Metropolis Healthcare Limited (METROPOLIS)
₹530.35 +1.41% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Metropolis Healthcare's revenue was ₹450 Cr (+16.6% year on year, +6.0% on the previous quarter), and net profit ₹56.9 Cr (+25.7% year on year); the operating margin was 24.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹450 | +16.6% | +6.0% |
| Operating profit | ₹111 | +23.9% | +2.9% |
| Net profit | ₹56.9 | +25.7% | +11.6% |
| EPS (₹) | 2.73 | +25.5% | +11.0% |
| Operating margin | 24.7% | — | — |
EPS restated for the 3:1 bonus of Mar 2026: Q1 FY26 ₹8.70 to ₹2.17.
METROPOLIS delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 61.42% of the METROPOLIS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 56.75%. That is close to its usual level.
Delivery in the last 5 sessions: 62.0% · 64.3% · 69.1% · 56.3% · 61.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Metropolis Healthcare Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 03, 2026. It confirms that all share certificates received for dematerialisation during the quarter were processed, verified, cancelled, and substituted in the records within prescribed timelines. This is a recurring regulatory compliance filing with no operational or financial impact.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Pertains to the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited on October 03, 2026
- Confirmed that dematerialised certificates were cancelled and records updated within prescribed timelines
Metropolis Healthcare released its Q2FY27 business update reporting consolidated revenue growth of approximately 15% YoY. The performance was anchored by double-digit patient and test volume growth alongside improved realizations and a favorable product mix. TruHealth Wellness and Specialty segments were the fastest-growing categories during the quarter. Furthermore, EBITDA margins improved meaningfully on both a YoY and QoQ basis due to operating leverage and operational efficiencies.
- Consolidated revenue grew by approximately 15% YoY in Q2FY27
- Growth led by double-digit patient and test volume expansion
- TruHealth Wellness and Specialty segments emerged as fastest-growing segments
- EBITDA margins improved meaningfully on both YoY and QoQ basis
Metropolis Healthcare Limited announced the allotment of 66,312 equity shares of face value INR 2 each pursuant to the exercise of RSUs under its MHL-RSU Plan, 2020. The total consideration received from the allotment is INR 1,32,624 at an exercise price of INR 2 per share. Following this issuance, the company's total issued shares stand at 20,74,53,880, representing a paid-up share capital of INR 41,49,07,760. Dilution from this allotment is negligible at approximately 0.03% of the outstanding share base. Furthermore, 50% of the allotted shares are subject to a one-year lock-in expiring on September 08, 2027.
- Allotment of 66,312 equity shares of face value INR 2 each under the MHL-RSU Plan, 2020
- Exercise price fixed at INR 2 per share, aggregating to total proceeds of INR 1,32,624
- Total issued share base rises to 20,74,53,880 shares (INR 41,49,07,760 total paid-up capital)
- 50% of the allotted shares are subject to a 1-year lock-in period ending September 08, 2027
Metropolis Healthcare's subsidiary, Metropolis Quality Solutions Private Limited (MQSPL), has entered into a Share Subscription and Shareholders' Agreement with Medsource Ozone Biomedicals and Dr. Puneet Kumar Nigam. Medsource will invest ~₹1.10 crore and Dr. Puneet will invest ~₹16 lakh (total ₹1.26 crore) to scale the External Quality Assessment Services business. Upon full dilution and 5-year conversion of 10,000 preference shares, Metropolis's stake in MQSPL will reduce from 100% to 54.90%, while Medsource and Dr. Puneet will hold 30.60% and 14.50%, respectively. Given Metropolis's TTM revenue of ₹1,710 crore, the financial quantum is minor.
- Medsource Ozone Biomedicals to invest approximately ₹1.10 crore in subsidiary MQSPL
- Dr. Puneet Kumar Nigam to invest approximately ₹16 lakh in MQSPL
- 10,000 Optionally Convertible Redeemable Preference Shares to convert over a period of 5 years
- Fully diluted post-deal shareholding: Metropolis 54.90%, Medsource 30.60%, Dr. Puneet 14.50%
Metropolis Healthcare has submitted the transcript of its Investor and Analyst Meet held on August 27, 2026. Management highlighted that the company currently operates 209 laboratories and over 5,000 centers across 750 towns in India and 5 international markets. The B2C segment accounts for 57% of total revenues, supported by 750-800 company-owned centers in key metros alongside franchisee centers. Geographically, North India's revenue contribution expanded from 7-8% to 18% over the past year following acquisitions, while West and South continue to generate 50% and 27% of revenues, respectively.
- Operates a network of 209 labs and 5,000+ centers across 750 towns in India, with 57% revenue contribution from B2C
- North India revenue share increased to 18% from 7%-8% a year prior, driven by strategic acquisitions
- Regional revenue mix stands at West 50%, South 27%, North 18%, and East 5%
- Maintains an offering of ~4,500 test varieties supported by over 30,000 prescribing specialist doctors
- Direct company-owned centers number 750-800, with franchise models used to expand across Tier-2 and Tier-3 towns
Metropolis Healthcare Limited has made available the audio recording of its Investors & Analyst Meet held on August 27, 2026, at 04:00 p.m. IST. The intimation is submitted pursuant to Regulation 30 of the SEBI LODR Regulations. No new financial disclosures or quantitative targets were explicitly stated in the cover letter filing.
- Investors & Analyst Meet was conducted on August 27, 2026 at 04:00 p.m. (IST)
- Audio recording link made accessible on the company website pursuant to Regulation 30 of SEBI LODR
- Filing reference number: MHL/Sec&Legal/2026-27/44
Metropolis Healthcare Limited has completed the transfer of its External Quality Assessment Services Business Division (EQAS Division) to its subsidiary, Metropolis Quality Solutions Private Limited (MQSPL). The transaction was executed as a going concern on a slump sale basis effective August 27, 2026. The consideration of ₹1.25 crore was settled through the issuance of equity shares of MQSPL to the company. Given the transaction size relative to Metropolis's TTM revenue of ₹1,710 crore, the financial impact on the consolidated entity is negligible.
- Transferred EQAS Division to subsidiary MQSPL on a slump sale basis effective August 27, 2026
- Total consideration stands at ₹1.25 crore, discharged via equity shares of MQSPL
- Consideration represents <0.1% of Metropolis's TTM revenue of ₹1,710 crore
- Follows earlier corporate intimations dated February 04, 2026, and August 04, 2026
Metropolis Healthcare presented its 3-year strategic roadmap at its Analyst Meet, reaffirming an FY27 revenue growth guidance of 14–15% with a 100–150 bps margin improvement after delivering ₹450 Cr revenue (+17% YoY) in Q1 FY27. Over the next three years, the company aims to expand EBITDA margins from 24.4% to 27–28%, driven by network density, specialty test mix (aiming for 45% of revenue), and the turnaround of Core Diagnostics (targeting 20%+ margin by Year 3). Capex is guided to remain asset-light at ~4% of revenue, supporting balance sheet efficiency and ROCE expansion.
- FY27 revenue growth guided at 14–15% with +100–150 bps EBITDA margin expansion; Q1 FY27 delivered ₹450 Cr revenue (+17% YoY) at 25.2% margin
- 3-year target to expand EBITDA margin to 27–28% (from 24.4% in FY26) through operating leverage and Core Diagnostics turnaround
- Network expansion roadmap to scale own centres from ~750 to 1,000, lifting centre-to-lab ratio from 24:1 to ~35:1
- Specialty testing mix targeted to reach 45% of revenue (up from 40% in Q1 FY27), with capex contained at ~4% of revenue
Metropolis Healthcare's wholly owned subsidiary, Metropolis Quality Solutions Private Limited (MQSPL), has approved the issuance of 10,000 Optionally Convertible Redeemable Preference Shares (OCRPS) of face value ₹10 each at par, totaling ₹1,00,000. The proposed allottee is Dr. Puneet Kumar Nigam, former Chief Quality Officer of Metropolis. Upon conversion into equity shares (1:1 ratio) in tranches over up to 6 years, MQSPL will cease to be a wholly owned subsidiary but will continue as a subsidiary. MQSPL was incorporated in September 2025, has yet to commence operations, and contributes zero revenue to Metropolis (TTM revenue ₹1,710 Cr).
- Issue of 10,000 OCRPS of face value ₹10 each at par, totaling ₹1,00,000
- Allottee is Dr. Puneet Kumar Nigam, former Chief Quality Officer (non-promoter)
- Conversion ratio is 1:1 into equity shares executed in tranches over up to 6 years
- MQSPL has zero revenue and net worth contribution, having not yet commenced operations since incorporation on Sep 15, 2025
Metropolis Healthcare Limited has announced a large format Group Meeting with analysts and institutional investors scheduled for August 27, 2026, starting at 04:00 p.m. IST. The interaction will cover only publicly available information with no unpublished price-sensitive information (UPSI) to be discussed. As an administrative scheduling notice under SEBI LODR Regulation 30(6), this event has no immediate impact on the company's financial position or earnings.
- Large format Investors & Analyst Group Meeting scheduled for August 27, 2026
- Meeting time slated for 04:00 p.m. (IST) onwards
- Interaction strictly limited to publicly available information without UPSI disclosure
- Filing submitted pursuant to Regulation 30(6) of SEBI LODR Regulations, 2015
Metropolis Healthcare Limited submitted the Scrutinizer's Report for its 26th Annual General Meeting held on August 18, 2026. All proposed ordinary and special resolutions were approved with overwhelming majorities (>98% to 99.99% votes in favor). Key approved items include the adoption of FY26 standalone and consolidated financial statements, confirmation of total interim dividends of Rs 5.00 per share (Rs 4.00 and Rs 1.00), and director remuneration. Voting turnout represented approximately 87.06% to 87.09% of total outstanding shares.
- 26th AGM conducted on August 18, 2026, with 87.06% to 87.09% voting participation on key resolutions
- Adoption of FY26 Audited Standalone and Consolidated Financial Statements passed with over 99.8% approval
- Confirmed payment of First Interim Dividend (Rs 4.00/share) and Second Interim Dividend (Rs 1.00/share) for FY26
- Special resolution approving remuneration payable to Dr. Sushil Shah approved with 98.67% votes in favor
- Ratification of remuneration for Cost Auditors M/s. Joshi Apte & Associates for FY27 approved with 99.99% votes in favor
Metropolis Healthcare Limited conducted its 26th Annual General Meeting on August 18, 2026, with 40 shareholders participating via video conference. The company tabled 8 resolutions, including the adoption of FY26 financial statements and confirmation of a total interim dividend of ₹5.00 per share (₹4.00 first interim and ₹1.00 second interim). Key business items also included the appointment of Deloitte Haskins & Sells Chartered Accountants LLP as the statutory auditors and approval for director re-appointments. Consolidated voting results will be declared separately.
- 26th AGM concluded with 40 shareholders attending via Video Conferencing
- Confirmed FY26 total interim dividend payout of ₹5.00 per share (₹4.00 first and ₹1.00 second interim)
- Proposed appointment of M/s. Deloitte Haskins & Sells Chartered Accountants LLP as Statutory Auditors
- Tabled 8 resolutions comprising 6 ordinary and 2 special resolutions
Metropolis Healthcare reported a strong Q1 FY27 with ~17% YoY revenue growth, exceeding its previous guidance. Management has maintained a full-year revenue growth outlook of 14-15%, primarily driven by volume growth in Tier-2 and Tier-3 markets. A key focus is margin expansion, with a targeted 100-150 bps improvement in EBITDA for FY27 and a long-term goal of 27-28%. The integration of Core Diagnostics is progressing, with margins currently at ~8% and a target of 25% within 3-4 years.
- Revenue grew by approximately 17% year-on-year in Q1 FY27, exceeding management's stated guidance.
- Management targets 100-150 bps EBITDA margin expansion in FY27, aiming for a 27-28% margin over the next two years.
- Core Diagnostics acquisition currently operates at a high single-digit margin (~8%), with a target to reach 25% in 3-4 years.
- TruHealth business vertical maintains a ticket size of approximately ₹2,500 with margins in line with company averages.
- Company plans a net addition of 500 centers during the year to improve the center-to-lab ratio towards 30:1.
Metropolis Healthcare has published the audio recording of its Q1 FY27 earnings conference call held on August 05, 2026. The call discussed the financial performance for the quarter ended June 30, 2026, where the company continues to execute its 'Metropolis 3.0' strategy. This follows a TTM revenue performance of ‹ 1,646 Cr and a steady operating margin of 24.4%. Investors can access the recording on the company's website for management commentary on competition and expansion into Genomics.
- Earnings conference call conducted on August 05, 2026, at 09:00 a.m. IST
- Discussion focused on financial results for the quarter ended June 30, 2026
- Company maintains a TTM PAT of ‹ 191 Cr with a 16.0% ROCE
- Management continues to target a 23% expected growth rate through 'Metropolis 3.0'
Metropolis Healthcare reported a strong start to FY27 with revenue growing 16.6% YoY to ₹450.2 crore, driven by a 10% increase in patient volumes. Profitability improved significantly as EBITDA rose 27.1% YoY to ₹113.2 crore, resulting in a 210 bps margin expansion to 25.2%. The growth was broad-based, with B2C revenue up 18% and Tier III cities growing at 25% YoY. PAT increased by 25.8% to ₹56.9 crore, reflecting strong operating leverage and a richer test mix.
- Revenue from operations increased 16.6% YoY to ₹450.2 crore for Q1FY27.
- EBITDA margins expanded by 210 basis points to reach 25.2%, up from 23.1% YoY.
- Wellness segment (TruHealth) revenue grew 22% YoY to ₹81 crore, now 18% of segment mix.
- Tier III cities were the fastest-growing markets with ~25% YoY revenue growth.
- Patient volume and test volume grew by 10% and 11% YoY respectively without price increases.
Financial Performance
Revenue Growth by Segment
Metropolis delivered a broad-based revenue growth of 23% YoY in Q2 FY26. Volume growth is projected to remain in the double-digit range of 10% to 11% for the remainder of the fiscal year. The wellness and specialized testing segments are key drivers, commanding higher realizations compared to routine tests.
Geographic Revenue Split
The company is focusing on its 'Top 800 towns' via a Micro Market Strategy and 'T3 Acceleration' to reduce geographic concentration. While specific regional percentages are not disclosed, CRISIL identifies the reduction of geographic concentration as a key upward rating sensitivity factor.
Profitability Margins
Operating margins improved to 25.0% in Q1 FY25 from 23.0% in Q1 FY24. Q2 FY26 margins stood at 24.3%, benefiting from high-volume seasonality. The company aims to sustain margins at 25-26% over the medium term, though the Core Diagnostics acquisition currently dilutes margins by 100-130 bps.
EBITDA Margin
The operating margin for FY25 was 24.2%. The acquisition of Core Diagnostics, which initially operated at single-digit margins, is expected to reach double-digit margins by the end of Year 1 and align with Metropolis's 23-24% levels by FY28 (Year 3 of acquisition).
Capital Expenditure
Planned annual capital expenditure, including Right-of-Use (ROU) asset additions, is estimated at INR 130-140 Cr over the near-to-medium term to support laboratory footprint expansion.
Credit Rating & Borrowing
CRISIL reaffirmed the long-term rating at 'CRISIL AA-' but revised the outlook to 'Stable' from 'Positive'. The short-term rating is 'CRISIL A1+'. The company was debt-free as of March 31, 2024, maintaining a robust financial risk profile.
Operational Drivers
Raw Materials
Diagnostic reagents, chemicals, and laboratory consumables (referred to as 'input materials' in documentation).
Capacity Expansion
Metropolis is expanding its laboratory footprint and customer touchpoints to drive volume-led growth. It utilizes a hub-and-spoke model to service customers efficiently across its widespread network.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but the company is redefining its cost structure and implementing automation to mitigate pricing pressure from competitors.
Manufacturing Efficiency
Efficiency is driven by automation, digitization, and an in-house R&D setup for continuous process improvement. High-volume quarters (like Q2) significantly improve operating leverage.
Logistics & Distribution
Distribution is managed through a hub-and-spoke model; costs are being optimized through technology and process integration following recent acquisitions.
Strategic Growth
Expected Growth Rate
23%
Growth Strategy
Growth is pursued through the 'Metropolis 3.0' strategy: strengthening the core in 800 towns, expanding into adjacencies like Radiology and Genomics, and executing bolt-on acquisitions like Core Diagnostics. The company is also cleaning up acquired businesses in Year 1 to set a foundation for faster growth in Year 2.
Products & Services
Acute illness diagnostics, specialized testing, wellness packages, clinical trial turnkey projects for pharma companies, genomics, and primary healthcare services.
Brand Portfolio
Metropolis Healthcare, Core Diagnostics, Dr. Sushil Shah’s Pathology Laboratory.
New Products/Services
Expansion into high-science domains such as Genomics and complementary radiology services is expected to drive future revenue contribution.
Market Expansion
Focusing on 'T3 Acceleration' and 'Micro Market' strategies to deepen penetration in the Top 800 Indian towns.
Market Share & Ranking
Metropolis is a leading organized player in the Indian diagnostic industry, benefiting from a natural market consolidation where unorganized labs are struggling with compliance.
Strategic Alliances
The company engages in turnkey projects with pharmaceutical companies for clinical trials, which currently represent a small but high-margin segment.
External Factors
Industry Trends
The industry is seeing a shift from unorganized to organized players (current growth 23% for MHL) due to rising technology and quality requirements. Consolidation is accelerating as smaller labs find it difficult to sustain compliance.
Competitive Landscape
Competition includes large conglomerates, hospital networks, pharmaceutical companies, health-tech platforms, and agile startups.
Competitive Moat
Moat consists of established brand equity, clinician trust, and a widespread hub-and-spoke network. Sustainability is supported by high entry barriers in specialized testing and 'high-science' domains like Genomics.
Macro Economic Sensitivity
Operations are sensitive to Indian demand conditions and the availability of input materials. Economic slowdowns could impact discretionary wellness spending.
Consumer Behavior
Increasing consumer preference for wellness and preventive testing, which commands higher realizations and supports margin expansion.
Geopolitical Risks
Socio-political disruptions like riots or strikes are identified as business continuity risks that could impact logistics and service delivery.
Regulatory & Governance
Industry Regulations
Operations must comply with NABL/CAP accreditations and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Rising compliance and quality standards are driving industry consolidation.
Environmental Compliance
The company is embedding ESG principles across its value chain to enhance stakeholder confidence and access to capital markets.
Risk Analysis
Key Uncertainties
Integration risks of Core Diagnostics could lead to slower-than-anticipated margin improvement. Large debt-funded acquisitions (if any) could weaken debt metrics.
Geographic Concentration Risk
Historically high concentration in certain regions; CRISIL monitors the reduction in geographic concentration as a key rating factor.
Third Party Dependencies
Dependency on technology partners and logistics vendors for business continuity.
Technology Obsolescence Risk
Rapidly evolving technology could disrupt traditional diagnostic models; Metropolis mitigates this by investing in automation and digital transformation.
Credit & Counterparty Risk
Receivables are well-managed at under 40 days, indicating high-quality credit exposure.
