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Dr Lal Pathlabs

LALPATHLAB NSE
₹2,029.40 +103.70 (+5.39%)
P/E
62.75
View as Markdown
MCP
Close 4 Nov 2026 ₹2,029.40 +475.40 +30.6% 1Y
Start ₹1,554.00

Key Fundamentals

SmallcapHealthcare ServicesHealthcare

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
28.00%
Debt to Equity
0.08
EPS (TTM)
₹32.34
Book Value
₹149.45
Market Cap
—
P/E (TTM)
62.75
P/B
13.58
ROE
22.30%
Dividend Yield
0.26%
EBITDA
₹884 Cr
52W High
₹2,049.00
52W Low
₹1,272.60
Day Range
₹1,901.00 – ₹2,049.00
Volume
7,35,423

Peer Comparison

Healthcare › Healthcare Services › Healthcare Service Provider

Dr Lal Pathlabs peer comparison
Dr Lal Pathlabs (this company)
₹2,029.4062.75₹32,036 Cr13.580.26%22.30%28.00%₹2,891 Cr₹545 Cr
Vijaya Diagnostic Centre
₹1,424.6078.15₹14,588 Cr15.330.14%18.30%20.50%₹857 Cr₹187 Cr
Metropolis Healthcare
₹581.2559.74₹11,437 Cr8.030.88%13.60%17.80%₹1,710 Cr₹203 Cr
Thyrocare Technologies
₹495.5044.72₹7,723 Cr14.252.90%28.40%35.40%₹876 Cr₹176 Cr
Nephrocare Health Services
₹622.35148.53₹5,903 Cr5.610.00%8.83%15.30%₹1,053 Cr₹85 Cr
Suraksha Diagnostic
₹333.0548.41₹1,717 Cr7.080.15%14.20%17.30%₹325 Cr₹35 Cr
Krsnaa Diagnostics
₹483.0515.84₹1,571 Cr1.510.41%10.90%12.70%₹726 Cr₹98 Cr
Median 7 companies₹581.2559.74₹7,723 Cr8.030.26%14.20%17.80%₹876 Cr₹176 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

53 Average

Data confidence 100/100

Category scores

Quality
68
Strong
Returns, margins, earnings quality 22% weight
Valuation
41
Weak
Cheap vs sector & own history 24% weight
Growth
37
Poor
Sales & profit trajectory 9% weight
Financial Health
81
Strong
Solvency, leverage, coverage 9% weight
Momentum
55
Average
Trend strength, vol-adjusted 12% weight
Ownership
44
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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 13.2 times its book value
  • The company has delivered a poor sales growth of 11.8% over past five years.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish2512
OscillatorsNeutral252
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
66.05
Neutral
MACD (12,26,9)
6.15
Bullish
SMA (50)
1,917.49
Bullish
SMA (200)
1,645.37
Bullish

As of

Analyst Rating

Based on 25 analysts
BUY80%

20 of 25 analysts rate Buy, 3 Hold, 2 Sell.

As of

BUY
20
80%
HOLD
3
12%
SELL
2
8%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+13.32%
5Y+11.81%
3Y+11.06%
1Y+12.27%
TTM+14.31%

Net profit

Net profit growth by window
10Y+14.39%
5Y+11.50%
3Y+28.39%
1Y+3.66%
TTM+5.01%

Operating cash flow

Operating cash flow growth by window
10Y+14.87%
5Y+9.83%
3Y+11.73%
1Y+11.78%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+1.79 pp
5Y+0.76 pp
3Y+4.05 pp
1Y−0.02 pp
TTM+0.64 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹912 Cr
Mar 2018₹1,057 Cr
Mar 2019₹1,203 Cr
Mar 2020₹1,330 Cr
Mar 2021₹1,581 Cr
Mar 2022₹2,087 Cr
Mar 2023₹2,017 Cr
Mar 2024₹2,227 Cr
Mar 2025₹2,461 Cr
Mar 2026₹2,763 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹156 Cr
Mar 2018₹172 Cr
Mar 2019₹200 Cr
Mar 2020₹228 Cr
Mar 2021₹296 Cr
Mar 2022₹350 Cr
Mar 2023₹241 Cr
Mar 2024₹362 Cr
Mar 2025₹492 Cr
Mar 2026₹510 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹268 Cr −4.0% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk medium

As of 2026-11-04, Dr Lal PathLabs trades at ₹2,029.4 with a market cap of ₹32,036 crore, commanding a trailing PE of 62.75 and ROE of 20.06%. The company is virtually debt-free with a debt-to-equity ratio of 0.08, but its valuation at 13.58 times book value and a modest 14% TTM sales growth reflect a tension between quality fundamentals and rich pricing.

Bull Case 8
  • The company is almost debt-free with a debt-to-equity ratio of just 0.08, providing strong balance sheet resilience and financial flexibility.
  • ROCE stands at 25.67% as of 2026-11-04, indicating efficient capital deployment and strong operating economics in the diagnostics business.
  • Return on equity has been consistently high, averaging 22% over the last 3, 5, and 10 years, demonstrating durable profitability.
  • Compounded profit growth over 3 years stands at 30%, significantly outpacing revenue growth and reflecting operating leverage and margin expansion.
  • The stock has delivered a 1-year CAGR of 27%, with the price rising from a 52-week low of ₹1,272.6 to ₹2,029.4, near the 52-week high of ₹2,049.
  • TTM revenue growth has accelerated to 14%, above the 5-year compounded sales growth of 12%, suggesting improving top-line momentum.
  • The company maintains a healthy dividend payout ratio of 36.4%, returning meaningful capital to shareholders even while funding growth.
  • Compounded sales growth over 10 years at 13% demonstrates a long track record of steady revenue compounding in a structurally growing diagnostics market.
Bear Case 6
  • The trailing PE of 62.75 as of 2026-11-04 is elevated, demanding sustained high earnings growth to justify the current price.
  • Five-year compounded sales growth of 12% is modest for a stock priced at over 62 times earnings, highlighting a growth-valuation mismatch.
  • TTM profit growth has decelerated to 10%, down sharply from the 3-year compounded profit growth of 30%, suggesting the margin expansion cycle may be maturing.
  • The dividend yield is just 0.26%, offering minimal income support relative to the capital deployed at current prices.
  • Five-year stock CAGR is only 1%, indicating that long-term shareholders have seen negligible capital appreciation over that period despite underlying earnings growth.
  • EPS TTM of ₹32.34 underpins a PE of 62.75, meaning even a modest earnings miss could trigger a disproportionate price correction at this valuation.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Dr Lal PathLabs delivered strong Q2FY27 results with 27.5% profit growth, healthy margin expansion, and double-digit volume growth, signalling solid operational momentum. The CentraPath acquisition consolidates ownership at a modest cost. The only overhang is a tax dispute over ₹32.66 crore in ESOP expenses escalated to ITAT, though the company considers it immaterial. The trend is clearly improving on fundamentals, with volume-led revenue growth as the key driver to watch.

Headwinds 1
  • ITAT appeal over ESOP expenses Oct 8

    Income Tax Department filed an appeal before ITAT challenging a ruling in the company's favour, disputing ESOP expense disallowances of ₹32.66 crore for AY 2022-23. Intimation received on October 7, 2026; company states no material operational impact expected.

Positives 3
  • Strong Q2FY27 profit growth Nov 4

    Net profit rose 27.5% YoY to ₹194 crore in Q2FY27, revenue grew 19.6% YoY to ₹874 crore, and EBITDA margin expanded to 32.1%. H1FY27 revenue reached ₹1,672 crore driven by 12.2% sample volume growth.

  • Interim dividend of ₹5/share Nov 4

    Board declared a second interim dividend of ₹5 per share for FY27 alongside Q2 results.

  • CentraPath now wholly owned Oct 12

    Invested up to ₹30.3 crore via subsidiary PathLabs Unifiers to acquire the remaining 30% stake in CentraPath Labs, making it a wholly owned subsidiary.

Quarterly Results

₹ Cr
LALPATHLAB quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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 (₹)
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

₹ Cr
LALPATHLAB profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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 (₹)
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

₹ Cr
LALPATHLAB balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
LALPATHLAB cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

LALPATHLAB financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Dr Lal Pathlabs insights

65 extracted metrics across FY14–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 52.93%
  • DIIs 21.58%
  • FIIs 18.73%
  • Public 5.30%
  • Others 1.46%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Dr Lal Pathlabs

What does Dr Lal Pathlabs Ltd do?
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…
Where is Dr Lal Pathlabs Ltd (LALPATHLAB) listed?
Dr Lal Pathlabs Ltd trades as LALPATHLAB on the NSE and under code 539524 on the BSE.
Which sector does Dr Lal Pathlabs Ltd belong to?
Dr Lal Pathlabs Ltd is classified under the Healthcare Services sector, in the Healthcare Service Provider industry.
What is the PE ratio of Dr Lal Pathlabs Ltd?
Dr Lal Pathlabs Ltd trades at a PE ratio of 62.75 as of 4 Nov 2026, on earnings per share of ₹32.34, against a book value of ₹149.45 per share.
What is the 52-week high and low of Dr Lal Pathlabs Ltd?
Over the last 52 weeks Dr Lal Pathlabs Ltd has traded between ₹1,272.6 and ₹2,049 as of 4 Nov 2026.
Does Dr Lal Pathlabs Ltd pay dividends?
Dr Lal Pathlabs Ltd has a dividend yield of 0.26%.
What is the Return on Equity (ROE) of Dr Lal Pathlabs Ltd?
Dr Lal Pathlabs Ltd reported a return on equity of 22.30%. Its debt-to-equity ratio is 0.08.

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.

Website lalpathlabs.com
Listed 23 Dec 2015
Face Value ₹10

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