Dr Lal Pathlabs
Dr Lal Pathlabs
Healthcare ServicesKey Fundamentals
SmallcapHealthcare Service ProviderHealthcare ServicesTapetide Score
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Key Insights
Strengths
2- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 36.4%
Weaknesses
2- Stock is trading at 12.8 times its book value
- The company has delivered a poor sales growth of 11.8% over past five years.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoDr Lal PathLabs commands a market cap of ₹31,985 Cr at a PE of 58.9x with a consistent ROE of ~22% over the last decade. Revenue has compounded at 13% over 10 years while profit CAGR stands at 15% over the same period, though the company trades at 12.8x book value with a modest dividend yield of 0.26%.
- The company is virtually debt-free, providing significant financial flexibility and resilience through economic cycles.
- ROE has remained remarkably stable at 21-22% across 3-year, 5-year, and 10-year horizons, indicating consistent capital efficiency.
- Compounded profit growth of 15% over 10 years outpaces sales growth of 13%, reflecting expanding margins over time.
- TTM revenue growth has accelerated to 14%, ahead of the 5-year sales CAGR of 12%, suggesting improving demand momentum.
- Healthy dividend payout ratio of 36.4% demonstrates shareholder-friendly capital allocation despite being in a growth phase.
- 3-year compounded profit growth of 30% indicates a strong earnings recovery and operating leverage in recent years.
- Stock has delivered a 1-year return of 17% and 3-year CAGR of 20%, reflecting renewed market confidence in the business trajectory.
- PE ratio of 58.9x is significantly elevated, demanding sustained high earnings growth to justify current valuations.
- Price-to-book ratio of 12.8x is very high, leaving limited margin of safety if growth disappoints.
- 5-year sales CAGR of only 11.8% is modest for a stock commanding a near-60x earnings multiple.
- Dividend yield of just 0.26% offers negligible income return relative to risk-free alternatives yielding over 7%.
- 5-year stock CAGR of -1% shows the stock has delivered no capital appreciation over a half-decade period despite underlying earnings growth.
- TTM profit growth of 10% has decelerated sharply from the 3-year CAGR of 30%, suggesting the earnings recovery cycle may be normalizing.
- 10-year stock CAGR of 13% roughly matches sales growth, implying limited valuation re-rating over a long horizon.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- 30% Neuome stake acquired Aug 27
Dr Lal Pathlabs completed subscription of a 30% stake in Neuome Technologies via its wholly owned subsidiary Dr. Lal Ventures, making Neuome an associate company.
- Uzbekistan subsidiary incorporated Aug 19
Dr Lal PathLabs FZCO (Dubai subsidiary) subscribed to 70% of newly incorporated Dr Lal PathLabs Indomed LLC in Tashkent, Uzbekistan, expanding diagnostic services into the Central Asian market.
TL;DR: Dr Lal Pathlabs is pursuing an inorganic and geographic expansion strategy, acquiring a 30% associate stake in Neuome Technologies and setting up a step-down subsidiary in Uzbekistan via its Dubai arm. No headwinds surfaced in the recent news cycle. The dual moves signal management confidence in scaling beyond core domestic diagnostics, though execution on international operations and new technology bets remains to be watched.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 541 | 601 | 539 | 545 | 602 | 660 | 597 | 603 | 670 | 731 | 660 | 703 | 798 |
| Expenses | 395 | 424 | 398 | 401 | 432 | 458 | 443 | 434 | 478 | 506 | 480 | 516 | 550 |
| Operating Profit | 146 | 178 | 141 | 145 | 170 | 202 | 154 | 169 | 192 | 224 | 179 | 187 | 248 |
| OPM % | 27% | 30% | 26% | 27% | 28% | 31% | 26% | 28% | 29% | 31% | 27% | 27% | 31% |
| Other Income | 14 | 18 | 18 | 18 | 21 | 22 | 25 | 26 | 28 | 25 | -6 | 24 | 32 |
| Interest | 8 | 8 | 7 | 7 | 6 | 6 | 5 | 5 | 5 | 5 | 7 | 6 | 6 |
| Depreciation | 35 | 36 | 36 | 37 | 35 | 35 | 36 | 36 | 35 | 40 | 42 | 45 | 44 |
| PBT | 118 | 152 | 116 | 120 | 150 | 183 | 138 | 153 | 181 | 204 | 124 | 160 | 229 |
| Tax % | 29% | 27% | 29% | 28% | 28% | 29% | 29% | -1% | 26% | 25% | 26% | 17% | 25% |
| Net Profit | 84 | 111 | 82 | 86 | 108 | 131 | 98 | 156 | 134 | 152 | 91 | 132 | 170 |
| EPS in Rs | 4.95 | 6.55 | 4.87 | 5.06 | 6.37 | 7.73 | 5.78 | 9.26 | 7.9 | 8.99 | 5.4 | 7.84 | 10.11 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 660 | 791 | 912 | 1,057 | 1,203 | 1,330 | 1,581 | 2,087 | 2,017 | 2,227 | 2,461 | 2,763 | 2,891 |
| Expenses | 504 | 582 | 675 | 793 | 910 | 987 | 1,145 | 1,526 | 1,527 | 1,617 | 1,764 | 1,979 | 2,053 |
| Operating Profit | 156 | 210 | 238 | 264 | 294 | 344 | 436 | 561 | 490 | 609 | 698 | 783 | 838 |
| OPM % | 24% | 26% | 26% | 25% | 24% | 26% | 28% | 27% | 24% | 27% | 28% | 28% | 29% |
| Other Income | 12 | 20 | 27 | 31 | 46 | 55 | 51 | 52 | 42 | 69 | 91 | 70 | 75 |
| Interest | 0 | 0 | 1 | 1 | 1 | 15 | 16 | 30 | 38 | 29 | 22 | 23 | 24 |
| Depreciation | 28 | 28 | 28 | 33 | 38 | 73 | 77 | 108 | 150 | 144 | 142 | 162 | 172 |
| PBT | 140 | 201 | 237 | 261 | 301 | 310 | 394 | 475 | 344 | 505 | 625 | 669 | 717 |
| Tax % | 31% | 34% | 34% | 34% | 33% | 27% | 25% | 26% | 30% | 28% | 21% | 24% | — |
| Net Profit | 96 | 133 | 156 | 172 | 200 | 228 | 296 | 350 | 241 | 362 | 492 | 510 | 546 |
| EPS in Rs | 8.75 | 7.99 | 9.31 | 10.24 | 11.95 | 13.55 | 17.49 | 20.69 | 14.33 | 21.42 | 29.14 | 30.13 | 32.34 |
| Div. Payout % | 9% | 15% | 16% | 22% | 25% | 44% | 57% | 29% | 42% | 0% | 41% | 68% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 55 | 83 | 83 | 83 | 83 | 83 | 83 | 83 | 83 | 83 | 84 | 168 |
| Reserves | 260 | 425 | 512 | 705 | 862 | 949 | 1,162 | 1,418 | 1,583 | 1,766 | 2,089 | 2,341 |
| Borrowings | 27 | 0 | 0 | 0 | 0 | 0 | 150 | 533 | 420 | 247 | 157 | 199 |
| Other Liabilities | 134 | 118 | 95 | 128 | 145 | 341 | 265 | 309 | 297 | 357 | 383 | 433 |
| Total Liabilities | 475 | 625 | 690 | 916 | 1,091 | 1,374 | 1,661 | 2,343 | 2,383 | 2,454 | 2,713 | 3,140 |
| Fixed Assets | 150 | 166 | 152 | 208 | 209 | 413 | 447 | 1,369 | 1,305 | 1,228 | 1,168 | 1,256 |
| CWIP | 1 | 4 | 18 | 10 | 3 | 11 | 10 | 15 | 5 | 6 | 3 | 7 |
| Investments | 38 | 64 | 106 | 145 | 185 | 164 | 59 | 65 | 150 | 114 | 327 | 423 |
| Other Assets | 286 | 391 | 414 | 554 | 694 | 786 | 1,144 | 893 | 923 | 1,107 | 1,215 | 1,454 |
| Total Assets | 475 | 625 | 690 | 916 | 1,091 | 1,374 | 1,661 | 2,343 | 2,383 | 2,454 | 2,713 | 3,140 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 122 | 159 | 171 | 197 | 219 | 284 | 398 | 447 | 456 | 535 | 569 | 636 |
| Investing | -113 | -163 | -137 | -172 | -100 | -26 | -212 | -449 | -287 | -24 | -303 | -422 |
| Financing | -1 | 0 | -32 | 13 | -55 | -190 | -139 | 136 | -283 | -414 | -334 | -264 |
| Net Cash Flow | 8 | -5 | 2 | 37 | 64 | 67 | 48 | 134 | -114 | 97 | -68 | -50 |
| Free Cash Flow | 87 | 115 | 120 | 125 | 177 | 205 | 339 | -28 | 412 | 479 | 516 | 463 |
| CFO/OP | 112 | 108 | 102 | 110 | 110 | 110 | 115 | 103 | 115 | 110 | 105 | 104 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 17 | 17 | 17 | 14 | 16 | 14 | 15 | 15 | 13 | 13 | 13 | 15 |
| Inventory Days | 37 | 31 | 33 | 44 | 40 | 70 | 39 | 38 | 28 | 30 | 27 | 30 |
| Days Payable | 90 | 89 | 97 | 106 | 111 | 144 | 132 | 107 | 127 | 151 | 127 | 123 |
| Cash Conversion Cycle | -35 | -42 | -47 | -47 | -55 | -60 | -78 | -54 | -87 | -108 | -86 | -79 |
| Working Capital Days | -9 | 27 | 19 | 17 | 0 | -19 | -26 | -54 | -56 | -46 | -30 | -29 |
| ROCE % | 48% | 47% | 43% | 38% | 35% | 32% | 33% | 29% | 18% | 25% | 29% | 28% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY14–FY27.
Documents
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Company Information
Dr. Lal PathLabs Limited is one of India’s leading consumer healthcare brand in diagnostic services. It has an integrated nationwide network, where patients and healthcare providers are offered a broad range of diagnostic and related healthcare tests and services for use in: core testing, patient diagnosis and the prevention, monitoring and treatment of disease and other health conditions. The services of DLPL are aimed at individual patients, hospitals and other healthcare providers and corporates. [1]
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