Dr. Lal PathLabs Limited (LALPATHLAB.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+4.3%

₹2,007.38

vs ₹1,925.40 price

Levered DCF

₹1,977.31

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	43.39×	41.03×	53.14×	63.43×	62.79×	76.6×	51.12×	43.39×
P/B	8.73×	9.21×	10.3×	9.12×	14.36×	17.99×	11.2×	9.16×
P/S	7.93×	8.13×	8.55×	7.53×	10.37×	14.16×	8.7×	7.2×
EV / EBITDA	25.61×	25.19×	27.91×	28.87×	35.56×	45.74×	28.86×	25.12×
Gross margin	42.0%	66.6%	65.7%	63.8%	75.9%	62.0%	111.0%	112.5%
Operating margin	22.5%	22.8%	21.0%	17.4%	35.3%	23.0%	33.5%	34.3%
Net margin	18.3%	19.8%	16.1%	11.8%	16.5%	18.4%	17.0%	16.6%
Current ratio	3.48×	3.39×	2.42×	2.07×	1.75×	4.18×	3.93×	5.88×
Debt / equity	0.08×	0.07×	0.13×	0.25×	0.35×	0.12×	0.13×	0×
Interest coverage	27.22×	25.13×	15.9×	9.36×	24.43×	22.77×	29.07×	491.68×
Dividend yield	1.0%	1.0%	1.1%	0.7%	0.5%	0.4%	1.3%	0.6%
Payout ratio	44.1%	42.6%	56.2%	43.1%	33.8%	34.1%	68.8%	27.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	20.1%	22.4%	19.3%	14.3%	22.9%	23.4%	21.9%	21.1%
Return on invested capital	16.9%	18.2%	15.7%	11.6%	26.1%	19.2%	27.6%	28.9%
Return on assets	16.0%	17.9%	14.6%	10.0%	14.7%	17.6%	16.4%	18.3%
Free cash flow yield	2.4%	2.6%	2.5%	2.7%	-0.1%	1.5%	1.8%	2.0%
Earnings yield	2.3%	2.4%	1.9%	1.6%	1.6%	1.3%	2.0%	2.3%
Enterprise value	₹218.6B	₹198.8B	₹189.3B	₹153.5B	₹218.1B	₹223B	₹115B	₹85.3B
Net debt / EBITDA	-0.05×	-0.17×	-0.17×	0.29×	0.25×	-0.19×	-0.17×	-0.38×
Cash conversion cycle (days)	-12	-54	-53	-44	-50	-41	171	146