Molbio Diagnostics
Molbio Diagnostics (MOLBIO) share price was ₹1,312.70 at the 28 Oct 2026 close; market capitalisation ₹15,128 Cr; P/E (TTM) 117.21; sector Healthcare. In the Jun 2026 quarter, revenue rose 319.1% year on year to ₹399.4 Cr and net profit was ₹57 Cr, against −₹13 Cr a year earlier (compared with Jun 2025). Promoters held 41.29% of Molbio Diagnostics in Sep 2026.
Key Fundamentals
SmallcapPrice-based figures as of 29 Oct 2026, 10:43 IST · TTM
Peer Comparison
Healthcare › Healthcare Equipment & Supplies › Medical Equipment & Supplies
| Molbio Diagnostics (this company) | ₹1,296.30 | 115.74 | 14,939 Cr | 10.91 | 0.00% | 12.54% | 16.63% | 1,077 Cr | 125 Cr |
|---|---|---|---|---|---|---|---|---|---|
| ₹1,463.00 | 47.06 | 14,829 Cr | 4.77 | 0.24% | 10.18% | 13.33% | 2,115 Cr | 313 Cr | |
| ₹26.32 | 69.26 | 1,723 Cr | 3.77 | 0.20% | 8.11% | 12.69% | 373 Cr | 24 Cr | |
| ₹307.70 | 147.22 | 1,637 Cr | 2.58 | 0.66% | 2.26% | 4.82% | 468 Cr | 11 Cr | |
| ₹536.10 | 25.41 | 1,251 Cr | 2.56 | 0.00% | 22.63% | 26.37% | 201 Cr | 34 Cr | |
| ₹179.16 | 31.94 | 986 Cr | 4.05 | 0.00% | 10.83% | 11.51% | 289 Cr | 31 Cr | |
| ₹577.00 | — | 839 Cr | 5.35 | 0.00% | 13.22% | 19.52% | — | — | |
| Median 7 companies | ₹536.10 | 58.16 | 1,637 Cr | 4.05 | 0.00% | 10.83% | 13.33% | 421 Cr | 33 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the live price; other metrics are as reported in filings. A dash means the figure is not published for that company. 1 company is not shown because they are not listed on an exchange we cover.
Tapetide Score
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Key Insights
Strengths
1- Company's working capital requirements have reduced from 179 days to 143 days
Technical Indicators
Oscillators
Bullish
Overall
Neutral
Moving Averages
Bearish
Growth Rate
change over 1 year
change over 1 year
change over 1 year
change over 1 year Operating margin 23% · Jun 2026
Analyst Forecasts
AI Analysis — Bull vs Bear
Molbio Diagnostics trades at ₹1,312.7 per share as of 2026-10-28 with a market cap of ₹15,127.55 Cr. The company shows strong TTM sales growth of 35% but carries a PE of 117.21x, reflecting premium valuation. Its debt-to-equity ratio stands at a conservative 0.31, while ROE at 12.54% and ROCE at 16.63% indicate moderate capital efficiency.
- TTM compounded sales growth of 35% indicates strong recent revenue momentum, suggesting robust demand for the company's diagnostic products
- Low debt-to-equity ratio of 0.31 as of 2026-10-28 reflects a conservatively leveraged balance sheet, reducing financial risk
- ROCE of 16.63% is healthy and exceeds the cost of capital for most Indian companies, indicating productive deployment of total capital
- 3-year compounded sales CAGR of 59% demonstrates a strong medium-term revenue expansion track record
- Working capital cycle has improved from 179 days to 143 days, freeing up cash and improving operational efficiency
- 3-year ROE average of 15% and 5-year ROE average of 16% show consistent ability to generate returns on shareholder equity over time
- The stock is trading at ₹1,312.7 versus its 52-week low of ₹926.35, representing a recovery of approximately 42% from the bottom, reflecting renewed investor interest
- 3-year compounded profit CAGR of 111% shows very strong earnings growth over the medium term, albeit from a potentially low base
- PE of 117.21x as of 2026-10-28 is extremely elevated relative to broader market and healthcare sector averages, leaving little margin of safety
- Price-to-book ratio of 11.05x implies the stock trades at a steep premium to its book value, making valuation demanding
- TTM compounded profit growth of only 1% versus TTM sales growth of 35% suggests significant margin compression or rising costs eroding profitability
- 5-year compounded profit CAGR of -19% indicates that over a longer horizon, earnings have actually declined, raising concerns about sustainable profitability
- Dividend yield of 0% as of 2026-10-28 means shareholders receive no income return, relying entirely on capital appreciation
- Current ROE of 12.54% has declined from the 5-year average of 16%, suggesting a deteriorating trend in return on equity
- The stock trades approximately 22% below its 52-week high of ₹1,686.8, indicating the stock has faced notable selling pressure from its peak
- 5-year compounded sales CAGR of just 1% raises questions about the durability of the recent 35% TTM sales growth and whether it is a one-off rebound rather than a structural trend
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Extreme valuation at 88-90x PE Oct 22
Stock trades at 88-90x P/E with limited listing history, leaving little room for execution missteps. At peak of ₹1,686.80 on Sep 11, it traded at ~118x P/E on FY26 earnings.
- Heavy government revenue concentration Oct 05
80% of FY26 revenue came from B2G segment, TB testing accounts for 70% of revenue and 96% of test-kit volumes, and top 10 customers represent 83% of FY26 revenue.
- Stock corrected 22% from highs Oct 22
Shares fell to ₹1,322 on Oct 21 (7.86% single-day decline), down 22% from the all-time high of ₹1,686.80 hit on Sep 11, driven by profit-booking and valuation concerns.
- Export revenue declined in FY26 Sep 30
Export revenue fell from ₹197 crore in FY25 to ₹139 crore in FY26 despite domestic revenue growing 59%. No US FDA clearance for Truenat platform yet.
- OptraScan still loss-making Sep 30
OptraScan contributed a ₹22 crore loss in FY26 with minimal ~₹9 crore revenue. Goodwill plus intangibles jumped from ₹57 crore to ₹233 crore (17.8% of equity), creating impairment risk if scaling fails.
- Lumpy government tender cycles Oct 05
Dependence on government healthcare tenders and institutional procurement leads to uneven quarterly results due to tender awards, approvals, and shipment schedules.
- Strong FY26 revenue growth 41.7% Oct 22
Revenue rose 41.7% YoY to ₹1,446 crore in FY26, net profit grew 14.9% to ₹164 crore, and test-kit volumes doubled from 8.8M to 17.6M units at 41% CAGR over FY24-26.
- Q1 FY27 breakout quarter Oct 22
Q1 FY27 revenue surged to ₹408.4 crore from ₹99.7 crore YoY, EBITDA reached ₹103.7 crore vs a ₹14.5 crore loss, and test-kit volumes hit 6.2M units vs 0.8M in Q1 FY26.
- All analysts rate Buy Oct 05
All three covering analysts maintain Buy ratings: Motilal Oswal at ₹1,800 (bull case ₹2,575), Jefferies at ₹1,600, and IIFL at ₹1,550, implying 20-70% upside from current levels.
- Massive recurring revenue moat Sep 30
Truenat's closed proprietary system drives 74% of product revenue from recurring consumables, with 12,500+ devices across 90+ countries and 207 patents in 100+ countries built over 13 years of R&D.
- Revenue can double on existing capacity Oct 22
Manufacturing capacity utilization stands at just 58% for test kits and 42% for devices in FY26. Management indicates revenue could potentially double with limited additional capex.
- Jefferies projects 47% PAT CAGR Sep 30
Jefferies forecasts 22% revenue CAGR, 36% EBITDA CAGR, and 47% PAT CAGR over FY26-29, with EBITDA margins expanding 830bps and EPS rising from ₹14.5 to ₹45.7.
- Diversification beyond Truenat accelerating Sep 30
Prognosys (portable X-ray) expected to reach ₹390 crore revenue by FY29 at 36% CAGR, and OptraScan (digital pathology) projected at ₹290-300 crore by FY29 with 35%+ EBITDA margins after US FDA 510(k) clearance in Jul 2026.
- Dominant 90%+ public sector base Oct 22
Molbio holds 90%+ of India's public-sector molecular diagnostic installed base across 8,000-9,000 health centres, with only 1,400 of 17,000 private facilities currently having molecular diagnostics, offering large expansion runway.
- Kotak MF crosses 5% stake Oct 13
Kotak Mahindra Mutual Fund acquired 570,000 shares, pushing its holding to 5.48% under SAST regulations, signaling institutional confidence in the recently listed stock.
- India Business Excellence Fund sells Oct 01
India Business Excellence Fund III sold 23.77 lakh shares, reducing its holding to 6.85%, a 2.06% stake reduction likely representing post-IPO portfolio rebalancing.
- ₹305 crore block deal on BSE Sep 30
Approximately 22.33 lakh shares changed hands on BSE at ₹1,315 per share in a large block deal worth ₹305.42 crore, indicating active institutional position adjustments post-listing.
TL;DR: Molbio Diagnostics is a high-growth diagnostics company with a compelling razor-and-blade model — 41.7% revenue growth in FY26, explosive Q1 FY27 results, and a dominant 90%+ public-sector installed base with significant underutilized capacity. Key risks are the stretched 88-90x PE valuation, heavy concentration in government TB orders (70% of revenue, 83% from top 10 customers), and early-stage diversification bets like OptraScan that are still loss-making. All three covering analysts maintain Buy ratings with 20-70% upside targets, but execution must be near-flawless at current multiples — the next few quarters of test-kit volume growth and margin expansion will determine whether the premium valuation is justified.
Quarterly Results
| Particulars | Jun 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|
| Sales | 95 | 439 | 399 |
| Expenses | 105 | 332 | 308 |
| Operating Profit | -10 | 107 | 92 |
| OPM % | -10% | 24% | 23% |
| Other Income | 1 | 3 | 1 |
| Interest | 2 | 9 | 9 |
| Depreciation | 7 | 10 | 8 |
| PBT | -17 | 91 | 76 |
| Tax % | -23% | 28% | 25% |
| Net Profit | -13 | 66 | 57 |
| EPS (₹) | -5.95 | 5.83 | 5.02 |
Profit & Loss
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Sales | 1,271 | 776 | 327 | 756 | 971 | 1,313 |
| Expenses | 676 | 457 | 286 | 552 | 746 | 1,061 |
| Operating Profit | 595 | 319 | 40 | 204 | 226 | 252 |
| OPM % | 47% | 41% | 12% | 27% | 23% | 19% |
| Other Income | 1 | 5 | 8 | -21 | -2 | 4 |
| Interest | 35 | 25 | 6 | 8 | 9 | 23 |
| Depreciation | 12 | 42 | 19 | 24 | 26 | 36 |
| PBT | 549 | 258 | 23 | 152 | 188 | 198 |
| Tax % | 25% | 27% | 32% | 27% | 26% | 27% |
| Net Profit | 410 | 187 | 16 | 111 | 140 | 145 |
| EPS (₹) | 2,027 | 833 | 69 | 493 | 62 | 12.83 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
Balance Sheet
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 2 | 2 | 2 | 11 |
| Reserves | 333 | 681 | 737 | 848 | 988 | 1,123 |
| Borrowings | 257 | 105 | 57 | 70 | 26 | 346 |
| Other Liabilities | 215 | 85 | 123 | 157 | 291 | 260 |
| Total Liabilities | 806 | 874 | 920 | 1,077 | 1,307 | 1,741 |
| Fixed Assets | 55 | 182 | 189 | 209 | 215 | 257 |
| CWIP | 100 | 0 | 0 | 2 | 18 | 6 |
| Investments | 9 | 9 | 54 | 54 | 95 | 317 |
| Other Assets | 643 | 683 | 676 | 813 | 980 | 1,160 |
| Total Assets | 806 | 874 | 920 | 1,077 | 1,307 | 1,741 |
Cash Flow
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Operating | 344 | 98 | 68 | 38 | 249 | -38 |
| Investing | -142 | -87 | -51 | -31 | -98 | -256 |
| Financing | -192 | -20 | 31 | -24 | -17 | 292 |
| Net Cash Flow | 10 | -9 | 48 | -18 | 133 | -2 |
| Free Cash Flow | 212 | 35 | 55 | 24 | 206 | -74 |
| CFO/OP | 78 | 53 | 251 | 39 | 139 | 6 |
Ratios
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor Days | 61 | 113 | 194 | 174 | 86 | 100 |
| Inventory Days | 261 | 402 | 885 | 393 | 395 | 286 |
| Days Payable | 124 | 64 | 201 | 129 | 226 | 130 |
| Cash Conversion Cycle | 198 | 450 | 877 | 438 | 254 | 256 |
| Working Capital Days | 75 | 206 | 479 | 239 | 155 | 143 |
| ROCE % | — | 41% | 4% | 22% | 21% | 18% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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33 extracted metrics + investor summaries across FY21–FY27.
Documents
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Company Information
Molbio Diagnostics is an innovative point- of-care (POC) diagnostics company that develops affordable, rapid, and accurate diagnostic solutions for infectious and non-communicable diseases. Its flagship product, Truenat, is a portable, battery-powered PCR testing platform that delivers results within an hour. Designed for use in resource-limited settings, it enables quick and decentralised disease diagnosis at the point of care. Through its wholly owned subsidiary, Bigtec Labs, Molbio has strong research and development capabilities focused on creating diagnostic platforms for point-of- care (POC) testing. From product development to large-scale deployment, the company aims to improve access to reliable and affordable healthcare for everyone.[1]
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