Improving Growth Drives PT Increase

研报英文原文证据摘录

Improving Growth Drives PT Increase

Idea

July 26, 2026 09:18 PM GMT

Morgan Stanley India Company Private Limited+MDr. Lal PathLabs Ltd | Asia Pacific Binay Singh

Equity Analyst

Improving Growth Drives PT Binay.Singh@morganstanley.comDhara P Shah +91 22 6118-1158

Research Associate

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

Increase Alka Katiyar

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

Dr. Lal PathLabs Ltd (DLPA.NS) From To

Price Target Rs1,819.00 Rs1,960.00

AlphaSignals Earnings Reaction

Strengthens our thesis Meaningful upside Modest revision higher Dr. Lal PathLabs Ltd (DLPA.NS, DLPL IN)

Impact to our thesis Financial results versus consensus Direction of next 12-month

India Healthcare | India

consensus EPS

Source: Company data, Morgan Stanley Research Stock Rating Overweight

Industry View Attractive

Price target Rs1,960.00

F1Q27 saw highest revenue growth in four years, at 19.1% YoY vs. Up/downside to price target (%) 11

Shr price, close (Jul 24, 2026) Rs1,759.20

11.3% in F1Q26; volume growth was a key driver. Management 52-Week Range Rs1,803.00-1,272.60

increased guidance to mid-teens FY27 revenue growth vs. low- ShMktout,cap,dil,currcurr(mn)(mn) Rs290,891165

to mid-teens previously. A sustained revenue pickup could re- EV, curr (mn) Rs274,048

Avg daily trading value (mn) Rs690

rate the stock. Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

EPS (Rs)** 31.92 37.86 44.54 49.49

Key Takeaways Prior EPS (Rs)** 31.92 35.90 41.33 -

EPS (Rs)§ 30.89 35.40 41.32 46.75

DLPL reported F1Q27 consolidated revenue of Rs 8bn, up 19.1% YoY (13.5% QoQ), Revenue, net (Rs mn) 27,629 31,819 36,735 40,785

EBITDA (Rs mn) 7,825 9,259 10,727 11,868

7% above MSe and 5% above Factset consensus. ModelWare net inc (Rs 5,348 6,343 7,463 8,293

mn)