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]
Largest Diagnostic ChainIt is thelargest diagnostics chain with a Pan-India presence.The company has 75 years of experience in the field of diagnostics and has served 131 million patients in the last five years. Its test offerings range from basic preventive health packages likeSwasthFitto the most advanced investigations, including Comprehensive Genomic Profiles, Myeloid testing for Hematological Malignancies, and Amyloid Typing Solutions.[1][2]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Dr Lal Pathlabs | 1479.50 | 46.89 | 24795.04 | 0.81 | 145.70 | 13.12 | 699.60 | 10.89 | 30.55 | 2486.70 | 28.50 | 528.80 | 145.70 | 10.59 | 19.81 | 0.06 |
| 2. | Vijaya Diagnost. | 1025.00 | 69.08 | 10530.30 | 0.19 | 43.28 | 2.75 | 201.56 | 10.17 | 20.91 | 731.83 | 39.81 | 152.42 | 43.28 | 12.18 | 12.29 | 0.42 |
| 3. | Metropolis Healt | 1992.60 | 65.41 | 10351.04 | 0.20 | 52.89 | 13.22 | 429.19 | 22.70 | 14.66 | 1483.31 | 22.40 | 158.23 | 52.67 | 7.20 | 8.24 | 0.14 |
| 4. | Thyrocare Tech. | 462.00 | 57.58 | 7355.63 | 1.52 | 47.81 | 79.94 | 216.53 | 22.09 | 24.78 | 762.64 | 29.86 | 127.73 | 47.99 | 13.75 | 12.86 | 0.05 |
| 5. | Nephrocare Health Services | 503.10 | 75.96 | 5052.76 | 0.00 | 14.23 | – | 473.50 | – | 14.11 | 755.81 | 22.05 | 66.52 | 14.23 | – | 7.39 | 0.36 |
| 6. | Krsnaa Diagnost. | 749.75 | 28.55 | 2440.85 | 0.37 | 23.24 | 5.78 | 182.88 | 2.33 | 12.52 | 698.31 | 29.97 | 85.47 | 23.24 | 2.61 | 6.46 | 0.30 |
| 7. | Suraksha Diagno. | 277.80 | 45.35 | 1448.14 | 0.00 | 8.83 | -13.06 | 78.73 | 17.95 | 17.84 | 275.92 | 30.91 | 31.93 | 8.99 | 6.28 | 9.83 | 0.51 |
| – | Median: 13 Co. | 503.1 | 36.95 | 1448.14 | 0.0 | 18.15 | 13.12 | 192.22 | 16.3 | 24.78 | 698.31 | 29.86 | 49.1 | 17.7 | 6.28 | 12.86 | 0.14 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 429 | 476 | 569 | 480 | 574 | 641 | 431 | 521 | 577 | 467 | 532 | 631 | 700 |
Expenses | 325 | 346 | 418 | 344 | 413 | 457 | 315 | 383 | 418 | 337 | 369 | 437 | 484 |
Operating Profit | 105 | 130 | 151 | 136 | 161 | 183 | 116 | 138 | 159 | 130 | 163 | 194 | 215 |
Other Income | 9 | 15 | 31 | 15 | 31 | 26 | 12 | 16 | 25 | 8 | 14 | 24 | 23 |
Profit before tax | 84 | 120 | 144 | 125 | 154 | 172 | 98 | 113 | 145 | 106 | 151 | 179 | 195 |
Tax % | 26% | 26% | 27% | 25% | 26% | 25% | 27% | 29% | -2% | 26% | 25% | 28% | 25% |
Net Profit | 63 | 88 | 105 | 94 | 114 | 129 | 71 | 81 | 148 | 79 | 113 | 129 | 146 |
EPS in Rs | 3.76 | 5.29 | 6.30 | 5.61 | 6.86 | 7.71 | 4.28 | 4.84 | 8.88 | 4.72 | 6.77 | 7.71 | 8.69 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 541 | 637 | 765 | 882 | 1,024 | 1,165 | 1,274 | 1,491 | 1,873 | 1,769 | 1,967 | 2,352 | 2,487 |
Expenses | 406 | 486 | 562 | 651 | 768 | 882 | 946 | 1,083 | 1,362 | 1,308 | 1,408 | 1,684 | 1,778 |
Operating Profit | 135 | 151 | 204 | 230 | 256 | 283 | 328 | 408 | 510 | 461 | 559 | 668 | 709 |
Other Income | 8 | 17 | 20 | 28 | 31 | 46 | 58 | 51 | 53 | 47 | 60 | 109 | 106 |
Interest | 0 | 0 | 0 | 1 | 1 | 1 | 15 | 15 | 29 | 34 | 27 | 22 | 19 |
Depreciation | 31 | 32 | 32 | 26 | 31 | 36 | 68 | 70 | 75 | 82 | 77 | 134 | 140 |
Profit before tax | 111 | 135 | 192 | 231 | 256 | 292 | 303 | 374 | 459 | 391 | 516 | 621 | 656 |
Net Profit | 74 | 92 | 126 | 152 | 168 | 195 | 223 | 280 | 344 | 292 | 384 | 497 | 529 |
EPS in Rs | 69.11 | 8.40 | 7.60 | 9.18 | 10.09 | 11.72 | 13.39 | 16.80 | 20.64 | 17.54 | 23.02 | 29.74 | 31.58 |
Dividend Payout % | 8% | 9% | 16% | 16% | 22% | 26% | 45% | 60% | 29% | 34% | 52% | 40% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 54 | 55 | 83 | 83 | 83 | 83 | 83 | 83 | 83 | 83 | 83 | 84 | 84 |
Reserves | 135 | 238 | 397 | 503 | 693 | 847 | 933 | 1,134 | 1,393 | 1,606 | 1,816 | 2,051 | 2,257 |
Borrowings | 27 | 27 | 0 | 0 | 0 | 0 | 0 | 0 | 384 | 281 | 136 | 53 | 149 |
Other Liabilities | 116 | 130 | 112 | 90 | 119 | 136 | 302 | 356 | 353 | 350 | 380 | 434 | 363 |
Total Liabilities | 331 | 449 | 592 | 676 | 896 | 1,067 | 1,318 | 1,573 | 2,214 | 2,320 | 2,415 | 2,621 | 2,854 |
Fixed Assets | 114 | 119 | 130 | 121 | 173 | 173 | 297 | 300 | 370 | 361 | 343 | 1,051 | 1,117 |
Gross Block | 232 | 267 | 307 | 147 | 226 | 262 | 449 | 520 | 667 | 736 | 851 | 1,774 | – |
Accumulated Depreciation | 118 | 148 | 177 | 26 | 54 | 89 | 152 | 220 | 297 | 374 | 508 | 723 | – |
CWIP | 0 | 1 | 4 | 17 | 9 | 3 | 11 | 9 | 14 | 5 | 6 | 3 | 17 |
Investments | 20 | 49 | 74 | 134 | 174 | 214 | 253 | 171 | 1,069 | 1,213 | 1,143 | 416 | 564 |
Other Assets | 197 | 280 | 384 | 404 | 540 | 677 | 757 | 1,093 | 760 | 740 | 924 | 1,151 | 1,156 |
Total Assets | 331 | 449 | 592 | 676 | 896 | 1,067 | 1,318 | 1,573 | 2,214 | 2,320 | 2,415 | 2,621 | 2,854 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 96 | 94 | 142 | 167 | 189 | 208 | 272 | 373 | 424 | 428 | 478 | 540 |
Cash from Investing Activity | -86 | -86 | -148 | -134 | -166 | -93 | -19 | -195 | -448 | -288 | 32 | -293 |
Cash from Financing Activity | -10 | 1 | 1 | -32 | 13 | -54 | -187 | -136 | 142 | -270 | -404 | -325 |
Net Cash Flow | 0 | 9 | -5 | 1 | 36 | 61 | 65 | 42 | 117 | -131 | 106 | -78 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 16 | 17 | 17 | 17 | 14 | 17 | 14 | 16 | 13 | 13 | 14 | 16 |
Inventory Days | – | 37 | 31 | 33 | 44 | 40 | 70 | 38 | 32 | 22 | 26 | 26 |
Days Payable | – | 89 | 88 | 97 | 104 | 110 | 143 | 132 | 101 | 131 | 156 | 155 |
Cash Conversion Cycle | 16 | -35 | -41 | -47 | -45 | -54 | -59 | -79 | -55 | -96 | -116 | -113 |
Working Capital Days | -28 | -10 | 28 | 15 | 18 | 1 | -16 | -25 | -57 | -61 | -48 | -28 |
ROCE % | 61% | 51% | 48% | 44% | 38% | 34% | 33% | 35% | 32% | 22% | 27% | 31% |
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Stock Analysis
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]
It is the largest diagnostics chain with a Pan-India presence. The company has 75 years of experience in the field of diagnostics and has served 131 million patients in the last five years. Its test offerings range from basic preventive health packages like SwasthFit to the most advanced investigations, including Comprehensive Genomic Profiles, Myeloid testing for Hematological Malignancies, and Amyloid Typing Solutions.[1][2]
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