Metropolis Q1FY27: consol PAT +25.7% YoY to ₹56.9 Cr, margin gain meets FY27 guide
Metropolis Healthcare's Q1 FY27 (quarter ended 30 June 2026) consolidated results show revenue of ₹450.2 Cr, up 16.6% YoY and 6.0% QoQ — in line with the ~16% growth the Street was broadly modelling for the print. Consolidated PAT (including non-controlling interest) came in at ₹56.9 Cr, up 25.7% YoY and 11.6% QoQ, with PAT attributable to owners at ₹56.7 Cr and basic EPS of ₹2.73 versus a bonus-adjusted ₹2.17 a year earlier. There were no exceptional items in either the current or year-ago quarter, so this growth is on a clean, like-for-like basis — unlike Q4 FY26, which carried a one-off Labour Code exceptional charge.
Margins expanded on both counts. EBITDA (revenue less cost of materials, lab testing charges, employee costs and other expenses) was ₹111.2 Cr, an operating margin of 24.7% versus 23.25% a year ago — an expansion of roughly 145bps that lands squarely inside the 125-150bps FY27 expansion management guided to at the Q4 FY26 concall, where it also targeted a 27-28% sustainable group EBITDA margin over the next three years. Net profit margin improved to 12.5% from 11.5% YoY and 11.8% QoQ, a third straight quarter of margin gains. Growth was entirely volume-led: management's press release attributes the 17% headline revenue growth (16.6% on these figures) to higher volumes "without any price increase," tying to network expansion, specialty/genomics mix and recent acquisitions — consistent with the 8-9% patient-volume growth called out in the prior guidance.
Standalone PAT grew a faster 42% YoY to ₹50.6 Cr versus the consolidated 25.7%, a divergence driven by subsidiary-level costs and minority-interest dilution (₹0.2 Cr to NCI this quarter); the consolidated figure remains the primary read. The Board also approved allotment of 2,12,345 ESOPs and 14,236 RSUs this quarter, and separately noted a further 2-month delay in completing the EQAS business transfer to subsidiary Metropolis Quality Solutions (against the original 6-month timeline from the 4 February 2026 BTA). Revenue growth of 16.6% YoY already exceeds the 14-15% three-year CAGR management guided to at the FY26-Q4 concall — an early beat on that target.
With EBITDA margin at 24.7% against management's 27-28% three-year target, roughly 250-330bps of further expansion is still needed even after this quarter's ~145bps gain — a pace management itself has framed as gradual. The EQAS transfer delay and continued mini-hub network rollout (part of the flagged 100-mini-hub plan) are the near-term items to track against the confident tone set on the prior call.
