MEDPLUS
Medplus Health Services share price & financials
- Price
- ₹844.45
- Market cap
- ₹8.7k Cr
- Sector
- Consumer Services
- Calls analysed
- 7
Medplus Health Services Limited Q1 FY27
What went well
- Consolidated revenue stood at INR18,796 million.
- Pharmacy operations revenue grew by 21.8% Y-o-Y on a reported basis.
- Diagnostics revenue for the current quarter grew to INR370.8 million compared to INR302.9 million in Q1 FY26.
What to watch
- Consolidated operating EBITDA was INR651 million, representing 3.5%, indicating margin compression.
- Private label sales for Q1 FY27 constituted 20% of total revenue, a contraction from previous periods.
What Medplus Health Services Limited does
MedPlus operates a chain of neighbourhood pharmacy stores selling prescription and OTC medicines, wellness and FMCG products, layered with an omni-channel app for delivery and a diagnostics business. It earns through pharmacy and non-pharma retail sales at company-owned and franchisee-run stores, supplemented by a growing private-label range across pharma and non-pharma categories, and by diagnostics and optical service fees. Stores are organised in a cluster-based model backed by regional warehouses and distribution centres to enable same-day/2-hour delivery. The company also runs a technology subsidiary (Optival) supporting its omni-channel and supply-chain systems.
Segments
- Pharmacy retail
- Diagnostics
- Franchisee stores
- Others (Optical/membership)
- Store network
- 5,330 stores
- Geographic footprint
- 13 states and 1 union territory
- Cities served
- 800+ cities
- Total retail area
- 2.8 million+ sq ft (avg. ~528 sq ft/store)
- Private-label SKUs
- 1,550+ SKUs (850+ pharma, 700+ non-pharma)
- Total SKU range across warehouses
- ~50,000 SKUs
Guidance record · Q1 FY27
what the last two calls moved 13 tracked 4 delivered 4 missed 5 open- Diagnostics Active Plans missed said Q4 FY25 Promised: We need the number to be closer to 250,000 for us to actually take the leap of expanding to other states Q1 FY27: Active plans at ~200,000. Management stated they will not be expanding the diagnostics business significantly as it has not met expectations.
- Private Label Contribution Growth revised down said Q3 FY25 Promised: think about the private label as going up by roughly around 1% every quarter on the volume basis, which is on MRP basis Q1 FY27: PL share contracted to 20% from 22% in Q4. Management revised growth target to 0.3-0.5% per quarter after arresting the decline.
- Net Store Additions delivered said Q3 FY25 Promised: I think it will be at least 600 stores for -- I don't think it will be less than 600 stores. Q4 FY26: Achieved 618 net store additions for FY26
All 13 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 21.8%, net profit down 21.4% 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 | 1,576 | 1,561 | 1,510 | 1,543 | 1,679 +7% | 1,806 +16% | 1,864 +23% | 1,880 +22% |
| EBITDA | 124 | 133 | 136 | 131 | 149 +20% | 159 +20% | 169 +24% | 133 +2% |
| Net profit | 39 | 46 | 51 | 42 | 56 +44% | 58 +26% | 64 +25% | 33 −21% |
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 −20.6% 1Y
1Y: ₹831.05 on 10 Sept 2025 → ₹660.15. High ₹953.9 (21 May 2026), low ₹649.3 (19 Aug 2026).
How the price took the results
close before → close after
- Q1 FY27
- −12.8%
- 22 Jul
- Q4 FY26
- +4.7%
- 21 May
- Q3 FY26
- −0.1%
- 2 Feb
- Q2 FY26
- +7.5%
- 3 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
Revenue grew 14.8% a year over 3 years, FY23 to FY26. Operating margin widened to 8.8%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹4.6k Cr | ₹5.6k Cr | ₹6.1k Cr | ₹6.9k Cr |
| Operating profit | ₹267 Cr | ₹354 Cr | ₹487 Cr | ₹608 Cr |
| Operating margin | 5.9% | 6.3% | 7.9% | 8.8% |
| Interest | ₹83 Cr | ₹96 Cr | ₹103 Cr | ₹120 Cr |
| Depreciation | ₹182 Cr | ₹223 Cr | ₹249 Cr | ₹284 Cr |
| Net profit | ₹50 Cr | ₹67 Cr | ₹150 Cr | ₹220 Cr |
| Net margin | 1.1% | 1.2% | 2.4% | 3.2% |
| Cash from operations | ₹90 Cr | ₹144 Cr | ₹540 Cr | ₹496 Cr |
| Free cash flow | ₹-78 Cr | ₹61 Cr | ₹482 Cr | ₹373 Cr |
| ROCE | 5.0% | 7.0% | 10.0% | 13.0% |
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 | ₹0 Cr | ₹24 Cr | ₹24 Cr | ₹24 Cr | ₹24 Cr | ₹24 Cr |
| Reserves | ₹730 Cr | ₹1.4k Cr | ₹1.5k Cr | ₹1.6k Cr | ₹1.8k Cr | ₹2.0k Cr |
| Borrowings | ₹590 Cr | ₹815 Cr | ₹900 Cr | ₹1.0k Cr | ₹1.2k Cr | ₹1.4k Cr |
| Other liabilities | ₹245 Cr | ₹361 Cr | ₹406 Cr | ₹417 Cr | ₹534 Cr | ₹533 Cr |
| Total liabilities | ₹1.6k Cr | ₹2.6k Cr | ₹2.8k Cr | ₹3.0k Cr | ₹3.6k Cr | ₹3.9k Cr |
| Fixed assets | ₹517 Cr | ₹799 Cr | ₹1.1k Cr | ₹1.2k Cr | ₹1.4k Cr | ₹1.6k Cr |
| Capital work in progress | ₹6 Cr | ₹20 Cr | ₹25 Cr | ₹11 Cr | ₹17 Cr | ₹32 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹1.0k Cr | ₹1.8k Cr | ₹1.6k Cr | ₹1.8k Cr | ₹2.2k Cr | ₹2.3k Cr |
| Total assets | ₹1.6k Cr | ₹2.6k Cr | ₹2.8k Cr | ₹3.0k Cr | ₹3.6k Cr | ₹3.9k 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, DIIs added +3.92 pp while FIIs trimmed −2.05 pp. The shareholder count shrank 7% to 76,005.
- Promoters
- 40.2%
- FIIs
- 14.4%
- DIIs
- 29.9%
- Public
- 15.4%
- Others
- 0.0%
Since Jun 2025
- DIIs +3.92 pp
- FIIs −2.05 pp
- Public −1.73 pp
How it drifted, 12 quarters
Over this window the public fell from 21.6% to 15.4% — −6.2 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 40.4%, FIIs 12.4%, DIIs 25.5%, Public 21.6%, Others 0.1%.Dec '23: Promoters 40.5%, FIIs 13.0%, DIIs 25.2%, Public 21.3%, Others 0.1%.Mar '24: Promoters 40.4%, FIIs 14.9%, DIIs 22.5%, Public 22.1%, Others 0.1%.Jun '24: Promoters 40.4%, FIIs 14.8%, DIIs 22.2%, Public 22.5%, Others 0.1%.Sep '24: Promoters 40.4%, FIIs 14.7%, DIIs 28.0%, Public 16.9%, Others 0.1%.Dec '24: Promoters 40.4%, FIIs 15.2%, DIIs 25.7%, Public 18.7%, Others 0.1%.Mar '25: Promoters 40.3%, FIIs 15.6%, DIIs 26.2%, Public 17.8%, Others 0.1%.Jun '25: Promoters 40.3%, FIIs 16.4%, DIIs 26.0%, Public 17.2%, Others 0.1%.Sep '25: Promoters 40.3%, FIIs 16.5%, DIIs 26.5%, Public 16.6%, Others 0.1%.Dec '25: Promoters 40.3%, FIIs 16.8%, DIIs 26.6%, Public 16.3%, Others 0.0%.Mar '26: Promoters 40.2%, FIIs 15.5%, DIIs 27.8%, Public 16.4%, Others 0.0%.Jun '26: Promoters 40.2%, FIIs 14.4%, DIIs 29.9%, Public 15.4%, Others 0.0%.
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.
- ICICI Prudential Pharma Healthcare And Diaganostic Mutual fund +2.58 pp 4.93% held
- Bajaj Life Insurance Limited Insurer newly disclosed 1.03% held
- Franklin India Flexi Cap Fund Mutual fund +0.41 pp 3.90% held
- Fidelity Funds - India Focus Fund Global fund house +0.09 pp 1.68% held
The same filing shows 2 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Medplus Health Services Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Lone Furrow Investments Private Limited | 14.38% | unchanged |
| Agilemed Investments Private Limited | 13.03% | unchanged |
| Madhukar Reddy Gangadi | 12.78% | unchanged |
| Nippon Life India Trustee Ltd-A/C Nippon India Focused Equity Fund Mutual fund | 7.32% | −0.22 pp |
| ICICI Prudential Pharma Healthcare And Diaganostic Mutual fund | 4.93% | +2.58 pp |
| Franklin India Flexi Cap Fund Mutual fund | 3.90% | +0.41 pp |
| SBI ELSS Tax Saver Fund Mutual fund | 3.39% | −0.41 pp |
| Kotak Small Cap Fund Mutual fund | 3.31% | unchanged |
| Fidelity Funds - India Focus Fund Global fund house | 1.68% | +0.09 pp |
| Kuwait Investment Authority Fund 227 Sovereign | 1.55% | unchanged |
| Pravesa Holding Private Limited | 1.51% | unchanged |
| HDFC Life Insurance Company Limited Insurer | 1.22% | 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.
Mutual funds in MEDPLUS
Filings to Aug 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹864 Cr
- 6 schemes
- Biggest holder
- SBI ELSS Tax Saver Fund
- ₹273 Cr · 0.9% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI ELSS Tax Saver Fund SBI Mutual Fund | ₹273 Cr | held | Aug '24 |
| Nippon India Pharma Fund Nippon India Mutual Fund | ₹238 Cr | held | Nov '22 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹170 Cr | held | Aug '23 |
| Nippon India Focused Fund Nippon India Mutual Fund | ₹141 Cr | held | Dec '21 |
| Nippon India Flexi Cap Fund Nippon India Mutual Fund | ₹30 Cr | held | Aug '23 |
| Nippon India Aggressive Hybrid Fund Nippon India Mutual Fund | ₹11 Cr | held | Jan '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- +8%
- vs est. average cost
- Held by funds
- ₹864 Cr
- 6 schemes · ≈ 13% of the company
- Biggest holder
- SBI ELSS Tax Saver Fund
- ₹273 Cr · 0.9% of that fund
- Longest holder
- Nippon India Focused Fund
- 4y 9m · since Dec '21
Shares held by these funds −21%
Aug '23 1.29 cr shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Medplus Health Services Limited
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