November 2026
Largest Laboratory Services Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
Max Healthcare Institute, Fortis Healthcare, Dr. Lal PathLabs, International Gemological and Vijaya Diagnostic Centre.
 | 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. | $9 | -29% | $9B | $9.2B | 10.6x | 39.2x | ||
| Fortis Healthcare Ltd provides integrated healthcare delivery services in India. The company manages healthcare centers including hospitals, diagnostics, and day care specialty facilities. The company's key specialty in its hospital business is cardiac sciences. It is predominantly engaged in the business of healthcare services which is the only reportable segment. The company's key hospitals include Fortis Escorts Heart Institute in Dehli, Fortis Mulund in Mumbai, and Fortis Hospital in Bengaluru. The majority of the company's revenue is derived from India. | $8 | -22% | $6B | $6.5B | 6.8x | 29.8x | ||
| 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. | $20 | +16% | $3.3B | $3.2B | 11.1x | 39.1x | ||
| International Gemological Institute grades and certifies diamonds, coloured stones and jewellery through laboratories in many countries. Customers are jewellery makers, retailers and consumers. It is one of the largest gem grading firms worldwide, with its Indian listed arm based in Mumbai. | $4 | +14% | $1.8B | $1.7B | 15.4x | 25.6x | ||
| Vijaya Diagnostic Centre runs a chain of pathology laboratories and radiology centres, with a network in Hyderabad and other Indian cities. Customers are patients and referring doctors. Headquartered in Hyderabad. | $15 | +37% | $1.6B | $1.6B | 18.5x | 43.0x | ||
| Metropolis Healthcare runs pathology laboratories and collection centres offering routine and specialised tests. Customers are patients, doctors and hospitals. It is one of the larger Indian diagnostic chains. Headquartered in Mumbai. | $6 | +9% | $1.2B | $1.2B | 6.9x | 27.4x | ||
| Diagnostics firm running large central labs that process blood and other tests, mostly for partner labs, hospitals and collection centres. Also sells direct to consumers through a digital channel. Based in Mumbai. | $5 | -9% | $801M | $749M | 8.6x | 26.2x | ||
| Suraksha Diagnostic Ltd offers a one-stop integrated solution for pathology and radiology testing, and medical consultation services to its customers through its extensive operational network, consisting of its flagship central reference laboratory, satellite laboratories, and customer touchpoints which include diagnostic centres and sample collection centres across the states of West Bengal, Bihar, Assam, and Meghalaya. | $3 | +5% | $179M | $185M | 5.7x | 18.3x | ||
| Median | $7 | +7% | $1.7B | $1.6B | 9.6x | 28.6x |
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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