Metropolis Healthcare Limited – Investor Presentation Summary

Key Operational Highlights

  • Operates 209 laboratories and 5,000 collection centers across 750 towns in India plus five international markets
  • Serves 30,000 prescribing specialists and every leading hospital chain as clients
  • Patient volume grew 12% and test volume grew 13% in FY26 with no price increase
  • Added 295 service points in Q1 FY27 and launched 36 new tests
  • Revenue per employee increased 15% in FY26

Segment-wise Performance

  • B2C segment represents 57% of revenue through own and franchisee networks
  • B2B segment represents 43% of revenue from hospitals, labs and corporates
  • 26% of revenue comes from Tier 3 and smaller towns
  • Specialty testing represents 40% of revenue in Q1 FY27, targeted to reach 45% over three years
  • Specialty revenue grew 17% in Q1 FY27
  • Genomics portfolio doubled after Core acquisition
  • International operations span five countries, principally in Africa, with No. 1 market position in two markets

Financial Highlights

  • FY26 Revenue: ₹1,646 Cr across B2C and B2B segments
  • FY26 EBITDA Margin: 24.4% (organic margin was 25.9%, up 140 bps)
  • Q1 FY27 Revenue: ₹450 Cr, representing 17% YoY growth
  • Q1 FY27 EBITDA Margin: 25.2%, representing 210 bps YoY improvement
  • Full-year FY27 revenue growth guidance: 14-15%
  • Full-year FY27 EBITDA margin improvement guidance: 100-150 bps
  • Dividend payout: Approximately 22% of profit after tax in FY26

Geographical Revenue Split

  • Domestic vs Export Revenue: Not specified in exact values
  • Regional Breakdown: 18% of revenue from North India (from mid single digit previously)
  • Tier III revenue rose approximately 25% in Q1 FY27 against 14% in Tier II and 11% in Tier I
  • Rural centers grew 36% in Q1 FY27

Balance Sheet Snapshot

  • Promoter and promoter group holding: 48.9%
  • Institutional holding (FII plus DII): 46.2%
  • Working capital target: Single digit working capital days
  • No private equity overhang: Warburg Pincus exited in 2015, Carlyle exited fully in July 2020
  • Bonus issue of 3:1 with record date 20 March 2026, 15.55 crore shares allotted

Capex & Cash Flow Health

  • Capital Expenditure: Held light at 4% of revenue
  • Funding strategy: Inorganic additions funded from internal accruals and cash against return hurdle
  • No incremental capital contemplated for international operations over FY27-29
  • Target: Improve ROCE through higher utilization and low CAPEX

Strategic & R&D Initiatives

  • Scientific capability: 2,200+ tests including oncology, neurology, nephrology, allergy
  • 35 NABL labs and 2 CAP-accredited genomics labs (Gurgaon and Mumbai)
  • Medical Advisory Board of 60+ experts
  • First listed Indian diagnostics company with a GoI patent in TB monitoring
  • New test launches include Alzheimer's blood-based test, AI Karyotyping, Hereditary cancer panel, NextGen 1000-gene panel, geneCore Prime 3 Day Rapid TAT, MetExome 360
  • EQAS score: 99% / report accuracy: 99.99%

Industry Trends & Business Environment

  • Indian diagnostics market: $28.5 Bn to 2034 at 11% CAGR
  • 60% of mortality from non-communicable disease
  • Three market shifts: Shift to organized care, Healthcare beyond metros, Advancing treatment pathways
  • Market structure: Unorganized/standalone, Organized chains, Hospital-based labs

Management Commentary & Growth Outlook

  • Three-year directional ambitions assume mid-teen volume-led revenue growth with no scheduled price increase
  • Five growth engines: Network scaling, TruHealth wellness, Specialty testing, Technology, Inorganic expansion
  • Network target: Scale to 1,000 stores over three years, adding new adjacencies
  • TruHealth target: Increase from 18% to 25% of revenue over three years with ticket size of ₹2,500 at company-level margins
  • Margin target: EBITDA expansion to 27-28% from current 24.4%
  • Center-to-lab ratio target: Improve from 24:1 to 35:1 (from 20:1 in FY21)
  • Mini-hubs plan: 50 upgrades, 50 new builds adding radiology and consults
  • Digital share: 25% of revenue from zero previously
  • 40% of B2C revenue from self-referrals

ESG Updates

  • Workforce: Over 6,000 professionals, 44% of them women
  • Culture: Built on science, compassion and integrity
  • Training: MiLES UGC-certified medical technology courses
  • Governance: 10 directors on the Board with 5 independent directors (one woman), five Board committees per Listing Regulations