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Revenue
₹660 Cr
verified against source
Revenue YoY
10.6%
reported change
EBITDA
₹179 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Dr. Lal PathLabs reported Q3 FY26 revenue of ₹660 crore (+10.6% YoY) and EBITDA of ₹179 crore (+16.3% YoY), with EBITDA margin expanding 130bps to 27.2%. PAT declined 7% to ₹91 crore due to a one-time labor code cost of ₹30 crore. Patient volume growth slowed to 2.7% (YTD 4.4%) due to an unexpected decline in seasonal fever tests, while revenue per patient rose 7.7% to ₹927 on favorable mix. Management reiterated 11-12% organic revenue growth for FY26 and guided for EBITDA margins of 27-28%. Key growth drivers include Swasthfit (26% of revenue, growing 2x company rate), expansion in tier 3/4 markets, and the new Sovaka preventive wellness platform. Risks include sustained volume deceleration and potential margin pressure from franchise-led expansion.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated confidence in delivering 11-12% organic revenue growth for the full fiscal year.
- Management guided for EBITDA margin between 27-28% for FY26, despite GST pass-through and labor code impact.
- Capex for FY26 expected at ₹150-160 crore, including investments in radiology centers and precision diagnostic center.
- Management stated no price increase is expected for at least 2-3 quarters after passing on GST benefits.
Risks flagged
- Patient volume growth slowed to 2.7% in Q3 due to unexpected decline in seasonal fever portfolio, raising concerns about sustained volume recovery.
- Analyst raised concern that revenue sharing with franchise network (over 25% in Delhi) could dilute margins; management argued operating leverage offsets it.
- INR depreciation may increase imported reagent costs; management has long-term contracts but may need to review pricing if dollar continues to rise.
- Advanced radiology pilot is still early; management noted it is unlikely to be a significant contributor to topline in the next 2-3 years.
Key quotes
- We are confident that we should be able to deliver between 11 to 12% for the year.
- We are hopeful that we can maintain the trajectory between 27 to 28%.
- I definitely don't see a price increase on the horizon at least or not for the next two to three quarters.
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