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ICICI Securities research report on Dr Lal Pathlabs

Dr Lal PathLabs’ (Dr Lal) Q4FY25 results were slightly better than our expectation. Outperformance was driven by higher sample volumes (up 9.5% YoY) and realisation improvement. Revenue per patients surged 6.4% YoY (2.9% QoQ) due to favourable test and geography mix, which drove operating leverage and boosted EBITDA margins by 150bps to 28%. In FY25, the company opened 18 labs in tier -3/4 cities and 15–20 more shall be opened next year.

Outlook

Network expansion, investment in new technologies and lack of price hikes on majority of the portfolio may exert pressure on margins in FY26. Management guides for 11–12% revenue growth and conservative 27% margins for FY26. Dr Lal reported cash balance of INR 12.3bn, which shall be deployed for adding new capabilities, M&A opportunities in south and dividends. Retain HOLD with a target price of INR 2,900.

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ICICI_Dr Lal Pathlabs

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