External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Metropolis Healthcare Limited / Equity Bottom-Up

<ul><li>MHL’s Q3FY25 EBITDA missed street/our estimates by 9%/4%, with revenue growing 11% YoY driven by B2C revenue improving 15% YoY.</li><li>Owing to the implementation of various micro-market strategies, the management expects 13% revenue growth for Q4 with +25% margin.</li><li>MHL has identified various B2C local market leaders (especially in the North) that can be acquired and then easily ramped up – similar to its actions with Core Diagnostics.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MHL’s Q3FY25 EBITDA missed street/our estimates by 9%/4%, with revenue growing 11% YoY driven by B2C revenue improving 15% YoY.Owing to the implementation of various micro-market strategies, the management expects 13% revenue growth for Q4 with +25% margin.MHL has identified various B2C local market leaders (especially in the North) that can be acquired and then easily ramped up – similar to its actions with Core Diagnostics.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Metropolis Healthcare - Soft Quarter; Outlook Remains Promising

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Metropolis’ Q3FY25 result was impacted by lower sales from institutional biz (2% impact on revenue) and muted growth in acute ailment tests.</li><li>In last 4 years, Metropolis has widened its lab network by 68% to 209 labs in 9MFY25. With sufficient lab network in place, the company’s focus ahead is on adding spokes and the target is to have 30 collection centres per lab as against 21 currently.</li><li>Besides, new lab additions have dented its EBITDA margin by 100-150bps and the impact is likely to reverse ahead on the back of price hikes and operating leverage.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Metropolis’ Q3FY25 result was impacted by lower sales from institutional biz (2% impact on revenue) and muted growth in acute ailment tests.In last 4 years, Metropolis has widened its lab network by 68% to 209 labs in 9MFY25. With sufficient lab network in place, the company’s focus ahead is on adding spokes and the target is to have 30 collection centres per lab as against 21 currently.Besides, new lab additions have dented its EBITDA margin by 100-150bps and the impact is likely to reverse ahead on the back of price hikes and operating leverage.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Metropolis Healthcare - Growth Levers Adequately in Place

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>The Indian diagnostic sector has exited the post-COVID "volume hangover." Leading players are pivoting from pandemic-era testing to sustainable drivers: wellness packages, specialized testing (oncology/genomics), and aggressive Tier-3/4 expansion.</li>
<li>Organized chains currently hold 20-24% market share. With pricing discipline returning and digital aggregators reducing discounts, listed players are poised to gain share from the unorganized fragment (80% of market).  </li>
<li>Valuations have corrected to attractive levels. We see a strong re-rating potential for pan-India players with robust balance sheets capable of funding M&amp;A and organic expansion.</li>
</ul>


The Indian diagnostic sector has exited the post-COVID "volume hangover." Leading players are pivoting from pandemic-era testing to sustainable drivers: wellness packages, specialized testing (oncology/genomics), and aggressive Tier-3/4 expansion.
Organized chains currently hold 20-24% market share. With pricing discipline returning and digital aggregators reducing discounts, listed players are poised to gain share from the unorganized fragment (80% of market).  
Valuations have corrected to attractive levels. We see a strong re-rating potential for pan-India players with robust balance sheets capable of funding M&amp;A and organic expansion.


Thematic Report on India Diagnostics: The Great Consolidation and the Rise of Organized Chains

Thyrocare Technologies / Equity Bottom-Up

<ul>
<li>The generic availability of GLP-1 drugs from 2026 presents a structural, high-volume, and repetitive diagnostics opportunity that perfectly fits Thyrocare's low-cost, centralized B2B model.</li>
<li>
<a href="https://www.smartkarma.com/entities/thyrocare-technologies-ltd" target="_blank" data-smartkarma-citation="entities:22694:1" rel="noopener">Thyrocare Technologies (THYROCAR IN)</a> reported robust Q2 FY'26 consolidated revenue growth of 22% YoY, coupled with a normalized EBITDA margin expansion to 34.8%.</li>
<li>Strong execution and quality improvements position Thyrocare to capture this multi-year GLP-1-driven volume surge.</li>
</ul>


The generic availability of GLP-1 drugs from 2026 presents a structural, high-volume, and repetitive diagnostics opportunity that perfectly fits Thyrocare's low-cost, centralized B2B model.

Thyrocare Technologies (THYROCAR IN) reported robust Q2 FY'26 consolidated revenue growth of 22% YoY, coupled with a normalized EBITDA margin expansion to 34.8%.
Strong execution and quality improvements position Thyrocare to capture this multi-year GLP-1-driven volume surge.


Thyrocare Technologies Limited: Positioned for the GLP-1 Diagnostics

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Takeda has dropped AstraZeneca-partnered antibody drug candidate from its pipeline. Eisai and Merck are closing late-stage trial of Lenvima plus Keytruda in hepatocellular carcinoma on disappointing result.</li>
<li>Wuxi AppTec sharpens CRDMO business by selling its China-based clinical research subsidiaries. FDA has designated Celltrion’s Stoboclo and Osenvelt as interchangeable biosimilars to the reference products Prolia and Xgeva, respectively.</li>
<li>CSL is delaying demerger of CSL Seqirus ‘to maximise shareholder value.’ PharmaEssentia has filed for the additional indication of Besremi for Essential Thrombocythemia (ET) with the FDA.</li>
</ul>


Takeda has dropped AstraZeneca-partnered antibody drug candidate from its pipeline. Eisai and Merck are closing late-stage trial of Lenvima plus Keytruda in hepatocellular carcinoma on disappointing result.
Wuxi AppTec sharpens CRDMO business by selling its China-based clinical research subsidiaries. FDA has designated Celltrion’s Stoboclo and Osenvelt as interchangeable biosimilars to the reference products Prolia and Xgeva, respectively.
CSL is delaying demerger of CSL Seqirus ‘to maximise shareholder value.’ PharmaEssentia has filed for the additional indication of Besremi for Essential Thrombocythemia (ET) with the FDA.


APAC Healthcare Weekly (November 2) – Takeda, Eisai, Wuxi AppTec, Celltrion, CSL, PharmaEssentia

India

Metropolis Healthcare Limited provides medical and laboratory services. The Company offers pathology testing, imaging and nuclear medicine, clinical trails, and home health services. Metropolis Healthcare operates chains of diagnostic centers across India.

Metropolis Healthcare Limited (METROHL IN)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Metropolis Healthcare Limited (METROHL IN)

Metropolis Healthcare - Soft Quarter; Outlook Remains Promising

MHL’s Q3FY25 EBITDA missed street/our estimates by 9%/4%, with revenue growing 11% YoY driven by B2C revenue improving 15% YoY.

Emkay

Metropolis Healthcare - Growth Levers Adequately in Place

Metropolis’ Q3FY25 result was impacted by lower sales from institutional biz (2% impact on revenue) and muted growth in acute ailment tests.

ICICI Securities Limited

Thematic Report on India Diagnostics: The Great Consolidation and the Rise of Organized Chains

Indian diagnostic sector shifts focus from pandemic testing to sustainable growth drivers, with listed players poised to gain market share from...

Nimish Maheshwari

Thyrocare Technologies Limited: Positioned for the GLP-1 Diagnostics

Thyrocare Technologies poised to capitalize on GLP-1 drug availability from 2026 with strong Q2 performance and low-cost B2B model.

Nimish Maheshwari

APAC Healthcare Weekly (November 2) – Takeda, Eisai, Wuxi AppTec, Celltrion, CSL, PharmaEssentia

Takeda and Eisai witnessed clinical trials setback. Wuxi AppTec is selling China-based CRO subsidiaries. CSL is delaying demerger of CSL Seqirus....

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Metropolis Healthcare - Soft Quarter; Outlook Remains Promising

MHL’s Q3FY25 EBITDA missed street/our estimates by 9%/4%, with revenue growing 11% YoY driven by B2C revenue improving 15% YoY.

Emkay

Metropolis Healthcare - Growth Levers Adequately in Place

Metropolis’ Q3FY25 result was impacted by lower sales from institutional biz (2% impact on revenue) and muted growth in acute ailment tests.

ICICI Securities Limited

Thematic Report on India Diagnostics: The Great Consolidation and the Rise of Organized Chains

​Indian diagnostic sector shifts focus from pandemic testing to sustainable growth drivers, with listed players poised to gain market share from...

Nimish Maheshwari

Thyrocare Technologies Limited: Positioned for the GLP-1 Diagnostics

​Thyrocare Technologies poised to capitalize on GLP-1 drug availability from 2026 with strong Q2 performance and low-cost B2B model.

Nimish Maheshwari

APAC Healthcare Weekly (November 2) – Takeda, Eisai, Wuxi AppTec, Celltrion, CSL, PharmaEssentia

Takeda and Eisai witnessed clinical trials setback. Wuxi AppTec is selling China-based CRO subsidiaries. CSL is delaying demerger of CSL Seqirus....

Tina Banerjee

Indian diagnostic sector shifts focus from pandemic testing to sustainable growth drivers, with listed players poised to gain market share from...

Thyrocare Technologies poised to capitalize on GLP-1 drug availability from 2026 with strong Q2 performance and low-cost B2B model.