Metropolis Healthcare Ltd reported Q2 FY27 numbers with revenue of Rs. 496.82 Cr (+15.76% YoY) and PAT growth of +43.04% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 03, 2026 |
|---|---|
| Revenue (Q2) | Rs. 496.82 Cr (+15.76% YoY) |
| PAT (Q2) | Rs. 75.48 Cr (+43.04% YoY) |
| EBITDA margin | 26.98% (+176 bps YoY) |
| EPS (Q2) | Rs. 3.64 (+43.31% YoY) |
Metropolis delivered 15.76% revenue growth at the top of its guided 14%-15% band, with EBITDA margin up 176 bps YoY to 26.98% — already at the doorstep of the 27%-28% two-year target. PAT grew 43.04% YoY on broad-based cost-ratio improvement, with earnings fully cash-backed (CFO/PAT 1.68x) and a near debt-free balance sheet. FY27 guidance on both revenue and margin remains on track with H2 deceleration tolerance.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "revenue ~+15% YoY with double-digit patient/test volume growth" — in line with the 14–15% guide | +15.76% YoY consolidated | Played out |
| Margins | "EBITDA margins improved meaningfully YoY and QoQ" | 26.98%, +176 bps YoY / +228 bps QoQ | Played out |
| FX reagent-cost creep | "any Q2 import-cost creep would flow through quickly" | COGS ratio −155 bps YoY; FX loss Rs.2.92 Cr H1 — favorably | Contradicted |
| Margin definitional gap (Q1 print 25.83% vs 25.2%) | "definitional discrepancy to reconcile on the call" | Filing publishes no EBITDA formula; consistent P&L-derived basis used throughout | Not observable in the filing |
| EQAS perimeter wildcard | "the main wildcard for reported consolidated comparisons" | Comparatives restated; discontinued ops nil in Q2 — no distortion | Played out |
| Interim dividend | "the interim dividend at the 3 Nov board meeting" | Re.1/share declared | Played out |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| FY27 revenue growth 14%–15% | Q1FY27 earnings call | Q2FY27 consolidated +15.76% YoY; H1 +16.16% | On Track |
| FY27 EBITDA margin improvement +100–150 bps (Q1FY27 restatement of the +125–150 bps framed at Q4FY26) | Q1FY27 / Q4FY26 earnings calls | +176 bps YoY (26.98% vs 25.22%); +228 bps QoQ | On Track |
| Group EBITDA margin 27%–28% over next two years | Q4FY26 call, reframed at Q1FY27 | 26.98% this quarter — at the doorstep | On Track |
| Interim dividend decision at the Nov 3 board meeting | Company board-meeting intimation (Oct 28, 2026) | Re.1/share declared | Met |
| Q2 revenue up ~15% YoY on double-digit patient/test volume growth | Company business update, October 5, 2026 | +15.76% YoY consolidated — revenue leg; volume split not disclosed in the filing | Confirmed |
| "EBITDA margins improved meaningfully YoY and QoQ" | Company business update, October 5, 2026 | +176 bps YoY, +228 bps QoQ | Confirmed |
| No price increases taken for ~18 months; GST benefit passed to consumers | Q1FY27 earnings call (per prior-quarter notes) | Growth of +15.76% YoY achieved on realisation/mix — the filing gives no pricing data — consistent with, not proven by, the filing | Too Early |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.