Metropolis Healthcare is one of India's leading diagnostic service providers, operating 209 laboratories and 5,000+ collection centres across 750+ towns on a hub-and-spoke model. The Q2 print will speak to whether the ~15% YoY revenue growth flagged in the company's October business update held, and how far EBITDA margins improved against the FY27 guidance of 100-150 bps expansion.
| Results date | November 03, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 450.22 Cr (+16.62% YoY, +6.01% QoQ) |
| Previous quarter PAT | Rs. 56.88 Cr (+26% YoY) |
| Previous quarter EBITDA margin | 25.2% (+210 bps YoY) |
| Market cap | Rs. 11,480.98 Cr |
| CMP | Rs. 553.85 |
As per the board-meeting intimation filed on October 28, 2026, the Board will meet on November 3, 2026 to approve the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026 and to consider an interim dividend for FY2026-27. The insider-trading window is closed from October 1 to November 5, 2026.
The Q2FY27 earnings call is scheduled for November 4, 2026 at 9:00 a.m. IST, organized by BNP Paribas Securities India. Participants include Chairperson Ameera Shah, Managing Director Surendran Chemmenkotil, CFO Sameer Patel and CMO Mohan Menon.
The quarter's central test is whether the volume-led momentum seen in Q1FY27 — patient volumes up 10% and test volumes up 11% YoY — carried into Q2, with the company's own October 5 business update pointing to revenue growth of ~15% YoY and 'meaningful' EBITDA margin improvement YoY and QoQ. That tracks in line with management's FY27 guidance of 14%-15% revenue growth 'primarily driven by volume growth' and 100-150 bps of EBITDA margin improvement, with a 27%-28% margin ambition over the next two years. The mix engine remains the key driver: TruHealth grew 22% YoY to Rs. 81 Cr and Specialty grew 17% to Rs. 178 Cr in Q1FY27, with Specialty at 40% of revenue against a 45% target. A watch-item is the rupee at ~95/USD versus ~88 a year ago, a cost headwind for imported reagents and equipment at a time when the company has taken no price increases in 18 months after passing GST benefits to consumers. The EQAS carve-out into MQSPL — slump sale of Rs. 1.25 Cr effective August 27, 2026, with MHL to hold 54.90% post-conversion — changes the reported consolidated perimeter mid-quarter and will need reconciliation on the call.
Revenue vs guidance
Margin vs guidance
Network targets and mini hubs
Specialty mix and TruHealth momentum
Core Diagnostics integration and EQAS carve-out
Consolidated revenue grew 16.62% YoY to Rs. 450.22 Cr in Q1FY27, with PAT up 26% YoY at Rs. 56.88 Cr. Growth was primarily volume-driven, with patient volumes up 10% and test volumes up 11% despite no price increases in the last 18 months.
Management has guided to 14%-15% revenue growth for FY27, primarily driven by volume growth. It has also guided to 100-150 bps of EBITDA margin improvement in FY27 and a 27%-28% EBITDA margin over the next two years.
Tier 3 markets grew 26%-30% in Q4FY26, outpacing Tier 1 growth of ~11%, and Tier III cities contributed ~25% revenue growth in Q1FY27. The company plans 400-500 center additions in Tier-2 and Tier-3 towns in FY27, with Chairperson Ameera Shah noting these cities 'do not have worse economics than the metros'.
Core Diagnostics moved from negative 2% EBITDA to high single-digit margins within the committed four quarters, and integration was in final stages as of the Q1FY27 concall. Management has set a 25% EBITDA margin target for Core Diagnostics within 3-4 years of the acquisition.
The company has taken no price increases in the last 18 months because it passed GST benefits — diagnostics materials moved from ~12% to 5% — on to consumers. Management says the pricing environment is 'conducive' but the timing of any increase 'is still a decision that we have to make'.