HEALTHX
Health X Platform share price & financials
- Price
- ₹317.6
- Market cap
- ₹918 Cr
- Sector
- Healthcare
- Calls analysed
- 4
Health X Platform Limited Q1 FY27
What went well
- Revenue from operations grew 58% Y-o-Y to INR 440 crores, and 16% Q-o-Q from INR 378 crores.
- Gross profit increased 64% Y-o-Y and 24% Q-o-Q to INR 34 crores, with gross margin improving to 7.8% from 7.3% in Q4 FY26.
- PAT turned positive at INR 2 crores in Q1 FY27, a significant improvement from a negative INR 13 crores loss in Q4 FY26.
What to watch
- EBITDA remained slightly impacted by higher employee and other operating expenses, resulting in a loss of INR 15 crores.
- Profitability (PAT of INR 2 crores) remained below the INR 26 crores PAT reported in Q1 FY26.
What Health X Platform Limited does
Health X Platform Limited runs a group of subsidiaries spanning two business segments: healthcare services (pharmaceutical trading and distribution, plus e-commerce sale of medicines and diagnostics through Sastasundar Healthbuddy Limited) and financial services (lending, investments, wealth management and advisory through Microsec Resources Private Limited, a registered NBFC). It also operates Innogrow Technologies, which provides end-to-end IT, digital technology and IT-enabled services to the group. The company sells to consumers directly and to retailers through its B2B platform Retailer Shakti, and is executing a scheme to demerge the financial-services business into Microsec Resources while merging Sastasundar Healthbuddy into Health X, leaving Health X focused solely on the healthcare business.
Segments
- Healthcare Services
- Financial Services
- Technology-enabled fulfillment/warehousing space
- over 2 lakh sq ft, expanding to over 8 lakh sq ft by FY27
- Group subsidiaries
- 8 (incl. Sastasundar Healthbuddy, Microsec Resources (NBFC), Innogrow Technologies, Genu Path Labs, Bhartiya Sanskriti Village, Myjoy Technologies, Microsec Wealth Management)
- Business segments
- Healthcare Services, Financial Services
Guidance record · Q1 FY27
what the last two calls moved 23 tracked 1 delivered 3 missed 19 open- RetailerShakti EBITDA delivered said Q2 FY26 Promised: EBITDA positive by next quarter (Q3 FY26) Q1 FY27: Promise was achieved in a previous quarter. No new updates.
- Overall Company PAT missed said Q2 FY26 Promised: PAT positive company next year (FY26) Q1 FY27: Promise was missed in a previous quarter. No new updates.
- Working Capital as % of Sales at risk said Q2 FY26 Promised: Reduce to 3-4% of sales in next 3-5 years from 5-6% Q1 FY27: Management reported the working capital cycle increased to 28 days, equivalent to 8% of revenue. This is a deterioration from 18 days in FY26 and moves away from the 3-4% target.
All 23 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 20.0%, net profit down 363.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 −9% | 0 −18% | 0 −10% | 0 −20% |
| EBITDA | -0 | -0 | -0 | -0 | -0 +44% | -0 −48% | -0 +4% | -0 −72% |
| Net profit | -0 | -0 | -0 | -0 | -0 +12% | -0 −310% | -0 −114% | -1 −364% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +6.7% 1Y
1Y: ₹288.7 on 10 Sept 2025 → ₹308.15. High ₹337.6 (13 Jul 2026), low ₹256.95 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −0.7%
- 11 Aug
- Q4 FY26
- −0.5%
- 19 Jun
- Q3 FY26
- +0.6%
- 16 Feb
- Q2 FY26
- +5.1%
- 17 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Operating profit | ₹-2 Cr | ₹-1 Cr | ₹-1 Cr |
| Operating margin | — | -352.5% | -313.2% |
| Interest | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Depreciation | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Net profit | ₹-1 Cr | ₹-1 Cr | ₹-1 Cr |
| Net margin | — | -177.5% | -250.0% |
| Cash from operations | ₹-1 Cr | ₹-6 Cr | ₹0 Cr |
| Free cash flow | ₹-1 Cr | ₹-6 Cr | ₹0 Cr |
| ROCE | -0.3% | -0.3% | -0.3% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹32 Cr | ₹32 Cr | ₹32 Cr | ₹32 Cr | ₹32 Cr | ₹32 Cr |
| Reserves | ₹241 Cr | ₹241 Cr | ₹242 Cr | ₹241 Cr | ₹650 Cr | ₹239 Cr |
| Borrowings | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹5 Cr | ₹0 Cr |
| Other liabilities | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹321 Cr | ₹0 Cr |
| Total liabilities | ₹274 Cr | ₹273 Cr | ₹274 Cr | ₹273 Cr | ₹1.0k Cr | ₹271 Cr |
| Fixed assets | ₹3 Cr | ₹3 Cr | ₹2 Cr | ₹2 Cr | ₹117 Cr | ₹2 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹0 Cr |
| Investments | ₹269 Cr | ₹265 Cr | ₹266 Cr | ₹265 Cr | ₹633 Cr | ₹265 Cr |
| Other assets | ₹1 Cr | ₹5 Cr | ₹6 Cr | ₹6 Cr | ₹257 Cr | ₹5 Cr |
| Total assets | ₹274 Cr | ₹273 Cr | ₹274 Cr | ₹273 Cr | ₹1.0k Cr | ₹271 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −0.77 pp while DIIs added +0.51 pp. The shareholder count shrank 14% to 11,502.
- Promoters
- 74.1%
- FIIs
- 2.3%
- DIIs
- 2.6%
- Public
- 21.0%
Since Jun 2025
- Public −0.77 pp
- DIIs +0.51 pp
- FIIs +0.41 pp
How it drifted, 12 quarters
Over this window the public fell from 25.6% to 21.0% — −4.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 73.9%, FIIs 0.3%, DIIs 0.2%, Public 25.6%.Dec '23: Promoters 73.9%, FIIs 0.5%, DIIs 0.9%, Public 24.7%.Mar '24: Promoters 73.9%, FIIs 0.6%, DIIs 1.0%, Public 24.6%.Jun '24: Promoters 73.9%, FIIs 0.6%, DIIs 1.4%, Public 24.1%.Sep '24: Promoters 73.9%, FIIs 1.0%, DIIs 2.0%, Public 23.1%.Dec '24: Promoters 73.9%, FIIs 1.7%, DIIs 1.9%, Public 22.5%.Mar '25: Promoters 74.1%, FIIs 1.6%, DIIs 2.1%, Public 22.2%.Jun '25: Promoters 74.2%, FIIs 1.9%, DIIs 2.1%, Public 21.8%.Sep '25: Promoters 74.2%, FIIs 2.0%, DIIs 2.1%, Public 21.6%.Dec '25: Promoters 74.7%, FIIs 2.3%, DIIs 2.1%, Public 21.0%.Mar '26: Promoters 74.8%, FIIs 2.2%, DIIs 2.6%, Public 20.4%.Jun '26: Promoters 74.1%, FIIs 2.3%, DIIs 2.6%, Public 21.0%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Legends Global Opportunities (Singapore) Pte. Ltd. FPI fund +0.13 pp 1.15% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Health X Platform Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Banwari Lal Mittal | 33.92% | unchanged |
| Topview Enclaves LLP | 24.76% | unchanged |
| Luv Kush Projects Ltd. | 11.96% | unchanged |
| Ravi Kant Sharma | 2.35% | −0.79 pp |
| Lekh Raj Juneja | 1.89% | unchanged |
| Magnum Health And Safety Pvt Ltd | 1.44% | unchanged |
| Sanjay Agarwal, Rahul Kumar Agrawal and Pratap Singh as Trustees of Microsec Vision Employees Trust | 1.28% | unchanged |
| Airavat Capital Trust - Airavat Capital Trust Ii AIF | 1.23% | unchanged |
| Legends Global Opportunities (Singapore) Pte. Ltd. FPI fund | 1.15% | +0.13 pp |
| Bharati Sharma | 1.02% | unchanged |
| Abha Mittal | 0.05% | unchanged |
| Vidhi Mittal | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (4)
Read the Q1 FY27 call →Learn to analyse Health X Platform Limited
Guides on how to read this kind of business and the numbers that matter.