Dr. Lal Path Labs financials and balance sheet

NSE: LALPATHLABBSE: 539524Healthcare ServicesSmall Cap

₹1,838.20₹5.50 (0.30%)BSE ₹1,845.55

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,843.70.

52-week range of traded prices to 23 Oct 2026

₹1,272.60Low, 23 Mar 2026₹2,038.60High, 16 Sep 2026

Next results date: the board meets on 4 Nov 2026 to consider: financial results and other business matters.

Market cap: ₹30,854 Cr309th largest listed
P/E: 56.9
P/B: 12.3
Dividend yield: 0.87%
ROE: 23.2%
ROCE: 26.2%
Debt to equity: 0.00
Volume, NSE: 1,19,25056.6% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Dr. Lal Path Labs annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹2,763 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 5.4% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue2,763
Materials and goods−535
Employee costs−503
Other expenses−943
Operating profit783
Depreciation−162
Other income+101
One-off items−30
Finance costs−23
Profit before tax669
Tax−159
Net profit510

What the company owns

Plant, investments and other assets₹1,659 Cr
Cash and bank₹910 Cr
Current investments₹423 Cr
Receivables₹111 Cr
Inventory₹44 Cr

What pays for it: net worth and liabilities

Net worth₹2,541 Cr
Other liabilities₹424 Cr
Owed to suppliers₹181 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Dr. Lal Path Labs quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 17 May	Mar 2020Filed 18 May	Mar 2021Filed 21 May	Mar 2022Filed 17 May	Mar 2023Filed 12 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
Revenue from operations	912	1,057	1,203	1,330	1,581	2,087	2,017	2,227	2,461	2,763
	676	793	910	987	1,145	1,527	1,527	1,617	1,766	1,980
Materials and goods bought	197	226	262	299	397	502	447	451	482	535
Employee costs	–	–	208	243	274	365	377	425	482	503
Other expenses	–	–	439	446	474	660	703	741	802	943
Operating profit before depreciation	237	264	294	344	436	561	490	609	696	783
Operating margin	25.9%	25.0%	24.4%	25.8%	27.6%	26.9%	24.3%	27.4%	28.3%	28.3%
Materials, % of revenue	–	–	21.8%	22.5%	25.1%	24.1%	22.2%	20.3%	19.6%	19.3%
Employee costs, % of revenue	–	–	17.3%	18.2%	17.3%	17.5%	18.7%	19.1%	19.6%	18.2%
Other expenses, % of revenue	–	–	36.5%	33.5%	30.0%	31.6%	34.9%	33.3%	32.6%	34.1%
Depreciation and amortisation	28	33	38	73	77	108	150	144	142	162
Operating profit after depreciation	208	231	255	271	359	453	340	466	554	621
Other income	25	31	46	55	51	53	42	69	93	101
Finance costs	0	1	1	15	16	30	38	29	22	23
Profit before one-off items and tax	233	261	301	311	394	475	344	506	625	699
One-off items	0	0	0	0	0	0	0	0	0	−30
Profit before tax	233	261	301	311	394	475	344	506	625	669
	78	90	100	83	98	125	103	143	133	159
Current tax	–	93	104	84	102	127	108	148	172	159
Deferred tax	–	−3	−4	−1	−4	−2	−5	−5	−40	0
	154	172	201	228	297	350	241	362	492	510
Belonging to the company's shareholders	154	172	199	226	292	345	239	358	487	505
Belonging to outside owners of subsidiaries	–	–	1	2	5	6	2	5	5	5
Other comprehensive income	–	–	−2	−1	−1	−1	2	−1	−4	5
Total comprehensive income	–	–	199	227	296	349	243	362	489	515
Net margin	16.9%	16.3%	16.7%	17.1%	18.8%	16.8%	12.0%	16.3%	20.0%	18.5%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 17 May	Mar 2020Filed 18 May	Mar 2021Filed 21 May	Mar 2022Filed 17 May	Mar 2023Filed 12 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
	951	1,054	1,276	1,544	1,700	1,885	2,207	2,541
	946	1,033	1,245	1,508	1,666	1,849	2,173	2,508
Share capital	83	83	83	83	83	84	84	168
Reserves	862	950	1,162	1,425	1,583	1,766	2,089	2,341
Belonging to outside owners of subsidiaries	6	21	31	36	33	36	34	33
	0	0	0	346	237	83	0	0
Repayable after a year	0	0	0	167	83	0	0	0
Repayable within a year	0	0	0	179	153	83	0	0
	138	227	274	500	470	465	403	451
Trade payables	80	118	144	147	156	187	199	181
Other financial liabilities	29	79	84	109	99	109	112	147
Other liabilities	12	15	24	35	32	35	43	42
Provisions	13	15	17	27	29	38	35	74
Tax owed	5	0	5	3	1	13	14	7
	1	93	111	310	216	105	108	154
Other financial liabilities	1	93	110	139	130	103	103	145
Provisions	0	0	0	0	0	0	2	3
Deferred tax	–	0	1	4	3	2	3	6
Total assets	1,091	1,374	1,661	2,353	2,386	2,456	2,717	3,146
	277	482	493	1,453	1,413	1,329	1,353	1,579
Plant in use, after depreciation	160	292	306	415	401	343	336	484
Plant being built	3	10	6	14	3	4	4	6
Intangible assets	21	44	56	410	356	303	251	192
Goodwill	28	77	85	550	548	548	548	548
Intangible assets being developed	–	1	4	1	2	2	0	1
Property held to earn rent	–	0	0	0	0	34	33	33
Loans given	0	0	0	0	0	0	0	0
Other financial assets	20	15	7	24	40	32	81	209
Deferred tax	22	23	28	37	40	45	87	88
Other assets	23	20	2	2	22	20	14	20
	814	893	1,168	900	973	1,127	1,364	1,567
Inventories	29	57	43	52	34	37	36	44
Trade receivables	53	51	67	85	71	77	88	111
Cash and cash equivalents	129	197	244	378	264	361	293	243
Other bank balances	361	372	682	239	402	469	546	667
Current investments	185	164	59	66	150	114	327	423
Loans given	1	1	1	1	1	1	1	2
Other financial assets	46	34	38	35	36	47	50	56
Tax paid in advance	–	0	23	25	0	0	0	0
Other assets	10	16	12	18	16	20	22	22
Net debt	−675	−733	−985	−337	−579	−861	−1,165	−1,332

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 21 May	Mar 2022Filed 17 May	Mar 2023Filed 12 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
	398	447	456	535	569	636
	500	577	563	667	733	811
	37	−17	36	36	6	27
Receivables	−20	−18	3	−7	−15	−27
Inventories	14	−10	19	−4	1	−8
Payables	27	3	9	31	12	14
Other working capital	16	8	5	16	8	48
Tax paid	−102	−130	−107	−132	−164	−175
Capital spending	36	94	37	51	44	167
Free cash flow	363	353	420	484	525	469
	−212	−449	−287	−24	−303	−422
Plant and property sold	0	2	1	1	1	1
Companies bought	−3	−458	0	0	0	0
Interest received	40	50	31	45	63	66
	−139	136	−283	−414	−334	−264
Borrowings raised	0	345	0	0	0	0
Borrowings repaid	0	0	−109	−153	−83	0
Interest paid	0	−30	−38	−29	−22	−23
Lease payments	−24	−62	−34	−34	−34	−37
Dividends paid	100	117	103	201	207	223
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	1	0	13	19
Net change in cash	48	134	−115	97	−68	−50

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Dr. Lal Path Labs dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 17 May	Mar 2020Filed 18 May	Mar 2021Filed 21 May	Mar 2022Filed 17 May	Mar 2023Filed 12 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
	₹9.31	₹10.43	₹12.10	₹13.71	₹17.67	₹20.85	₹14.41	₹21.53	₹29.24	₹30.24
As stated that year	₹18.62	₹20.85	₹24.19	₹27.42	₹35.33	₹41.70	₹28.82	₹43.05	₹58.48	₹30.24
	₹9.28	₹10.41	₹12.08	₹13.69	₹17.63	₹20.79	₹14.37	₹21.49	₹29.20	₹30.20
As stated that year	₹18.55	₹20.82	₹24.15	₹27.37	₹35.25	₹41.57	₹28.74	₹42.98	₹58.40	₹30.20
	₹1.50	₹2.25	₹3.00	₹6.00	₹10.00	₹6.00	₹3.00	₹12.00	₹12.00	₹14.00
As declared that year	₹3.00	₹4.50	₹6.00	₹12.00	₹20.00	₹12.00	₹6.00	₹24.00	₹24.00	–
	–	–	₹56.75	₹61.99	₹74.73	₹90.52	₹99.90	₹110.74	₹129.95	₹149.65
On that year's share count	–	–	₹113.51	₹123.99	₹149.46	₹181.03	₹199.80	₹221.47	₹259.89	₹149.65
Dividend payout	16.2%	21.8%	25.1%	44.2%	57.1%	29.0%	20.9%	56.0%	41.2%	46.5%
Shareholder yield	–	–	–	–	0.4%	0.5%	0.7%	1.1%	0.9%	0.9%
Market cap at the year end (₹ crore)	8,009	7,302	8,703	11,682	22,562	21,759	15,238	18,890	20,720	21,984

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from. The dividend as declared is blank for the year to Mar 2026: its payments were declared on different share counts, a split or bonus between them, so they do not add to one figure.

Ratios

Consolidated, years to March.Dr. Lal Path Labs PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 17 May	Mar 2020Filed 18 May	Mar 2021Filed 21 May	Mar 2022Filed 17 May	Mar 2023Filed 12 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
Revenue growth	15.3%	15.8%	13.9%	10.6%	18.9%	32.0%	−3.4%	10.4%	10.5%	12.2%
Operating profit growth	–	11.6%	11.2%	17.0%	27.0%	28.5%	−12.6%	24.4%	14.1%	12.5%
Net profit growth	16.7%	11.4%	16.7%	13.5%	30.3%	18.1%	−31.2%	50.3%	35.9%	3.6%
Earnings per share growth	15.7%	12.0%	16.0%	13.4%	28.8%	18.0%	−30.9%	49.4%	35.8%	3.4%
	–	–	21.1%	22.8%	25.6%	25.0%	15.1%	20.3%	24.2%	21.6%
	–	–	–	1.8 pts	2.8 pts	−0.6 pts	−10.0 pts	5.3 pts	3.9 pts	−2.7 pts
From the net margin	–	–	–	0.5 pts	2.0 pts	−2.7 pts	−7.1 pts	5.4 pts	4.7 pts	−1.9 pts
From asset turnover	–	–	–	−0.5 pts	−0.9 pts	0.0 pts	−3.3 pts	1.6 pts	0.9 pts	−0.2 pts
From borrowing	–	–	–	1.7 pts	1.7 pts	2.2 pts	0.3 pts	−1.7 pts	−1.7 pts	−0.6 pts
Return on capital employed	–	–	26.9%	25.7%	28.1%	24.0%	17.5%	23.7%	25.1%	24.4%
Cash conversion	–	–	–	–	134.3%	127.5%	189.1%	147.8%	115.6%	124.7%
Interest cover	992.2	288.6	319.3	17.7	22.4	15.0	9.1	15.8	24.8	27.2
Debt to equity	–	–	0.00	0.00	0.00	0.22	0.14	0.04	0.00	0.00
Receivable days	–	–	16	14	15	15	13	13	13	15
Inventory days	–	–	40	70	39	38	28	30	27	30
Payable days	–	–	111	144	132	107	127	151	151	123
Cash conversion cycle, days	–	–	−55	−60	−78	−54	−87	−108	−110	−79
Working capital days	–	–	0	−19	−21	−18	−29	−33	−30	−29
Asset turnover	–	–	1.10	1.08	1.04	1.04	0.85	0.92	0.95	0.94
Assets per rupee of net worth	–	–	1.15	1.25	1.33	1.46	1.49	1.38	1.29	1.25
Sales per rupee of plant	–	–	7.52	4.56	5.17	5.03	5.03	6.49	7.33	5.71
Capital spending to depreciation	–	–	–	–	0.46	0.87	0.24	0.36	0.31	1.03
Plant being built, % of plant in use	–	–	2.1%	3.6%	2.0%	3.5%	0.7%	1.2%	1.0%	1.1%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 17.2%
Cash from operations against operating profit: 81.2%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	13.3%	11.8%	11.1%
Profit growth, yearly rate	14.3%	11.6%	28.3%
Return on equity, average	–	21.2%	22.0%
Return on capital employed, average	–	22.9%	24.4%
Operating margin, average	26.4%	27.0%	28.0%
Net margin, average	16.9%	16.7%	18.2%
Asset turnover, average	–	0.94	0.94
Cash conversion cycle, days, average	–	−88	−99
Interest cover, average	173.2	18.4	22.6
Debt to equity, average	–	0.08	0.01

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	2,643	1,740	636
Cash from investing	−1,486	−749	−422
Cash from financing	−1,158	−1,012	−264
Capital spending	393	263	167
Dividends paid	851	631	223
Shares bought back	0	0	0
Shares issued for cash	32	31	19
Borrowings raised	345	0	0
Borrowings repaid	346	237	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	6	6	8	7	6
Altman Z-scorePublished threshold 1.81	–	–	41.28	25.16	38.51	18.76	15.89	22.82	27.56	24.89
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.55	−1.64	−3.08	−2.68	−2.41	−2.45
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	7.27	17.58	3.06	−6.15	8.76	10.10
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.47	1.51	1.42	1.28
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−13.94	10.91	−3.97	−13.72	−1.08	3.28	13.40
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	86.17	−58.27	−3.42	−24.53	9.42	−9.89	10.58
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.44	1.42	0.25	−1.29	0.67	0.25	0.19
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.05	0.07	0.07	0.02	0.05	0.03	0.02
Effective tax ratePublished threshold 17.16 per cent	33.48	34.25	33.30	26.70	24.82	26.24	29.89	28.33	21.21	23.81
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−1.14	−1.08	2.22	−5.03	−2.41

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
1 Apr 2026	CARE Ratings Limited (opens in a new tab)	Issuer Rating	CARE AA+Review, Upgrade	Stable

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.