bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
58%Questions answered3Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
Medium priority
Business mix and rationale for acquiring Shabaskar in Mumbai.
Asked by Toss, BNP Pariba
Management explained rationale but declined to disclose exact business mix.
exact mix not disclosed
Read the exchange
Question
what is the business mix over there? What's the share of uh radio and pads uh 100% of revenue considering walk-in patient and what has been the rational of acquiring Dr. Dr. are acquiring this asset
Management (likely Dr. Arvind Lal or CFO)
the reason we have acquired this asset is this uh is a quite an old operating lab it has got a legacy of over 45 years in that geography and uh you know it's in a micro market in Mumbai where we actually with uh either Lalab or suburban don't really have a significant presence
Evasive
Medium priority
Margin profile of the acquired asset.
Asked by Toss, BNP Pariba
Management refused to disclose margin, only gave revenue size.
no margin given
Read the exchange
Question
And what be the margin profile for this asset?
Management
we have not disclosed the Aida margin uh uh uh for as of now. So uh we have disclosed this uh it's about a 6 cr kind of turnover topline. It's a small asset.
Answered
High priority
Volume growth this quarter and outlook.
Asked by Toss, BNP Pariba
Management provided the volume growth number and explained context.
Read the exchange
Question
Any color on this quarter volume growth it looks better compared to previous quarters?
Management
this quarter uh volume growth has come at 8.2%. But uh you know even in the last quarter I had mentioned that uh you know quarter to quarter even on volume is is not really u a very uh robust way to look at it.
Answered
High priority
Reason for sharp jump in other expenses and margin outlook.
Asked by Air Chalk, JM Financial
Management explained the expense increase and gave margin guidance of 27-28%.
Read the exchange
Question
this quarter we have seen a sharp jump in the other other expenses. uh I understand that second half is generally marketing heavy but uh even this uh jump looks much sharper even on 3Q how sustainable it is and if you can also give color on margin uh for next year
Management
we have spent a little bit extra uh as we said uh we are investing in the business uh we have spent extra amount on our infra uplifting of infra including Delhi and NCR as well. Second is uh we we are spending uh more amount on&p
Evasive
High priority
Price hike possibility and margin improvement.
Asked by Air Chalk, JM Financial
Management acknowledged price hike possibility but gave no timeline or commitment.
no commitmentdeferred
Read the exchange
Question
I believe last two quarters we have also given an indication on the price hike which we have not taken over last three years. Um any uh thoughts on that? If also if it is going to come, shouldn't that also will help you to improve margins in the coming year?
Management
the price hike we have we have said that you know we have completed three years since we took our last price increase. uh but we also said that you know um we will kind of wait and watch
Answered
High priority
Confirmation of FY27 revenue guidance.
Asked by Anchul Aaral, MK
Management confirmed the guidance directly.
Read the exchange
Question
I just wanted to confirm the FI27 revenue guidance that you mentioned sir. Is it early to mid- teens?
Management
Yeah, early to mid- teens.
Partial answer
Medium priority
Sustainability of volume growth and contributing geographies.
Asked by Anchul Aaral, MK
Management avoided linking quarterly growth to sustainability and did not specify geographies.
reframed to annual viewno specific geography
Read the exchange
Question
that suggests that the volume growth that we have delivered in the current quarter seems to be sustainable for the entire year. Is there any particular geography or channel which is sort of uh disproportionately contributing to this growth?
Management
I would not uh kind of correlate it to a quarter alone because again if I am I'm talking about let's say if you look at the annual trajectory and that's a much better way to judge
Answered
High priority
Capex guidance for FY27 and B2C revenue share.
Asked by Anchul Aaral, MK
Management provided specific numbers for both capex and B2C share.
Read the exchange
Question
could you help me with the capex guidance for FI27 and the B2C contribution B2C revenue share uh in the current year.
Management
for capex I think uh we are planning to be in the range of 100 to 120 cr uh kind of capex for the next year the B2C contribution this year is about 75%.
Partial answer
Medium priority
Structural tailwinds for FY27 growth and tier 3/4 geography contribution.
Asked by Abdul Kadir Puranwalla, ICICI securities
Management gave general tailwinds but did not specify which tier 3/4 geographies.
no specific geographies named
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Question
just wanted to understand you know what are the kind of structural tailwinds you are seeing into the business and uh and secondly if I look at your FI26 performance it's been you know quite broad-based across regions so if you could also highlight you know when we talk about tier three tier four which are these geographies exactly you know contributing uh to the growth.
Management
the confidence behind the early to mid- teens is is driven by the work which has been happening in the last uh you know 2 years. I think the the continuous uh you know expansion of of lab infrastructure and the collection network
Answered
Medium priority
Impact of Middle East war on raw material costs.
Asked by Binoiparumpil, Ara Capital
Management gave a clear current status and future uncertainty.
Read the exchange
Question
it's a question on the the Middle East war and the raw material price inflation. Do these things uh have any impact on our operations in terms of uh availability or cost of reagents etc.
Management
as of now uh no uh because we we are uh you know obviously we have ample sufficient inventory for the next 3 4 months and we have long-term contracts as well.
Partial answer
Medium priority
Competition intensity in Mumbai and future bolt-on acquisitions.
Asked by Rajat Balva, Kizuna wealth
Management explained rationale but did not address competition intensity or future plans.
no comment on future acquisitions
Read the exchange
Question
given that cloud Mumbai's clouded lab market like Metropolis as there are many standalone labs. So what was the competition intensity there and is this a merely two-hole acquisition or the first of multiple bolt on Maharashtra?
Management
within Mumbai there is a micro market uh where you know uh we don't have a presence either through the suburban brand or through Lalpath labs. So this acquisition kind of fills that gap for us
Evasive
Medium priority
Prioritization of investments in labs vs collection centers and ROI thresholds.
Asked by Rishiesh Tulle, Tokai Investors
Management listed capex components but did not answer ROI or payback thresholds.
no ROI or payback given
Read the exchange
Question
could you please share how uh you are prioritizing your investments in new labs uh versus the old uh collection centers and and also uh what kind of uh ROI thresholds and the payback periods that you typically look at when you are trying to expand in these.
Management
there are new uh satellite labs that we are going to open up right then then there is uh you know maybe a few uh high-end radiology uh setups that we will we will uh we will do plus we have acquired a uh uh you know an asset to set up a precision diagnostic lab
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Volume growth this quarter at 8.2% | 8.2% | 16.6% | Understated vs filing |
| Annual patient volume growth at 5.3% | 5.3% | 16.6% | Understated vs filing |
| Annual revenue growth at 12.2% | 12.2% | 16.6% | Understated vs filing |
| EBITDA margin guidance 27-28% for next year | 27.5% | 26.6% | Overstated vs filing |
| Shabaskar turnover: 6 cr | ₹6 cr | ₹703 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.