NSE: HEALTHX · BSE: 533259
HEALTH X PLATFORM LIMITED
Operates a healthcare distribution platform rebranded from Sastasundar Ventures, with the Healthcare Network segment generating Rs 1,283 crore of FY26 revenue, or 97.3% of segment revenue. The business runs two channels: a B2B programme called Retailer Shakti that supplies pharmacies, and a B2C channel, with 18% FY26 revenue growth driven by both. The company recently launched JITO, a private-label genetic-medicine range selling medicines up to 60% cheaper than branded alternatives, posting a Rs 30 lakh monthly run-rate at 30-40% gross margins. Geographically, the business is strong in West Bengal (5-7% market share cited by management) and is expanding into Northeast and Northern India, where growth is stated at 50%+ and 25-30% respectively. A planned Rs 234 crore capex will fund warehouses in Udaipur, Lucknow, Patna, Guwahati and West Bengal, taking warehousing capacity to over 8 lakh sq ft. The smaller Financial Services segment (Rs 13 crore FY26 revenue, 1.0% of segment revenue) is being demerged into a separately listed entity, Microsec Resources, via a 1:3 share swap. Employment is the largest cost line at 6.4% of revenue, with materials negligible at 0.1%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Healthcare Network (97%), Others (2%), Financial Services (1%). Asset-light healthcare distribution and commerce, transitioning from losses to near-breakeven.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 631 | 1,040 | 1,376 | 1,111 | 1,319 |
| EBITDA (ex other income) | 1,109 | (52) | 5 | (247) | (53) |
| margin % | 175.6 | (5.0) | 0.4 | (22.2) | (4.0) |
| Owners' profit | 709 | (72) | 9 | (91) | 1 |
| EPS, as reported (₹) | 222.73 | (22.70) | 2.79 | (28.66) | 0.37 |
| ROE % · ROCE % | 81.0 · — | (10.0) · — | 0.6 · — | (15.4) · — | (0.2) · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (331) | (104) | 38 | (17) | (74) |
| Capex | (5) | (28) | (14) | (10) | (15) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 274 | 281 | 286 | 298 | 301 | 346 | 374 | 447 |
| Profit before tax | (174) | (39) | (5) | 30 | (19) | 1 | (15) | 2 |
| Net profit | (155) | (38) | 18 | 27 | (15) | 0 | (13) | 2 |
| EPS (₹) | (34.40) | (8.47) | 4.30 | 7.52 | (3.99) | 0.35 | (3.51) | 0.80 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Financial Services | 13 | 1.0 |
| Healthcare Network | 1,283 | 97.3 |
| Others | 23 | 1.7 |
| Total, before eliminations | 1,319 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DR. LAL PATH LABS LTD. | 32,213 | 46.3 | 12.68 | 37.5 | 20.1 | 24.8 | 11.8 | 35.0 |
| VIJAYA DIAGNOSTIC CEN LTD | 14,838 | 79.1 | 15.50 | 41.4 | 18.1 | 16.8 | — | 46.4 |
| METROPOLIS HEALTHCARE LTD | 11,341 | 23.4 | 7.44 | 27.1 | 12.5 | 14.4 | 10.5 | 25.8 |
| THYROCARE TECH LTD | 7,871 | 28.9 | 13.43 | 28.7 | 27.8 | 33.2 | 10.9 | 33.9 |
| NEPHROCARE HEALTH SERV L | 6,301 | 65.1 | 5.64 | 24.9 | 6.9 | 8.6 | — | 25.3 |
| KRSNAA DIAGNOSTICS LTD | 1,628 | 16.7 | 1.66 | 8.3 | 10.3 | 8.4 | — | 27.7 |
| SURAKSHA DIAGNOSTIC LTD | 1,621 | 45.3 | 6.66 | 16.4 | 12.9 | 11.5 | — | 36.0 |
| 3B BLACKBIO DX LTD. | 1,170 | 19.5 | 3.53 | 13.8 | 18.1 | 22.5 | (8.9) | 52.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 1.2 | 2.0 | 10 of 24 | 61% |
| ROE | (0.2) | 6.0 | 19 of 24 | 22% |
| EBITDA margin | 1.0 | 25.6 | 22 of 24 | 9% |
| Revenue growth | 49.7 | 20.8 | 6 of 25 | 79% |
| Profit growth | (92.5) | 22.0 | 21 of 25 | 17% |
| Market cap | 890 | 34 | 10 of 30 | 69% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · Reg 74(5) compliance certificate filed for September 2026 quarter | compliance | minimal | — | — |
| 29 Sept 2026 · All 7 resolutions pass at Health X Platform 37th AGM with 99.9996% approval | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · All 7 resolutions passed at 37th AGM with 99.99 percent majority | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Health X Platform 37th AGM on Sep 28, 2026; resolutions on borrowing, directors and merger scheme | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading Window closure from October 1, 2026 ahead of Q2 results | compliance | minimal | — | — |
| 5 Sept 2026 · Newspaper publication of 37th AGM notice and e-voting information | compliance | minimal | — | — |
| 4 Sept 2026 · Letter to shareholders with 37th AGM notice and FY26 annual report link | compliance | minimal | — | — |
| 4 Sept 2026 · Health X Platform files BRSR report for FY 2025-26 | compliance | minimal | — | — |
| 4 Sept 2026 · Annual Report FY26: Revenue up 19%, consolidated loss narrows sharply | results | high | — | — |
| 4 Sept 2026 · Notice of 37th AGM on September 28, 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.