Medplus Health Services Limited (MEDPLUS) share price
₹631.90 on NSE as of 2026-10-08. -2.38% on the day. market cap ₹7,591 Cr. P/E 36.0. 52-week range ₹631.90 to ₹953.90. Consumer Services.
MedPlus Health Q1 FY27: Revenue Up 21.8%, Operating Profit Down to ₹133 Cr, and a ₹155 Crore Capex Plan Withdrawn Within 48 Hours
At a glance
MedPlus Health Services reported consolidated revenue of ₹1,880 Cr for the quarter ended June 2026, up 21.8% from ₹1,543 Cr a year earlier and up 0.8% from ₹1,864 Cr in the March quarter. Operating profit came in at ₹133 Cr against ₹131 Cr a year ago and ₹169 Cr in the preceding quarter. Net profit was ₹33.2 Cr, against ₹42.4 Cr in the June 2025 quarter and ₹64.0 Cr in March 2026. EPS for the quarter was ₹2.76.
The store network reached 5,476 outlets as of 30 June 2026, with 222 gross openings and 52 closures giving 146 net additions. Of those net additions, 131 were franchise stores. Management maintained FY27 guidance of 800 net new stores.
Management attributed the gross margin decline — 24.5%, lower by 160 basis points year-on-year — to roughly 100 bps from a lower private label mix, roughly 70 bps from inventory provision normalisation after a Q4 release, and roughly 40 bps from year-end supplier discounts that did not repeat. Private label share of total revenue stood at 20%.
Then there was the part that did not come from the income statement. On 21 July 2026 the board approved two capital expenditure plans at Hyderabad — a food park with a cold press oil extraction unit (~₹40 crore) and a concierge health and wellness facility (~₹115 crore total, ₹90 crore of it capex). On 23 July 2026, both were kept in abeyance. Two days. The reason management gave for the reversal is the most quotable thing in the entire filing set, and it is worth arriving at properly.
Introduction
MedPlus is India's second-largest pharmacy retailer, operating 5,476 stores across 13 states and one union territory, serving over 850 cities as of June 2026. The company describes twenty years of presence and a cluster-based expansion strategy — the stated preference being deeper penetration over wider reach. Roughly 95% of stores are company-owned on leased property, and the company sources over 80% of products directly from manufacturers.
The listing history is recent by the standards of a twenty-year-old business: the company raised ₹1,398 Cr through its IPO, of which ₹600 Cr was a fresh issue, and listed on 24 December 2021. The Data Sheet shows the share count jumping from 4.58 lakh shares in FY21 to 11.93 crore in FY22 — a face value change from ₹10 to ₹2 alongside the issue, which is why EPS in the older years reads in the hundreds and then abruptly does not. Anyone reading those numbers as a collapse in profitability is reading a share count, not a business.
The recent announcement record is dense and unusually granular. Through FY26 the company filed a steady sequence of drug-license suspension updates from state authorities — Koratagere, Mandya, Hubli, Vidyanagar, two in Andhra Pradesh in June 2026 — each disclosed with a potential revenue loss figure, and each figure in lakhs. The Andhra Pradesh pair in June carried an estimated impact of ₹2.92 lakh. Against a quarterly revenue line of ₹1,880 Cr, this is disclosure as an act of arithmetic humility.
Other items from the period: a February 2026 postal ballot seeking approval for material related-party transactions with subsidiary Optival worth ₹11,262.20 million for FY27; a Telangana High Court order in November 2025 overturning an AY2020-21 assessment of ₹43.45 Cr against a subsidiary, with the Income Tax Department filing a review petition in December 2025; and promoter pledge activity, with Agilemed pledging 48,51,066 shares (4.05%) in December 2025 for NCD refinancing. Shrenik Soni was appointed Company Secretary and Compliance Officer effective 21 July 2026.
Business model
They sell you medicine, and then they sell you their own medicine.
The core is branded pharma retail: 63.8% of pharmacy revenue in Q1 FY27 came from branded pharmaceutical products, with branded non-pharma at 8.9%. Private label pharma contributed 10.7% and private label non-pharma 9.3% — a combined 20% of revenue from a catalogue of 1,550+ own-brand SKUs, of which over 900 are pharmaceutical and over 650 cover packaged food, baked goods, cleaning products, cosmetics and toiletries. The company runs three plants in Telangana making, respectively, plastic products, optical frames, and liquid disinfectants. A pharmacy chain that manufactures its own spectacle frames is not a business model anyone designs on a whiteboard; it is one that accretes over twenty years, like sediment.
The store itself is the unit of economics and the unit of the story. Average size is roughly 539 sq ft, across 2.9 million sq ft of total space. 73% of stores are two years or older; 27% are younger than two. That split matters because the two cohorts behave like different companies: stores older than 12 months ran a 10.4% store-level EBITDA margin in Q1 and generated ₹1,643.6 Cr, or 94% of pharmacy revenue, while stores in the 13–24 month band ran 6.9%. First-year stores carry roughly 100 days of inventory; stores past 12 months carry 36. The young ones are expensive lodgers who eventually get jobs.
Geography splits revenue Metro 45%, Tier-One 16%, Tier-Two 24%, Tier-Three-plus 15%. Omni-channel delivery reaches 3,223 pin codes through 727 hubs on a two-hour promise, and the company's stated advantage over online-only players is that a chronic-only competitor addresses a fraction of the market while a store on the corner addresses the whole of it. Membership is a business too: roughly 44–45 lakh active members against ~39–40 lakh in June 2025, with the annual fee raised from ₹99 to ₹149 about a month before the call. Management expects that increase to add ₹10–11 crore to topline over the year.
There is also a large-store pilot in which, per management, one location functions as effectively three, enabling wider assortment. Scale so far: 47–48 stores out of 5,476. The experiment is real; the sample is a rounding error.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Medplus Health Services Limited.
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