Dr. Lal Path Labs

“Yes. I think our revenue guidance, our first half numbers are going slightly ahead of plan. So, our revenue guidance for the year currently looks to be maybe high teens and our EBITDA guidance is similar.”

“And if we look at the guidance, last year, full year, our EBITDA was 27.2%. So I think this year, we should be slightly better than that.”

“So therefore, if you were to look at a longer-term thing, I think mid-teens organic is something that we feel will be sustainable in terms of revenue.”

“So, the short answer is yes. We will continue on these initiatives, but we are looking at them more as a long-term revenue contributor, not really in the short term, not in the next 2, 3 years' time horizon.”

“So West growth is also better than before and Suburban is back to double-digit growth. So it has turned the corner.”

“So, till we have any solid inorganic opportunity, we will obviously keep working on the organic part.”

“So therefore, it is not as if the contribution of specialized tests is something we feel is going to keep increasing.”

“And now there is quite a bit of on-ground investments that are now going into the Suburban brand and some infrastructure for Suburban.”

“This is the highest quarterly growth in the last 5 years and has been driven by a 9% growth in patient volumes.”

“Sample volume expanded by 13.6% to 28.8 million, while patient volume grew 9% to 9 million this quarter.”

“You see the last year itself, we have said that close to 39-40% of our revenues actually are coming from Tier 3 towns and below.”

“Yes, we are gaining share there.”

“So Anshul, the revenue growth is broad-based. So we are seeing healthy growth across all of our regions.”

“And so that we saw in the last quarter as it got built up and also in this quarter is giving us an advantage between 2% to 3% in terms of the revenue growth. And that is going to be there for maybe another quarter that we see.”

“Also, we have not taken a price increase now, I think, for more than 4 years now.”

“We continue to retain a significant pricing headroom as a strategic lever going forward.”

“So therefore, we are able to manage our costs well, and we do not, therefore, see a need for doing any price increases right away.”

“whenever we take a price increase, it will be on a CAGR basis below inflation and strategically so because we do not want a very high headroom available for the unorganized competition to really take or match price increases”

“Net cash as on 30th September 2026 stood at Rs. 1,746 crore.”

“Our commitment to operational excellence is reflecting in our efficient working capital management with a net working capital remaining negative at 16 days.”

“As of 30th September 2026, DSO stood at 17 days and DIO at 32 days, underscoring our focus on strong cash conversion and disciplined capital allocation.”

“We have completed the acquisition of SN GeneLab Private Limited. This acquisition will strengthen our expertise in genomics and broaden our portfolio of advanced diagnostic services.”

“We also have acquired remaining 30% stake in our subsidiary, Centrapath Labs, making it a wholly owned subsidiary.”

“This asset was having a revenue last year FY26 was about Rs. 60 crore top line and about Rs. 15 crore EBITDA.”

“No. So Rishi, we acquired 70% of this asset, not 50%.”

“Yes, it is put and call option which is there, yes.”

“interim dividend of 50%, that is Rs. 5 per share.”

“But if we see that there is a cost pressure, which is also coming, given the way the dollar thing is moving and a lot of other hikes and cost hikes that we are seeing specifically through the regulatory notices on PF gratuity, a lot of other cost inflationary pressures are coming.”

“inflationary costs in terms of whether the change in the minimum wages or the PF rule changes, which is impacting or there are transportation logistic-related costs.”

“So, competition intensity has always been high and will continue to remain high when it comes to diagnostics because we are all thinking about metro and organized players, but the real competition actually are the unorganized players still who have the largest share of the pie still.”

“We all know that because of this dollar moving up, geopolitical situation and all that stuff. So it is not clear, but there may be some impact going forward on that.”

“I am happy to share that we have sustained our growth momentum in Q2 FY27 with a revenue achievement of Rs. 874 crore at a 19.6% growth.”

“Revenue per patient for Q2 FY27 came in at Rs. 976, which is 9.7% higher compared to Rs. 889 in Q2 FY26.”

“EBITDA for Q2 FY27 came in at Rs. 280 crore compared to Rs. 224 crore in Q2 FY26 registering a growth of 25.1% with an EBITDA margin of 32.1%.”

“PBT for Q2 FY27 came in at Rs. 261 crore registering a growth of 28.1% with a PBT margin of 29.8%.”

“PAT for Q2 FY27 came in at Rs. 194 crore compared to Rs. 152 crore in the same quarter last year, registering a growth of 27.5% with a PAT margin of 22.2%.”