Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 14 Oct - Allotment of 9,516 equity shares under the Metropolis-Restrictive Stock Unit Plan, 2020
Source: Bse
Metropolis Healthcare Limited (METROPOLIS)
Micro CapPharma stocks · Micro cap · NSE
Metropolis Healthcare is a diagnostics chain operating 209 labs and 5,000+ centers across 750 Indian towns and 5 international markets. It focuses on high-quality, precise testing with a strong B2C presence, offering 4,500+ test varieties, including specialized and routine diagnostics.
Data qualityFresh enough for analysisQuote updated 21 Oct, 02:00 pm ISTDetails
Quote21 Oct, 02:00 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result05 Aug, 12:04 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
58NeutralSMA20 -5.2% / mo · MACD − · sector +4.4pp vs Nifty 500 (3M)
Stock trend: 30
Sector RS: 100
Sector 3M: -1.7% vs Nifty 500 -6.1%
Pharma FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
METROPOLISD candles · FIT view+8.0%TODAY · PROVISIONALLatest price ₹519.15 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
+0.0%
RSI
35
MACD hist
-2.44
52W pos
54%
2026-10-21O ₹519.10H ₹528.60L ₹511.90C ₹519.15Vol 1.3L shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
METROPOLISNifty PharmaNifty 500
- METROPOLIS
- -9.5%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- -4.0 pp
Chart stats
19 Oct 2026- From 52W high
- -14.8%
- 52W range position
- 54%
- ATR (14)
- 3.9%
- Volume vs 20D
- 0.62x
- Avg traded value
- ₹12.4 Cr
- 20D price channel
- ₹512.6 - ₹607.9
₹609.1
₹412.3 - ₹609.1
₹20.1
Latest completed session
20-session average
25.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST39
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +16.6% · PAT +26.7% YoY
Technical
Neutral58
Price trend and sector-relative-strength timing.
Valuation
Legacy model-562.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence79
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +17% YoY · PAT +27% YoY · margin expansion · +6% QoQ · operating leverage
Filed 04 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹450 Cr | +16.6% | +5.9% |
| EBITDA | ₹111 Cr | +23.3% | +2.8% |
| Operating margin | 25.0% | +200 bps | +0 bps |
| PAT | ₹57 Cr | +26.7% | +11.8% |
| PAT margin | 12.7% | +101 bps | +67 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 53.40
- P/B
- 7.33
- EV/EBITDA
- 20.37
- Market Cap
- 11116.00Cr
Profitability
- ROE
- 13.60%
- ROCE
- 17.80%
- ROA
- 9.53%
- Dividend Y
- 0.37%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 1.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- 11.00%
Balance Sheet
- Debt/Equity
- 0.15
- Interest Coverage
- 16.23×
- Altman Z
- 8.68
- Book Value
- 73.00
Cash Flow
- FCF Yield
- 1.18%
- FCF Positive Y
- 11/5
- OCF
- 351.00 Cr
- EPS TTM
- 9.73
Shareholding
- Promoter Hold
- 48.86%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 62%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 1,646+23.7% vs prev
Net Profit
₹ CrLatest: 191+30.8% vs prev
Return on Equity
%Latest: 12.6+15.0% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 35.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~6.5% over last month) — short-term momentum negative.
- RSI(14) at 35 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 15% off 52W high · 26% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
68
RS percentile
Stage 1 Base / Transition
1M return
-13.1%
3M return
-9.5%
6M return
+8.9%
1Y return
+6.8%
RS 1D
-1
RS 20D
-6
Sector rank
#1
Industry rank
#51
Stage evidence
- Price is within 2.8% of the 30-week proxy.
- The 30-week proxy changed +2.3% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
leading
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 105.97-1.11%
RS vs Nifty 500106
Valuation & peers
U-Score 39 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 39 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth8/25
Quality10/20
Balance Sheet9/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
39
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
39/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Cash flow contributes 7/10 to the score.
- Balance sheet contributes 9/15 to the score.
Main drags
- Fair-value margin of safety is negative at -562.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 8/25; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
53.4
PB
7.3
EV/EBITDA
20.4
ROE
13.6%
ROCE
17.8%
FCF Yield
1.2%
Debt/Equity
0.1
MoS
-562.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
39
Previous: 39
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-562.0%
Previous: -561.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
39
39
39
39
39
39
39
39
39
39
39
39
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹126.42
-310.7% MoS
Growth-justified P/E
8.1
Growth-justified Value
₹78.42
-562.0% MoS
PEG
33.38
Comparable companies
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
THYROCARE
Micro
Thyrocare Technologies Limited
Diagnostics
match 168
55
43.5
28.4%
-117%
FAIR VALUE
VIYASH
Micro
Viyash Scientific Limited
Diagnostics
match 167
45
46.6
7.4%
+15%
WATCHLIST
NIDAN
SME
Nidan Laboratories And Healthcare Ltd.
Diagnostics
match 156
36
10.1
2.6%
-131%
WATCHLIST
INVICTA
SME
Invicta Diagnostic Ltd.
Diagnostics
match 154
60
19.4
14.0%
+61%
UNDERVALUED
PARKHOSPS
Micro
Park Medi World Limited
Healthcare Services
match 97
44
37.2
16.8%
+22%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-19T07:15:34.388Z
Management commentary snapshot
Metropolis Healthcare reports strong FY26 performance with revenue, EBITDA, and PAT CAGR of 23.6%, 23%, and 23% respectively, driven by volume growth. Organic EBITDA margin was 25.9%, with reported margin impacted by the Core Diagnostics acquisition.
Management projects continued profitable and sustainable growth, leveraging technology, science, and network expansion. Focus on specialty tests, TruHealth, and D2C channels, alongside strategic M&A, aims to outpace industry growth and create shareholder value.
Growth engines
Network Expansion
Deepening presence in 750 towns, increasing collection centers per lab from 1:24 to 1:35, and improving productivity of 5,000 existing centers.
TruHealth Portfolio
Wellness/illness bundles, currently ~20% of business, expanding to Tier 2/3 cities, adding adjacencies like diet consultation based on blood work.
Specialty Testing
42% of business, adding 380-400 new tests (e.g., Alzheimer's blood test, hereditary cancer panel), difficult to replicate, attracts routine tests.
Digital & D2C
25% of business from digital initiatives (app, website), improving customer experience, lower acquisition cost, and 2x LTV for digital customers.
Capacity and execution
Collection Center Ratio
Plan to take lab to collection center ratio from 1:24 to 1:35.
Mini Hubs
100 mini hubs planned in the next couple of years (50 upgrades of existing centers, 50 brand new centers) to offer basic radiology (X-ray, ultrasound, 2D echo).
Owned Centers Expansion
Expand owned centers from 700-750 to 1,000 in the next couple of years, to go beyond diagnostic services using existing real estate.
Tailwinds
Industry Growth
Indian diagnostics market expected to grow from $11 billion to $28.5 billion by 2034 at about 11% CAGR.
Organized Shift
Gradual shift from unorganized to organized due to preference for branded players, access in smaller markets, and complex disease diagnosis.
Increased Affordability & Access
Less than 6% of Indians have ever been diagnosed, indicating large demand as affordability and access increase.
Disease Complexity
Diseases becoming more complex (e.g., oncology, neurology), requiring more complex tests, driving demand for R&D-led players.
Risk radar
Integration Risk of Acquisitions
Acquisitions like Core Diagnostics require successful integration and turnaround to achieve company-level profitability, which takes 3-4 years.
Competition & Profitability
Many new companies entering the healthcare space are 'still not in the space where they make money,' highlighting challenges in scaling profitably.
Maintaining Quality at Scale
Difficulty in achieving 99% accuracy across 209 labs, 4,500 test varieties, and 750 cities, with 149 steps for a simple test.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The company reports annual CAGR for key financial metrics (revenue, EBITDA, PAT) and discusses annual growth in regions, indicating a focus on year-over-year performance trends.
Sector KPIs management disclosed
Revenue CAGR (3 years)
17.6% CAGR from a revenue perspective.
Revenue CAGR (FY26)
23.6% CAGR in FY26.
EBITDA CAGR (3 years)
18.6% CAGR for three years.
EBITDA CAGR (FY26)
23% in FY26.
Management forward view
Technology-led Future
Metropolis will be a fully technology-enabled company in the next 2-3 years, with increasing AI intervention for efficiency and customer experience.
Leveraging Real Estate
Exploring opportunities to utilize 700-800 owned centers beyond 10:30 AM for allied healthcare services (e.g., clinician consultations) to double productivity.
Long-term Vision
Promoter-led, professionally run team focused on a much longer-term vision beyond 3 years, aiming for structural excellence and continued leadership.
International Leadership
Aspiration to become leaders in other international markets, building on success in Kenya and Zambia where they have clearly become leaders.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Specialty Revenue Contribution | Approximately 42% of business. | Continued disproportionate growth of specialty business relative to overall company growth. |
| TruHealth Revenue Contribution | Roughly close to 20% of business. | Movement towards 25% contribution and expansion into Tier 2 and Tier 3 cities. |
| Digital Business Contribution | 25% of business comes from digital initiatives. | Continued investment and growth in direct-to-consumer digital platforms and AI-driven enhancements. |
| Core Diagnostics Margin Improvement | High single-digit EBITDA 1 year post-acquisition. | Reaching company-level EBITDA (20-25%) in the next three to four years. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
79Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 88th percentile of the scored universe and 83rd percentile within Pharma. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
131 docs text-extracted · 55 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
88th percentile
overall median 67 · Pharma: 83rd pctile, median 70 · Micro: 79th pctile, median 73
Evidence depth
Financial-only
131 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.1%.
- ▸11 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Metropolis Healthcare Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptSep 2026
Sep 2026 · Transcript
Source: Bse
Investor presentationSep 2026
Sep 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 9 Sep - Allotment of 66,312 equity shares under the Metropolis- Restrictive Stock Unit Plan, 2020
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Restructuring 7 Sep - MQSPL signed SSA and SHA with Medsource and Dr. Puneet; total investment about INR 1.26 crore.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Restructuring 20 Aug - Wholly owned subsidiary MQSPL to issue 10,000 OCRPS worth Rs1 lakh; may cease being wholly owned after conversion over 6 years.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 20 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 5 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 9 Jul - Allotment of 36,900 equity shares under the Metropolis- Restrictive Stock Unit Plan, 2020
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 4 Jun
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.