May 2026
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Largest HealthTech Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
Max Healthcare Institute, Abbott India, Dr. Lal PathLabs, Indegene and Laxmi Dental.
 | Max Healthcare Institute Ltd is a health care service provider. The company's facilities include third-party healthcare providers with whom the company has entered long-term service contracts for providing clinical, radiology, and pathology services. Its hospitals provide the full range of services through its Outpatient, Day Care, Emergency Room, and In-Patient departments to accommodate medical specialties such as orthopedics, internal medicine, general surgery, cardiac sciences, oncology, neurosciences, and obstetrics, as well as diagnostics. The group derives revenue from India. | $11 | -13% | $10B | $11B | 12.0x | 39.5x | ||
| Abbott India Ltd is a drug manufacturing company that offers products in diagnostics, medical devices, nutritionals, and branded generic pharmaceuticals. Its patient focus centers overwhelmingly on women's health and gastrointestine, gastroenterology, and hepatic care. Geographically, the majority of the company's revenue is generated in India. | $289 | -12% | $6B | $6B | 8.2x | 26.1x | ||
| Dr. Lal PathLabs Ltd is a pathology lab based in India. It is involved in providing diagnostic services and other healthcare tests in the areas of pathology and radiology. The company operates laboratories for carrying out pathological diagnostic services in various branches of biochemistry, hematology, histopathology, microbiology, electrophoresis, immunochemistry, immunology, virology, cytology, and other pathological and radiological investigations. Its diagnostic services assist in preventing, monitoring, and treating diseases and improving health conditions. The company has business operations in India and other countries, of which maximum revenue is generated within India. | $17 | +12% | $3B | $3B | 10.6x | 33.0x | ||
| Indegene Ltd provides digital-led commercialization services for the life sciences industry, including biopharmaceutical, emerging biotech, and medical device companies. It assists them with drug development and clinical trials, regulatory submissions, pharmacovigilance and complaints management, and the sales and marketing of their products. Its portfolio of solutions covers all aspects of commercial, medical, regulatory, and R&D operations for life sciences companies. The company's segments include Enterprise Medical Solutions, Enterprise Commercial Solutions, Omnichannel Activation, and Others. Key revenue is generated from the Omnichannel Activation segment. The company has a presence in India, Europe, and North America, with the majority of revenue coming from North America. | $5 | -19% | $1B | $1B | 3.1x | 16.2x | ||
| Laxmi Dental Ltd is an end-to-end integrated dental products company. Its products include custom-made crowns and bridges, branded dental products such as clear aligners, thermoforming sheets, and aligner-related products as a part of aligner solutions, and paediatric dental products. The Group has three reportable segments: Laboratory Business segment comprises dental prostheses, such as metal-free crowns & bridges, Porcelain Fused to Metal (PFM) Crowns and Bridges, and Dentures. The Aligners Business segment comprises dental aligners, Retainers, Raw Materials for Aligners, Sport Guards, Night Guards, and Sleep Apnea Devices. The Other Business segment comprises Dental distribution products used in Dental Laboratory, Dental Clinical Services, and Dental Educational Courses. | $3 | -38% | $142M | $140M | 5.0x | 25.7x | ||
| Median | $11 | -13% | $3B | $3B | 8.2x | 26.1x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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