MedPlus Health Services (MEDPLUS) Q4 24/25 earnings summary

Executive summary

• Revenue for FY25 reached ₹61,361 million, up 9.1% year-over-year, with Q4FY25 revenue at ₹15,096 million.

• Net addition of 305 stores in FY25, with 100 net new stores in Q4FY25, expanding presence to 4,712 stores across 710+ cities in 13 states and 1 union territory.

• Focused on backend and infrastructure strengthening, including 10 new warehouses in FY25, to support scalability and store expansion.

• Audited standalone and consolidated financial statements for FY25 were approved with unqualified opinions from auditors.

• Board approved allotment of 49,593 equity shares under ESOP 2021 and reconstituted key board committees.

Financial highlights

• FY25 consolidated revenue: ₹61,361 million; Q4FY25 revenue: ₹15,096 million.

• FY25 operating EBITDA: ₹2,776 million (4.5% margin), up 58.8% yoy; Q4FY25 operating EBITDA: ₹803 million (5.3% margin).

• FY25 PAT: ₹1,502 million, up 129.1% yoy; Q4FY25 PAT: ₹513 million.

• Operating cash flow for FY25 was ₹5,404 million, with closing cash and bank balance at ₹4,423 million.

• Store-level EBITDA margin for stores >12 months: 11.5%; operating ROCE: 59.2%.

Outlook and guidance

• Targeting 600 net store additions in FY26.

• Same-store sales growth projected at high single digits to low double digits.

• Focus on increasing private label contribution in both pharma and FMCG for higher margins.

• Steady-state gross margin guidance for pharmacy: 24.5%-24.8%, with diagnostics adding 1%.

• Unutilized IPO proceeds of ₹669.10 million remain, primarily in fixed deposits and escrow.