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Medplus Health Services Ltd

MEDPLUS

NSE

₹599.35-2.06%19 Oct 2026

Reports

Pharma Distribution

Medplus Health Services Ltd

MEDPLUS

NSE

₹599.35

-2.06%

19 Oct 2026

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Pharma Distribution

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

MedPlus is India’s second-largest pharmacy retailer, but its real story is a doctor’s mission to kill counterfeit drugs by cutting out the middlemen. Founded in 2006 by Dr Gangadi Madhukar Reddy with 48 stores in Hyderabad, the company has grown into a pan-Indian network of 4,407 neighbourhood outlets by building a technology spine that sources medicines straight from manufacturers and tracks every pill to the patient’s door. Everything MedPlus does flows from one recurring logic: use physical stores as hyperlocal trust anchors, feed them through an integrated supply chain that no standalone chemist can match, and pass the savings on as discounts that pull customers in - then layer private-label products and diagnostics on top of the same footfall.

Business segments

Two engines feed each other - a pharmacy retail network that generates the cash and customer relationships, and a diagnostics business built on the same neighbourhood presence and membership model.

1. Pharmacy retail: the neighbourhood store that doubles as a warehouse

A cluster of 5,330 small-format stores, each acting as a trusted dispensary, a two-hour delivery hub, and a billboard for the company’s own brands - all fed by ten regional warehouses and an in-house technology platform.

Genuine medicines, direct from the factory - MedPlus sources the majority of its products straight from pharmaceutical manufacturers or authorised wholesalers, bypassing the multi-layered distributor networks where counterfeits enter the supply chain. Suppliers also agree to take back expired or unsold stock, so the company carries almost no perishability risk on branded drugs.
Two-hour delivery that online-only players cannot copy - because every store sits in a neighbourhood, MedPlus can promise delivery within two hours on online orders, covering both acute and chronic prescriptions. Pure e-pharmacies largely serve only the chronic segment, which is 37% of India’s pharmaceutical market; MedPlus’s physical footprint lets it address the full 100%. The company charges a delivery fee of around ₹20 and offers fast delivery only where customers will pay for it, keeping unit economics intact.
Cluster expansion keeps costs down - rather than spreading thin across the country, MedPlus deepens its presence in states where it already has warehouses and supply-chain infrastructure. Around 45% of stores sit in Tier-2 cities and beyond, where rents and staff costs are lower and the private-label mix is richer, so store-level EBITDA is actually better than in metros.
A store pays for itself fast - each new outlet costs roughly ₹30 lakhs to set up and serves as its own customer-acquisition channel, avoiding the high marketing spend of online-only rivals. Stores older than 12 months delivered a store-level EBITDA margin of 13.1% and an operating return on capital employed of 80% in Q4 FY26, with inventory settling at 36 days once a store matures beyond its first year.

2. Diagnostics: subscription health plans sold through the same neighbourhood

A chain of pathology and radiology centres, still concentrated in Hyderabad, that sells health plans on a subscription model - customers pay a small premium and then get tests at a steep discount or free with a 25% co-pay.

Built on pharmacy footfall - the diagnostics business was piloted in Hyderabad in March 2022, leveraging the trust and walk-in traffic that MedPlus’s pharmacy stores already generate in the city. It now operates four full-service diagnostic centres with MRI and CT, eight Level-2 centres, and over 100 collection centres, all within Hyderabad.
Subscription, not transaction - the model is built around health plans rather than one-off tests. As of March 2026, the business had around 200,000 active plans, with daily gross plan sales running at over 550 per day. The observed on-time renewal rate was 21% in Q4 FY26, and the company is exploring B2B channels through insurance brokers and corporate OPD tie-ups to widen the subscriber base.
Capex-heavy but now contributing - over ₹120 crores went into setting up the initial 12 diagnostic centres, making this a capital-intensive build-out. In FY26, the segment generated full-year revenue of ₹1,309.9 million and an operating EBITDA of ₹196.0 million, a 15.0% margin, showing the model is beginning to cover its costs.

Group structure and partners

A listed parent company with a backwards-integrated operating subsidiary, a recently amalgamated manufacturing arm, and an insurance broking licence held in reserve.

MedPlus Health Services Limited is the listed entity on BSE and NSE, with its registered office in Hyderabad, Telangana. The operating engine for pharmacy retail appears to sit inside Optival Health Solutions Private Limited, a direct subsidiary where the Chief Retail Officer and Head of Supply Chain are designated.
The group has consolidated its manufacturing capabilities through a Scheme of Amalgamation that merged MHS Pharmaceuticals Private Limited - a wholly-owned subsidiary engaged in manufacturing and distribution of pharmaceutical and FMCG products - into the parent company, effective April 2023 and approved by the NCLT in August 2024.
MedPlus Insurance Brokers Private Limited was incorporated in July 2022 as a wholly-owned subsidiary with an authorised capital of ₹2 crores, holding a licence to carry on direct insurance broking in life and general insurance under IRDAI regulations, though it had not commenced operations at the time of incorporation.
The board includes founder Dr Gangadi Madhukar Reddy as Chairman and Managing Director, alongside independent directors and, historically, nominee directors from Warburg Pincus and Prazim Trading and Investment Company Private Limited, reflecting private equity backing during the company’s growth phase.

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Mkt Cap

Market Capitalization

₹7,172Cr

Close Price

₹597.00

Industry

Pharma Distribution

Price To Earnings

34.04

Price To Sales

0.99

Revenue

₹7,229Cr

Rev Gr TTM

Revenue Growth TTM

16.79%

PAT Gr TTM

PAT Growth TTM

18.07%

Upcoming Results on

27 Oct 2026

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	1,409	1,441	1,491	1,489	1,576	1,561	1,510	1,543	1,679	1,806	1,864	1,880
Growth YoY Revenue Growth YoY%	25.7	21.1	19.0	15.9	11.9	8.3	1.3	3.6	6.5	15.7	23.5	21.8
Expenses ExpensesCr	1,324	1,350	1,385	1,395	1,452	1,429	1,373	1,412	1,530	1,648	1,695	1,746
Operating Profit Operating ProfitCr	85	92	106	94	124	133	136	131	149	159	169	133
OPM OPM%	6.0	6.4	7.1	6.3	7.9	8.5	9.0	8.5	8.9	8.8	9.1	7.1
Other Income Other IncomeCr	10	10	10	9	12	13	16	15	17	18	21	20
Interest Expense Interest ExpenseCr	24	25	25	25	25	26	27	27	29	31	33	33
Depreciation DepreciationCr	55	57	59	60	63	62	64	66	69	73	76	78
PBT PBTCr	16	20	32	18	48	57	61	53	69	73	80	42
Tax TaxCr	2	6	-2	3	9	11	10	10	13	16	16	9
PAT PATCr	15	14	34	14	39	46	51	42	56	58	64	33
Growth YoY PAT Growth YoY%	124.4	2.5	26.4	280.4	166.2	234.6	52.9	195.3	43.4	26.0	24.6	-21.7
NPM NPM%	1.0	0.9	2.3	1.0	2.5	2.9	3.4	2.7	3.3	3.2	3.4	1.8
EPS EPS₹	1.2	1.1	2.8	1.2	3.2	3.8	4.3	3.5	4.6	4.8	5.3	2.8

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	1,409	1,441	1,491	1,489	1,576	1,561	1,510	1,543	1,679	1,806	1,864	1,880
Growth YoY Revenue Growth YoY%	25.7	21.1	19.0	15.9	11.9	8.3	1.3	3.6	6.5	15.7	23.5	21.8
Expenses ExpensesCr	1,324	1,350	1,385	1,395	1,452	1,429	1,373	1,412	1,530	1,648	1,695	1,746
Operating Profit Operating ProfitCr	85	92	106	94	124	133	136	131	149	159	169	133
OPM OPM%	6.0	6.4	7.1	6.3	7.9	8.5	9.0	8.5	8.9	8.8	9.1	7.1
Other Income Other IncomeCr	10	10	10	9	12	13	16	15	17	18	21	20
Interest Expense Interest ExpenseCr	24	25	25	25	25	26	27	27	29	31	33	33
Depreciation DepreciationCr	55	57	59	60	63	62	64	66	69	73	76	78
PBT PBTCr	16	20	32	18	48	57	61	53	69	73	80	42
Tax TaxCr	2	6	-2	3	9	11	10	10	13	16	16	9
PAT PATCr	15	14	34	14	39	46	51	42	56	58	64	33
Growth YoY PAT Growth YoY%	124.4	2.5	26.4	280.4	166.2	234.6	52.9	195.3	43.4	26.0	24.6	-21.7
NPM NPM%	1.0	0.9	2.3	1.0	2.5	2.9	3.4	2.7	3.3	3.2	3.4	1.8
EPS EPS₹	1.2	1.1	2.8	1.2	3.2	3.8	4.3	3.5	4.6	4.8	5.3	2.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,733	2,012	2,132	2,273	2,871	3,069	3,779	4,558	5,625	6,136	6,892	7,229
Growth Revenue Growth%	26.6	16.1	6.0	6.6	26.3	6.9	23.1	20.6	23.4	9.1	12.3	16.8
Expenses ExpensesCr	1,696	1,942	2,073	2,216	2,737	2,853	3,507	4,292	5,271	5,649	6,285	6,620
Operating Profit Operating ProfitCr	37	70	59	57	134	217	272	266	354	487	607	610
OPM OPM%	2.1	3.5	2.8	2.5	4.7	7.1	7.2	5.8	6.3	7.9	8.8	8.4
Other Income Other IncomeCr	9	8	7	10	17	22	31	46	40	49	71	76
Interest Expense Interest ExpenseCr	17	39	28	16	47	55	66	83	96	103	120	126
Depreciation DepreciationCr	10	11	12	14	75	88	119	182	224	250	283	295
PBT PBTCr	19	28	26	37	29	95	118	47	73	183	275	264
Tax TaxCr	10	18	-17	16	28	32	23	-3	8	33	56	54
PAT PATCr	9	11	42	21	2	63	95	50	66	150	220	210
Growth PAT Growth%	21.3	18.8	293.6	-50.6	-91.4	3,417.9	50.1	-47.1	30.9	129.1	46.2	18.1
NPM NPM%	0.5	0.5	2.0	0.9	0.1	2.1	2.5	1.1	1.2	2.5	3.2	2.9
EPS EPS₹	538.0	1.7	2,427.8	1,003.3	1.1	6.1	8.7	4.2	5.5	12.6	18.3	17.5

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,733	2,012	2,132	2,273	2,871	3,069	3,779	4,558	5,625	6,136	6,892	7,229
Growth Revenue Growth%	26.6	16.1	6.0	6.6	26.3	6.9	23.1	20.6	23.4	9.1	12.3	16.8
Expenses ExpensesCr	1,696	1,942	2,073	2,216	2,737	2,853	3,507	4,292	5,271	5,649	6,285	6,620
Operating Profit Operating ProfitCr	37	70	59	57	134	217	272	266	354	487	607	610
OPM OPM%	2.1	3.5	2.8	2.5	4.7	7.1	7.2	5.8	6.3	7.9	8.8	8.4
Other Income Other IncomeCr	9	8	7	10	17	22	31	46	40	49	71	76
Interest Expense Interest ExpenseCr	17	39	28	16	47	55	66	83	96	103	120	126
Depreciation DepreciationCr	10	11	12	14	75	88	119	182	224	250	283	295
PBT PBTCr	19	28	26	37	29	95	118	47	73	183	275	264
Tax TaxCr	10	18	-17	16	28	32	23	-3	8	33	56	54
PAT PATCr	9	11	42	21	2	63	95	50	66	150	220	210
Growth PAT Growth%	21.3	18.8	293.6	-50.6	-91.4	3,417.9	50.1	-47.1	30.9	129.1	46.2	18.1
NPM NPM%	0.5	0.5	2.0	0.9	0.1	2.1	2.5	1.1	1.2	2.5	3.2	2.9
EPS EPS₹	538.0	1.7	2,427.8	1,003.3	1.1	6.1	8.7	4.2	5.5	12.6	18.3	17.5

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	0	0	0	0	0	24	24	24	24	24
Reserves ReservesCr	137	149	303	325	528	359	1,394	1,467	1,554	1,717	1,951
Current Liabilities Current LiabilitiesCr	269	278	325	337	481	415	559	477	526	577	689
Non Current Liabilities Non Current LiabilitiesCr	91	111	15	11	339	420	618	830	902	1,044	1,269
Total Liabilities Total LiabilitiesCr	509	538	644	673	1,349	1,566	2,594	2,797	3,005	3,360	3,933
Current Assets Current AssetsCr	376	397	458	475	816	923	1,632	1,481	1,568	1,844	2,069
Non Current Assets Non Current AssetsCr	133	142	187	198	533	643	962	1,316	1,437	1,517	1,864
Total Assets Total AssetsCr	509	538	644	673	1,349	1,566	2,594	2,797	3,005	3,360	3,933

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	0	0	0	0	0	24	24	24	24	24
Reserves ReservesCr	137	149	303	325	528	359	1,394	1,467	1,554	1,717	1,951
Current Liabilities Current LiabilitiesCr	269	278	325	337	481	415	559	477	526	577	689
Non Current Liabilities Non Current LiabilitiesCr	91	111	15	11	339	420	618	830	902	1,044	1,269
Total Liabilities Total LiabilitiesCr	509	538	644	673	1,349	1,566	2,594	2,797	3,005	3,360	3,933
Current Assets Current AssetsCr	376	397	458	475	816	923	1,632	1,481	1,568	1,844	2,069
Non Current Assets Non Current AssetsCr	133	142	187	198	533	643	962	1,316	1,437	1,517	1,864
Total Assets Total AssetsCr	509	538	644	673	1,349	1,566	2,594	2,797	3,005	3,360	3,933

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-17	35	32	82	-7	3	170	90	144	540	496
Investing Cash Flow Investing Cash FlowCr	-32	-15	-18	-20	-28	-35	-703	429	-83	-318	-128
Financing Cash Flow Financing Cash FlowCr	35	-30	-1	-72	90	-6	440	-170	-198	-228	-256
Net Cash Flow Net Cash FlowCr	-15	-10	14	-10	56	-37	-93	350	-137	-5	112
Free Cash Flow Free Cash FlowCr	-35	35	15	60	-37	-51	56	-78	61	482
CFO To PAT CFO To PAT%	-188.8	322.1	76.3	392.2	-367.3	4.6	179.4	180.4	219.2	359.7	225.7
CFO To EBITDA CFO To EBITDA%	-46.7	49.5	55.1	144.3	-4.9	1.3	62.4	34.0	40.6	111.0	81.6

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-17	35	32	82	-7	3	170	90	144	540	496
Investing Cash Flow Investing Cash FlowCr	-32	-15	-18	-20	-28	-35	-703	429	-83	-318	-128
Financing Cash Flow Financing Cash FlowCr	35	-30	-1	-72	90	-6	440	-170	-198	-228	-256
Net Cash Flow Net Cash FlowCr	-15	-10	14	-10	56	-37	-93	350	-137	-5	112
Free Cash Flow Free Cash FlowCr	-35	35	15	60	-37	-51	56	-78	61	482
CFO To PAT CFO To PAT%	-188.8	322.1	76.3	392.2	-367.3	4.6	179.4	180.4	219.2	359.7	225.7
CFO To EBITDA CFO To EBITDA%	-46.7	49.5	55.1	144.3	-4.9	1.3	62.4	34.0	40.6	111.0	81.6

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr							12,053	7,769	8,241	9,091	10,058	7,172
Price To Earnings Price To Earnings							125.8	156.2	125.8	60.5	45.8	34.0
Price To Sales Price To Sales							3.2	1.7	1.5	1.5	1.5	1.0
Price To Book Price To Book							8.5	5.2	5.2	5.2	5.1	3.6
EV To EBITDA EV To EBITDA							47.1	31.6	25.7	20.2	18.1	13.6
Profitability Ratios Profitability Ratios
GPM GPM%	18.9	19.0	18.3	18.5	17.0	19.6	19.4	19.8	19.6	21.9	23.1	23.1
OPM OPM%	2.1	3.5	2.8	2.5	4.7	7.1	7.2	5.8	6.3	7.9	8.8	8.4
NPM NPM%	0.5	0.5	2.0	0.9	0.1	2.1	2.5	1.1	1.2	2.5	3.2	2.9
ROCE ROCE%	10.4	19.0	11.5	12.3	7.6	15.8	8.3	5.4	6.6	10.0	11.6	11.6
ROE ROE%	6.6	7.2	14.0	6.4	0.3	17.5	6.7	3.4	4.2	8.6	11.1	11.1
ROA ROA%	1.8	2.0	6.6	3.1	0.1	4.0	3.6	1.8	2.2	4.5	5.6	5.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr							12,053	7,769	8,241	9,091	10,058	7,172
Price To Earnings Price To Earnings							125.8	156.2	125.8	60.5	45.8	34.0
Price To Sales Price To Sales							3.2	1.7	1.5	1.5	1.5	1.0
Price To Book Price To Book							8.5	5.2	5.2	5.2	5.1	3.6
EV To EBITDA EV To EBITDA							47.1	31.6	25.7	20.2	18.1	13.6
Profitability Ratios Profitability Ratios
GPM GPM%	18.9	19.0	18.3	18.5	17.0	19.6	19.4	19.8	19.6	21.9	23.1	23.1
OPM OPM%	2.1	3.5	2.8	2.5	4.7	7.1	7.2	5.8	6.3	7.9	8.8	8.4
NPM NPM%	0.5	0.5	2.0	0.9	0.1	2.1	2.5	1.1	1.2	2.5	3.2	2.9
ROCE ROCE%	10.4	19.0	11.5	12.3	7.6	15.8	8.3	5.4	6.6	10.0	11.6	11.6
ROE ROE%	6.6	7.2	14.0	6.4	0.3	17.5	6.7	3.4	4.2	8.6	11.1	11.1
ROA ROA%	1.8	2.0	6.6	3.1	0.1	4.0	3.6	1.8	2.2	4.5	5.6	5.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	MEDPLUS	ENTERO	ZOTA	HEALTHX	ACHYUT	SPML	BALAXI
Market CapitalizationMkt CapCr	7,172	6,533	4,714	887	145	145	120
Close PriceClose₹	597.00	1,501.00	1,361.00	278.75	6.02	165.00	21.72
IndustryIndustry	Pharma Distribution	Pharma Distribution	Pharma Distribution	Pharma Distribution	Pharma Distribution	Pharma Distribution	Pharma Distribution
Price To EarningsPE	34.04	52.08			301.00	13.16	48.27
Price To SalesPS	0.99	0.92	7.74	0.60	12.48	1.93	0.43
RevenueRevenueCr	7,229	7,128	609	1,468	12	75	280
Revenue Growth TTMRev Gr TTM%	16.8%	31.9%	78.9%	28.9%		29.2%	-5.9%
PAT Growth TTMPAT Gr TTM%	18.1%	43.1%	-80.3%	82.2%		81.2%	-87.1%

	MEDPLUS	ENTERO	ZOTA	HEALTHX	ACHYUT	SPML	BALAXI
Market CapitalizationMkt CapCr	7,172	6,533	4,714	887	145	145	120
Close PriceClose₹	597.00	1,501.00	1,361.00	278.75	6.02	165.00	21.72
IndustryIndustry	Pharma Distribution	Pharma Distribution	Pharma Distribution	Pharma Distribution	Pharma Distribution	Pharma Distribution	Pharma Distribution
Price To EarningsPE	34.04	52.08			301.00	13.16	48.27
Price To SalesPS	0.99	0.92	7.74	0.60	12.48	1.93	0.43
RevenueRevenueCr	7,229	7,128	609	1,468	12	75	280
Revenue Growth TTMRev Gr TTM%	16.8%	31.9%	78.9%	28.9%		29.2%	-5.9%
PAT Growth TTMPAT Gr TTM%	18.1%	43.1%	-80.3%	82.2%		81.2%	-87.1%

FY2026

FY2024

FY2023

FY2022

FY2026

Jun 26