MEDPLUS HEALTH SERV LTD

Operates a chain of pharmacy retail stores across India selling pharmaceutical and non-pharmaceutical products, with a smaller diagnostic services arm. In FY26, the retail pharmacy segment contributed 98.1% of segment revenue at Rs 6,760.1 crore, while diagnostic services added 1.9% at Rs 131 crore. The store network reached 5,476 stores covering 2.9 million sq ft as of Q1 FY27, spanning 14 states and supported by 27,686 employees. The business added 146 net stores in Q1 FY27 (131 of them under a franchisee model) and has guided to 800 net additions for FY27. In Q1 FY27, pharmacy revenue grew 21.8% year-on-year; mature stores older than 12 months delivered a 10.4% store-level EBITDA margin. Private-label products made up 20% of pharmacy revenue (10.7% pharma plus 9.3% non-pharma), with a subscription base of 44-45 lakh members paying a Rs 149 fee. Subsidiary Optival Health Solutions runs roughly 90% of operations. Employee costs are the largest cost line at 12.8% of revenue, with depreciation at 4.1% and other operating expenses at 4.6%.