Metropolis Tier III revenue rose 20% as network reached 5,119

Metropolis reported about 20% year-on-year Tier III revenue growth in Q2 FY27, the fastest among its reported city tiers, as its service network reached 5,119 points in H1FY27 across roughly 750 towns. Tier III supplied 26% of domestic revenue, while the laboratory network stood at 213 sites.

How fast is Metropolis growing in Tier III cities?

Metropolis said Tier III revenue grew about 20% year on year in Q2 FY27, ahead of 14% growth in Tier II cities and 13% in Tier I cities. The company presents these city-tier contributions and growth rates on a domestic-revenue-only basis, making Tier III the fastest-growing city tier it disclosed for the quarter.

Tier III cities contributed 26% of Metropolis domestic revenue in Q2 FY27, compared with 8% from Tier II and 66% from Tier I. The comparison shows that Tier I remained the largest revenue contributor despite growing 7 percentage points more slowly than Tier III.

How has Metropolis expanded its service network?

Metropolis expanded its service-point network to 5,119 in H1FY27, from 5,026 in FY26, 4,536 in FY25 and 3,134 in FY22. It also reported adding 116 service points in Q2FY27, while saying that the network had added 1,985 points over the last five years.

The absolute expansion in service points exceeded the increase in laboratories over the same FY22-to-H1FY27 period. Laboratories rose by 52, from 161 to 213, while service points increased by 1,985; Metropolis also said it added 490 centres in FY26 alone.

Metropolis reported a centre-to-laboratory ratio of 24:1 in H1FY27, up from 21:1 in FY25. This disclosed change is consistent with service points increasing more rapidly than the laboratory footprint during the period shown.

How broad is Metropolis’s town presence?

Metropolis had a presence in roughly 750 towns in H1FY27, compared with 300 towns in FY23. The increase of about 450 towns coincided with the service network reaching 5,119 points and the laboratory network reaching 213 sites.

Metropolis reported business-to-consumer, or B2C, revenue of Rs 289 crore in Q2 FY27, up 17% year on year and representing 58% of revenue. The B2C channel includes owned and franchise centres in urban and rural markets; the company also cited 60-minute home collection, faster reports in key markets, local digital promotion and app adoption.

Business-to-business, or B2B, revenue was Rs 208 crore in Q2 FY27, up 15% year on year and representing 42% of revenue. Metropolis defines this channel as B2B laboratories, hospitals, government, corporate customers and clinical trials, providing a second route to market alongside its consumer-facing network.

Which services are contributing to Metropolis’s growth?

Metropolis reported 20% year-on-year growth in both TruHealth and Specialty revenue in Q2 FY27, versus 16% in Semi-specialty and 4% in Routine. Specialty was the largest disclosed segment, contributing 40% of revenue or Rs 198 crore, while TruHealth contributed 17% or Rs 86 crore.

Metropolis said TruHealth volume growth was led by Tier III and rural markets in Q2 FY27. TruHealth B2C revenue grew 21%, and the company said diet and dietician bundles gained traction, with 30% coming through digital channels; it also said bundling lifted revenue per test on premium packs.

Specialty revenue grew 23% in B2C and 18% in B2B in Q2 FY27, according to Metropolis’s channel data. The company listed a 1,000-gene next-generation sequencing panel, NIPT Advance and pre-eclampsia screening among its launches, alongside digital promotion and genomics events.

What does Metropolis’s wider Q2 FY27 performance show?

Metropolis reported revenue from operations of Rs 496.8 crore in Q2FY27, up 15.8% from Rs 429.2 crore in Q2FY26. Patient volume increased 10% to 4.07 million and test volume rose 11% to 8.68 million, while revenue per patient rose 6% to Rs 1,221 despite the company stating that there was no price increase.

Reported earnings before interest, tax, depreciation and amortisation, or EBITDA, increased 23.9% to Rs 134.9 crore in Q2FY27 from Rs 108.9 crore in Q2FY26. The reported EBITDA margin increased by 180 basis points to 27.2%, while profit after tax rose 42.7% to Rs 75.5 crore and its margin rose by 290 basis points to 15.2%.

For H1FY27, revenue from operations was Rs 947 crore, up 16.2% from Rs 815.3 crore in H1FY26. Reported EBITDA rose 25.3% to Rs 248.2 crore and profit after tax increased 34.9% to Rs 132.4 crore; current borrowings were Rs 17 crore at September 2026, compared with Rs 18.7 crore at March 2026.

Conclusion

Metropolis’s Q2 FY27 disclosures show that Tier III was its fastest-growing reported city tier at about 20%, while Tier I still supplied 66% of domestic revenue. Its network model added service points much faster than laboratories from FY22 to H1FY27, with points rising from 3,134 to 5,119 and laboratories from 161 to 213.

The next item to watch is execution of Metropolis 3.0, which management describes as a phase of profitable, science-led growth focused on strengthening the core and expanding into adjacencies. Investors can track whether service-point additions continue beyond the 116 reported in Q2FY27 and whether Tier III and rural-led TruHealth volumes sustain the quarter’s growth rate.