1. Opening HookWhen your annual health check-up costs less than your cab ride to the lab, you know competition’s gone viral. 🧪 Amid price wars and post-pandemic malaise, Metropolis somehow pulled a 23% revenue growth — and still had breath left to brag about AI chatbots and “genomic synergies.” Chairman Ameera Shah called it “steady growth,” but it felt more like a well-timed caffeine rush. With B2C at 59% and Core Diagnostics integration still in ICU, the company’s trying to prove it’s not just another blood test factory. Stick around — this call had more tech talk than a startup pitch.
2. At a Glance
- Revenue up 23%:Doctors’ prescriptions may slow, but Metropolis didn’t skip its growth meds.
- EBITDA Margin 25.4%:Healthy, though Core Diagnostics’ weaker pulse pulled averages down.
- PAT ₹53 crore (up 13.6%):Profits jogged, didn’t sprint.
- Organic EBITDA Margin 26.8%:60 bps lift — efficiency is apparently the new multivitamin.
- B2C share 59%:Consumers still bleeding for convenience.
- Stock?Traders smiled — “AI-led diagnostics” sounded futuristic enough.
3. Management’s Key Commentary
Ameera Shah:“We are building a resilient, future-ready diagnostics company.”(Translation: We’ve said this for five years, but this time we’ve added AI.)😏
Surendran Chemmenkotil:“Margins improved by 60 bps YoY to 26.8%.”(Translation: We’ve upgraded from mild anemia to stable vitals.)
Sameer Patel:“Core Diagnostics moved from breakeven to high-single-digit margins.”(Translation: Still in rehab, but at least the patient’s breathing.)
Ameera Shah:“No new acquisitions for 6–9 months; focus on organic growth.”(Translation: Wallet says stop, strategy says spin it as discipline.)
Surendran:“Added 200 new centres, 300 more coming.”(Translation: When in doubt, expand faster than your margins.)
Ameera Shah:“We’re integrating AI for productivity and customer experience.”(Translation: The robots can’t draw blood yet, but they can schedule your test politely.)
Ameera Shah:“Our moat is quality, accessibility and empathy.”(Translation: The moat’s still being dug, but at least the PR’s ready.)
4.
Numbers Decoded
| Metric | Q2 FY26 | YoY Growth | Comment |
|---|---|---|---|
| Revenue (Group) | ₹429 Cr | +23% | Strong mix of TruHealth, Specialty, and mild fever season help. |
| EBITDA Margin (Group) | 25.4% | Flat-ish | Core Diagnostics dilution drags. |
| EBITDA Margin (Organic) | 26.8% | +60 bps | Operational steroids working. |
| PAT (Group) | ₹52.9 Cr | +13.6% | Solid but not viral. |
| Patient Volume (Organic) | 3.6 Mn | +6% | Fewer mosquitoes, fewer tests. |
| Test Volume (Organic) | 7.4 Mn | +6% | TruHealth offsets lost dengue dreams. |
| B2C:B2B Mix | 59:41 | Stable | Consumers dominate; hospitals follow. |
Margins improved thanks to automation, better test mix, and less fever dependence. Translation: less monsoon, more money.
5. Analyst Questions (and Subtext)
Q:Margin outlook?A:70–100 bps expansion organic, flattish group — Core’s still learning to earn.(Translation: The gym routine continues.)
Q:Radiology entry?A:Only ECG, X-ray, ultrasound — no MRI ambitions yet.(Translation: Baby steps, not CT leaps.)
Q:GLP-1 drug tailwinds?A:Monitoring potential ahead.(Translation: Waiting for pharma’s diet plan to pay diagnostic dividends.)
Q:Clinical trials?A:Small but high-margin.(Translation: A nice side hustle while waiting for patients.)
6. Guidance
