MedPlus Health Services (MEDPLUS) Q4 25/26 earnings summary

Executive summary

• Achieved 12.3% year-over-year revenue growth in FY26, reaching ₹68,925m, with Q4FY26 revenue up 23.5% year-over-year to ₹18,644m.

• Expanded store network to 5,330 stores across 13 states and 1 union territory, adding 618 net stores in FY26 and 218 in Q4FY26.

• Private label sales comprised 22% of Q4 revenue, with a balanced focus on both branded and private label products.

• Maintained strong omni-channel presence, enabling 2-hour delivery and lower customer acquisition costs.

• Audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, were approved, with unmodified opinions from statutory auditors.

Financial highlights

• FY26 gross margin improved by 180 bps to 26.2%; Q4FY26 gross margin at 26.5%, up 30 bps sequentially.

• FY26 operating EBITDA rose 31.8% year-over-year to ₹3,658m (5.3% margin); Q4FY26 operating EBITDA up 34% year-over-year to ₹1,076m (5.8% margin).

• FY26 PAT increased 46.2% year-over-year to ₹2,196m; Q4FY26 PAT up 24.6% year-over-year to ₹640m.

• Operating cash flows for FY26 were ₹4,955.81m, with an OCF/EBITDA ratio of 135.5%.

• Store-level EBITDA margin for stores older than 12 months was 13.1%; for stores older than 24 months, 13.3%.

Outlook and guidance

• Plans to open 800 net new stores in FY27, including franchisee outlets, and deepen penetration in existing clusters.

• Focus on increasing private label contribution in both pharma and FMCG for higher margins, with share expected to increase by 20-30 basis points per quarter.

• SSSG for mature stores targeted at 9-10% annually.

• No formal guidance on margin or revenue growth, but management expects to maintain current profitability levels.

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