Nicholas Pooran

Motilal Oswal initiated coverage of Molbio Diagnostics with a Buy rating and an Rs 1,800 target, implying about 19% upside. It expects FY26–FY29 revenue to grow at a 23% annual rate, driven by Truenat test-kit sales, new assays such as HPV, international expansion, imaging and digital pathology. Key risks include reliance on TB testing, government-funded programmes and major customers.