It is looking to sharpen emphasis in areas including testing for oncology, neurology, nephrology, gastroenterology, gynaecology and infectious diseases, Shah told ET in an exclusive interaction.
The company will fund these acquisitions through internal accruals, she said. “We are generating ‘200-300 crore cash every year. That money becomes available to do acquisitions. Plus, we are debt free,” Shah said.
“As we grow organically in new areas, we will look at more potential acquisition targets,” she said. “There are opportunities to go into cities where Metropolis may not have traditionally had a strong historic consumer brand.”
The combination of organic and inorganic growth will help Metropolis Healthcare (MHL) challenge market leader Dr Lal PathLabs.
“We are already the second largest player in the country. If you just see next year, we will bridge the gap significantly,” she said. “If you look at the history of the leading players, they are growing at about 10%. So, by a combination of organic and inorganic growth, MHL can try to bridge the gap and go closer and closer to number 1.” Metropolis is expected to clock ‘1,300-1,350 crore of revenue in the current fiscal while “the top player is closer to ‘2,300-2,400 crore,” Shah said. “But next year, we will be closer to ‘1,700-1,750 crore in revenue,” she added. Late last year, Metropolis, which offers 4,000 varieties of tests and operates in a hub and spoke model with strongholds in the West and South, acquired Delhi NCR-based specialised cancer diagnostics player Core Diagnostics for ‘247 crore. Earlier this month, the Mumbai-based company said it is set to acquire Agra’s Scientific Pathology for an all-cash deal ranging between ’55 crore and ’83 crore.
With these acquisitions, the share of the North in its revenue will reach 13-14% in FY26, up from 8% now. “We will continue to focus on North India while we continue to go deep in West and South – tier-2 and -3 and smaller markets to retain our leadership,” Shah said.
After expanding its presence from 300 towns and cities to 750 in the last two years and almost doubling its network to 4,500 collection centres in four years, Metropolis plans to add 100 new towns (including tier 2 and 3), 800 new centres and a few more labs in FY26.
Over the next two years, the company plans a capex investment of between ’75 crore and ‘150 crore.
“Our capex plans focus on expanding high-end specialty diagnostics by integrating advanced molecular platforms and AI-driven tools. We are strengthening our lab network, particularly in North and East India,” Shah said. “We are investing in automation to streamline operations, improve turnaround times, and optimise cost structures, ensuring superior patient care and long-term scalability.”
