Medplus Health Services Limited (MEDPLUS)
₹611.95 -0.14% last close, 16 Oct
Q2 FY27 results
📅 Next results: 27 Oct 2026 (board meeting)Medplus Health Services Limited's board meets on 27 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q4 FY26, Medplus Health's revenue was ₹1,864 Cr (+23.4% year on year, +3.2% on the previous quarter), and net profit ₹64.0 Cr (+25.5% year on year); the operating margin was 9.1%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹1,864 | +23.4% | +3.2% |
| Operating profit | ₹169 | +24.3% | +6.5% |
| Net profit | ₹64.0 | +25.5% | +10.7% |
| EPS (₹) | 5.33 | +24.2% | +10.6% |
| Operating margin | 9.1% | — | — |
MEDPLUS delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 55.98% of the MEDPLUS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 60.44%. That is close to its usual level. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 50.4% · 54.9% · 50.9% · 95.3% · 56.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
MedPlus Health Services announced that CareEdge Ratings has reaffirmed the credit ratings for bank facilities of its material subsidiary, Optival Health Solutions Private Limited. Long-term bank facilities totaling ₹236.00 crore were reaffirmed at 'CARE A; Stable'. Short-term bank facilities of ₹14.00 crore were reaffirmed at 'CARE A1'. The total rated facility of ₹250 crore represents approximately 3.6% of MedPlus's TTM consolidated revenue of ₹6,892 crore.
- Long-term bank facilities of ₹236.00 crore reaffirmed at CARE A; Stable
- Short-term bank facilities of ₹14.00 crore reaffirmed at CARE A1
- Total rated bank facilities stand at ₹250.00 crore
- Rated facilities pertain to material subsidiary Optival Health Solutions Private Limited
Stock exchanges levied a fine on Medplus Health Services regarding non-compliance with Regulation 17(1A) of SEBI LODR Regulations, 2015, relating to the appointment of Independent Director Mr. Ajit Pandurang Rangnekar who has attained 75 years of age. At its meeting on September 10, 2026, the Board noted the fine and clarified that the lapse was due to a bona fide interpretational difference. The company stated that the appointment was subsequently approved via special resolution by shareholders at the AGM on August 17, 2026. Management has been directed to strengthen internal governance processes to prevent future recurrence.
- Fine levied by BSE and NSE regarding non-compliance under Regulation 17(1A) of SEBI LODR Regulations, 2015
- Pertains to Non-Executive Independent Director Mr. Ajit Pandurang Rangnekar, who attained 75 years of age
- Shareholders approved the appointment via special resolution at the AGM on August 17, 2026
- Board reviewed the matter and directed management to enhance governance systems on September 10, 2026
MedPlus Health Services has approved the acquisition of the residual 0.01% stake (17,986 equity shares) in its material subsidiary, Optival Health Solutions Private Limited, for approximately Rs 1.10 crore in cash. Post-transaction, MedPlus's holding will increase from 99.99% to 100%, turning Optival into a wholly owned subsidiary. Optival is the primary operating vehicle of MedPlus, reporting a FY26 turnover of Rs 6,816.44 crore, which constitutes nearly all of MedPlus's consolidated FY26 revenue of Rs 6,892 crore.
- Acquisition of residual 0.01% stake (17,986 shares) in subsidiary Optival Health Solutions
- Aggregate cash consideration of Rs 1.10 crore
- Shareholding in Optival increases from 99.99% to 100%, converting it to a wholly owned subsidiary
- Target entity Optival generated Rs 6,816.44 crore in turnover during FY 2025-26
MedPlus Health Services Limited has submitted the voting results and Scrutinizer's report for its 20th Annual General Meeting held on August 17, 2026. The Scrutinizer, Ms. Rashida Adenwala of R & A Associates, confirmed that all six resolutions set out in the AGM notice were approved by shareholders with the requisite majority. The voting was conducted via remote e-voting and e-voting at the AGM. This filing represents a standard regulatory compliance requirement under SEBI LODR Regulation 44(3).
- 20th Annual General Meeting held virtually on August 17, 2026
- All 6 resolutions (Resolution Nos. 1 through 6) duly approved with requisite majority
- Consolidated Scrutinizer's Report submitted by R & A Associates on August 18, 2026
- Voting executed via remote e-voting and electronic voting during the AGM
MedPlus Health Services Limited conducted its 20th Annual General Meeting on August 17, 2026, with 134 members attending via video conferencing. Key agenda items included the adoption of FY26 financial statements and the re-appointment of Mr. Gangadi Madhukar Reddy as Managing Director & CEO. The statutory auditors (B S R and Co) and secretarial auditors (R & A Associates) issued unqualified audit reports for FY 2025-2026. Detailed e-voting results and the scrutinizer's report will be submitted separately within prescribed SEBI timelines.
- 20th AGM held on August 17, 2026, attended by 134 members via VC/OAVM.
- A total of 6 resolutions transacted, including the re-appointment of MD & CEO Mr. Gangadi Madhukar Reddy and 2 Independent Directors.
- Statutory and secretarial audit reports for FY 2025-2026 confirmed unqualified opinions with no adverse remarks.
- Remote e-voting was open from August 14, 2026 (9:00 AM IST) to August 16, 2026 (5:00 PM IST).
MedPlus Health Services' subsidiary, Optival Health Solutions, has received one-day drug license suspension orders for three stores located in Karnataka (Vijayapura, Sindagi, and Raichur). The suspensions are due to alleged violations of Rule 65 of the Drugs and Cosmetics Act, 1940. The total estimated revenue loss from these suspensions is approximately Rs 0.64 lacs. Given the company's TTM revenue of Rs 6,892 Cr and a network of 4,930 stores, this event is financially immaterial to the overall business.
- 3 retail stores in Karnataka faced one-day drug license suspensions on August 5, 2026.
- Total potential revenue loss across all three stores is estimated at Rs 0.64 lacs.
- The company operates a large network of 4,930 stores as of Q2 FY 2026.
- Violations cited under Rule 65 of the Drugs and Cosmetics Act, 1940.
- Individual store losses range from Rs 0.17 lacs to Rs 0.24 lacs.
MedPlus Health Services' subsidiary, Optival Health Solutions, has received a two-day suspension order for a drug license at a single store in Raichur, Karnataka. The suspension, effective for two days, follows alleged violations of Rule 65 of the Drugs and Cosmetics Act, 1940. The company estimates a potential revenue loss of approximately Rs 0.71 lakhs from this closure. Given the company's TTM revenue of Rs 6,892 crore and a network of 4,930 stores, this event is financially immaterial.
- Suspension of drug license for 2 days at the Jain Mandir Raichur store in Karnataka
- Estimated potential revenue loss of Rs 0.71 lakhs due to the temporary closure
- Violation cited under Rule 65 of the Drugs and Cosmetics Act, 1940
- Order received from the Assistant Director, Drugs Control Administration, Raichur Circle on August 4, 2026
MedPlus Health Services Limited's subsidiary, Optival Health Solutions, has received a 5-day suspension order for a drug license at its Hanamkonda, Telangana store. The suspension, effective from July 30, 2026, is due to alleged violations of Rule 65 of the Drugs and Cosmetics Act, 1940. The company estimates a potential revenue loss of ₹2.34 lacs during this period. Given MedPlus's TTM revenue of ₹6,892 Cr and a network of 4,930 stores, this event is financially immaterial.
- 5-day suspension of drug license for the SBH Colony, Hanamkonda store in Telangana.
- ₹2.34 lacs estimated revenue loss, representing approximately 0.00003% of TTM revenue.
- Order issued by the Assistant Director, Drugs Control Administration, Warangal.
- Action taken under Rule 65 of the Drugs and Cosmetics Act, 1940 and Rules, 1945.
- MedPlus operates 4,930 stores as of Q2 FY 2026, making this a single-store isolated event.
MedPlus Health Services' subsidiary, Optival Health Solutions, has received a suspension order for the drug license of a single store in Bijapur, Karnataka. The suspension is effective for 2 days due to alleged violations under Rule 65 of the Drugs and Cosmetics Act, 1940. The company has quantified the potential revenue loss at a negligible Rs 0.29 lacs. Given the company's TTM revenue of Rs 6,892 crore and a network of over 4,900 stores, this event is financially immaterial.
- Suspension of drug license for 2 days at a store in Bijapur, Karnataka.
- Estimated potential revenue loss of Rs 0.29 lacs from the closure.
- Action taken by the Assistant Director, Drugs Control Administration, Vijayapura Circle.
- Violation cited under Rule 65 of the Drugs and Cosmetics Act, 1940.
- The affected store is one of 4,930+ locations in the company's retail network.
MedPlus Health Services reported a 21.8% YoY growth in pharmacy revenue for Q1 FY27, with consolidated revenue reaching Rs 1,879.6 Cr. The company added 146 net stores during the quarter, bringing its total network to 5,476 stores, while maintaining an annual target of 800 net additions. Management notably announced that previously approved capex for a food park and wellness facility has been put on hold to re-evaluate fund utilization. Promoter debt, including interest, was confirmed at approximately Rs 1,150 Cr, which remains a key monitorable for investors.
- Net addition of 146 stores in Q1 FY27, bringing the total network to 5,476 stores across 2.9 million sq. ft.
- Consolidated revenue stood at Rs 1,879.6 Cr, representing approximately 27% of TTM revenue.
- Private label sales contributed 20% of total revenue, split between pharma (10.7%) and non-pharma (9.3%).
- Mature stores (older than 12 months) achieved a store-level EBITDA margin of 10.4%.
- Promoter debt including interest is approximately Rs 1,150 Cr, representing ~13.3% of current market cap.
MedPlus Health Services' subsidiary, Optival Health Solutions, has received suspension orders for drug licenses at three stores in Karnataka. Each store faces a 2-day suspension for violations under Rule 65 of the Drugs and Cosmetics Act, 1940. The total estimated revenue loss across the three locations is approximately Rs 2.40 lakhs. Given the company's TTM revenue of Rs 6,892 crore, this financial impact is negligible and represents a routine regulatory matter for a large-scale retailer.
- 3 stores in Karnataka (Gulbarga, Bangalore, and Ramanagar) received license suspension orders
- Suspension duration is 2 days for each of the three affected retail outlets
- Total potential revenue loss quantified at Rs 2.40 lakhs (Rs 0.24L, Rs 1.11L, and Rs 1.05L respectively)
- Action initiated by the Drugs Control Administration under Rule 65 of the Drugs and Cosmetics Act, 1940
MedPlus Health Services has released its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26. The company reports a total workforce of 27,686 employees, with a female representation of 31.76%. A critical metric for investors is the high employee turnover rate of 42.50%, which is slightly up from 42.09% in the previous year. The company operates across 14 states and reported zero consumer, investor, or cybersecurity complaints during the period.
- Total employee headcount reached 27,686 as of March 31, 2026
- Employee turnover rate remains high at 42.50% for the current financial year
- Female employees account for 31.76% of the total workforce
- Operations are concentrated in 14 states with 77.90% of wages paid in Metropolitan areas
- Resolved 100% of the 56 employee complaints received during the year
MedPlus Health Services has scheduled its 20th Annual General Meeting (AGM) for August 17, 2026. Key agenda items include the re-appointment of Founder-Promoter Mr. Gangadi Madhukar Reddy as MD & CEO for a five-year term (2026-2031) with a consolidated remuneration cap of ₹4.00 crore per annum. The company is also seeking shareholder approval for the appointment of two Independent Directors and the ratification of cost auditor fees for FY27. This meeting will formalize the leadership structure for the next growth phase focusing on private labels and store expansion.
- AGM scheduled for August 17, 2026, to transact business for the financial year ended March 31, 2026.
- Proposed re-appointment of MD & CEO Mr. Gangadi Madhukar Reddy for a 5-year term from August 3, 2026, to August 2, 2031.
- MD remuneration capped at ₹4.00 crore per year, which is approximately 1.8% of the TTM PAT of ₹220 Cr.
- Appointment of two Independent Directors, Mr. Mohan Krishna Reddy and Mr. Ajit Pandurang Rangnekar (age 79), for 5-year terms.
- Ratification of ₹1.50 lakh remuneration for Cost Auditors (Sagar & Associates) for the financial year 2026-27.
Medplus Health Services has decided to put two previously approved capital expenditure (CAPEX) plans in abeyance as of July 23, 2026. These plans, which were initially approved just two days prior on July 21, 2026, included setting up a Food Park through its subsidiary Optival Health Solutions and a Concierge Health & Wellness Services Facility in Hyderabad. The Board cited a review of the current business structure and market outlook for this sudden reversal. While the company maintains this will not impact existing operations, it signals a cautious shift in capital allocation strategy.
- Board reversed CAPEX decisions made on July 21, 2026, during a meeting on July 23, 2026
- Two major projects halted: a Food Park and a Concierge Health & Wellness Services Facility
- Company currently operates a network of 4,930 stores as of Q2 FY 2026
- TTM Revenue of Rs 6,892 Cr provides the scale against which these diversifications were planned
- Decision follows a period where the stock price has seen a 12-month return of -19.4%
MedPlus Health Services Limited has issued a clarification regarding an Investor Presentation filed on July 21, 2026. The company stated that an unintended attachment was included in the original filing due to an inadvertent error. A corrected version of the presentation has since been filed with both the BSE and NSE. Investors are advised to refer to the subsequent filing for accurate information regarding the company's performance and strategy.
- Original incorrect filing occurred on July 21, 2026, at 19:42:39 PM (NSE) and 19:43:07 PM (BSE)
- The company has subsequently filed the correct Investor Presentation with both Stock Exchanges
- The error involved an unintended attachment in the initial submission
- MedPlus is the 2nd largest pharmacy retailer in India with TTM revenue of Rs 6,892 Cr
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 9.17% in FY 2025 to INR 61,846.69 million. By segment: Retail grew 8.6% to INR 60,268.86 million; Diagnostic services grew 44.3% to INR 1,081.07 million; and Other segments grew 15.4% to INR 10.60 million.
Geographic Revenue Split
The company operates 4,930 stores across 13 states and 1 union territory. In Q2 FY 2026, 68 net store additions were made beyond Tier-One cities, aligning with the strategy to deepen retail healthcare access in underserved markets.
Profitability Margins
Consolidated gross margin increased from 21.92% in FY 2024 to 24.37% in FY 2025, reaching a new high of 26.1% in Q2 FY 2026. This 240 bps YoY improvement is driven by the increasing share of high-margin private label products.
EBITDA Margin
Consolidated operating EBITDA for Q2 FY 2026 stood at 5.3% (INR 887 million). Mature outlets (older than 12 months) maintained a solid 11.8% store-level EBITDA margin, demonstrating strong unit economics upon store maturity.
Capital Expenditure
Not disclosed in absolute INR Cr; however, the company added 145 gross stores in Q2 FY 2026 and maintains a property bank of 400+ locations for future expansion.
Operational Drivers
Raw Materials
Branded pharmaceutical products represent approximately 75% of sales. Private label pharmaceuticals and FMCG goods constitute 21.5% of total revenue as of Q2 FY 2026.
Capacity Expansion
Current network includes 4,930 stores covering 2.6 million+ square feet as of Q2 FY 2026. The company added 398 stores in FY 2025 and 117 net stores in Q2 FY 2026.
Raw Material Costs
Cost of goods sold was INR 46,406.61 million in FY 2025, representing 75.03% of total income, down from 77.52% in FY 2024 due to better supply chain efficiency.
Manufacturing Efficiency
The company utilizes a backward-integrated value chain and tech-driven inventory management to maintain cost efficiency across 48k+ SKUs in warehouses.
Strategic Growth
Expected Growth Rate
6.50%
Growth Strategy
Growth will be driven by a cluster-based expansion strategy focusing on deeper penetration in 13 states, a pilot franchisee model, and increasing private label revenue share to 20-25%. The company is also expanding its diagnostics segment, which grew 44.3% in FY 2025.
Products & Services
Branded and private-label medicines, wellness products, FMCG goods, pathology and radiology diagnostic services, and insurance broking.
Brand Portfolio
MedPlus, MedPlus Mart, MedPlus Lens, MedPlus Labs.
New Products/Services
Private label pharma sales reached 12.1% of revenue in Q2 FY 2026, while non-pharma private labels contributed 9.6%.
Market Expansion
Expansion into Tier II and III cities to capitalize on rising health awareness and underserved retail healthcare markets.
Market Share & Ranking
2nd largest pharmacy retailer in India by revenue.
External Factors
Industry Trends
The Indian retail pharmacy industry is growing rapidly and moving toward consolidation and digital transformation. MedPlus is positioned as a pioneer in the organized retail format with a 19-year presence.
Competitive Landscape
Intense competition from both traditional unorganized retail pharmacies and well-funded online pharmacy platforms.
Competitive Moat
Durable advantages include a backward-integrated supply chain, a massive network of 4,900+ stores, and high customer stickiness (70% retention) through loyalty programs. These are sustainable due to the high capital requirement for competitors to build similar infrastructure.
Macro Economic Sensitivity
Sensitive to India's growing chronic disease burden and increasing internet penetration which drives ePharmacy (omnichannel) demand.
Consumer Behavior
Shift toward impulsive buying in the non-pharma/FMCG segment, where there is no doctor-prescribed dosage limit, driving higher basket values.
Regulatory & Governance
Industry Regulations
Operations are heavily influenced by the Drug Pricing Control Order (DPCO) and compliance with various pharmaceutical retail and diagnostic licensing laws.
Legal Contingencies
No material changes, commitments, or insolvency proceedings were initiated during the financial year ended March 31, 2025.
Risk Analysis
Key Uncertainties
Promoter share pledging is identified as a financial risk that affects investor confidence. Pharmacist attrition is an HR risk that could impact service quality.
Geographic Concentration Risk
Concentrated in 13 states and 1 union territory, with diagnostics services exclusively located in Hyderabad, Telangana.
Third Party Dependencies
High dependency on third-party branded pharmaceutical manufacturers for 75% of the product mix.
Technology Obsolescence Risk
Vulnerability to cyberattacks and data breaches; mitigated by firewalls, encryption, and regular audits of third-party systems.
