1QFY27: Strong start to FY27; estimates raised

研报英文原文证据摘录

1QFY27: Strong start to FY27; estimates raised

Global Markets Research

Dr Lal Pathlabs DLPA.NS DLPL IN 26 July 2026

EQUITY: HEALTH CARE & PHARMACEUTICALS

Rating1QFY27: Strong start to FY27; estimates raised Remains Buy

Target price

Increased from1Q beat driven by realization gains INR 2,085 INR 1,860

1QFY27: Robust revenue growth and margin expansion Closing24 July 2026price INR 1,759

DLPL's 1QFY27 revenue/EBITDA/PAT came in 4.5%/12.9%/13.3% ahead of our

estimates. The beat was driven primarily by higher-than-expected realizations, aided by (i) Implied upside +18.5%

price hikes in the CGHS and ECHS schemes (2-3% impact), (ii) a favorable test mix

(higher specialized testing), and (iii) a favorable geographic mix (higher contribution from Market Cap (USD mn) 3,043.1

markets with better realization). Management indicated that the benefit from the CGHS ADT (USD mn) 11.2

and ECHS price hikes should continue over the next 2-3 quarters. Sample volume grew

10.7% y-y while realization per test rose 7.6% y-y — the highest quarterly growth Relative performance chart

recorded in the past five years. Similarly, patient volume grew 8% y-y and realization per

patient was up 10% y-y. Swasthfit contributed 27% of sales in 1QFY27, broadly stable vs

1QFY26; the segment grew ~20% y-y, in line with company-level growth, while ex-

Swasthfit revenue growth of ~19% was equally strong. For FY27F, management has

raised its revenue guidance to mid-teens (from early-teens), implying an acceleration in

growth on the back of stronger realization. On margins, management has adopted a more

conservative stance, maintaining EBITDA margin guidance at 27-28% as it intends to

reinvest in capacity building while prioritising growth. We, however, model FY27F revenue