Tech entrants won’t replace science-led diagnostics, says Metropolis MD

BT: What’s driving Metropolis’ recent acquisitions, and how do they fit your long-term growth plans?

SC: At Metropolis, we are pursuing a ‘string of pearls’ approach—selective acquisitions that strengthen our science, credibility, and regional depth. Core Diagnostics in Delhi NCR has added oncology and genomics expertise, while Scientific Pathology in Agra and Dr. Ahuja’s in Dehradun have consolidated our presence in Western UP and Uttarakhand, respectively. Most recently, Ambika Pathology in Kolhapur has further deepened our cluster in Maharashtra.

Each of these players is a trusted regional leader with strong equity among patients and clinicians. By bringing them into our fold, we accelerate what would otherwise take years to build organically. Importantly, patients in these regions now gain access to Metropolis’s entire menu of over 4,100 tests, including advanced oncology, neurology, genetics, and other high-end diagnostics. That combination of reach and quality is central to our vision of becoming India’s most respected science-led diagnostics brand.

BT: How are the recent acquisitions being integrated into your operations, and what early impact are you seeing on performance?

SC: The acquisitions have been seamlessly integrated both financially and operationally, in line with our planned roadmap. A dedicated steering committee and focused integration teams have been driving the process to ensure smooth alignment with our systems and strategy.

These businesses are already contributing meaningfully to our overall performance, strengthening our presence in high-potential regions like Western Uttar Pradesh and Uttarakhand. Core Diagnostics, in particular, has enhanced our capabilities in oncology and genomics, further reinforcing our specialty testing portfolio. We are now focused on scaling these platforms by standardizing quality systems, expanding the test menu, and deepening clinician engagement so that these entities serve as regional growth hubs aligned with our long-term strategy.

The early impact is visible. In Q1 FY26, overall revenue grew 23% year-on-year to ₹386 crore, driven by an 11% increase in patient volumes and 32% growth in specialty diagnostics. Notably, 13% of this growth was organic, while approximately 10% came from the acquired businesses, even though some contributed for only part of the quarter. As integration deepens, their contribution is expected to increase further. Beyond financial results, patients in these regions now have access to Metropolis’ comprehensive test portfolio and advanced diagnostics locally, improving trust and convenience while enabling greater operational efficiencies through shared logistics, procurement, and infrastructure.

BT: Many of your acquisitions focus on specific geographies. Why prioritise regional leaders instead of pursuing a national spread?

SC: Our approach is depth before breadth. Rather than scattering resources across the country, we prioritise regions where growth potential is high but access to quality diagnostics has been limited. By acquiring regional leaders in these markets, we build density, create operational synergies, and deliver consistent patient experiences.

Equally important, we give patients in these regions the benefit of Metropolis’s full test menu and high-end capabilities that may otherwise only have been accessible in metros. This ensures quality and advanced diagnostics are brought closer to people, not concentrated in a few urban centres. A cluster-by-cluster strategy allows us to dominate key regions, protect margins, and expand sustainably, while also democratising access to world-class diagnostics.

BT: Amazon’s entry into diagnostics through Orange Health has drawn attention. How do you view large tech players entering this space?

SC: Diagnostics is a science-led business where patient outcomes depend on accuracy and reliability. Over decades, Metropolis has earned deep trust among clinicians and patients by consistently delivering high-quality diagnostics—a reputation that cannot be built overnight.

A large part of our business comes from specialized testing in oncology, neurology, and genetics, where precision is critical and clinicians value reliability over convenience. While we are enhancing digital platforms to improve accessibility, our focus remains firmly anchored in scientific excellence. We don’t see tech-driven entrants significantly impacting our business. Metropolis’ strength lies in being the trusted partner for clinicians and patients, combining advanced testing capabilities, wider test menus, and scientific rigor to deliver quality care closer to communities.

BT: You reported a strong quarter recently. What were the key drivers behind this performance, and what’s your outlook for FY26?

SC: Our Q1 FY26 performance reflects strong, broad-based momentum across B2C and B2B segments, driven by an 11% increase in patient volumes, a richer test mix, and improved realizations.
Specialty Diagnostics remained a key growth driver, delivering 32% revenue growth led by oncology, genomics, NGS, and women & child health. The TruHealth bundled portfolio grew 24%, highlighting the growing demand for preventive, personalized, and end-to-end care.

Operationally, automation, AI adoption, and digital integration are driving efficiencies, reducing turnaround times, and strengthening clinician engagement. Our strategic acquisitions have been successfully integrated, contributing meaningfully to revenues and enhancing capabilities, particularly in North India, where revenue share has nearly doubled to 17%.

Looking ahead, we remain focused on scaling Specialty Diagnostics, expanding preventive care offerings, and leveraging digital innovation to enhance both patient experience and clinician trust. With our comprehensive test menu, pan-India network, and disciplined execution, we are confident of delivering sustainable and profitable growth through FY26 and beyond.

BT: Looking ahead, could you outline your expansion plans—both organic and inorganic?

SC: Our expansion strategy is guided by a clear focus on relevance, science, and accessibility. Organically, we aim to deepen our presence in metros while accelerating growth in Tier II and Tier III cities, where demand for preventive and specialized diagnostics is rising rapidly. We are also expanding our portfolio across oncology, neurology, nephrology, gastroenterology, gynaecology, and infectious diseases, supported by digital platforms that enhance accessibility and patient engagement.

Inorganically, our approach remains disciplined and value driven. We continue to evaluate selective acquisitions that offer regional leadership, credibility, and scientific alignment, particularly in Northern and Eastern India. The successful integration of Core Diagnostics, Scientific Pathology, and Dr. Ahuja’s Pathology has strengthened our specialty capabilities and boosted our presence in high-growth micro-markets, giving us confidence to pursue opportunities under our “string of pearls” model without diluting operational focus.