Health X Platform Ltd(HEALTHX)

NSE: HEALTHXBSE: 533259

₹ 258.45-3.92%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 822 crWebsite: www.sastasundarventures.comUpdated: 24 Oct 2026

About

Health X Platform Ltd (formerly SastaSundar Ventures) runs digital healthcare businesses through subsidiaries: RetailerShakti, a B2B platform that supplies medicines, wellness and FMCG products to retail pharmacies, and SastaSundar, a B2C platform covering pharmacy, diagnostics and wellness. The company reported revenue of Rs 1,319.27 crore in FY26. RetailerShakti serves over 62,000 retail pharmacies and partners with more than 700 pharmaceutical companies as of FY26.^[1][2][3]

Business segments

The company reports a single segment, Healthcare Network, which made up 97.3% of revenue in FY26, with revenue of Rs 1,283.16 crore.^[4]
RetailerShakti (B2B) revenue was Rs 297.6 crore and SastaSundar (B2C) revenue was Rs 43.3 crore in Q3 FY26.^[5]
SastaSundar B2C revenue was Rs 43.3 crore in Q3 FY26, compared with Rs 17.6 crore in Q3 FY25.^[5]
In Q1 FY27, RetailerShakti grew 48% year on year and SastaSundar grew 44% year on year.^[6]

Platforms and brands

RetailerShakti.com and the RetailerShakti App form a B2B digital platform that supplies medicine, wellness and FMCG products.^[1]
The Sastasundar App, launched after the Flipkart partnership ended, is a B2C platform for pharmacy, wellness and diagnostics.^[1]
Step-down subsidiary Genu Path Labs Limited runs the diagnostics business and is focusing on Eastern India first, as of FY25.^[1]
More than 50K SKUs were available on the platforms in Q3 FY26.^[5]
Revenue from the JITO private-label generic brand rose from Rs 25 lakh in Q4 FY26 to Rs 79 lakh in Q1 FY27, at a gross margin above 50%.^[6]
Non-medicine products (surgical, devices and nutraceuticals) made up about 2% of RetailerShakti sales in Q4 FY26.^[7]

Fulfilment network

Warehousing capacity was 2.5 lakh sqft in Q4 FY26.^[7]
Existing fulfilment centre space as of Q3 FY26: West Bengal 1,56,000 sqft, Noida 39,500 sqft and Guwahati 25,800 sqft, a total of 2,21,300 sqft.^[5]
Fulfilment centres were running at about 90% of capacity in Q1 FY27.^[6]

Key operating numbers

Consolidated gross margin was 7.8% in Q1 FY27, compared with 7.3% in Q4 FY26. Gross profit was Rs 34 crore, up 64% year on year.^[6]
Gross margin was 7.5% in FY26, compared with 6.5% in FY25.^[7]
The working capital cycle was about 28 days (about 8% of revenue) in Q1 FY27, compared with 18 days in Q4 FY26.^[6]
Monthly revenue run rate was Rs 150 crore or more in July 2026.^[6]
RetailerShakti revenue grew at about 78% CAGR from FY19 to FY26.^[7]

Customers and reach

In Q1 FY27, the platform served 75,000 registered pharmacies, of which 40,000 were active in the past 30 days. Average retailer wallet share was about 2%.^[6]
The company had more than 350 Healthbuddy partners in Q1 FY27, up from 293 or more in Q3 FY26.^[6]
In Q1 FY27, about 67% of RetailerShakti business and 78% of SastaSundar business came from tier 2 and tier 3 markets.^[6]
About 30% of revenue came from outside West Bengal in Q1 FY27. That quarter the company expanded into Odisha, Jharkhand, Bihar, Chhattisgarh, Haryana, UP and Rajasthan.^[6]
As of FY25, the company served customers only within India and had no exports.^[1]

Expansion and capex

Planned warehouse capex is Rs 234 crore, covering Udaipur, Lucknow, Patna, Guwahati and West Bengal: Rs 134 crore from bank loans and Rs 100 crore from treasury. Total capacity would exceed 8 lakh sqft (Q4 FY26).^[7]
Construction of a new 75,000 sqft owned warehouse in Guwahati is to begin within 6 months, and work at Patna and Lucknow within 2-3 months (as of Q1 FY27).^[6]
A new warehouse is planned in Ranchi (Jharkhand), as of Q1 FY27.^[6]
Launch of the RetailAir AI SaaS tool for retailers was scheduled for Q2 FY27 (as of Q1 FY27).^[6]

Recent developments

The FY26 annual report seeks shareholder approval for a borrowing limit of Rs. 500 Crores, with charges on company assets allowed up to that limit.^[3]
The FY26 annual report seeks approval for loans, guarantees and investments up to Rs. 600 Crores, and up to Rs. 200 Crores for loans or guarantees to subsidiaries, group entities and entities in which directors have an interest.^[3]
In Q4 FY26, the Board approved a demerger and separate listing of the finance division as Microsec Resources Ltd, with 1 share for every 3 Health X shares held. SastaSundar HealthBuddy minority holders are to receive Health X shares.^[7]
The company was renamed from SastaSundar Ventures Limited to Health X Platform Limited, as announced in Q3 FY26.^[5][3]
A partial buyback of Mitsubishi Corporation's holding raised the company's stake in SastaSundar Healthbuddy from 72.14% to 78.89% (Q2 FY26).^[8]
RetailerShakti reached EBITDA breakeven in Q4 FY26.^[7]

Market Cap

₹822 Cr

High / Low

₹345 / 257

Stock P/E

-40.7

Price / Book

1.3

Book Value

₹201

EPS

₹0.4

No. of Shares

3.18 Cr

ROCE

-0.1%

ROE

0.2%

OPM

0.0%

Debt / Equity

0.03

Sales

₹1,319 Cr

Net Profit

₹-1 Cr

Promoter holding

74.1%

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