelab Private Limited | 70% | Gujarat genomics diagnostics; acquired1Oct2026 |
Suburban business retained within group after dissolution in Feb 2026. Centrapath already consolidated at 70%; remaining-stake purchase changes NCI, not group revenue.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 53.21% | 53.21% | 53.21% | 53.19% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 21.86% | 20.29% | 17.18% | 17.35% |
| Domestic institutions | 18.22% | 19.20% | 21.37% | 21.59% |
| of which mutual funds | 15.90% | 16.84% | 18.62% | 18.79% |
| Retail | 4.07% | 4.56% | 5.20% | 4.97% |
| Other | 2.64% | 2.74% | 3.04% | 2.90% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
A national hub-and-spoke pathology chain: reference labs process complex assays while regional/satellite labs and PSC/PUP partners provide access and collection. Brand, physician referral links, turnaround time and breadth of tests matter more than owning every collection site. Fees to collection centres rise with franchise growth, limiting staff leverage. Group scope includes Suburban's operating business even after its legal dissolution, regional subsidiaries and international units. SN Gene70% acquired1Oct2026 broadens genomics. Centrapath already consolidated at70%: remaining30% purchase13Oct changes owners' profit, not group revenue.
| Peer | Why the dossier compares them |
|---|---|
| Metropolis Healthcare (METROPOLIS) | National pathology chain; closest listed business-model comparator |
| Vijaya Diagnostic Centre (VIJAYA) | Regional B2C diagnostics; radiology mix means margins not directly comparable |
| Thyrocare Technologies (THYROCARE) | Low-price centralised pathology; B2B logistics and franchise comparator |
| Krsnaa Diagnostics (KRSNAA) | Diagnostics but PPP/tender model and receivables differ |
| Fortis Healthcare (FORTIS) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 2,087 | 2,017 | 2,227 | 2,461 | 2,763 |
| Cost of revenue (vendor classification) * | 502.3 | 729.2 | 764.4 | 823.1 | 534.6 |
| Other operating costs (vendor classification) * | 542.8 | 384.6 | 400.0 | 423.0 | 505.7 |
| EBITDA (vendor classification) * | 613.2 | 534.9 | 668.0 | 774.5 | 856.8 |
| Operating EBIT before exceptional items, excluding other income | 505.1 | 381.4 | 465.6 | 553.7 | 620.7 |
| Finance cost | 30.2 | 37.5 | 29.4 | 22.3 | 22.8 |
| Profit before tax | 474.9 | 343.8 | 505.5 | 624.8 | 669.1 |
| Total tax (including one-time credits) | 124.6 | 102.8 | 143.2 | 132.5 | 159.3 |
| Consolidated PAT including non-controlling interests | 350.3 | 241.1 | 362.3 | 492.3 | 509.8 |
| Diluted EPS (₹) | 41.57 | 28.74 | 21.49 | 29.20 | 30.20 |
| Cost of materials consumed | 451.4 | 481.5 | 534.6 | ||
| Employee benefit expenses | 424.6 | 455.8 | 503.3 | ||
| Fees to collection centres | 313.0 | 341.9 | 402.4 | ||
| Other expenses | 428.4 | 486.7 | 540.1 | ||
| Operating EBITDA before exceptional items, excluding other income | 609.2 | 695.6 | 782.5 | ||
| Other income | 69.2 | 93.4 | 101.3 | ||
| Depreciation and amortisation expense | 143.6 | 141.9 | 161.8 | ||
| Exceptional items, signed (expense negative) | 0.00 | 0.00 | -30.1 | ||
| Non-controlling interest | 4.56 | 5.11 | 4.98 | ||
| PAT attributable to owners | 357.7 | 487.1 | 504.8 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including non-controlling interests | 1,544 | 1,700 | 1,885 | 2,206 | 2,541 |
| Borrowings * | 532.4 | 419.5 | 246.9 | 157.4 | 199.0 |
| Cash and cash equivalents * | 378.2 | 263.7 | 360.9 | 292.6 | 242.8 |
| Trade receivables | 85.4 | 70.8 | 77.4 | 88.1 | 110.7 |
| Inventories | 52.5 | 33.8 | 37.3 | 36.1 | 43.9 |
| Trade payables | 147.4 | 156.1 | 186.6 | 167.1 | 180.6 |
| Net PPE excluding right-of-use assets | 415.4 | 401.0 | 199.4 | 200.1 | 309.7 |
| Capital work in progress * | 15.9 | 3.92 | 5.37 | 6.86 | 5.95 |
| Total assets * | 2,353 | 2,386 | 2,456 | 2,717 | 3,146 |
| Net debt excluding leases, including treasury liquidity | -1,229 | -1,526 | |||
| Equity attributable to owners of parent | 1,849 | 2,173 | 2,508 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations after income taxes | 335.7 | 292.0 | 535.3 | 568.9 | 635.6 |
| Free cash flow (vendor definition) * | -29.4 | 411.5 | 477.9 | 515.0 | 462.2 |
| Dividends paid (the provider's sign: an outflow is negative) * | -116.7 | -103.0 | -201.2 | -207.3 | -222.6 |
| PPE cash purchases, positive deployment excluding intangibles | 92.5 | 36.0 | 51.2 | 44.3 | 167.0 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Closing issued equity shares, bonus-adjusted | 8.27 | 8.29 | 16.70 | 16.72 | 16.76 |
| Cash and cash equivalents (management chart) | 877.0 | 1,229 | 1,526 | ||
| Weighted-average diluted shares, bonus-adjusted | 16.65 | 16.68 | 16.72 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 660.2 | 596.7 | 602.6 | 669.8 | 730.6 | 659.8 | 702.7 | 797.7 |
| Cost of revenue (vendor classification) * | 221.0 | 203.7 | 195.3 | 221.1 | 224.5 | 135.2 | 267.5 | |
| Other operating costs (vendor classification) * | 112.7 | 112.6 | -127.5 | 124.1 | 121.5 | 151.3 | 150.0 | |
| EBITDA (vendor classification) * | 224.4 | 179.1 | 194.9 | 220.4 | 203.7 | 210.8 | 279.4 | |
| Operating EBIT before exceptional items, excluding other income | 167.2 | 118.5 | 132.7 | 157.7 | 183.6 | 137.2 | 142.2 | 203.1 |
| Finance cost | 6.00 | 5.30 | 5.00 | 4.70 | 4.80 | 7.20 | 6.10 | 6.30 |
| Profit before tax | 183.1 | 138.3 | 153.4 | 181.1 | 203.6 | 124.3 | 160.1 | 228.7 |
| Total tax (including one-time credits) | 52.3 | 40.2 | -2.10 | 47.1 | 51.4 | 32.9 | 27.9 | 58.2 |
| Consolidated PAT including non-controlling interests | 130.8 | 98.1 | 155.5 | 134.0 | 152.2 | 91.4 | 132.2 | 170.5 |
| Diluted EPS (₹) | 7.74 | 5.79 | 9.27 | 7.93 | 9.01 | 5.41 | 7.85 | 10.13 |
| Cost of materials consumed | 127.3 | 117.0 | 117.8 | 128.9 | 141.8 | 128.7 | 135.2 | 151.7 |
| Fees to collection centres | 93.7 | 86.7 | 77.8 | 95.8 | 106.3 | 97.3 | 100.6 | 115.8 |
| Employee benefit expenses | 124.0 | 126.4 | 108.4 | 124.3 | 132.2 | 126.5 | 128.8 | 132.7 |
| Other expenses | 112.7 | 112.6 | 129.5 | 128.5 | 126.2 | 128.0 | 151.3 | 150.0 |
| Operating EBITDA before exceptional items, excluding other income | 202.5 | 154.0 | 169.1 | 192.3 | 224.1 | 179.3 | 186.8 | 247.5 |
| Other income | 21.9 | 25.1 | 25.8 | 28.1 | 24.8 | 24.4 | 24.0 | 31.9 |
| Depreciation and amortisation expense | 35.3 | 35.5 | 36.4 | 34.6 | 40.5 | 42.1 | 44.6 | 44.4 |
| Exceptional items, signed (expense negative) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -30.1 | 0.00 | 0.00 |
| Non-controlling interest | 1.60 | 1.40 | 0.70 | 1.60 | 1.60 | 0.90 | 0.90 | 1.00 |
| PAT attributable to owners | 129.2 | 96.7 | 154.8 | 132.4 | 150.6 | 90.5 | 131.3 | 169.5 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 32.0% | -3.4% | 10.4% | 10.5% | 12.2% |
| EBITDA margin | 27.4% | 28.3% | 28.3% | ||
| Net margin | 16.1% | 19.8% | 18.3% | ||
| Return on equity | 20.0% | 23.8% | 21.3% | ||
| Return on capital employed | 28.8% | 18.2% | 21.9% | 24.6% | 24.3% |
| Return on assets | 14.8% | 18.8% | 17.2% | ||
| Net debt (₹ crore) | -1,229 | -1,526 | |||
| Net debt / EBITDA | -1.77x | -1.95x | |||
| Interest cover | 16.7x | 10.2x | 15.9x | 24.8x | 27.2x |
| Asset turnover | 1.04x | 0.85x | 0.92x | 0.95x | 0.94x |
| Receivable days | 15 | 13 | 13 | 13 | 15 |
| Inventory days (on revenue) | 9 | 6 | 6 | 5 | 6 |
| Payable days (on revenue) | 26 | 28 | 31 | 25 | 24 |
| Cash conversion | 1.50x | 1.17x | 1.26x | ||
| Capex intensity | 4.4% | 1.8% | 2.3% | 1.8% | 6.0% |
| Free cash flow (₹ crore) | 243.2 | 256.0 | 484.2 | 524.6 | 468.6 |
| Dividend payout | 56.2% | 42.6% | 44.1% | ||
| EPS, diluted (₹) | 41.57 | 28.74 | 21.49 | 29.20 | 30.20 |
| Book value per share (₹) | 186.7 | 205.1 | 112.9 | 132.0 | 151.7 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA before exceptional items, excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt excluding leases, including treasury liquidity; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA before exceptional items, excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- The 12-month rating and target
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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