Synopsis: The share of this company surged over 11 percent after reporting strong Q4 FY26 earnings, supported by double-digit profit growth, healthy cash flows, and expansion of its store network to 5,330 locations.
The share of this company, which offers medicines, wellness products, and diagnostic services through its physical stores and omnichannel platforms like MedPlus Mart, gained investor traction after strong Q4 numbers
With a market capitalization of Rs 11,904 crore, Medplus Health Services Ltd’s shares on Thursday made a day high of Rs 1,020.35 per share, up by 11.3 percent from its previous day’s close price of Rs 916.15 per share. The share of the company gave a negative return of 10 percent over the last 5 years
Results Overview
QoQ View: The revenue from operations grew by 3.2 percent to Rs 1,864.39 crore in Q4 FY26 from Rs 1,806.12 crore in Q3 FY26, and EBITDA grew by 7.3 percent to Rs 189.77 crore in Q4 FY26 from Rs 176.86 crore in Q3 FY26. This was accompanied by a net profit (PAT) growth of 10.7 percent to Rs 63.97 crore in Q4 FY26 from Rs 57.79 crore in Q3 FY26.
YoY View: The revenue from operations grew by 23.5 percent to Rs 1,864.39 crore in Q4 FY26 from Rs 1,509.61 crore in Q4 FY25, and EBITDA grew by 24.7 percent to Rs 189.77 crore in Q4 FY26 from Rs 152.17 crore in Q4 FY25. This was accompanied by a net profit (PAT) growth of 24.6 percent to Rs 63.97 crore in Q4 FY26 from Rs 51.32 crore in Q4 FY25.
Fiscal Year Comparison: The revenue from operations grew by 12.3 percent to Rs 6,892.47 crore in FY26 from Rs 6,136.05 crore in FY25.Annual EBITDA grew by 26.7 percent to Rs 678.69 crore in FY26 from Rs 535.72 crore in FY25, with the EBITDA margin expanding to 9.8 percent from 8.7 percent.
This was accompanied by an annual net profit (PAT) growth of 46.2 percent to Rs 219.61 crore in FY26 from Rs 150.23 crore in FY25, with the PAT margin expanding to 3.2 percent from 2.4 percent.
Robust Q4 performance
The company added 218 net new stores during Q4 FY26 from 295 gross additions, including 147 stores outside Tier-One cities and 77 store closures. With this expansion, the total store network reached 5,330 stores as of March 31, 2026, reflecting its continued focus on strengthening its presence across both metro and non-metro markets.
Stores operational for over 12 months delivered strong performance during Q4 FY26, with revenue rising 17.8 percent compared to Q4 FY25. These mature stores reported a Store Level EBITDA margin of 13.1 percent and a Store Level Operating ROCE of 80.0 percent, highlighting strong operational efficiency and profitability.
The Pharmacy segment reported Operating EBITDA of Rs 1,022 million during Q4 FY26, with the EBITDA margin improving to 5.6 percent, up 40 basis points QoQ. Total Company Operating EBITDA stood at Rs 1,076 million, supported by higher sales contribution from mature stores and better operating leverage.
The company generated Operating Cash Flow of Rs 917 million during Q4 FY26, resulting in an OCF to Operating EBITDA ratio of 85.2 percent. It ended FY26 with a strong cash and bank balance of Rs 5,942 million, providing healthy liquidity for future expansion and business growth initiatives.
About the Company
MedPlus is one of India’s largest omnichannel pharmacy and retail healthcare networks. Founded in 2006 by Dr. Madhukar Gangadi, it provides genuine prescription medicines, OTC drugs, diagnostic lab tests, and FMCG products through 5,300+ physical stores and the MedPlus Mart app. The company operates over 5,300 stores across 800+ cities in 14 states, heavily serving metros and Tier 1–3 towns. And their cluster-based store model allows them to offer fast 2-hour doorstep deliveries on MedPlus Mart.
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