NSE: MEDPLUS · BSE: 543427
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Retail (98%), Diagnostic services (2%), Others (0%). Labour-intensive, scale-driven pharmacy retail with an asset-light franchisee model and a small diagnostic services adjunct
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,779 | 4,558 | 5,625 | 6,136 | 6,892 |
| EBITDA (ex other income) | 272 | 266 | 354 | 487 | 607 |
| margin % | 7.2 | 5.8 | 6.3 | 7.9 | 8.8 |
| Owners' profit | 96 | 50 | 65 | 150 | 220 |
| EPS, as reported (₹) | 8.55 | 4.17 | 5.48 | 12.57 | 18.33 |
| ROE % · ROCE % | 6.7 · 9.1 | 3.4 · 5.6 | 4.2 · 6.9 | 8.6 · 10.3 | 11.1 · 12.2 |
| Debt / equity (x) | 0.10 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 170 | 90 | 144 | 540 | 496 |
| Capex | (118) | (169) | (84) | (59) | (123) |
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 | 1,576 | 1,561 | 1,510 | 1,543 | 1,679 | 1,806 | 1,864 | 1,880 |
| Profit before tax | 48 | 57 | 61 | 53 | 69 | 73 | 80 | 42 |
| Net profit | 39 | 46 | 51 | 42 | 56 | 58 | 64 | 33 |
| EPS (₹) | 3.24 | 3.84 | 4.32 | 3.54 | 4.63 | 4.82 | 5.33 | 2.76 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Retail | 1,829 | 26.5 |
| Diagnostic services | 35 | 0.5 |
| Others | 1 | 0.0 |
| a. Retail | 4,931 | 71.5 |
| b. Diagnostics Services | 96 | 1.4 |
| c. Others | 1 | 0.0 |
| Total, before eliminations | 6,892 | 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. % |
|---|---|---|---|---|---|---|---|---|
| MEDPLUS HEALTH SERV LTD ◆ | 7,520 | 35.7 | 3.81 | 10.8 | 11.1 | 8.5 | — | 8.1 |
| ENTERO HEALTHCARE SOLU L | 6,877 | 54.8 | 3.92 | 26.3 | 8.3 | 8.9 | — | 5.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 35.7 | 23.2 | 36 of 52 | 31% |
| P/B | 3.8 | 2.5 | 29 of 50 | 43% |
| ROCE | 8.5 | 5.1 | 26 of 63 | 60% |
| ROE | 11.1 | 5.7 | 17 of 49 | 67% |
| Debt / Equity | 0.0 | 0.1 | 1 of 49 | 69% |
| EBITDA margin | 8.1 | 9.4 | 28 of 50 | 45% |
| Revenue growth | 21.8 | 16.2 | 21 of 51 | 60% |
| Profit growth | (21.7) | 26.5 | 38 of 46 | 18% |
| Market cap | 7520 | 463 | 16 of 66 | 77% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Q2 FY27 revenue rises 21.3% as operating margin improves sequentially | investor communications | medium | — | — |
| 27 Oct 2026 · MedPlus allots 19,095 shares on employee stock option exercise | capital market events | low | — | — |
| 27 Oct 2026 · Sales up 21% in September quarter, but profit is nearly flat | board shareholder meetings | low | — | — |
| 17 Oct 2026 · Schedule of investor or analyst meet informed to exchange | board shareholder meetings | low | — | — |
| 7 Oct 2026 · Medplus promoter pledges 16L more shares to restore debenture cover | ownership changes | high | — | — |
| 7 Oct 2026 · Promoter Agilemed pledges extra 5.5 lakh Medplus shares for debenture cover | ownership changes | high | — | — |
| 7 Oct 2026 · Medplus promoters 72.96 percent of shares pledged under debenture security | ownership changes | high | — | — |
| 7 Oct 2026 · Agilemed Investments pledges 5.5 lakh more Medplus Health shares | ownership changes | high | — | — |
| 3 Oct 2026 · Quarterly compliance certificate on dematerialisation of shares | compliance | minimal | — | — |
| 3 Oct 2026 · Credit ratings for subsidiary Optival Health reaffirmed by CareEdge Ratings | credit debt | medium | — | — |
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.