Metropolis Q4FY26 update: revenue rises 23% YoY

Business update signals stronger Q4 momentum

Metropolis Healthcare said its consolidated revenue grew 23% year-on-year (YoY) in the March 2026 quarter (Q4FY26), as per its Q4 business update. The company attributed the performance to continued traction in the TruHealth wellness segment and the specialised testing segment. It also flagged robust growth across both B2B and B2C channels during the quarter. Metropolis said the growth was supported by a balanced mix of higher volumes and improvements in product mix. The update comes at a time when investors are closely tracking demand trends in diagnostics, especially preventive and specialty testing. While the company did not disclose the absolute Q4FY26 revenue figure in the update, it provided several directional indicators on channel and segment performance. The disclosure sets expectations ahead of the formal audited result announcement.

What drove Q4FY26 growth: segments and channels

Metropolis said the TruHealth wellness segment and specialised testing were key growth drivers in Q4FY26. In the same update, it said B2C revenue grew by around 19% YoY and B2B revenue by approximately 30% YoY. The company linked this to strong specialty growth and a higher B2B contribution in core diagnostics. It also stated that TruHealth Wellness grew by around 25% YoY and specialty segments grew by approximately 29% YoY during the quarter. The company positioned the quarter’s performance as a combination of volume growth and product mix improvement rather than a single lever. Such mix-led growth typically indicates a shift towards higher-value tests, though Metropolis did not provide pricing or realization data for Q4FY26 in the update. It also said EBITDA margins improved YoY, attributing the change to operating leverage and efficiency gains.

Board meeting on May 13 for audited results

Metropolis said a meeting of its board of directors is scheduled on Wednesday, May 13, 2026. The agenda includes considering and approving audited financial results for the quarter and financial year ended March 31, 2026. This is the next formal milestone for investors looking for audited income statement and balance sheet disclosures for FY26. The company’s business update provided growth rates and drivers, but the audited results will clarify absolute revenue, margin levels, cash flows, and any exceptional items. The timing is also relevant because diagnostics companies often see quarter-to-quarter variability due to seasonal illness patterns and changes in test mix. The board meeting announcement effectively sets a near-term timeline for the market.

Peer updates underline a busy quarter for diagnostics

The broader diagnostics space has also seen notable Q4FY26 operational updates from peers mentioned alongside Metropolis in the provided material. Vijaya reported its highest-ever quarterly revenue of ₹219 crore in Q4 FY26, and said revenue grew 26.5% YoY, supported by 18.5% volume growth across its network. Another peer update said consolidated revenue grew 20% YoY, driven primarily by a 21% increase in the Pathology segment. Thyrocare, described as India’s largest diagnostic test volume processor, said it processed 59 million tests in Q4FY26, marking 29% YoY growth. The same Thyrocare update also stated consolidated EBITDA grew 31% YoY and profit after tax grew 128% YoY to ₹48.70 crore. These datapoints suggest that volumes and pathology-led growth remained important themes across large diagnostics players in Q4FY26, with Metropolis highlighting wellness and specialty testing as its key drivers.

Recent disclosed financial context for Metropolis

Separate from the Q4FY26 business update, the provided material includes Metropolis financial disclosures and headlines from earlier periods that investors may use for context. On a consolidated basis, profit after tax (PAT) rose 33.7% YoY to ₹42 crore in Q3FY26 versus ₹31 crore in Q3FY25, while revenue from operations increased 25.8% YoY to ₹406 crore from ₹323 crore. The stock ended down 0.20% at ₹422.95 on the BSE, as per the same snippet.

For FY25 and Q4 FY25, the provided material includes multiple consistent figures and commentary. Metropolis reported Q4 FY25 revenue from operations of ₹345.29 crore, up 4.13% from ₹331 crore in Q4 FY24. Over the same quarter, consolidated net profit declined 19.96% to ₹29.23 crore from ₹36.52 crore, with total expenses rising 11.74% YoY to ₹316.21 crore from ₹283 crore. The material also states that for FY25, Metropolis reported net profit of about ₹146 crore versus ₹128 crore in FY24, and FY25 revenue increased to ₹1,331.20 crore. It also references profit figures of ₹169 crore for TTM, ₹145 crore for March 2025, and ₹128 crore for March 2024.

What management highlighted in the FY25 call transcript

The provided transcript excerpts from Metropolis’ Q4 FY25 earnings call add detail on growth drivers and cost items in that period. Management said FY25 revenue grew 12% YoY, driven by 6% growth in patient volumes and another 6% from micro market-enabled pricing and test mix improvements. It said Q4 FY25 revenue was ₹345 crore, including contribution from Core Diagnostics consolidated for 11 days in March following its acquisition. Adjusted EBITDA for Q4 FY25 was ₹84 crore, while full-year FY25 adjusted EBITDA was ₹325 crore, up 14% YoY.

Management also said reported EBITDA was impacted by one-time expenses of about ₹21 crore related to three acquisitions completed in Q4, including transaction fees and diligence expenses, and costs linked to integration. It referenced additional legal and provisional expenses related to ongoing tax cases, and a small provision of certain inventories. Management said EBITDA margins for Q4 FY25 were 24.3% and 24.4% for FY25, and guided for organic margin expansion of around 100 basis points in FY26. It also stated the company had a net cash surplus of ₹118 crore as of March 31, 2025.

Key numbers mentioned across updates

Why the Q4FY26 update matters for investors

Metropolis’ Q4FY26 business update focuses on growth quality, pointing to wellness and specialised testing traction along with channel expansion. The mix of ~19% B2C growth and ~30% B2B growth, as stated by the company, suggests momentum across both consumer-led and institutional or partner-led routes. The company also highlighted YoY improvement in EBITDA margins due to operating leverage and efficiency gains, which will be tracked closely when audited results are released. In prior periods included in the provided material, Metropolis saw quarterly profit pressure when expenses rose faster than revenue, making the margin commentary in the Q4FY26 update particularly relevant. The May 13 board meeting date provides a clear next checkpoint for audited Q4FY26 and FY26 numbers.

What to watch next

The immediate next event is the May 13, 2026 board meeting to consider and approve audited financial results for the quarter and year ended March 31, 2026. Investors will look for audited revenue, margins, PAT, and any exceptional items that may reconcile with the operational trends described in the business update. They will also watch for management commentary on the sustainability of TruHealth wellness growth and specialised testing momentum. Any additional disclosures on channel mix, volumes, and the contribution from specialty offerings could further clarify the drivers behind the 23% YoY consolidated revenue growth cited in the update.