METROPOLIS HEALTHCARE (+) : Guidance indicates positive shift towards large Dx players

研报英文原文证据摘录

METROPOLIS HEALTHCARE (+) : Guidance indicates positive shift towards large Dx players

EQUITIES

MEDTECH & SERVICES

OUTPERFORM TARGET PRICE EPS 03/27e EPS 03/28eMETROPOLIS HEALTHCARE PRICE* INR548.0  TARGET PRICE INR620 (UPSIDE 13%)  19% non material  2%

Guidance indicates positive shift towards large Dx players

While METROHL’s 4QFY26 earnings were largely stable and in-line with 26% y-y revenue growth14 MAY 2026

Securities Research Report and high-single digit margin of Core Diagnostics (CD). Management commentary on the growth

Production time: 10:24* (London time)

outlook was key monitorable. The company guided to a mid-teen revenue growth CAGR over FY26-

Research Analysts & Publishing Entities

29 and EBITDA margin to reach 27-28% (versus 24.5% in FY26) led by a combination of volume

Tausif Shaikh growth, improvement in realisation and price hikes. The recent quarter’s performance of METROHLBNP Paribas Securities India Private

Limited and its competitors gives us the confidence that the guidance is achievable as the industry is seeing

+91 22 6196 4037 a structural shift towards organised players and new-age companies’ test menus are only restricted

tausif.shaikh@asia.bnpparibas.com

to basic tests, as highlighted in our recent report. Maintain O/P with INR620 TP.

North India revenue share increases; T3 growth to outpace T1/T2

North India revenue has more than doubled y-y, with revenue increasing to 16% vs 9% in the prior

quarter. Management expects this trend to continue and North India revenue to outpace consolidated

growth. During the quarter, revenue in T3 cities grew 26% y-y, outgrowing T1/T2 growth of 20%.

Management expects this trend to continue as more collection centres open up.

Improved growth outlook with investment cycle largely behind