# Dr Lal Pathlabs share price today (Dr Lal Pathlabs Ltd, NSE: LALPATHLAB)

> Dr Lal Pathlabs share price today: ₹1,925.70 at the NSE close on 3 November 2026, up 22.8% in a year. Dr Lal Pathlabs (NSE: LALPATHLAB) is worth ₹32,330 crore, trades at a P/E of 57.5 and has closed between ₹1,308.20 and ₹2,005.10 over the past 52 weeks. > Dr Lal Pathlabs Ltd is reporting record margins. LALPATHLAB · Diagnostics · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/dr-lal-pathlabs-ltd

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## Key numbers

- Business trend: Slowing from a peak, from the last 12 quarters
- Price: ₹1,925.70 (+22.8% in a year)
- P/E: 57.5× (higher than 56% of the last 11 years)
- Revenue (Jun 2026): ₹798 Cr (+19.1% on a year ago)
- Profit (Jun 2026): ₹170 Cr (+26.9% on a year ago)
- Operating margin: 31.0% (+2.0 points on a year ago)
- ROCE: 28%, FY26
- ROIC: 36.3%, against a 12.0% cost of capital: +24.3 points

The main question: foreign institutions moved −8.1 percentage points over 8 quarters while the business went the other way. ## What is the Dr Lal Pathlabs share price today? Dr Lal Pathlabs Ltd's share price was ₹1,925.70 at the close on 3 November 2026. It has been rising for 23 weeks. That is 12.1% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹1,308 and ₹2,005, and at that close it sat 89% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 19 weeks in a row. Over the last 11 years the share price moved +346% while the NIFTY 500 moved +251%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Dr Lal Pathlabs this quarter? Three changes stood out: revenue up on a year earlier for 11 quarters in a row (every quarter we can compare), profit grew again in the June 2026 quarter and highest quarterly profit in 15 quarters. 1. Revenue up on a year earlier for 11 quarters in a row (every quarter we can compare) In the June 2026 quarter revenue was ₹798 crore, +19.1% on a year earlier. Why: Revenue rose because each patient paid more, helped by higher prices under the CGHS and ECHS health schemes and a better mix of tests and regions. From the earnings call on 24 Jul 2026. 2. Profit grew again in the June 2026 quarter Profit was ₹170 crore, +26.9% on a year earlier (₹134 crore), after 2 quarters of decline. Why: Profit rose because sales grew and more of each rupee of sales stayed as profit after higher CGHS and ECHS prices. Next results: check if the CGHS and ECHS price benefit still lifts margin for another two quarters, or if the company spends it on growth. From the earnings call on 24 Jul 2026. 3. Highest quarterly profit in 15 quarters Profit of ₹170 crore in the June 2026 quarter is the highest of the last 15 quarters. Why: Profit hit a record because sales grew and more of each rupee of sales stayed as profit, helped by higher CGHS and ECHS prices. Next results: check whether profit stays high after the fever season, since management will reassess the revenue and margin outlook after Q2. From the earnings call on 24 Jul 2026. ## What are Dr Lal Pathlabs' latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), Dr Lal Pathlabs reported revenue of ₹798 crore, up 19.1% from ₹670 crore a year earlier, and a profit of ₹170 crore, up 26.9% from ₹134 crore. ### Dr Lal Pathlabs results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹798 crore | ₹670 crore | +19.1% |
| Profit | ₹170 crore | ₹134 crore | +26.9% |
| Earnings per share | ₹10.11 | ₹7.90 | +28.0% |
| Operating margin | 31.0% | 29.0% | +2.0 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Dr Lal Pathlabs' management discussed these results on a call held on 24 July 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the Dr Lal Pathlabs share price history? Dr Lal Pathlabs closed at ₹1,925.70 on 3 November 2026, up 22.8% from ₹1,567.75 a year earlier (31 October 2025) and up 5.8% over five years. Its highest weekly close since March 2016 was ₹2,058.70 on 9 September 2021. ### Dr Lal Pathlabs share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹1,838.20 | +4.8% |
| 1 month ago · 1 Oct 2026 | ₹2,005.10 | −4.0% |
| 6 months ago · 30 Apr 2026 | ₹1,367.20 | +40.8% |
| 1 year ago · 31 Oct 2025 | ₹1,567.75 | +22.8% |
| 3 years ago · 3 Nov 2023 | ₹1,297.33 | +48.4% |
| 5 years ago · 4 Nov 2021 | ₹1,819.75 | +5.8% |
| 10 years ago · 4 Nov 2016 | ₹576.28 | +234.2% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹431.35 | +346.4% |
| Highest weekly close since March 2016 · 9 Sep 2021 | ₹2,058.70 | −6.5% |
| Lowest weekly close since March 2016 · 27 Oct 2017 | ₹371.63 | +418.2% |
| 52-week high (weekly close) · 1 Oct 2026 | ₹2,005.10 | −4.0% |
| 52-week low (weekly close) · 20 Mar 2026 | ₹1,308.20 | +47.2% |

Weekly closing prices, adjusted for splits and bonuses so every price is on today’s share count. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (564 weekly closes from 11 March 2016 to 3 November 2026.)

## What is the latest news on Dr Lal Pathlabs? 3 Nov 2026: Dr Lal Pathlabs closed at ₹1,925.70, up 4.8% on the week and down 4.0% on the month. Our read, 22 Aug 2026: The 31% Q1 margin includes CGHS/ECHS pass-through expected for another two quarters and management still retains a 27-28% full-year margin framework. ### Earlier

- 30 Jul 2026: ex-date for an interim dividend of ₹5 a share. - 24 Jul 2026: Dr Lal Pathlabs held its results call for April to June 2026. Management guided: Planned sustainable revenue growth over the medium term, supported by structural volumes, footprint expansion, specialized tests and pricing headroom. - Results for April to June 2026: Revenue up 19.1% and profit up 26.9% on a year earlier. - 25 Jun 2026: ex-date for a dividend of ₹4 a share, record date 26 Jun 2026. - 5 Feb 2026: ex-date for an interim dividend of ₹3.50 a share. - 19 Dec 2025: Bonus issue: 1 new share for every 1 held (ex-date). ### Our read of the business

The 31% Q1 margin includes CGHS/ECHS pass-through expected for another two quarters and management still retains a 27-28% full-year margin framework. Latest quarter: Revenue rose 19.1% on a year earlier to ₹798 crore; operating margin reached 31% with volume, mix and CGHS/ECHS realization support. (Our read after the latest results, written 22 August 2026.)

## What dividend does Dr Lal Pathlabs pay? Dr Lal Pathlabs paid ₹16 a share in regular dividends in the 12 months to 4 November 2026 (4 payments), a yield of 0.83% at the ₹1,925.70 close on 3 November 2026. The last was an interim dividend of ₹5 a share, ex-date 30 July 2026. ### Dr Lal Pathlabs dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 30 Jul 2026 | ₹5 | Interim | same day |
| 25 Jun 2026 | ₹4 | Dividend | 26 Jun 2026 |
| 5 Feb 2026 | ₹3.50 | Interim | same day |
| 7 Nov 2025 | ₹7 | Interim | same day |
| 6 Aug 2025 | ₹6 | Interim | same day |
| 6 Jun 2025 | ₹6 | Dividend | same day |
| 5 Feb 2025 | ₹6 | Interim | same day |
| 5 Nov 2024 | ₹6 | Interim | same day |
| 20 Aug 2024 | ₹6 | Interim | same day |
| 10 Jun 2024 | ₹6 | Dividend | same day |
| 13 Feb 2024 | ₹12 | Interim | same day |
| 11 Aug 2023 | ₹6 | Dividend | same day |
| 11 Aug 2023 | ₹6 | Interim | same day |
| 5 Aug 2022 | ₹6 | Interim | 9 Aug 2022 |
| 22 Jun 2022 | ₹6 | Dividend | 23 Jun 2022 |
| 18 Aug 2021 | ₹6 | Interim | 22 Aug 2021 |
| 20 Jul 2021 | ₹8 | Dividend | 22 Jul 2021 |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 1 of the last 12 months' payments came before a split or bonus; the 12-month total above is on today’s share count. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Dr Lal Pathlabs Ltd paid out 68% of its profit as dividends in FY26, and it paid a dividend in 12 of its last 13 reported years. (From the NSE corporate-actions record, read 4 November 2026.)

## What did Dr Lal Pathlabs management say on the latest results call? On the call for April to June 2026, held on 24 July 2026, Dr Lal Pathlabs' management guided: Planned sustainable revenue growth over the medium term, supported by structural volumes, footprint expansion, specialized tests and pricing headroom. > “FY27 is for us a year of execution, scaling what we have already built, and deepening our reach into new markets, including rural.”
> Dr. Arvind Lal, on the call for April to June 2026

### What management guided

- FY27 patient volume growth of 6.0-7.0% remains the starting view; Q1 was ahead, but management deferred an updated full-year assessment until after Q2 or H1. - FY27 revenue growth is more likely to be in the mid-teens than the early teens after Q1; the 27.0-28.0% operating margin framework was not upgraded and will be reviewed after H1. - CGHS and ECHS pricing should contribute 2.0-3.0% at the overall company level for at least another 2-3 quarters, with margin pass-through expected for another two quarters. - Swasthfit growth around 20.0% is expected to remain sustainable for some more time, supported by traction in Tier 2 and Tier 3 markets. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijorifinance.com/insight/india/6167/Conference Call/CC-Jul26.pdf). (From the call for April to June 2026, 24 July 2026.)

## What is the future of Dr Lal Pathlabs? What is changing in the business? What is changing at Dr Lal Pathlabs, from the latest results and calls: network infrastructure maturation and patient volume acceleration, cghs/echs realization pass-through and swasthfit premiumization and suburban west region rebound and lims integration. - Network Infrastructure Maturation and Patient Volume Acceleration. April to June 2026 patient volume reached 8.2 million, up 8.2% on a year earlier, after the network additions cited by management. ⚠ estimate
- CGHS/ECHS Realization Pass-Through and Swasthfit Premiumization. CGHS/ECHS contributed 2.0-3.0% to realization and Swasthfit grew around 20.0%, helping revenue per patient reach ₹968. ⚠ estimate
- Suburban West Region Rebound and LIMS Integration. Suburban moved close to double-digit growth after business and LIMS integration. ⚠ estimate
- Digital Automation and Scientific Portfolio Expansion. The company launched 716 tests and reports routine-test turnaround within three hours for almost 90% of walk-in patients. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Our read after the latest results, written 22 August 2026.)

## What could change the Dr Lal Pathlabs story? What are the risks? Patient-volume growth falls below 5.0% for two consecutive quarters. ### Each change stops working if

- Network Infrastructure Maturation and Patient Volume Acceleration: Patient-volume growth falls below 5.0% for two consecutive quarters. - CGHS/ECHS Realization Pass-Through and Swasthfit Premiumization: The CGHS/ECHS benefit annualizes without sustained patient volume or test-mix support. - Suburban West Region Rebound and LIMS Integration: West-region growth weakens or integration friction returns. - Digital Automation and Scientific Portfolio Expansion: Specialized-test adoption fails to translate into sustained mix or volume. ### The main risks

- Management Guidance Revisions and Goal Consistency: FY27 capital spending rose from ₹100-120 Cr and one to two centers in April to ₹140-150 Cr and potentially three to four centers in July. ✓ fact
- CGHS Realization Taper and Deferred Retail Price Increases: The 2.0-3.0% CGHS/ECHS contribution is expected for another two to three quarters while general price increases remain deferred. ✓ fact
- Capital Allocation to Extended-Payback Radiology and International Assets: FY27 capital spending is ₹140-150 Cr with potentially three to four radiology centers while international business remains below 5% of revenue. ✓ fact
- Institutional Flow Divergence: FII ownership fell 496 basis points while DII ownership rose 534 basis points between Dec 2024 and Sep 2025. ✓ fact

(Our read after the latest results, written 22 August 2026.)

## What to watch in Dr Lal Pathlabs' next results? When Dr Lal Pathlabs reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Q2 patient-volume growth should clarify whether the 8.2% Q1 outcome is sustainable beyond weather and fever-season effects versus the 6.0-7.0% starting-year view. - What to check (from the call)
- Q2 patient-volume growth should clarify whether the 8.2% Q1 outcome is sustainable beyond weather and fever-season effects versus the 6.0-7.0% starting-year view. - CGHS and ECHS pricing should continue contributing 2.0-3.0% to realization, with the expected margin pass-through visible for another two quarters. - Swasthfit growth should remain around 20.0% and continue to benefit from Tier 2 and Tier 3 traction without rural outreach being treated as a Swasthfit driver. - Management should provide greater clarity after Q2 on maintaining the 27.0-28.0% operating margin framework versus reinvesting the pricing benefit into growth. ## Which stock lists is Dr Lal Pathlabs on? Dr Lal Pathlabs is on 2 of our India lists: Momentum stocks and Small & mid cap stocks. - [Momentum stocks Market cap cr: 31676.727234578262](https://www.sectoralpha.in/momentum-stocks-india)
- [Small & mid cap stocks Size rank in India: 261](https://www.sectoralpha.in/small-cap-stocks-india)

## Is Dr Lal Pathlabs profitable? Dr Lal Pathlabs Ltd earned ₹170 Cr of net profit in the Jun 2026 quarter, +26.9% on the same quarter a year earlier. Full-year FY26 profit was ₹510 Cr. Over 10 years profit has grown 14.4% a year on average. That is 21.3% of the quarter's revenue. The same quarter a year earlier earned ₹134 Cr. For the full year, FY26 profit was ₹510 Cr (+3.7% on the year before). Why profit moved: revenue changed +19.1% on a year earlier and the margin moved +2.0 percentage points. Most of the change came from keeping more of each sale. On average over the last four quarters, profit changed +5.1% and revenue +14.3%. Profit is growing slower than sales: rising costs are taking part of the growth. FY26-Q4. revenue ₹703 Cr and profit ₹132 Cr as reported. FY27-Q1. revenue ₹798 Cr and profit ₹170 Cr as reported. Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters. ## How much revenue does Dr Lal Pathlabs make, and is it growing? Dr Lal Pathlabs Ltd reported ₹798 Cr of revenue in the Jun 2026 quarter, +19.1% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 10 years it has grown 13.3% a year on average. The last full year, FY26, came in at ₹2,763 Cr. The last four reported quarters add to ₹2,892 Cr. FY26 revenue was ₹2,763 Cr, +12.3% on the year before. Recent pace: the last four quarters grew +14.3% on average, against 13.3% a year over the longer run, so this year is growing at about the same pace as its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +14.3%, against +12.5% a year over the last 8 quarters (stabilising); profit over the last 12 months grew +5.0%, against +18.7% a year (rolling over). FY26-Q4. revenue ₹703 Cr and profit ₹132 Cr as reported. FY27-Q1. revenue ₹798 Cr and profit ₹170 Cr as reported. Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters. ## How much of every ₹100 of sales does Dr Lal Pathlabs keep? Dr Lal Pathlabs Ltd's operating margin was 31.0% in the Jun 2026 quarter, 2.0 percentage points higher than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 13 years it has been between 24.0% and 28.0%. The latest quarter is above every full year in that period. Why this happened. Patient volume increased 8.2% YoY and samples increased 10.7% to 25.9 million. Management retains a 6-7% starting-year patient-volume view and will reassess after Q2 or H1, so one quarter does not establish a permanent acceleration. Why the margin moved: operating margin changed +2.3 percentage points on the year while gross margin changed +0.2 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales. When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold. FY26-Q4. revenue ₹703 Cr and profit ₹132 Cr as reported. FY27-Q1. revenue ₹798 Cr and profit ₹170 Cr as reported. Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters. ## Is Dr Lal Pathlabs' profit turning into cash? Over the last 3 years, 128% of Dr Lal Pathlabs Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹636 Cr of operating cash against ₹510 Cr of profit. After ₹254 Cr of spending on assets, ₹382 Cr was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 128% of profit came in as cash: the cash cycle stayed about the same between FY21 and FY26, so the cash follows profit, not the cycle. What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets. ## Where does Dr Lal Pathlabs' cash go? Dr Lal Pathlabs Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was −79 days in FY26, down from −78 days in FY21. It spent ₹401 Cr on assets over the last 3 years. Customers take 15 days to pay, and stock sits for 30 days on average. At FY26 sales of ₹2,763 Cr, each day of that cycle ties up about ₹7.6 Cr, so roughly −₹598 Cr is tied up in the business at any time. FY26: customers took 15 days to pay and stock sat for 30 days, about 1.0 months of sales sitting as stock, for a full cycle of −79 days, shorter than FY21's −78. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 30 days. Customers pay about 15 days after that. Suppliers are paid at 123 days. Together that makes the −79-day cycle. Spending on assets: ₹401 Cr over the last 3 years, against ₹448 Cr of depreciation (the yearly wear and tear on existing assets). So it is spending about what it takes to replace what wears out, or less. Work still in progress is ₹7.0 Cr (FY26): assets paid for that are not earning yet. In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean. ## What is Dr Lal Pathlabs' P/E ratio, and how does it compare with its own history? Dr Lal Pathlabs Ltd's P/E is 57.5×, in the middle of its own history: higher than 56% of past readings. Its usual P/E (the middle reading) is 55.4×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹32.34. Why the multiple is where it is: over the past year earnings per share moved +3.4% while the price moved +22.8%. The price did better than earnings, which pushed the multiple up within its own range. Where the price move came from: over 5 years the price moved +1.1% a year; about +6.7% a year came from earnings growth and about −5.6 percentage points from the multiple (the market paying less); over 10 years the price moved +12.8% a year; about +12.2% a year came from earnings growth and about +0.6 percentage points from the multiple (roughly no change). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the Dr Lal Pathlabs share price assume? Worked out from its price on 26 August 2026, Dr Lal Pathlabs Ltd's share price assumed profit growth of about 28.4% a year. Over the past 10 years its profit actually grew 14.4% a year. Today its P/E is 57.5×, higher than 56% of its own last 11 years. This is a one-day reading, taken on 26 August 2026. Every other number on this page, the multiple included, uses the latest price as of 3 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Dr Lal Pathlabs business getting better or worse? Dr Lal Pathlabs Ltd's business is slowing from a peak. Profit and EPS growth have slowed sharply (profit growth from +44.9% at its peak to +5.0% now), while ROCE is still 29.6%. This is based on 12 quarters of 4 measures. Why it matters: slowing from a peak is where good stories often end quietly. ## What is the Dr Lal Pathlabs story, and has it been checked? Dr Lal Pathlabs Ltd's story is not scored yet against the checks our research set on 22 August 2026. Where it sits in its own cycle: MID EXPANSION. Our read, 22 August 2026. What is proven. What is not proven yet. What would change our mind. The test written in advance. Measured by: the thesis as written as stated by the next result. The test written in advance. The test written in advance. Management Guidance Revisions and Goal Consistency. Measured by: Management Guidance Revisions and Goal Consistency Further changes to capex, radiology-center count or full-year margin framing. by the next result. What the surface reading misses. The surface reading is: Reported ROE of 22.3%, ROCE of 28.0% and net-cash capacity indicate a profitable diagnostics franchise. What the surface reading misses. The surface reading is: The latest four reported quarters show TTM revenue of Rs 2,892 Cr and PAT of Rs 545 Cr. The research reads it further: The latest 31% OPM matches Sep25 and is above the two intervening 27% quarters; Q1 growth is clear, but margin normalization remains necessary. Lever 1 · Operating leverage: building. Q1 FY27 patient volume reached 8.2 million, up 8.2% YoY, after the network additions cited by management. What proves it keeps working: Network Infrastructure Maturation and Patient Volume Acceleration. It stops working if Patient-volume growth falls below 5.0% for two consecutive quarters. Lever 3 · Management change: building. CGHS/ECHS contributed 2.0-3.0% to realization and Swasthfit grew around 20.0%, helping revenue per patient reach Rs 968. What proves it keeps working: CGHS/ECHS Realization Pass-Through and Swasthfit Premiumization. It stops working if The CGHS/ECHS benefit annualizes without sustained patient volume or test-mix support. Lever 2 · Value-added mix: building. Suburban moved close to double-digit growth after business and LIMS integration. What proves it keeps working: Suburban West Region Rebound and LIMS Integration. It stops working if West-region growth weakens or integration friction returns. Lever 4 · Paying down debt: building. The company launched 716 tests and reports routine-test turnaround within three hours for almost 90% of walk-in patients. What proves it keeps working: Digital Automation and Scientific Portfolio Expansion. It stops working if Specialized-test adoption fails to translate into sustained mix or volume. Sources: our stock research file (22 August 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Dr Lal Pathlabs management deliver what it promised? What Dr Lal Pathlabs Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. FY27 Radiology and Capex Scope Expanded · 24 July 2026. In Apr 2026, management guided FY27 capex at Rs. 100 crore - Rs. 120 crore and said the plan included 1 or 2 radiology centers. Jan 2026 described one Delhi NCR pilot with a second just starting, while the Jul 2026 call raised capex to Rs. 140-150 crore and planned three to four centers; although management referenced Tier 2 pilots, it did not reconcile this materially larger scope with the earlier plan. Mid-Teens FY27 Revenue Guidance Lacks Previously Stated Price Hike and M&A Enablers · 30 April 2026. In the Oct 2025 call, management explicitly framed reaching a 13-14% long-term revenue growth rate as requiring periodic price increases and M&A as additional catalysts above the 11-12% organic baseline, and the Jan 2026 call reinforced that any price increase was still 3-4 quarters away as a prerequisite before growth could meaningfully exceed 11-12%. The Apr 2026 call now guides FY27 revenue at 13-15% while simultaneously confirming that any price increase remains 'a few quarters away' and 'not immediately on the cards,' with no M&A announced and no explanation offered for what changed in the underlying growth driver equation. Suburban Double-Digit Growth Promise Replaced by Vague Return to Growth Language · 30 April 2026. In the Oct 2025 call, management made a specific commitment that Suburban would 'come back to our original double-digit growth' by around Q4 FY26. The Apr 2026 call, covering Q4 FY26 results, only characterizes Suburban as having 'returned to growth' in the quarter, conspicuously omitting any confirmation of the double-digit recovery that was explicitly promised. The matter is further obscured by Suburban having been merged into the parent entity and no longer separately reported, making it impossible for shareholders to independently verify whether the stated goal was actually achieved. Radiology Significance Horizon Silently Extended From 2-3 Years to 4-5 Years · 30 April 2026. In the Oct 2025 call, management described the high-end radiology pilot as progressing 'robust' and committed to expanding to 'a few more centers' within FY26, signaling meaningful near-term momentum in the segment. Every quote above is taken word for word from the company’s own earnings calls. ## How much does Dr Lal Pathlabs earn on its capital? Dr Lal Pathlabs Ltd earned a ROCE of 28% in FY26. That is up from a low of 18% in FY23. Its return on capital used (ROIC) is 24.3 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 18.5% net margin and 0.88× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 18.5% net margin × 0.88× asset turnover × 1.25× leverage (assets divided by equity) ≈ 20.4% on equity. The margin does most of the work; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 36.3% − 12.0% = +24.3 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value. ## Does Dr Lal Pathlabs have too much debt? Dr Lal Pathlabs Ltd has total debt of ₹199 Cr against shareholder equity of ₹2,541 Cr as of Jun 2026, so its debt is 0.08× its equity, which is very little. Year by year, that ratio went from 0.35 in FY22 to 0.08 in FY26. So the returns on this page come from the business, not from borrowed money. Why this happened. The GenAI WhatsApp bot supports inquiry, booking, location and report access. The company launched 716 tests, including four first-in-India and 81 specialized tests, although the call does not quantify the resulting revenue contribution. ## What is the Dr Lal Pathlabs shareholding pattern? Domestic institutions raised their stake in Dr Lal Pathlabs Ltd by 9.0 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 21.6% of the company. Foreign institutions moved −8.1 points over the same period, to 18.7%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Why this happened. Revenue per patient rose 10.0% to Rs 968. CGHS/ECHS pricing accounted for 2.0-3.0% at company level for another two to three quarters, while remaining uplift came from test and geographic mix. Higher-realization tests also carry higher costs. Over the last two years: Domestic institutions: +9.0 points over 8 quarters, to 21.6%; Foreign institutions: −8.1 points over 8 quarters, to 18.7%; Promoters: −1.0 points over 8 quarters, to 52.9%. Why the owners changed: foreign institutions moved −8.1 points and domestic institutions +9.0 points over 8 quarters, while promoters moved −1.0 points. One group of institutions took over shares from the other; it is not a change of mind by the people running the company. ## How far is Dr Lal Pathlabs from balance-sheet trouble? For Dr Lal Pathlabs Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Dr Lal Pathlabs rank in its industry? 56.7 out of 100, rank 6 of 9 in Diagnostics, with 96% of the evidence available. Dr Lal Pathlabs Ltd scores 56.7 out of 100 against the 9 companies it is compared with in Diagnostics, ranking 6. Relative strength against the index is 24.4%, and revenue and profit growth are weak. The four parts add up to the total exactly: 12.4 + 18.5 + 9.3 + 16.5 = 56.7. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Dr Lal Pathlabs compared with? Dr Lal Pathlabs ranks 6 of 9 Diagnostics companies on the 4-Factor Sector Score, with 56.7 out of 100. 1. [One Global Service Provider Ltd](https://www.sectoralpha.in/stocks/one-global-service-provider-ltd) ONEGLOBAL · quiet · Most evidence points up · 81% evidence 70.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 30.1/35 · Revenue 100% · Profit 100% · Operating margin change 4 points · 88% evidence Capital efficiency 14.1/25 · ROCE 87% · Operating margin 19% · 100% evidence Valuation 18.5/20 · P/E 11.6× · PEG 0.45 · 100% evidence Relative strength 7.5/20 · Lead over its industry n/a · Lead over NIFTY 500 -18.5% · 1 year 24.8% · 25% evidence · 0 of 5 weeks ahead Exact sum: 30.1 + 14.1 + 18.5 + 7.5 = 70.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [Metropolis Healthcare Ltd](https://www.sectoralpha.in/stocks/metropolis-healthcare-ltd) METROPOLIS · turning · Evidence leans up · 96% evidence 64.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.7/35 · Revenue 21.8% · Profit 33.5% · Operating margin change 2 points · 88% evidence Capital efficiency 14.1/25 · ROCE 17.8% · Operating margin 25% · 100% evidence Valuation 13.3/20 · P/E 54.4× · PEG 1.08 · 100% evidence Relative strength 11.5/20 · Lead over its industry 3.2% · Lead over NIFTY 500 11.6% · 1 year 10.8% · 100% evidence · 4 of 12 weeks ahead Exact sum: 25.7 + 14.1 + 13.3 + 11.5 = 64.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Thyrocare Technologies Ltd](https://www.sectoralpha.in/stocks/thyrocare-technologies-ltd) THYROCARE · quiet · Evidence leans up · 100% evidence 60.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.0/35 · Revenue 22% · Profit 12.6% · Operating margin change 0 points · 100% evidence Capital efficiency 21.3/25 · ROCE 35.4% · Operating margin 33% · 100% evidence Valuation 12.6/20 · P/E 41.5× · PEG 1.1 · 100% evidence Relative strength 4.1/20 · Lead over its industry -6.7% · Lead over NIFTY 500 0.5% · 1 year -2% · 100% evidence · 7 of 12 weeks ahead Exact sum: 22 + 21.3 + 12.6 + 4.1 = 60 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Vijaya Diagnostic Centre Ltd](https://www.sectoralpha.in/stocks/vijaya-diagnostic-centre-ltd) VIJAYA · leader · Evidence leans up · 96% evidence 59.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.1/35 · Revenue 20.2% · Profit 23.8% · Operating margin change 4 points · 88% evidence Capital efficiency 16.4/25 · ROCE 20.5% · Operating margin 43% · 100% evidence Valuation 0.3/20 · P/E 79.4× · PEG 4.13 · 100% evidence Relative strength 18.7/20 · Lead over its industry 18.1% · Lead over NIFTY 500 26.8% · 1 year 46.2% · 100% evidence · 12 of 12 weeks ahead Exact sum: 24.1 + 16.4 + 0.3 + 18.7 = 59.5 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 5. [Suraksha Diagnostic Ltd](https://www.sectoralpha.in/stocks/suraksha-diagnostic-ltd) SURAKSHA · breaking out · Evidence leans up · 89% evidence 57.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.3/35 · Revenue 23% · Profit 9.4% · Operating margin change 2 points · 88% evidence Capital efficiency 11.7/25 · ROCE 17.3% · Operating margin 35% · 100% evidence Valuation 8.9/20 · P/E 46× · PEG 1.66 · 65% evidence Relative strength 17.2/20 · Lead over its industry 6.7% · Lead over NIFTY 500 15.6% · 1 year -0.5% · 100% evidence · 10 of 12 weeks ahead Exact sum: 19.3 + 11.7 + 8.9 + 17.2 = 57.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. Dr Lal Pathlabs Ltd this page LALPATHLAB · leader · Evidence leans up · 96% evidence 56.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.4/35 · Revenue 14.3% · Profit 5% · Operating margin change 2 points · 88% evidence Capital efficiency 18.5/25 · ROCE 28% · Operating margin 31% · 100% evidence Valuation 9.3/20 · P/E 56.9× · PEG 1.29 · 100% evidence Relative strength 16.5/20 · Lead over its industry 15.5% · Lead over NIFTY 500 24.4% · 1 year 21.6% · 100% evidence · 12 of 12 weeks ahead Exact sum: 12.4 + 18.5 + 9.3 + 16.5 = 56.7 · What this means: Relative strength against the index is 24.4%, and revenue and profit growth are weak. 7. [3B Blackbio DX Ltd](https://www.sectoralpha.in/stocks/3b-blackbio-dx-ltd) 3BBLACKBIO · breaking out · Evidence leans up · 78% evidence 50.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.8/35 · Revenue 54.3% · Profit 14.7% · Operating margin change -27.8 points · 83% evidence Capital efficiency 16.6/25 · ROCE 25.5% · Operating margin 25.4% · 76% evidence Valuation 9.5/20 · P/E 20× · PEG n/a · 50% evidence Relative strength 9.0/20 · Lead over its industry -7% · Lead over NIFTY 500 1.2% · 1 year -5.9% · 100% evidence · 10 of 12 weeks ahead Exact sum: 15.8 + 16.6 + 9.5 + 9 = 50.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Krsnaa Diagnostics Ltd](https://www.sectoralpha.in/stocks/krsnaa-diagnostics-ltd) KRSNAA · breaking out · Evidence leans down · 81% evidence 49.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.7/35 · Revenue 10.3% · Profit 21% · Operating margin change -2 points · 88% evidence Capital efficiency 9.1/25 · ROCE 12.7% · Operating margin 25% · 100% evidence Valuation 18.9/20 · P/E 16.8× · PEG 0.57 · 100% evidence Relative strength 7.9/20 · Lead over its industry n/a · Lead over NIFTY 500 -13.7% · 1 year -35.1% · 25% evidence · 1 of 12 weeks ahead Exact sum: 13.7 + 9.1 + 18.9 + 7.9 = 49.6 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 9. [Vimta Labs Ltd](https://www.sectoralpha.in/stocks/vimta-labs-ltd) VIMTALABS · quiet · Most evidence points down · 100% evidence 30.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 8.3/35 · Revenue 11.7% · Profit 2.5% · Operating margin change 0 points · 100% evidence Capital efficiency 15.7/25 · ROCE 25.2% · Operating margin 34% · 100% evidence Valuation 4.6/20 · P/E 26.6× · PEG 2.75 · 100% evidence Relative strength 1.5/20 · Lead over its industry -12.6% · Lead over NIFTY 500 -5.4% · 1 year -33.2% · 100% evidence · 8 of 12 weeks ahead Exact sum: 8.3 + 15.7 + 4.6 + 1.5 = 30.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Diagnostics](https://www.sectoralpha.in/sectors/diagnostics), all 9 compared on one page. ## Which companies are close to Dr Lal Pathlabs in size? Dr Lal Pathlabs is the largest of 9 Diagnostics companies on Sector Alpha by market value (scores of 30 October 2026). It is the largest. Just below it: Vijaya Diagnostic Centre, Metropolis Healthcare, Thyrocare Technologies, Vimta Labs, Suraksha Diagnostic and Krsnaa Diagnostics. ### Diagnostics companies close in size

1. Dr Lal Pathlabs Ltd ₹31,999 crore
2. [Vijaya Diagnostic Centre Ltd](https://www.sectoralpha.in/stocks/vijaya-diagnostic-centre-ltd) ₹14,890 crore
3. [Metropolis Healthcare Ltd](https://www.sectoralpha.in/stocks/metropolis-healthcare-ltd) ₹11,320 crore
4. [Thyrocare Technologies Ltd](https://www.sectoralpha.in/stocks/thyrocare-technologies-ltd) ₹7,263 crore
5. [Vimta Labs Ltd](https://www.sectoralpha.in/stocks/vimta-labs-ltd) ₹2,168 crore
6. [Suraksha Diagnostic Ltd](https://www.sectoralpha.in/stocks/suraksha-diagnostic-ltd) ₹1,648 crore
7. [Krsnaa Diagnostics Ltd](https://www.sectoralpha.in/stocks/krsnaa-diagnostics-ltd) ₹1,634 crore

[All 9 Diagnostics companies, largest first](https://www.sectoralpha.in/sectors/diagnostics#all-companies)

### Companies close in size in other industries

1. [United Breweries Ltd](https://www.sectoralpha.in/stocks/united-breweries-ltd) ₹31,208 crore · Alcoholic Beverages
2. [Wockhardt Ltd](https://www.sectoralpha.in/stocks/wockhardt-ltd) ₹30,895 crore · Pharma - Formulators
3. Dr Lal Pathlabs Ltd ₹30,674 crore
4. [Hexaware Technologies Ltd](https://www.sectoralpha.in/stocks/hexaware-technologies-ltd) ₹30,661 crore · IT - Software
5. [Godrej Industries Ltd](https://www.sectoralpha.in/stocks/godrej-industries-ltd) ₹30,482 crore · Finance - Holding Company

## What else do people ask about Dr Lal Pathlabs? ### What is Dr Lal Pathlabs's share price today? Dr Lal Pathlabs Ltd's share price is ₹1,925.70, +22.8% over the past year. The whole company is worth ₹32,330 Cr on the market. In the last 52 weeks it traded between ₹1,308 to ₹2,005; today it is 89% of the way up from the low, 12.1% above its 200-day average (as of 3 November 2026). ### What were Dr Lal Pathlabs's latest quarterly results? Dr Lal Pathlabs Ltd reported revenue of ₹798 Cr and net profit of ₹170 Cr for the Jun 2026 quarter. Revenue rose 19.1% and profit rose 26.9% compared with a year earlier. Earnings per share were ₹10.11. The operating margin was 31.0%, 2.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is Dr Lal Pathlabs's market cap? Dr Lal Pathlabs Ltd's market capitalisation is ₹32,330 Cr at a share price of ₹1,925.70. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Dr Lal Pathlabs performing? Dr Lal Pathlabs Ltd's share price has been rising for 23 weeks. In its latest quarter, revenue rose 19.1% and profit rose 26.9% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 19 weeks running (as of 3 November 2026). ### Will Dr Lal Pathlabs's share price go up? This page does not forecast Dr Lal Pathlabs Ltd's share price. What it shows instead: the share price is ₹1,925.70, and it has been rising for 23 weeks. Its P/E of 57.5× is higher than 56% of its own last 11 years (as of 3 November 2026). ### Who owns Dr Lal Pathlabs? Promoters own 52.9% of Dr Lal Pathlabs Ltd, foreign institutions 18.7%, domestic institutions 21.6% and the public 6.3% (latest quarter). The biggest change over the last two years: Domestic institutions raised their stake by 9.0 percentage points over 8 quarters (as of 3 November 2026). ### Does Dr Lal Pathlabs have too much debt? No, Dr Lal Pathlabs Ltd has little debt: its debt is 0.08× its equity, and its operating profit is 34 times its interest bill. FY26 borrowings were ₹199 Cr against equity of ₹2,509 Cr. So the returns on this page come from the business, not borrowed money (as of 3 November 2026). ### Where is Dr Lal Pathlabs in its business cycle? Dr Lal Pathlabs Ltd's FY26 operating margin was 28.0%, against a 13-year range of 24.0% to 28.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 31.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Dr Lal Pathlabs story? The main question: foreign institutions moved −8.1 percentage points over 8 quarters while the business went the other way. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Dr Lal Pathlabs a stock worth studying right now? What the numbers show: Dr Lal Pathlabs Ltd is reporting record margins. The main open question: whether the owners’ moves turn back in line with the business. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Dr Lal Pathlabs share price forecast for 2026? What management itself guided: Planned sustainable revenue growth over the medium term, supported by structural volumes, footprint expansion, specialized tests and pricing headroom. What is changing at Dr Lal Pathlabs, from the latest results and calls: network infrastructure maturation and patient volume acceleration, cghs/echs realization pass-through and swasthfit premiumization and suburban west region rebound and lims integration. What would change the story: Patient-volume growth falls below 5.0% for two consecutive quarters. ## Lists

- Momentum stocks: https://www.sectoralpha.in/momentum-stocks-india
- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india

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