MedPlus Health Services (MEDPLUS) Q3 25/26 earnings summary

Executive summary

• Net addition of 182 stores in Q3 FY26, with 228 openings and 46 closures; total network at 5,112 stores and 2.6+ million sq ft, up from 4,612 stores and 2.4 million sq ft YoY.

• Achieved consolidated revenue of INR 18,061 million in Q3 FY26, up 15.7% year-over-year and 7.5% sequentially.

• Private label sales constituted 22.2% of total revenues, with pharma at 11.6% and FMCG at 10.6%.

• Store network expansion focused on cluster-based strategy, enabling deeper market penetration and efficient omni-channel service.

• Board approved unaudited standalone and consolidated financial results for the quarter ended December 31, 2025, with auditors expressing an unmodified opinion.

Financial highlights

• Consolidated revenue for Q3 FY26 was INR 18,061 million, with gross margin at 26.2%, up 110 bps YoY.

• Consolidated operating EBITDA was INR 968 million (5.4% margin), after a non-recurring INR 70.59 million labor code charge.

• PAT for Q3 FY26 was INR 577.9 million, up 26% YoY.

• Pharmacy revenue grew 15.6% YoY; pharmacy operating EBITDA was INR 925 million (5.2% margin).

• Operating cash flow for the quarter was INR 905 million, with a closing cash and bank balance of INR 6,080 million.

Outlook and guidance

• Targeting 600 new store additions in FY26; next year’s store addition expected to be at least similar to FY26.

• Plans to further grow in existing clusters and develop new ones, especially in cities where market leadership is not yet achieved.

• Focus on expanding omni-channel offerings and increasing private label contribution for higher margins.

• Gross margins expected to remain stable in Q4 and next year.

• Company continues to monitor regulatory changes, including new Labour Codes, and will adjust accounting as needed.