Precision oncology is fundamentally transforming cancer treatment by targeting genetic mutations for personalized therapies, moving beyond traditional organ-based treatments. According to The Financial Express, this approach involves identifying mutations like EGFR, ALK, BRCA, and HER2 before selecting therapies that attack tumor biology rather than just the organ of origin. The global precision oncology market was valued at $115 billion in 2024 and is expected to reach $200 billion by 2029, implying an 11-12% CAGR. India's precision oncology market is projected to grow from $4.4 billion in 2024 to $8.9 billion by 2030, exhibiting a 12.6% CAGR. The oncology companion diagnostic market is growing even faster, with projections reaching $255.4 million by 2030 from $111.4 million in 2024, growing at a 13.9% CAGR.
Metropolis Healthcare has positioned itself as India's leading precision oncology diagnostic platform through strategic acquisitions. In December 2024, the company acquired Gurugram-based Core Diagnostics for ₹246.8 crore, transforming oncology testing from 4% to 10% of revenue. Core Diagnostics offers more than 1,300 high-end tests serving 6,000+ specialty prescribers, including 1,600+ top cancer specialists, with ₹110 crore revenue in FY24 and a 22% three-year revenue CAGR. The acquisition created a powerful combination of Core's scientific expertise and Metropolis's nationwide reach through 5,000+ collection centres across 750+ towns. Metropolis reported group revenue of ₹1,646 crore in FY26, growing 24% year-on-year, with net profit rising 31% to ₹191 crore and EBITDA margins reaching 24.4%.
Syngene International represents the research side of precision oncology, working with 16 of the world's top 20 pharmaceutical companies and 400+ global customers. The company has established a strategic partnership with Bristol Myers Squibb (BMS) through 2035, with 700 Syngene scientists working from a dedicated research centre in Bengaluru. Syngene is expanding into antibody-drug conjugates (ADCs), commissioning a new ADC discovery laboratory in Q4FY26. However, the company experienced a 30% stock correction due to a large-scale inventory correction by a biologics customer, with EBITDA margins compressing from 29% in FY25 to 25% in FY26. Despite this temporary setback, Syngene trades at a trailing P/E of 46.9, below its five-year median of 56.6, reflecting market caution around the margin compression.
India is building critical infrastructure to support precision oncology adoption. IIT Madras launched the Bharat Cancer Genome Atlas in February 2025, creating a landmark project to map the genetic landscape of Indian cancer patients. In July 2025, India launched its National Biobank at the CSIR-Institute of Genomics and Integrative Biology in New Delhi, establishing a longitudinal national health database. The rise in cancer cases, with 15.6 lakh new cases and 8.7 lakh deaths in 2024, according to ICMR, combined with declining sequencing costs and AI acceleration, creates powerful structural forces driving this transformation. Both Metropolis Healthcare and Syngene International are positioned to benefit from this structural shift, with Metropolis trading at a P/E of 57.4 and Syngene at 46.9, reflecting market confidence in the long-term precision oncology opportunity despite execution risks.
