Company Overview

Metropolis Healthcare Limited (NSE: METROPOLIS, BSE: 542650) reported strong financial performance for FY 2025-26 with consolidated revenue growth of 23.6% to ₹1,646 crore and profit after tax increasing 31% to ₹191 crore. The company convened its 26th Annual General Meeting on August 18, 2026, via video conferencing in compliance with SEBI Listing Regulations 30 and 34.

Financial Performance Highlights

Consolidated Performance

  • Revenue from Operations: ₹1,646 crore (23.6% growth year-over-year)
  • EBITDA: ₹401 crore (32% growth with margins at 24.4%)
  • Profit After Tax: ₹191 crore (31% growth)
  • Basic EPS: ₹9.19 (up from ₹7.07 in FY25)

Organic Performance (excluding acquisitions)

  • Revenue Growth: 13.7% (exceeding guidance of 12-13%)
  • EBITDA Margin: ~26% (recovered to pre-pandemic levels)
  • Patient Volumes: 13.5 million (7.5% growth)
  • Test Volumes: 28.4 million (8.0% growth)
  • Revenue per Patient: Improved 6%

Segment Performance

  • B2C Revenue: 19% growth (58% of total revenue)
  • B2B Revenue: 31% growth (42% of total revenue)
  • TruHealth Revenue: 21% growth (19% of total revenue)
  • Specialty Diagnostics Revenue: 32% growth
  • North India Contribution: Increased to 17% of business (from 8% previously)

Strategic Initiatives & Operational Expansion

Network Expansion

  • Service Network: 5,000+ touchpoints (added 490 during FY26)
  • Clinical Laboratories: 210+
  • Geographic Reach: 750+ towns across 28 States and 7 Union Territories
  • International Presence: 21 countries across Africa, Southeast Asia and Middle East

Scientific Excellence

  • Received first patent from Government of India for Clinician Decision Support System for TB diagnostics
  • Established Centre of Genomics with two CAP-accredited laboratories
  • Commissioned NovaSeq X sequencing infrastructure
  • Genomics revenue grew 68%
  • 55+ scientific publications and 220+ scientific forums conducted

Digital Transformation

  • Digital customers generate 1.6x higher revenue per patient than offline customers
  • AI-powered diagnostics implemented across karyotyping, allergy diagnostics, and prescription reading
  • Google rating of 4.88 across centers with NPS of 87

Acquisition Integration & Business Combinations

The company successfully integrated multiple acquisitions which contributed approximately 8% of Group revenues:

  • Core Diagnostics: Acquired for ₹218.88 crore, moved from negative 2% EBITDA margin to high single digits within one year
  • Scientific Pathology and DAPIC: Operating at margins above company average
  • Ambika Pathology: Created largest laboratory in Kolhapur market
  • Total acquisition investment of approximately ₹335 crore across multiple entities

Capital Structure & Corporate Actions

Bonus Issue

  • Issued bonus shares in 3:1 ratio
  • Allotted 15,54,95,826 fully paid-up bonus equity shares on March 23, 2026
  • Capitalized approximately ₹31.10 crore from securities premium account
  • Record Date: March 20, 2026

Dividend Distribution

  • First Interim Dividend: 200% (₹4 per share), paid November 2025
  • Second Interim Dividend: 50% (₹1 per share), paid May 2026
  • Total dividend outflow: ₹41.46 crore
  • No final dividend recommended

Share-based Incentive Schemes

The company maintained three active share-based incentive schemes with 179,933 RSUs outstanding under the 2020 plan and 228,840 options under the ESOP 2025 plan.

Corporate Governance & Board Composition

Board Structure

  • Ms. Ameera Shah: Chairperson & Whole-time Director
  • Mr. Surendran Chemmenkotil: Managing Director (total remuneration ₹490.68 lakhs)
  • Dr. Sushil Shah: Chairman Emeritus and Non-Executive Director
  • 10 Board members with 50% independent directors and 30% women representation

Board Committees

The company maintained five statutory committees with regular meetings:

  • Audit Committee (4 meetings)
  • Nomination and Remuneration Committee (4 meetings)
  • Stakeholders Relationship Committee (1 meeting)
  • CSR & ESG Committee (2 meetings)
  • Risk Management Committee (2 meetings)

ESG Performance & Commitments

Environmental Initiatives

  • ~30% electricity at Global Reference Laboratory sourced from renewable energy
  • 100 kW rooftop solar programme initiated
  • 100% digital report delivery; 72% customers chose paper-free access
  • Committed to carbon neutrality by 2043

Social Impact

  • 44% women workforce
  • 50,000+ learning hours delivered
  • 98% new hires certified before independent role
  • 1.3 lakh+ adolescents reached through ARSH initiatives
  • 520 TB patients supported with 100% treatment adherence

Governance Excellence

  • Zero instances of non-compliance
  • Maintained ISO 27001 and ISO 27701 certifications
  • All related party transactions at arm's length and in ordinary course of business

Regulatory Compliance & Auditing

SEBI Compliance

  • The company complied with all mandatory requirements of SEBI Listing Regulations
  • No penalties or strictures imposed by stock exchanges or SEBI during last three years
  • Quarterly corporate governance reports submitted to NSE and BSE

Auditor Information

  • Statutory Auditors: M/s. BSR & Co. LLP issued unmodified opinion confirming adequate internal financial controls
  • Proposed new auditors: M/s. Deloitte Haskins and Sells LLP for 5-year term
  • Secretarial Auditors: M/s. Manish Ghia & Associates with no qualifications
  • Cost Auditors: M/s. Joshi Apte & Associates re-appointed for FY 2026-27
  • Internal Auditors: M/s. PricewaterhouseCoopers Services LLP appointed for 5-year period

Credit Ratings & Financial Position

CRISIL ratings as of March 31, 2026:

  • Long-term rating: CRISIL AA-/Stable (revised from 'Positive')
  • Short-term rating: CRISIL A1+
  • Non-convertible debentures: CRISIL AA-/Stable (revised from 'Positive')

Subsequent Events & Forward Outlook

The company transferred its External Quality Assessment Services (EQAS) business to wholly-owned subsidiary Metropolis Quality Solutions Private Limited for up to ₹1.25 crore. The report contains forward-looking statements relating to future plans, strategies, and expected performance based on current assumptions and industry trends, subject to uncertainties and risks beyond the Company's control.