MedPlus Health Services (MEDPLUS) Q1 25/26 earnings summary

Executive summary

• Revenue for Q1FY26 reached ₹15,426.34 million, up 3.6% YoY, with a net addition of 101 stores, expanding the network to 4,813 stores across 13 states and 1 union territory.

• Private label sales share increased to 20.4% from 7.9% YoY, with private label revenue up 5.7% YoY, supporting margin expansion.

• Board approved unaudited financial results for Q1FY26 and ratified appointments of cost and secretarial auditors.

• Allotment of 79,157 equity shares under ESOP 2021 to eligible employees.

Financial highlights

• Pharmacy operations revenue grew 6.6% YoY on GMV basis and 3.3% YoY on net basis, with consolidated revenue at ₹15,426.34 million.

• Gross margin stood at 26.1%, up 400 bps YoY; operating EBITDA was ₹728 million (4.7% margin); PAT reached ₹423.43 million, up 195.2% YoY.

• Diagnostic segment revenue rose to ₹302.9 million from ₹242.4 million YoY, with operating EBITDA of ₹41.3 million (13.6% margin).

• Store-level EBITDA margin for stores older than 12 months was 10.9%, with store-level operating ROCE at 59.8%.

• Operating cash flow for the quarter was ₹1,872 million, with a closing cash and bank balance of ₹5,549 million.

Outlook and guidance

• Targeting 600 new store additions in FY26 and focusing on deepening penetration in existing clusters.

• Private label share expected to grow by 0.5% per quarter on net sales value, supporting gradual margin improvement.

• Diagnostic business expansion contingent on reaching 200,000–250,000 members.

• Continued investment in technology and omni-channel capabilities to support growth.