Metropolis Healthcare Ltd: F4Q26: Operating Leverage at Play; Remain EW

Research evidence excerpt

Metropolis Healthcare Ltd: F4Q26: Operating Leverage at Play; Remain EW

Update

May 14, 2026 07:55 PM GMT

Morgan Stanley India Company Private Limited+MMetropolis Healthcare Ltd | Asia Pacific Binay Singh

Equity Analyst

F4Q26: Operating Leverage at Binay.Singh@morganstanley.comDhara P Shah +91 22 6118-1158

Research Associate

Dhara.Shah@morganstanley.com +91 22 6118-2047

Play; Remain EW Alka Katiyar

What’s Changed Alka.Katiyar@morganstanley.com +91 22 6118-1172

Metropolis Healthcare Ltd (METP.NS) From To Metropolis Healthcare Ltd (METP.NS, METROHL IN)

Price Target Rs564.25 Rs588.00

India Healthcare | India

Stock Rating Equal-weight

Management guides to a mid-teens revenue CAGR for F2027– Industry View Attractive

29, with EBITDA margins of 27-28% over the same period. While PriceUp/downsidetarget to price target (%) Rs588.009

visibility at METP is improving, we continue to prefer DLPL for Shr price, close (May 14, 2026) Rs540.70 52-Week Range Rs600.00-397.08

its larger scale and superior return profile. Sh out, dil, curr (mn) 204

Mkt cap, curr (mn) Rs110,556

EV, curr (mn) Rs111,052

Key Takeaways Avg daily trading value (mn) Rs287

Fiscal Year Ending 03/25 03/26e 03/27e 03/28e

METP reported F4Q26 consolidated revenue of Rs4.2bn, up 23% YoY (4.6%

EPS (Rs)** 7.10 9.22 12.31 14.79

QoQ), in line with MSe. Prior EPS (Rs)** 9.47 9.10 12.01 14.01

EPS (Rs)§ 31.44 9.66 12.20 14.85

Core growth of METP for F4Q26 was 15% vs. Dr Lal at 16.6%. Revenue, net (Rs mn) 13,312 16,458 18,660 21,260

EBITDA (Rs mn) 3,030 4,009 4,740 5,528

Consolidated EBITDA for F4Q26 was Rs1bn, up 73.4% YoY, in line with MSe, with ModelWare net inc (Rs 1,450 1,900 2,536 3,047

a 25.4% margin. mn)

P/E 55.2 47.5 44.2 36.8

Contribution from N. India increased to 17% in F4Q26 vs.