Medplus Health Services Ltd(MEDPLUS)

NSE: MEDPLUSBSE: 543427

₹ 597.45+0.45%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 7,178 crNext results: 27 Oct 2026Website: www.medplusindia.comUpdated: 24 Oct 2026

About

MedPlus Health Services is India's pharmacy retail chain operating 5,476 stores as of June 2026, selling prescription medicines, over-the-counter products, and FMCG items alongside a diagnostics subscription service. The company carries no external debt and held ₹5,942 million in cash at end-FY26.^[1][2][3][4]

Business segments

Diagnostics: subscription-based health testing service; Q1 FY27 revenue ₹370.8 million, up 22.4% YoY, with operating EBITDA margin of 17.8%.^[3]

Store network

Total network reached 5,476 stores as of June 2026, up from 4,813 in June 2025, a net addition of 663 stores YoY.^[3]
Q1 FY27 net additions were 146 (vs 101 in Q1 FY26); 131 of the 146 net additions were franchisee outlets.^[3]
Franchisee stores totalled 664 of 5,476 as of June 2026; 27 franchisee outlets were withdrawn in Q1 FY27 at an average age of 0.7 years due to expectation mismatches.^[3]
FY26 full-year net additions of 618 stores exceeded the 600-store target; FY27 net store addition target is 800 (including franchisee).^[4][3]
Geographic expansion into Chhattisgarh and Madhya Pradesh began in Q2 FY26; core presence remains in southern and eastern India.^[5]

Key operating numbers

SSSG (stores older than 12 months): 15.3% in Q1 FY27; 17.8% in Q4 FY26; 9.4% for full-year FY26.^[3][4]
Store-level EBITDA margin for stores older than 12 months: 10.4% in Q1 FY27, down from 13.1% in Q4 FY26.^[3][4]
Store-level operating ROCE for stores older than 12 months: 63.0% in Q1 FY27; 80.0% in Q4 FY26.^[3][4]
Consolidated gross margin: 24.5% in Q1 FY27 (−160 bps YoY); 26.5% in Q4 FY26; 26.2% for FY26 (+180 bps over FY25).^[3][4]
Net working capital: 54 days in Q1 FY27; 53 days in Q4 FY26.^[3][4]

Private label mix

Private label share of total revenue: 20% in Q1 FY27 (pharma 10.7%, non-pharma 9.3%), down from 22.6% in Q1 FY26; supply disruptions in the diaper category and easing incentive pressure cited.^[3]
Private label non-pharma gross margins are 23 - 25% vs 9 - 10% for branded non-pharma products, per Q4 FY26 disclosure.^[4]
Non-pharma private label categories include wellness, food, and cold-pressed oils; management sees no cap on penetration, unlike pharma private label.^[6]
Private label pharma share on GMV basis stood at 18.9% in Q3 FY26, compared to 7.9% prior to the launch of MedPlus-branded pharmaceutical products.^[6]

Diagnostics operations

Subscription plans sold per day grew from 552 in April 2026 to 644 in June 2026.^[3]

Membership programme

Active members: 44 - 45 lakh as of Q1 FY27, up from 39 - 40 lakh a year earlier.^[3]
Membership fee raised from ₹99 to ₹149 approximately one month before the Q1 FY27 call; management estimates ₹10 - 11 crore incremental annual topline flowing entirely to the bottom line.^[3]
Customer discount reduced from 20% to 19% for purchases above ₹1,000 (non-UPI) effective 7 July 2026; further reductions under evaluation.^[3]

Cost structure

Salaries grew 29.8% YoY to ₹1,221.5 million in Q1 FY27, driven by state minimum wage revisions: 60% increase in Karnataka and 25%+ in Telangana effective 1 June 2026.^[3]
Q1 FY27 captured only one month of the new Karnataka/Telangana wage rates; full quarterly impact will be reflected from Q2 FY27 onwards.^[3]
Q1 FY27 gross margin compression of 160 bps YoY was attributed to: ~120 bps lower private label mix, ~70 bps inventory provision normalisation, ~50 bps franchisee dilution, and ~40 bps absence of year-end supplier discounts.^[3]

Balance sheet and capital allocation

Zero external debt as of FY26; all finance costs in the P&L relate to Ind AS 116 lease accounting. Closing cash stood at ₹5,942 million.^[4]
Operating cash flow was ₹1,252 million in Q1 FY27.^[3]
Board-approved capex for a food park and a wellness/concierge facility was placed on hold after adverse market reaction; management will evaluate use of balance sheet cash and update investors in Q2 FY27.^[3]
Management is evaluating capital return options (dividend or share buyback); a Board presentation and investor update is expected in Q2 FY27 (by September 2026).^[3]

Market Cap

₹7,178 Cr

High / Low

₹1,020 / 609

Stock P/E

34.8

Price / Book

3.7

Book Value

₹165

EPS

₹18.3

No. of Shares

12.01 Cr

ROCE

16.0%

ROE

11.8%

OPM

5.7%

Debt / Equity

0.00

Sales

₹6,892 Cr

Net Profit

₹220 Cr

Promoter holding

40.2%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials