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July 30, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, Corporate Relationship Department Plot No. C/1, G Block, Phiroze Jeejeebhoy Towers Bandra Kurla Complex, Bandra (E) Dalal Street Mumbai – 400 051 Mumbai – 400 001 Symbol: LALPATHLAB Scrip Code: 539524 Sub: Transcript of Q1 & FY27 Earnings Conference Call Dear Sir/ Madam, Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached herewith Transcript of Earnings Conference Call on Financial Results for Q1 & FY27. We request you to please take the same on record. Thanking You, Yours Faithfully, For Dr. Lal PathLabs Limited Vinay Gujral Company Secretary & Compliance Officer Encl.: As above Classification: Internal Dr Lal PathLabs Limited Q1 FY27 Earnings Conference Call Transcript July 24, 2026 Call Duration • 1 hour Management Speakers • (Hony) Brig. Dr. Arvind Lal - Executive Chairman • Mr. Shankha Banerjee - Chief Executive Officer • Mr. Ved Prakash Goel - Group CFO and CEO, International Business Participants who asked • Amey Chalke – JM Financial questions • Tausif Shaikh – BNP Paribas • Yogesh Soni – Haitong Securities • Anshul Agrawal – Emkay Global • Prakash Kapadia – Kapadia Financial Services • Saion Mukherjee – Nomura • Shyam Srinivasan – Goldman Sachs • Rahul Jeewani – IIFL Securities • Sudarshan • Parth Sodha – Trinetra Asset Management • Abdulkader Puranwala – ICICI Securities • Sumit Gupta – Antique • Akash Shah – Investec • Surya Narayan – Phillip Capital • Mohammed Patel – Edelweiss Public Alternatives Page 1 of 20 Moderator: Ladies and gentlemen, good day and welcome to Dr Lal PathLabs’ Q1 FY27 Earnings Conference call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the call, please signal an operator by pressing star then zero on your touchtone phone. I now hand the conference over to Mr. Siddharth Rangnekar from CDR India. Thank you and over to you, sir. Siddharth Rangnekar: Thank you. Good evening, everyone, and welcome to Dr. Lal PathLabs’ Q1 FY27 earnings conference call. Today, we are joined by senior members of the management team, including (Hony) Brig. Dr. Arvind Lal, Executive Chairman, Mr. Shankha Banerjee, CEO and Mr. Ved Prakash Goel, Group CFO and CEO International Business. I would like to share our standard disclaimer. Some of the statements made on today's call could be forward-looking in nature and actual results could vary from these forward-looking statements. A detailed description in this regard is available in the results presentation that has been circulated to you and is also available on the stock exchange websites. I would now like to invite Dr. Arvind Lal to share his perspectives. Thank you, and over to you, sir. Dr. Arvind Lal: Thank you very much. Good evening, ladies and gentlemen, and welcome to our first earnings call for the financial year 2027. FY2027 is, for us, a year of execution: scaling what we have already built, deepening our reach into new markets, including rural. The Indian diagnostics industry remains firmly in a structural growth phase. Demand is no longer anchored only to episodic illness; it is increasingly shaped by the rising burden of lifestyle and non-communicable diseases, growing health awareness, and rising disposable incomes that are making regular, preventive testing a part of everyday life. We also remain deeply committed to providing access to quality diagnostics in the underserved regions of the country. Towards that cause, we have launched a rural outreach program, which is now active in 7 states, and we have tested more than 1,10,000 patients in these areas in the first quarter of this year. Page 2 of 20 We have continued to widen our footprint with purpose. The incorporation of our wholly owned subsidiary in Dubai marks a considered first step in extending our diagnostic expertise outside India, building on our existing presence in Nepal and Bangladesh. In parallel, the broader healthcare ecosystem is expanding, with hospitals across the country adding new capacity and capability. This tailwind is opening up deeper integration, stronger clinical partnerships, and greater scope for super-specialised testing over time. Dr. Lal PathLabs is well placed to lead through this shift, and our continued investment in scientific leadership, R&D, digital infrastructure and service standards, is aimed squarely at capturing it responsibly for the long term. I will now hand over to Shankha Banerjee to take you through our operational and financial performance for the quarter. Over to you, Shankha. Shankha Banerjee: Thank you, Dr. Lal, and good evening, everyone. I’m glad to be here today to review our operational performance and strategic milestones as we conclude the first quarter of financial year 2027. We have entered the new fiscal year with strong operational momentum, sustaining the resilient growth trajectory established in FY26. We achieved a revenue of Rs. 798 crore in Q1 FY27, registering a year-on-year growth of 19.1%. It is important to note that this revenue growth rate is the highest quarterly growth rate achieved in last 4 years. The revenue growth is mainly driven by Patient volumes which stood at 8.2 million with a growth of 8.2% and sample volumes which stood at 25.9 million with a growth of 10.7%. It is important to note that our performance continues to be driven by underlying organic business strength. Our execution strategy rests on three key pillars: 1. Scientific Leadership: We have launched 116 new tests with 4 first in India tests in this quarter. Expanded advanced diagnostics through NGS Chimerism, Flow Cytometry MDS Assay, Perforin Assay, AI-enabled Histopathology, and 81 specialized Genomics assays. 2. Enhanced Patient Experience: We have launched a GenAI Patient Bot on WhatsApp - SwasthAI enabling conversational transactions. Delivered with journeys for Test Enquiry, Prescription Upload, Location Enquiry, and Report Page 3 of 20 Access. It reduces booking friction, personalises interactions, and positions DLPL at the forefront of GenAI patient engagement. 3. Operational Excellence: The sustained focus on operational excellence has resulted in Industry leading TAT on Whole Exome Sequencing to 15 days and an Express Whole Exome Sequencing in 10 days. Our routine testing portfolio of more than ~400 tests is now delivered in 3 hours for almost 90% of walk-in patients. We continue to leverage our Digital Infrastructure & AI tools to improve customer experience, optimize operations, and advance clinical capabilities in areas such as histopathology and cancer diagnostics. Looking ahead, we are well-positioned to maintain our targeted sustainable revenue growth over the medium term, backed by structural volume tailwinds, expanding diagnostic footprint, and enhanced focus on high-end specialized tests. We also retain a significant pricing headroom as a strategic lever going forward. I will now hand over the call to Ved to discuss the financial metrics for the quarter in more detail. Ved Prakash Goel: Thank you, Shankha. Good evening, everyone, and a warm welcome. Thank you for joining us today. I will take you through the key financial highlights for the quarter ended 30th June 2026. • Revenue for Q1 FY27 stood at Rs. 798 crore, compared to Rs. 670 crore in the same quarter last year, reflecting a strong growth of 19.1%. • Revenue per patient rose to Rs. 968, up 10% from Rs. 880 in Q1 last year, driven by a favourable change in the test and geography mix and increase in CGHS, ECHS prices. • Test per patient increased to 3.14, compared to 3.07 in the same period last year, highlighting continued traction in our Swasthfit portfolio. • EBITDA for the quarter came in at Rs. 247 crore, v/s Rs. 192 crore in Q1 FY26, with a growth of 28.7%, with EBITDA margin of 31.0%. • Profi [Showing first 8,000 characters — download PDF for full document]