QMS Medical Allied Services Ltd(QMSMEDI)

NSE: QMSMEDI

₹ 111.46-0.61%refreshed 16 Jul, 02:37 pm ISTMarket cap: ₹ 216 crUpdated: 24 Oct 2026

About

QMS Medical Allied Services supplies medical products, including its own Q-Devices brand, to pharma companies and hospitals. It also runs healthcare services such as patient support programs (PSP) and B2B health camps for pharma companies. Revenue from operations was 172.88 (Rs Cr) in FY26, and services made up 41% of revenue in Q1 FY27. In September 2026 it agreed to merge its PSP business with Health Care At Home India's into Saarathi Healthcare, a platform the company describes as India's largest PSP platform.^[1][2][3][4]

Business segments

Services made up 41% of revenue in Q1 FY27, up from 24% in Q1 FY26.^[2]
Revenue mix in FY26 was 31% services and 69% products, compared with 29% services and 71% products in FY25.^[3]
Product segment revenue was ₹33 Cr in Q1 FY27 and Rs 119 Cr in FY26, including Q-Devices.^[2][3]
In FY26, product revenue broke down as B2B pharma and hospital supply Rs 99 Cr, point-of-care Rs 19 Cr and e-commerce Rs 1 Cr.^[3]
Patient support program revenue, including Saarathi, was ₹17.6 Cr in Q1 FY27, against Rs 30 Cr for the full year FY26.^[2][3]

Products and brands

The product portfolio had 900+ SKUs in FY26.^[3]
The company's own Q-Devices brand had 17+ products and earned about ₹3 Cr in Q1 FY27, against ₹14 Cr for the full year FY26.^[2]
Q-Devices was launched in 2023, is endorsed by Kapil Dev, and earned Rs 10 Cr in FY25.^[5]

Service operations

The company ran 11,497 B2B health camps in Q1 FY27, about 40% more than in the previous quarter. Camp revenue in Q1 FY27 was ₹6.4 Cr.^[2]
B2B healthcare camps rose to 32,380 in FY26 from 30,393 in FY25. Camp revenue rose to ₹22.9 Cr from ₹17.5 Cr over the same period.^[3]
The patient support platform had supported 1M+ patients as of Q1 FY27. The PSP contract renewal rate was 60-70% in Q1 FY27.^[2]
Delivery resources in FY26 were 1800+ field officers, 1000+ dieticians, 135 certified DMLTs and 100+ preventive camps a day.^[3]
As of Q1 FY27, the company was running 4 to 5 PSP programs in the GLP-1 (semaglutide) category.^[2]
Cumulative patients served reached 5.7 Million+ in FY26.^[3]

Customers and distribution

The company had 130+ institutional clients in FY26.^[3]
Products are sold through QMSMEDS, the government e-Grameen portal and other digital platforms.^[6]
As of Q2 FY26, 120 field officers ran camps across 5,000+ pin codes.^[5]
Debtor days rose to 142 in FY26 from 101 in FY25.^[3]

Saarathi Healthcare

The company raised its stake in Saarathi Healthcare to 76% from 51% in Q2 FY26.^[5]
As of Q1 FY27, the company expected to buy the remaining 24% of Saarathi by the end of Q2 FY27 (September 2026).^[2]
The FY26 annual report seeks omnibus approval for related-party transactions with Saarathi of up to ₹ 20 Crore over a year.^[7]

Plans and pipeline

New point-of-care products are planned for the Q-Devices range by Q3 FY27.^[2]
The company aims for Q-Devices to make up 20-25% of product revenue within 3 years.^[2]
Services revenue (PSP, camps and operations) is guided at ₹100-105 Cr for FY27.^[2]
A pilot expansion into Asia-Pacific markets such as Vietnam and Cambodia is planned over a 5-10 year horizon.^[5]

Recent developments

On 25 Sep 2026, the company and Health Care At Home India announced a merger of their PSP businesses into Saarathi Healthcare. The combined platform covers 1.2 million+ patients in 35+ cities with 2,000+ professionals.^[4]
The company moved its shares from the NSE SME platform to the NSE main board on June 18, 2026.^[2]
Employee expenses rose to ₹11.2 Cr in Q1 FY27 from ₹5.7 Cr in Q4 FY26, after the company hired staff for new long-term PSP contracts.^[2]

Market Cap

₹216 Cr

High / Low

₹114 / 98

Stock P/E

17.9

Price / Book

2.5

Book Value

₹54

EPS

₹6.2

No. of Shares

1.93 Cr

ROCE

12.9%

ROE

10.8%

OPM

13.2%

Debt / Equity

0.71

Sales

₹173 Cr

Net Profit

₹12 Cr

Promoter holding

68.1%

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