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One of India's largest diagnostic chains, offering pathology and radiology testing through labs and collection centres nationwide.
One of India's largest diagnostic chains, offering pathology and radiology testing through labs and collection centres nationwide.
Collects samples at many small centres and routes them to a few large reference labs, so each test costs little to run and the network fills the labs; patients mostly pay out of pocket, with test prices set by the company, not by insurers. The Lal family, which founded it, remains the largest shareholder.
In one line: India's Quest Diagnostics/LabCorp equivalent.
Moat: narrow (brand, scale, distribution). Large pan-India network of labs and collection centres with strong brand trust in diagnostics.
Headquarters: New Delhi, India · Founded: 1949 · Employees: 6,200
Size Dr. Lal PathLabs (LALPATHLAB.NS) is an India Health Care company (Medical/Nursing Services) with a market value of $3.50B, the 255th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,970 on 6 Nov 2026.
Performance Over six months the shares gained 25.8%, against +35.7% for the median peer and 0.0% for the India market (cap-weighted) — 8th lowest of 20 in its peer set.
Growth Revenue grew 16.7% over the last twelve months (peer median +8.4%); the operating margin is 23.6% (peer median 7.5%).
Valuation It trades at 51.5× forward earnings against a peer median of 39.4× (9th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 32% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +20 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 24.4 points above its cost of capital (12.8% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹30.3B | ₹27.6B | ₹24.6B | ₹22.3B | ₹20.2B |
| Revenue growth | — | +12% | +11% | +10% | — |
| Gross profit | ₹13.0B | ₹10.9B | ₹9.81B | ₹11.8B | ₹7.31B |
| EBITDA | ₹8.94B | ₹7.95B | ₹7.08B | ₹6.20B | ₹4.98B |
| Net income | ₹5.83B | ₹5.05B | ₹4.87B | ₹3.58B | ₹2.39B |
| Free cash flow | n/a | ₹5.35B | ₹5.85B | ₹5.20B | ₹4.35B |
| Capital expenditure | n/a | ₹1.73B | ₹539M | ₹574M | ₹446M |
| Total debt | ₹2.33B | ₹1.99B | ₹1.57B | ₹2.47B | ₹4.19B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Dr. Lal PathLabs LALPATHLAB.NS | $3.50B | +26% | +17% | 24% | 51.5× | 32.2% |
| Metropolis Healthcare METROPOLIS.NS | $1.25B | +12% | +20% | 18% | 45.6× | 32.4% |
| Vijaya Diagnostic Centre VIJAYA.NS | $1.60B | +22% | +24% | 32% | 64.3× | 39.3% |
| Thyrocare Technologies THYROCARE.NS | $830M | +5% | +22% | 26% | 35.2× | 27.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LALPATHLAB.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.3% | +9.3% | 4th lowest of 21 |
| 6-month return | +25.8% | +35.7% | 8th lowest of 20 |
| Distance from 52-week high | -4.5% | -14.4% | highest of 21 |
| Revenue growth (TTM) | +16.7% | +8.4% | 8th highest of 21 |
| Operating margin | 23.6% | 7.5% | highest of 21 |
| Forward P/E | 51.5× | 39.4× | 9th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 32.2% | 17.1% | 5th most demanding of 17 |
| Growth delivered (Del g) | +11.8% | +13.2% | 8th lowest of 17 |
| Hurdle (Req g minus delivered) | +20.4 pp | +0.5 pp | 2nd most demanding of 17 |
| ROIC minus cost of capital | +24.4 pp | +0.3 pp | highest of 20 |
| EV / EBITDA | 35.5× | 13.5× | 3rd most expensive of 13 |
| Net debt / EBITDA | -1.5× | 3.5× | 2nd least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Dr. Lal PathLabs LALPATHLAB.NS | India | $3.50B | +26% | +17% | 24% | 51.5× | 32.2% | +11.8% |
| Acadia Healthcare ACHC | United States | $3.44B | +47% | +4% | 10% | 18.7× | n/a | n/a |
| Fameglow 3774.HK | Hong Kong | $3.19B | n/a | +36% | 11% | n/a | 48.8% | +48.4% |
| Medicover MCOV-B.ST | Sweden | $4.14B | +36% | +6% | 7% | 38.3× | 20.8% | +20.2% |
| Meinian Onehealth Healthcare 002044.SZ | China | $2.89B | -9% | -4% | 9% | 55.1× | 5.8% | +5.7% |
| Aveanna Healthcare AVAH | United States | $2.89B | +97% | +20% | 11% | 15.4× | 13.4% | +10.2% |
| Option Care Health OPCH | United States | $4.74B | +54% | +4% | 6% | 15.6× | 1.5% | +13.2% |
| Pediatrix Medical MD | United States | $2.44B | +33% | +2% | 12% | 12.9× | -4.5% | +2.0% |
| Lifestance Health LFST | United States | $5.26B | +79% | +20% | 5% | 62.6× | 37.8% | +30.4% |
| Addus HomeCare ADUS | United States | $2.32B | +25% | +12% | 11% | 16.6× | 4.9% | +13.2% |
| AddLife ALIF-B.ST | Sweden | $2.29B | +25% | +2% | 8% | 40.5× | 21.6% | +14.6% |
| BillionToOne BLLN | United States | $5.38B | +54% | +90% | 11% | 144.4× | 26.8% | +90.1% |
| Concentra Group Holdings Parent CON | United States | $5.38B | +75% | +14% | 17% | 24.5× | 3.9% | +7.9% |
| NeoGenomics NEO | United States | $2.18B | +88% | +11% | -6% | 58.9× | n/a | n/a |
| RadNet RDNT | United States | $5.98B | +31% | +19% | 5% | 129.7× | 41.8% | +13.7% |
| Hims & Hers Health HIMS | United States | $6.07B | -8% | +28% | 0% | 128.9× | 54.9% | +73.6% |
| Guangzhou Kingmed Diagnostics 603882.SS | China | $1.99B | +5% | -3% | 7% | 31.7× | 6.7% | -6.1% |
| Dian Diagnostics 300244.SZ | China | $1.97B | +11% | -5% | 9% | 25.2× | 2.4% | -1.1% |
| Emeis EMEIS.PA | France | $1.94B | -30% | +4% | 3% | n/a | 21.3% | +8.5% |
| agilon health AGL | United States | $1.90B | +109% | 0% | -4% | 67.5× | n/a | n/a |
| GeneDx WGS | United States | $1.86B | +53% | +25% | -12% | 98.7× | n/a | n/a |