Metropolis Healthcare (METROPOLIS) Q4 24/25 earnings summary

Executive summary

• Achieved double-digit revenue and profit growth in FY25, driven by strong B2C, TruHealth, and Specialty segments, and strategic acquisitions including Core Diagnostics, Scientific Pathology, and Dr. Ahuja's Pathology & Imaging Centre, strengthening North India presence.

• Expanded network with 29 new labs and ~400 new centers, focusing on Tier II & III cities, and continued digital transformation and scientific innovation, including AI-powered diagnostics and new test launches.

• Strategic shift from heavy investment phase to execution and optimization, focusing on productivity, operational efficiency, and margin expansion.

• Leadership team strengthened with new independent directors and key management appointments.

• The group operates solely in pathology services, with no segmental reporting.

Financial highlights

• FY25 revenue reached INR 1,331 crore, up 12% year-over-year; Q4 FY25 revenue at INR 345 crore, up 10% YoY.

• Adjusted EBITDA for FY25 at INR 325 crore (+14% YoY); Q4 adjusted EBITDA at INR 84 crore.

• Adjusted PAT for FY25 at INR 161 crore (+26% YoY); Q4 adjusted PAT at INR 45 crore (+24% YoY).

• Reported EBITDA for FY25 at INR 304 crore, up 7% YoY; Q4 reported EBITDA at INR 63 crore.

• Net cash surplus of INR 118 crore as of March 31, 2025.

Outlook and guidance

• FY26 organic revenue growth guidance at 12%, with acquired entities expected to add 13-14% growth, totaling 25-26% consolidated growth.

• Patient volume growth guidance at 7% for FY26.

• Adjusted EBITDA margin expected to expand by 100 basis points organically (to ~25.4%), with Core acquisition diluting consolidated margin by 50-100 bps.

• B2C revenue share expected to rise by 1-2% in FY26 (from 55% in FY25).

• CapEx for organic business to be INR 50-55 crore in FY26.