### **Overview** QMS Medical Allied Services Ltd (QMS MAS), originally established in 1994 as a pharma marketing solutions provider and restructured as a private limited company in 2017, has evolved into a leading integrated healthcare services and medical device distribution company in India. Listed on the **NSE Emerge in October 2022**, QMS MAS combines over **30 years of industry experience** with a pan-India operational footprint spanning **over 5,000 pin codes** and **100+ cities**. The company serves **130+ institutional clients**, including **all top 50 pharmaceutical companies in India**, and has built a reputation as a trusted partner in patient-centric healthcare delivery. With a dual focus on **products and services**, QMS MAS operates five independent business verticals: 1. B2B Promotion 2. Point of Care (PoC) Device Distribution 3. Hospital & Trade Distribution 4. Patient Service Programs (PSPs) 5. E-Commerce (QMSMEDS) --- ### **Core Business Model & Growth Drivers** #### **1. Integrated Healthcare Services & Patient Support Programs (PSPs)** QMS MAS has redefined its role from traditional medical product distribution to becoming a **full-stack healthcare engagement platform**, offering end-to-end patient journey management. Key drivers include: - **Patient Support Programs (PSPs)**: Tailored chronic disease management programs in **diabetes, hypertension, cardiology, respiratory, oncology, and orthopedics**. - **Flagship Program – HumRahi (for Lupin Ltd)**: Serves **over 1 lakh patients** across **15+ languages**, offering **free diagnostics, medications, diet counseling, and adherence support**. - **Saarathi Healthcare Acquisition (51% stake, 2024–25)**: A strategic move to enhance capabilities in **disease management, digital health, and phygital (physical + digital) care delivery**, enabling seamless post-diagnosis support. The integration has already driven a **1.5x increase in service segment revenue** within two years. - **Proprietary Digital Health Platform – QMSMAS Patient Service Ecosystem**: - Hosted on **AWS** for scalability and security. - Manages **700+ patient programs**, tracks **10+ lakh patients**, and engages **3.5+ lakh HCPs**. - Features **AI-driven analytics**, real-time monitoring, centralized CRM, and tele/field/diagnostic integration. - ISO 9001-compliant and supports **real-time data reporting**, critical for pharma compliance and outcomes measurement. #### **2. B2B Health Camps & Field Operations** - Conducted **16,200 B2B health camps in H1 FY26**, supporting pharma clients in brand promotion and patient outreach. - Employs **120 field officers** and **900+ freelance dietitians**, each equipped with portable diagnostics (e.g., HbA1c, BMD, BP machines). - Digitally enabled camp booking via a **real-time portal**; automated field officer dispatch based on proximity, ensuring operational efficiency. - Runs **100+ preventive screening camps daily**, reaching **over 25,000 camps and 200,000 diagnosed patients** to date. #### **3. Medical Devices & E-Commerce** - **Own Brand – Q-Devices**: Launched in 2023, offering **Long Knee Brace, Menstrual Heating Pad, Portable Nebulizer, Ionic Steamer, and BP Monitor**, among others. - Generated **Rs 10 crore in FY25**, and **surpassed that in Q1 FY26 alone**, showcasing strong B2C traction. - **Distributes 900+ SKUs** from global leaders like **3M, Heine, Omron, and Bio-Sense**, acting as an exclusive distributor for several. - **QMSMEDS**: In-house e-commerce platform with **price-comparison, feature filters, and rapid fulfillment** (partnering with Swiggy, Zepto). - Generated **Rs 0.5 crore in H1 FY26** and is growing fast, with online sales up **over 350% since FY22–23**. - **Point of Care Segment**: Earned **Rs 9.9 crore in H1 FY26** via sales of diagnostic strips and testing kits used in clinic camps. --- ### **Financial Performance & Margins** - **FY25 Revenue**: **Rs 110 crore** (consolidated); **Rs 156 crore** including Saarathi contribution and adjusted metrics. - **H1 FY26 Revenue**: **Rs 58.7 crore** across segments. - **EBITDA Margins**: - **Overall**: **12–15%** - **Service Division (especially PSPs)**: **30–35%**, highlighting the profitability of high-value, integrated care programs. - **Product Margins**: **10–12%** - **Revenue by Segments (est.)**: - **Solutions/Services Vertical**: ~39% of revenue - **Product Vertical**: ~41% - **Seasonality**: Strong activity in **Q1 and Q4** due to pharma marketing budget cycles. Margin pressure observed due to **pricing rationalization in camps** and **capacity investments**, but expected to stabilize in FY26. --- ### **Competitive Advantages & Moats** 1. **Deep Pharma Relationships**: Trust built over 30 years with **top pharma MNCs and domestic players**. 2. **Proprietary Digital Platform**: Scalable, secure, AI-enabled ecosystem — a **high entry barrier** due to regulatory (CDSCO) and technological complexity. 3. **CDSCO License & eGrameen Access**: Regulatory edge and **exclusive rural distribution rights**. 4. **End-to-End Patient Care**: From **screening to lifestyle coaching**, enabled by integrated tech and human network (900+ dieticians, 135 DMLTs). 5. **Pan-India Field Network**: One of the **most extensive outreach models** in Indian B2B healthcare.