QMS Medical Allied Services Limited (QMSMEDI)
₹171.06 +0.17% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, QMS Medical's revenue was ₹56.9 Cr (+22.3% year on year, +28.0% on the previous quarter), and net profit ₹4.0 Cr (+25.5% year on year); the operating margin was 14.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹56.9 | +22.3% | +28.0% |
| Operating profit | ₹8.3 | +29.0% | +44.2% |
| Net profit | ₹4.0 | +25.5% | +95.9% |
| EPS (₹) | 2.05 | +25.0% | +130.3% |
| Operating margin | 14.6% | — | — |
QMSMEDI exchange data
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📢 Recent Corporate Announcements
QMS Medical Allied Services Limited concluded its 9th Annual General Meeting on September 30, 2026, where all 6 resolutions were passed with 100% requisite majority. Key approvals include the declaration of a final dividend of ₹0.50 (5%) per share for FY26 and approval for material related-party transactions with subsidiary Saarathi Healthcare Private Limited. For the related-party transaction resolution, 1,31,62,456 promoter votes were excluded as invalid per regulations, with minority shareholders passing it unanimously.
- Declared a final dividend of ₹0.50 (5%) per equity share of face value ₹10 for FY26
- Approval granted for material related-party transactions with Saarathi Healthcare Private Limited
- 1,31,62,456 promoter votes treated as invalid/excluded for Resolution 6 (related-party transaction) in compliance with regulations
- Regularisation and appointment of Pranav Manhar Badheka as Independent Director approved
QMS Medical Allied Services concluded its 9th Annual General Meeting on September 30, 2026. The Chairman reported FY26 consolidated revenue of ₹172.88 crore (up 10.8% YoY) and net profit of ₹11.92 crore, with a recommended final dividend of 5% (₹0.50 per share). Key strategic developments highlighted include acquiring 100% of Saarathi Healthcare, a proposed Composite Scheme with Health Care at Home India, and a 5-year exclusive distribution deal with HEINE Optotechnik effective January 2027.
- Consolidated revenue for FY26 reported at ₹172.88 crore, up 10.8% YoY, with PAT of ₹11.92 crore
- Board recommended a final dividend of 5%, or ₹0.50 per equity share
- Healthcare Services business executed 32,380 healthcare camps across India in FY26
- Signed 5-year exclusive India marketing & distribution deal with HEINE Optotechnik starting January 1, 2027
- Migrated from NSE Emerge to the NSE Mainboard in June 2026 and completed full buyout of Saarathi Healthcare
QMS Medical Allied Services has signed an MoU to acquire a 100% equity stake in BeamOptics Scientific Private Limited, a Pune-based deep-tech IVD and analytical instruments manufacturer founded in 2023. The transaction value and financial terms were not disclosed. The finalization is contingent on NCLT approval of QMS's composite scheme of arrangement involving the demerger of its services arm into Saarathi Healthcare and its merger with HCAH. This acquisition aims to reinforce QMS's core product business following the corporate restructuring.
- Signed MoU to acquire 100% equity shares of Pune-based BeamOptics Scientific Private Limited
- BeamOptics was founded in 2023 and holds proprietary patents in FTIR spectroscopy platforms
- Acquisition completion is subject to NCLT approval of a composite scheme of arrangement with HCAH
- Strategic restructuring underway to demerge services business into Saarathi Healthcare and list it separately
- Complements an exclusive 5-year India distribution pact signed in August 2026 with Germany's HEINE Optotechnik
QMS Medical Allied Services and Health Care At Home India (HCAH) have signed definitive documents to merge their pharma services businesses into Saarathi Healthcare, a 100% subsidiary of QMS. The combined platform will operate over 160 Patient Support Programs (PSPs) reaching more than 1.2 million patients with a workforce of 2,000+ professionals across 35+ cities. The strategic combination positions QMS to capitalize on India's PSP market, which is projected to reach approximately US$1 billion by 2030, growing at 15-20% CAGR.
- Definitive agreement signed to merge PSP businesses of HCAH and QMS into Saarathi Healthcare, a 100% subsidiary of QMS
- Combined platform will operate 160+ Patient Support Programs impacting over 1.2 million+ patients
- Deployment of 2,000+ professionals across 35+ cities serving top Indian and MNC pharma clients
- Addresses an Indian PSP market expanding at 15-20% CAGR to reach ~US$1 billion by 2030 (global market at ~US$70 billion)
QMS Medical Allied Services has approved a Composite Scheme of Arrangement to demerge its Healthcare Services Business (revenue of Rs 37.17 Cr, ~24.41% of FY26 turnover) into Saarathi Healthcare. In addition, the healthcare services division of Health Care at Home India (HCAH) is also being merged into Saarathi, creating a combined healthcare services entity to be listed separately. Under the scheme, QMS shareholders will receive 1 share of Saarathi Healthcare (face value Rs 10) for every 1 share held in QMS. Concurrently, QMS entered into an MoU to acquire 100% of BeamOptics Scientific Pvt Ltd (FY26 revenue Rs 1.14 Cr) by November 30, 2027.
- Demerged division contributed Rs 37.17 Cr, or 24.41% of QMS turnover in FY26
- Share swap ratio set at 1 equity share of Saarathi Healthcare for every 1 share held in QMS
- Post-arrangement Saarathi shareholding will be 40.5% Promoter and 59.5% Public (3.25 Cr total shares)
- Proposed 100% acquisition of BeamOptics Scientific (FY26 revenue Rs 113.81 Lakhs) targeted by November 30, 2027
QMS Medical Allied Services has approved a Composite Scheme of Arrangement to demerge its Healthcare Services Business (revenue of Rs 37.17 Cr, ~24.41% of FY26 turnover) into Saarathi Healthcare. In addition, the healthcare services division of Health Care at Home India (HCAH) is also being merged into Saarathi, creating a combined healthcare services entity to be listed separately. Under the scheme, QMS shareholders will receive 1 share of Saarathi Healthcare (face value Rs 10) for every 1 share held in QMS. Concurrently, QMS entered into an MoU to acquire 100% of BeamOptics Scientific Pvt Ltd (FY26 revenue Rs 1.14 Cr) by November 30, 2027.
- Demerged division contributed Rs 37.17 Cr, or 24.41% of QMS turnover in FY26
- Share swap ratio set at 1 equity share of Saarathi Healthcare for every 1 share held in QMS
- Post-arrangement Saarathi shareholding will be 40.5% Promoter and 59.5% Public (3.25 Cr total shares)
- Proposed 100% acquisition of BeamOptics Scientific (FY26 revenue Rs 113.81 Lakhs) targeted by November 30, 2027
QMS Medical Allied Services has approved a Composite Scheme of Arrangement to demerge its Healthcare Services Business (revenue of Rs 37.17 Cr, ~24.41% of FY26 turnover) into Saarathi Healthcare. In addition, the healthcare services division of Health Care at Home India (HCAH) is also being merged into Saarathi, creating a combined healthcare services entity to be listed separately. Under the scheme, QMS shareholders will receive 1 share of Saarathi Healthcare (face value Rs 10) for every 1 share held in QMS. Concurrently, QMS entered into an MoU to acquire 100% of BeamOptics Scientific Pvt Ltd (FY26 revenue Rs 1.14 Cr) by November 30, 2027.
- Demerged division contributed Rs 37.17 Cr, or 24.41% of QMS turnover in FY26
- Share swap ratio set at 1 equity share of Saarathi Healthcare for every 1 share held in QMS
- Post-arrangement Saarathi shareholding will be 40.5% Promoter and 59.5% Public (3.25 Cr total shares)
- Proposed 100% acquisition of BeamOptics Scientific (FY26 revenue Rs 113.81 Lakhs) targeted by November 30, 2027
QMS Medical Allied Services has approved a Composite Scheme of Arrangement to demerge its Healthcare Services Business (revenue of Rs 37.17 Cr, ~24.41% of FY26 turnover) into Saarathi Healthcare. In addition, the healthcare services division of Health Care at Home India (HCAH) is also being merged into Saarathi, creating a combined healthcare services entity to be listed separately. Under the scheme, QMS shareholders will receive 1 share of Saarathi Healthcare (face value Rs 10) for every 1 share held in QMS. Concurrently, QMS entered into an MoU to acquire 100% of BeamOptics Scientific Pvt Ltd (FY26 revenue Rs 1.14 Cr) by November 30, 2027.
- Demerged division contributed Rs 37.17 Cr, or 24.41% of QMS turnover in FY26
- Share swap ratio set at 1 equity share of Saarathi Healthcare for every 1 share held in QMS
- Post-arrangement Saarathi shareholding will be 40.5% Promoter and 59.5% Public (3.25 Cr total shares)
- Proposed 100% acquisition of BeamOptics Scientific (FY26 revenue Rs 113.81 Lakhs) targeted by November 30, 2027
QMS Medical Allied Services has approved a Composite Scheme of Arrangement to demerge its Healthcare Services Business (revenue of Rs 37.17 Cr, or 24.41% of FY26 turnover) into Saarathi Healthcare Private Limited. Under the swap ratio, QMS shareholders will receive 1 equity share of Rs 10 each in Saarathi for every 1 share held in QMS. In parallel, QMS entered into an MOU to acquire 100% of BeamOptics Scientific Private Limited, which had FY26 turnover of Rs 113.81 Lakhs, with an expected completion timeline by November 30, 2027.
- Demerged Healthcare Services business contributed Rs 37.17 Cr (24.41% of FY26 total turnover)
- Share swap ratio of 1:1 for QMS shareholders into the resulting company (Saarathi Healthcare)
- Post-arrangement Saarathi shareholding to consist of 40.5% promoters and 59.5% public (total 3,25,00,066 shares)
- Agreed to acquire 100% of BeamOptics Scientific (FY26 turnover of Rs 113.81 Lakhs) on or before November 30, 2027
QMS Medical Allied Services has completed the 100% acquisition of Saarathi Healthcare Pvt Ltd, making it a wholly owned subsidiary. The company acquired the remaining 24% equity stake (1,98,000 shares) for a cash consideration of ₹14.225 crore, having previously held 76%. Saarathi operates in disease management, screening, and patient access programs, and its full integration supports QMS's broader target of surpassing ₹500 crore in revenue by FY29.
- Acquired the remaining 24% equity stake (1,98,000 shares) for ₹14.225 crore in cash.
- Saarathi Healthcare is now a 100% wholly owned subsidiary (up from 76% in Oct 2025 and 51% in Jun 2024).
- Cash outflow of ₹14.225 crore represents approximately 13.7% of net worth (₹104 Cr) and 3.7% of market cap (₹383 Cr).
- Management reaffirmed a long-term goal of surpassing ₹500 crore revenue by FY29.
QMS Medical Allied Services has acquired the remaining 24% equity stake in its subsidiary, Saarathi Healthcare Private Limited, for a cash consideration of ₹14.225 crore (1,98,000 shares). Following this transaction, Saarathi Healthcare becomes a wholly owned subsidiary (100% ownership). Saarathi reported a turnover of ₹18.45 crore in FY26, growing from ₹16.29 crore in FY25 and ₹13.33 crore in FY24. The acquisition cost represents approximately 13.7% of QMS Medical's net worth of ₹104 crore.
- Acquired 24% stake (1,98,000 shares) in Saarathi Healthcare Private Limited for ₹14,22,50,000 cash
- Post-acquisition, equity shareholding increased from 76% to 100%, turning Saarathi into a wholly owned subsidiary
- Saarathi Healthcare FY26 turnover stood at ₹1,844.99 lakh (₹18.45 crore), up from ₹1,629.47 lakh in FY25
- Deal fully eliminates minority interest in the higher-margin healthcare services segment
QMS Medical Allied Services Limited has informed the exchange under Regulation 36(1)(b) of the SEBI LODR Regulations regarding the dispatch of letters to shareholders whose email addresses are not registered with the company or depositories. The communication provides the exact web-link and QR code to access the Annual Report for FY 2025-26 and the Notice of the 9th Annual General Meeting. This is a standard procedural compliance filing with no financial or operational impact.
- Dispatched letters containing exact web-link for FY 2025-26 Annual Report to members with unregistered emails.
- Provided access to the Notice of the 9th Annual General Meeting (AGM).
- Compliance intimation submitted under SEBI Listing Regulation 36(1)(b) dated September 07, 2026.
QMS Medical Allied Services Limited has fixed September 23, 2026 as the Record Date for determining shareholder eligibility for the 09th Annual General Meeting (AGM) and dividend payout. The company's share transfer books will remain closed from September 24, 2026 to September 30, 2026. The 09th AGM is scheduled to take place on September 30, 2026. If approved by shareholders at the AGM, the dividend will be distributed between October 5, 2026 and October 30, 2026.
- Record Date fixed as September 23, 2026 for dividend eligibility and AGM
- Share transfer book closure set from September 24, 2026 to September 30, 2026 (both days inclusive)
- 09th Annual General Meeting (AGM) scheduled for September 30, 2026
- Dividend payment window scheduled between October 5, 2026 and October 30, 2026
QMS Medical Allied Services Limited has published its 9th Integrated Annual Report for FY 2025-26 and scheduled its Annual General Meeting for September 30, 2026. The company has proposed a final dividend of Re. 0.50 (5%) per equity share of face value Rs 10 for FY26. Shareholders will also vote on regularising Mr. Pranav Manhar Badheka as an Independent Director and approving material related-party transactions of up to ₹20 Crore with subsidiary Saarathi Healthcare Private Limited. Additionally, the report notes the successful migration of 1,93,37,443 equity shares to the NSE Mainboard on June 18, 2026.
- 9th Annual General Meeting scheduled for Wednesday, September 30, 2026, via Video Conferencing.
- Proposed final dividend of Re. 0.50 (5%) per equity share of face value Rs 10 for FY 2025-26.
- Shareholder approval sought for material related-party transactions with Saarathi Healthcare Pvt Ltd up to ₹20 Crore.
- Documented migration of 1,93,37,443 equity shares to the NSE Mainboard effective June 18, 2026.
QMS Medical Allied Services Limited has issued the notice for its 9th Annual General Meeting scheduled for September 30, 2026, via video conferencing. Key agenda items include declaring a final dividend of Re. 0.50 (5%) per equity share of face value Rs. 10 for FY26. The company is also seeking shareholder approval for material related-party transactions with its subsidiary, Saarathi Healthcare Private Limited, up to an aggregate value of ₹20 Crore (~10.9% of TTM revenue). Other resolutions include the 5-year appointment of Pranav Manhar Badheka as an Independent Director and the reappointment of Managing Director Mahesh Makhija upon retirement by rotation.
- 9th AGM scheduled for September 30, 2026, at 02:30 PM IST via Video Conferencing.
- Proposed final dividend of Re. 0.50 (5%) per equity share of Rs. 10 face value for FY25-26.
- Approval sought for material Related Party Transactions with subsidiary Saarathi Healthcare up to ₹20 Crore.
- Appointment of Pranav Manhar Badheka as Independent Director for a 5-year term from Sept 3, 2026, to Sept 2, 2031.
Financial Performance
Revenue Growth by Segment
Total revenue for H1 FY26 grew 35% YoY to INR 91.2 Cr. The Product segment contributed 76% of revenue in H1 FY26 (up from 71% in H1 FY25), while the Services segment contributed 24% (down from 29% in H1 FY25). Q2 FY26 revenue grew 20% YoY to INR 44.7 Cr.
Geographic Revenue Split
Not explicitly disclosed by region, but the company is positioned to expand operations on a national scale across India to leverage healthcare infrastructure development.
Profitability Margins
PAT for Q2 FY26 was INR 3.6 Cr with an 8% margin. For H1 FY26, PAT was INR 6.7 Cr with a 7.4% margin. Net profit before tax for FY25 was INR 14.42 Cr compared to INR 12.23 Cr in FY24, representing a 17.8% increase.
EBITDA Margin
Q2 FY26 EBITDA margin was 15.5% (INR 6.9 Cr), a decrease from 19.5% in Q2 FY25. H1 FY26 EBITDA margin was 14.7% (INR 13.4 Cr), down from 17.9% in H1 FY25. The margin compression is due to front-loaded investments in systems, infrastructure, and personnel to support future scaling.
Capital Expenditure
Not disclosed as a specific INR figure, but management confirmed significant ongoing investments in infrastructure, technology systems, and human capital expected to yield margin improvements starting in FY27.
Operational Drivers
Raw Materials
Medical devices and consumables (renewables) for point-of-care machines, including products from exclusive global brands like 3M and Heine. Specific cost percentages per material are not disclosed.
Import Sources
Global sourcing for exclusive brands like 3M and Heine; specific countries are not listed but imply international procurement for specialized medical technology.
Key Suppliers
Key global partners include 3M and Heine for medical device distribution.
Capacity Expansion
The company conducted 16,200 B2B health camps in H1 FY26. Expansion is focused on increasing the volume of these camps and scaling the Patient Service Programs (PSP) across new therapeutic areas.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but the product segment (which includes device sales) operates at lower EBITDA margins of 10-12% compared to the service segment's 20-22%.
Manufacturing Efficiency
Operational execution is measured by the volume of B2B health camps (16,200 in H1 FY26) and the utilization of proprietary digital health applications for patient management.
Logistics & Distribution
Distribution is handled through partnerships, including the government’s e-Grameen portal and an owned e-commerce platform, QMSMEDS.
Strategic Growth
Expected Growth Rate
25%
Growth Strategy
Growth will be driven by increasing the stake in Saarathi Healthcare from 51% to 76%, which will consolidate more service-linked revenue. The company aims for the service sector to reach approximately INR 50 Cr by the end of the current fiscal year. Strategy includes scaling B2B health camps, expanding Patient Support Programs (PSPs), and leveraging the Q-Devices brand endorsed by Kapil Dev.
Products & Services
Q-Devices (medical devices), Patient Support Programs (PSP), B2B health camps, point-of-care machines, and e-commerce sales via QMSMEDS.
Brand Portfolio
Q-Devices, QMSMEDS, Saarathi Healthcare.
New Products/Services
Expansion into new therapeutic areas for healthcare camps and scaling the proprietary digital health application for patient management.
Market Expansion
National scale expansion in India, targeting the influx of funds into healthcare infrastructure and delivery systems.
Market Share & Ranking
Not disclosed, but positioned as a leading distributor and marketer of medical products with 30+ years of experience.
Strategic Alliances
Exclusive distribution partnerships with 3M and Heine; partnership with the government's e-Grameen portal.
External Factors
Industry Trends
The industry is shifting toward high-class medical technology and screening services (Point of Care). QMS is positioning itself as an innovator in the integrated healthcare ecosystem to address unmet needs in non-communicable diseases.
Competitive Landscape
Competes with other medical device distributors and healthcare service providers; differentiates through integrated B2B camps and PSPs.
Competitive Moat
Durable advantages include 30+ years of industry experience, exclusive global brand partnerships (3M, Heine), and a large network of 130+ institutional clients. These are sustainable due to high entry barriers in medical device distribution and established trust with 50+ pharma companies.
Macro Economic Sensitivity
Highly sensitive to healthcare infrastructure spending and government funding into delivery systems.
Consumer Behavior
Increasing demand for early intervention and screening for non-communicable diseases is driving growth in the Point of Care division.
Geopolitical Risks
Changes in government policy due to socio-economic or socio-political issues are cited as a constant risk factor for the healthcare industry.
Regulatory & Governance
Industry Regulations
Compliance with the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Operations are subject to government healthcare policies and medical device standards.
Taxation Policy Impact
Tax for FY25 was INR 4.00 Cr (including deferred tax) on a profit before tax of INR 14.42 Cr, implying an effective tax rate of approximately 27.7%.
Legal Contingencies
The independent auditor's report for FY25 indicates an adequate internal financial controls system and does not highlight major pending litigation values.
Risk Analysis
Key Uncertainties
The primary uncertainty is the timing of margin recovery; while management expects improvements in FY27, current investments have reduced EBITDA margins by approximately 400 basis points YoY in Q2 FY26.
Geographic Concentration Risk
Currently focused on the Indian market with plans for national expansion.
Third Party Dependencies
High dependency on pharmaceutical companies' marketing budgets for the service segment and global brands (3M, Heine) for the product segment.
Technology Obsolescence Risk
Mitigated by proprietary digital health app development and maintaining partnerships with leading global medical technology innovators.
Credit & Counterparty Risk
Receivables are primarily from 130+ institutional clients and 50+ pharma companies, which generally represent lower credit risk but are subject to corporate payment cycles.
