Agilus Q2 margin reaches 15.2% as tests and realisations rise

Agilus Diagnostics raised its Q2FY27 profit-after-tax margin to 15.2% from 14.8% in Q2FY26, supported by gross revenue growth of 12.2% to Rs 448 crore, 11.39 million tests and Rs 393 average realisation per test. The B2C revenue share also increased to 54% from 52%.

How did Agilus lift diagnostics revenue in Q2FY27?

Agilus lifted revenue through higher testing volumes and average realisation in Q2FY27. It conducted 11.39 million tests, compared with 10.62 million in Q2FY26, while average realisation per test rose to Rs 393 from Rs 375. The quarterly metrics table rounds the respective volumes to 11.4 million and 10.6 million tests.

Patient activity and revenue per patient also increased in the quarter. Agilus served 4.7 million patients in Q2FY27, against 4.4 million in Q2FY26, and average realisation per patient rose to Rs 958 from Rs 900. In Q1FY27, it had reported 10.5 million tests, 4.3 million patients, Rs 387 per test and Rs 952 per patient.

Gross revenue reached Rs 448 crore in Q2FY27, compared with Rs 400 crore in Q2FY26 and Rs 407 crore in Q1FY27. The operating-performance statement reports 12.2% year-on-year revenue growth for Q2FY27, up from the 10.2% growth rate reported in Q1FY27. Net revenue after inter-company elimination was Rs 394 crore, versus Rs 357 crore a year earlier and Rs 358 crore sequentially.

How did Agilus profit and margins change in Q2FY27?

Agilus reported PAT of Rs 68 crore in Q2FY27, compared with Rs 59 crore in Q2FY26 and Rs 54 crore in Q1FY27. PAT margin, calculated on gross revenue, increased by 0.4 percentage points year on year to 15.2% and by 1.8 percentage points from 13.4% in Q1FY27.

Operating earnings before interest, tax, depreciation and amortisation, or operating EBITDA, rose to Rs 118 crore from Rs 104 crore a year earlier and Rs 97 crore in the preceding quarter. Its operating EBITDA margin was 26.2%, compared with 26.1% in Q2FY26 and 23.9% in Q1FY27. Including other income and foreign-exchange items, EBITDA was Rs 128 crore in Q2FY27, while employee stock option expenses were Rs 80 lakh.

The PAT-margin increase came alongside a largely unchanged year-on-year operating EBITDA margin of 26.2% versus 26.1%. EBITDA including other income and foreign exchange increased to Rs 128 crore from Rs 113 crore, while other income including foreign exchange rose to Rs 11 crore from Rs 9 crore. The presentation does not assign the PAT-margin movement to a specific cost or income item.

How did Agilus's consumer mix and network change?

Agilus increased its business-to-consumer, or B2C, revenue share to 54% in Q2FY27 from 52% in Q2FY26. The business-to-business, or B2B, share correspondingly declined to 46% from 48%, alongside a Rs 48 crore year-on-year increase in gross revenue.

The product mix shifted toward wellness testing during Q2FY27. Wellness represented 15% of revenue, up from 13% in Q2FY26, while routine testing declined to 51% from 53%; specialised tests remained at 34% in both periods. South India accounted for 34% of revenue, up from 33%, while West declined to 19% from 20%.

Agilus added about 300 gross customer touchpoints during Q2FY27, taking the network to 4,551 as of September 30, 2026. The touchpoint additions accompanied 11.39 million tests and 4.7 million patients in the quarter. The presentation does not split touchpoints between laboratories, collection centres or other formats, or disclose closures.

How did Agilus perform in the first half of FY27?

Agilus increased H1FY27 operating revenue to Rs 855 crore from Rs 768 crore in H1FY26, a reported growth rate of 11.2%. This compared with the 7.3% revenue-growth rate reported for H1FY26. The Rs 87 crore increase comprised Rs 407 crore of operating revenue in Q1FY27 and Rs 448 crore in Q2FY27.

H1FY27 PAT rose to Rs 123 crore from Rs 101 crore in H1FY26, lifting PAT margin to 14.4% from 13.2%. Operating EBITDA increased to Rs 215 crore from Rs 189 crore, while operating EBITDA margin rose to 25.1% from 24.6%. EBITDA including other income and foreign exchange was Rs 235 crore, compared with Rs 205 crore in the previous first half.

Q2FY27 PAT margin of 15.2% was above the H1FY27 margin of 14.4%, and Q2 gross revenue of Rs 448 crore exceeded both Rs 407 crore in Q1FY27 and Rs 400 crore in Q2FY26. The presentation does not disclose a full-year diagnostics revenue, margin or customer-touchpoint target.

Conclusion

Agilus combined higher test volumes, increased realisation per test and per patient, and a two-percentage-point increase in its B2C mix during Q2FY27. Gross revenue rose to Rs 448 crore from Rs 400 crore, PAT reached Rs 68 crore from Rs 59 crore, and PAT margin increased to 15.2% from 14.8%, while operating EBITDA margin moved to 26.2% from 26.1%.

The next quarterly disclosures will show whether Agilus can sustain Q2FY27 levels of 11.39 million tests, Rs 393 average realisation per test and a 54% B2C mix as its customer-touchpoint network extends beyond 4,551 reported on September 30, 2026. Management has not disclosed formal full-year diagnostics targets for revenue, margin or network size.