Metropolis Healthcare Limited concluded its 26th Annual General Meeting (AGM) on August 18, 2026, with shareholders approving key corporate governance resolutions and financial outcomes for the fiscal year ended March 31, 2026. The meeting, conducted via video conferencing in compliance with Ministry of Corporate Affairs circulars, commenced at 10:00 am and concluded at 10:54 am IST.

The primary financial resolution involved the confirmation of dividend payments for FY26. Shareholders approved the payment of a first interim dividend of ₹4.00 and a second interim dividend of ₹1.00 per equity share, bringing the total payout to ₹5.00 per share for the year. This distribution reflects the company's capital return strategy following the adoption of its audited standalone and consolidated financial statements.

Governance and Appointments

The AGM addressed several critical governance matters, including the re-appointment of board members and external auditors. Dr. Aparna Rajadhyaksha was re-appointed as a director liable to retire by rotation. A special resolution was passed to approve the re-appointment of Dr. Sushil Shah as a Non-Executive Non-Independent Director, along with the continuation of his directorship under SEBI Listing Regulations. The remuneration payable to Dr. Shah was also approved via a special resolution.

Auditor Ratifications

Shareholders appointed M/s. Deloitte Haskins & Sells Chartered Accountants LLP as the Statutory Auditors for the company and fixed their remuneration. Additionally, the remuneration for M/s. Joshi Apte & Associates, the Cost Auditors for the financial year 2026-27, was ratified.

Voting Results

The scrutinizer’s report, submitted by AVS & Associates on August 19, 2026, detailed the voting outcomes for the resolutions. The cut-off date for voting eligibility was August 11, 2026. Remote e-voting was conducted from August 14 to August 17, 2026, while electronic voting took place during the AGM.

Overall participation was high, with approximately 87.09% of outstanding shares polled across most resolutions. The promoter group, holding 9,92,11,984 shares, voted in favour of all resolutions without any dissenting votes. Public institutional holders showed strong support, though minor dissent was recorded on specific governance items.

Notably, the re-appointment of Dr. Aparna Rajadhyaksha saw 23,12,499 votes against (1.28%), primarily from public institutional holders. Similarly, the remuneration for Dr. Sushil Shah faced 23,95,937 votes against (1.33%). All other resolutions, including the adoption of financial statements and the dividend payout, received near-unanimous or unanimous support.

Meeting Proceedings

Ms. Ameera Shah, Chairperson & Whole-time Director, presided over the meeting, providing an overview of the company’s performance in FY25-26 and outlining strategic priorities. The quorum was established with 40 shareholders attending through video conferencing.

The e-voting process, administered by National Securities Depository Limited (NSDL), allowed remote voting from August 14 to August 17, 2026. Voting during the AGM remained open for 15 minutes for those who had not cast remote votes. Mr. Vijay Yadav of M/s. AVS & Associates served as the scrutinizer for the e-voting process.

Statutory auditors from BSR & Co. LLP, internal auditors from PricewaterhouseCoopers Services LLP, secretarial auditors from Manish Ghia & Associates, and cost auditors from Joshi Apte & Associates were present to address shareholder queries. The complete voting results and scrutinizer’s report have been published on the BSE, NSE, and NSDL websites.

Metropolis Healthcare reported a 26% year-on-year rise in profit after tax (PAT) to ₹56.9 crore for the first quarter of FY27, driven by robust volume growth and significant operating leverage. Revenue from operations expanded by 17% to ₹450.2 crore, while EBITDA grew by 27% to ₹113.2 crore. The strong financial performance reflects the company’s successful execution of its "Metropolis 3.0" strategy, emphasizing technology integration, scientific differentiation, and network expansion in Tier-2 and Tier-3 cities. Management reaffirmed its revenue growth outlook of 14% to 15% for the current financial year.

The unaudited consolidated financial results were disclosed on August 4, 2026, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The earnings conference call was held on August 5, 2026, led by Executive Chairperson Ameera Shah, Managing Director Surendran Chemmenkotil, Chief Financial Officer Sameer Patel, and Chief Marketing Officer Mohan Menon. The transcript was subsequently filed with BSE Limited and NSE India on August 10, 2026.

Financial Performance

Revenue from operations reached ₹450.2 crore in Q1FY27, up from ₹386.1 crore in the corresponding period of the previous year. EBITDA expanded significantly by 27% to ₹113.2 crore, leading to an EBITDA margin improvement of 210 basis points to 25.2%, up from 23.1%. PAT margin also widened to 12.6% from 11.7%. Despite a decline in other income to ₹5.1 crore from ₹7.5 crore and an increase in finance costs to ₹8.3 crore from ₹4.6 crore, the bottom line remained resilient due to strong operational efficiency.

Operational Drivers

Operational metrics reflected sustained demand across all segments. Patient volume grew by 10% year-on-year to 3.7 million, while test volume increased by 11% to 7.8 million. Revenue per Patient (RPP) rose 6% to ₹1,219, and Revenue per Test (RPT) improved by 5% to ₹575. Management highlighted that this revenue growth was achieved without implementing any price hikes since January 2025, relying instead on organic volume expansion and a richer test mix. B2C revenue expanded 18% to ₹257 crore, driven by brand pull and digital engagement, whereas B2B revenue increased 15% to ₹193 crore due to a broader clinician network.

Segment-wise, TruHealth revenue grew 22% to ₹81 crore, representing 18% of the segment mix. Premium TruHealth packages saw over 50% growth, while radiology-integrated wellness packages increased by more than 40%. Specialty revenue rose 17% to ₹178 crore, accounting for 40% of the mix. Geographically, Tier III cities emerged as the fastest-growing markets with revenue increasing around 25% year-on-year, outpacing Tier II (14%) and Tier I cities (11%).

Strategic Initiatives and Guidance

The company’s service network expanded to 5,003 points, an 8% YoY increase, with 295 new service points added in Q1FY27 despite the rationalisation of 318 non-productive centres. Management aims to add approximately 400 to 500 new centers in Tier 2 and Tier 3 towns this year, targeting a center-to-laboratory ratio of about 1-to-30 by year-end. Capital expenditure is anticipated to be approximately ₹65 crore for the current year, consistent with the previous year's spending.

On margins, EBITDA margin is projected to improve by 100 to 150 basis points this financial year, with a target of 27% to 28% over the current and next year. The integration of Core Diagnostics, acquired in March 2025, continues to strengthen the company’s genomics platform and North India presence, which now contributes 18% of total revenue. North India has emerged as the fastest-growing region, supported by deep clinician relationships and advanced testing capabilities.

What the Numbers Show

The divergence between revenue growth (16.6%) and EBITDA growth (27.1%) highlights significant operating leverage, with EBITDA margin expanding by 210 basis points to 25.2%. The disproportionate growth in Tier III cities (25%) compared to Tier I (11%) indicates a structural shift in the company's revenue base towards lower-competition markets. The decline in other income and rise in finance costs were fully offset by core operational efficiencies, demonstrating the quality of earnings. Furthermore, the absence of price increases despite inflationary pressures underscores the strength of volume-driven growth and market share gains.