Medplus Health Services Limited (MEDPLUS)

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Medplus Health Services Limited (MEDPLUS) · mywealthgrid

About

Medplus operates pharmacy retail in India's Consumer Discretionary sector. With ₹8,034 Cr market cap, Q1 FY27 consolidated revenue reached ₹1,879.6 Cr. Competitive position and market share within organized retail would require verification.

Face value: ₹2

Market cap

₹7,858 Cr

P/E

37.3×

P/B

4.0×

Dividend yield

ROE

11.8%

ROCE

13.1%

Debt / equity

OPM

8.8%

EPS (TTM)

₹17.5

Book value

₹164.5

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

PE of 38.17 with ROE of 11.82% indicates valuation premium over recent returns; verify if competitive position and network growth justify the premium
Consolidated OPM compressed Q-o-Q from 9.07% (Mar 2026) to 7.09% (Jun 2026); verify if seasonal or structural deterioration and margin trajectory
OPM of 7–9% leaves limited buffer for cost inflation or competitive pricing pressure — verify gross-margin trends and cost control
Standalone margins at 12–13% vs consolidated 7–9% suggest operational complexity; verify drivers and sustainability

Generated analysis · source review pending

Growth drivers

Consolidated revenue grew from ₹1,679.33 Cr (Sep 2025) to ₹1,864.39 Cr (Mar 2026) with net profit rising ₹55.5 Cr to ₹63.97 Cr; verify if volume and profit momentum sustains
Zero debt (D/E 0) enables capex-funded expansion without balance-sheet stress — verify expansion plans and capital deployment
Standalone operations achieve 12–13% OPM (e.g., 12.99% Jun 2026) while consolidated is 7–9%; verify what explains the gap and if consolidated margins can improve

Generated analysis · source review pending

1,176 historical price candles were omitted because the exchange source has not been verified.

₹654.3+0%1Y

Quick read

rule-based

Pros

+Profit CAGR of 28% over the last 5 years
+Revenue CAGR of 17.6% over the last 5 years
+Almost debt-free (debt/equity 0)

Cons

−Low return on equity of 8.4% (3-yr avg)

Research score

Structured signal from quality, growth, valuation and momentum.

50/100

Business quality: 37
Growth: 62
Valuation: 52

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

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Vishal Mega Mart LimitedVMMVMM	₹46,609 Cr	₹46,609 Cr	₹13,493 Cr	₹1,969 Cr	14.6%	₹892 Cr	6.5%	15.7%	12.1%	17
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Cartrade Tech LimitedCARTRADECARTRADE	₹13,472 Cr	₹13,472 Cr	₹807 Cr	₹276 Cr	33%	₹231 Cr	31.3%	11.9%	9.5%	21
Vedant Fashions LimitedMANYAVARMANYAVAR	₹12,617 Cr	₹12,617 Cr	₹1,345 Cr	₹652 Cr	48.1%	₹403 Cr	30.3%	30.4%	27.6%	198
Indiamart Intermesh LimitedINDIAMARTINDIAMART	₹9,738 Cr	₹9,738 Cr	₹1,611 Cr	₹543 Cr	33.8%	₹493 Cr	30.3%	22.9%	20.7%	-10
Brainbees Solutions LimitedFIRSTCRYFIRSTCRY	₹9,124 Cr	₹9,718 Cr	₹8,792 Cr	₹289 Cr	3.1%	₹-125 Cr	-2.4%	0.6%	-2.9%	81
Aditya Birla Lifestyle Brands LimitedABLBLABLBL	₹9,085 Cr	₹9,919 Cr	₹8,601 Cr	₹1,389 Cr	16%	₹176 Cr	2%	15.6%	23.3%	59
Medplus Health Services LimitedMEDPLUSMEDPLUS	₹7,858 Cr	₹7,858 Cr	₹7,229 Cr	₹610 Cr	8.8%	₹210 Cr	3.2%	13.1%	11.8%	79

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	3,069	3,779	4,558	5,625	6,136	6,892
COGS	2,425	2,982	3,558	4,392	4,641	5,085
Gross profit	644	797	1,000	1,233	1,495	1,808
	427	525	734	879	1,008	1,200
	217	272	266	354	487	607
OPM %	7.1%	7.2%	5.8%	6.3%	7.9%	8.8%
Depreciation	88	119	182	224	250	283
Interest	55	66	83	96	103	120
	22	31	46	40	49	71
Profit before tax	95	118	47	73	183	275
Tax	32	23	-3	8	33	56
Tax %	33.6%	19.7%	-6.2%	10.7%	18%	20.2%
	63	95	50	66	150	220
PAT margin %	2.1%	2.5%	1.1%	1.2%	2.5%	3.2%
EPS (₹)	6.1	8.6	4.2	5.5	12.6	18.3
EPS adjusted (₹)	283.8	8	4.2	5.5	12.6	18.3
Annual report	—	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	0	24	24	24	24	24
Reserves	730	1,394	1,467	1,554	1,717	1,951
Minority interest	1	—	—	—	—	—
	135	143	0	0	0	0
	699	1,034	1,306	1,427	1,620	1,957
Total equity & liabilities	1,566	2,594	2,797	3,005	3,360	3,933
	132	210	336	364	338	368
CWIP	6	20	24	5	13	32
Investments	0	0	0	0	0	0
	1,428	2,364	2,437	2,635	3,008	3,533
Total assets	1,566	2,594	2,797	3,005	3,360	3,933

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Retail	6,760.11	238.81	3,109.77	1,856.63	1,253.14	19.06
Diagnostic services	130.99	1.74

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	21%	21.1%	21.9%	21.9%	24.4%	26.2%
EBITDA margin %	7.1%	7.2%	5.8%	6.3%	7.9%	8.8%
EBIT margin %	4.2%	4%	1.8%	2.3%	3.9%	4.7%
PAT margin %	2.1%	2.5%	1.1%	1.2%	2.5%	3.2%
Working capital
Receivable days	1	1	1	1	1	1
Inventory days	113	112	117	111	106	99
Payable days	0	0	27	21	24	22
NWC days	113	112	91	91	83	79
Leverage
Current ratio	2.22	2.92	3.11	2.98	3.2	3
Debt to EBITDA	0.62	0.52	0	0	0	0
Debt to equity	0.19	0.1	0	0	0	0
Interest coverage	2.7	2.8	1.6	1.8	2.8	3.3
Asset turnover	1.96	1.46	1.63	1.87	1.83	1.75
Return ratios
Return on assets %	4%	3.7%	1.8%	2.2%	4.5%	5.6%
Return on capital employed %	13%	11.6%	6%	7.1%	10.9%	13.1%
Return on equity %	8.6%	6.7%	3.4%	4.2%	8.6%	11.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	40.41%	39%	40.39%	40.39%	40.39%	40.39%	40.34%	40.32%	40.29%	40.29%	40.22%	40.19%
	12.36%	12.97%	14.94%	14.85%	14.72%	15.23%	15.61%	16.42%	16.54%	16.83%	15.53%	14.38%
	25.49%	25.18%	22.47%	22.17%	27.97%	25.65%	26.19%	26.04%	26.52%	26.57%	27.82%	29.95%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	21.62%	22.75%	22.1%	22.52%	16.86%	18.69%	17.82%	17.17%	16.6%	16.26%	16.39%	15.44%
No. of shareholders	—	—	—	—	—	—	—	—	78,337	79,157	77,278	76,005

Promoter holding down 0.22 percentage points since Sep 2023.

43 deals · 23 Dec 2021 – 3 Nov 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
3 Nov 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	6,73,825	₹836.74	₹56.38 Cr
3 Nov 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	6,73,497	₹837.39	₹56.40 Cr
18 Nov 2024	PI OPPORTUNITIES FUND - I	Bulk	NSE	Sell	68,93,583	₹700.00	₹482.55 Cr
18 Nov 2024	PI OPPORTUNITIES FUND - I	Block	NSE	Sell	68,93,583	₹700.00	₹482.55 Cr
18 Nov 2024	KOTAK MAHINDRA MUTUAL FUND	Block	NSE	Buy	30,71,429	₹700.00	₹215.00 Cr
18 Nov 2024	INVESCO MUTUAL FUND	Block	NSE	Buy	30,71,429	₹700.00	₹215.00 Cr
18 Nov 2024	KOTAK SMALL CAP FUND	Bulk	NSE	Buy	24,95,536	₹700.00	₹174.69 Cr
18 Nov 2024	FRANKLIN TEMPLETON MUTUAL FUND	Block	NSE	Buy	16,07,867	₹700.00	₹112.55 Cr
18 Nov 2024	INVESCO INDIA LARGE & MID CAP FUND	Bulk	NSE	Buy	11,31,734	₹700.00	₹79.22 Cr
18 Nov 2024	SBI MUTUAL FUND	Bulk	NSE	Sell	10,00,000	₹700.00	₹70.00 Cr

1–10 of 43

1 / 5

Mr. Gangadi Madhukar ReddyExecutive Director-Chairperson related to Promoter-CEO-MD
Ms. Aparna SurabhiNon-Executive - Independent Director
Mr. Cherukupalli Bhaskar ReddyExecutive Director
Mr. Muralidharan ThyagarajanNon-Executive - Independent Director
Mr. Mohanakrishna Reddy ArvabumiNon-Executive - Independent Director
Mr. Ajit Pandurang RangnekarNon-Executive - Independent Director
Mr. Shrenik SoniCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 8 fund houses

Held by these funds

22.99%

of the company's equity

All mutual funds

24.51%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

19 schemes · 8 fund houses

		Shares
Healthcare FundNEW	ICICI Prudential Mutual Fund	43.18 L	290.26	4.15%	3.595%	—
ELSS Tax Saver Fund	SBI Mutual Fund	40.68 L	273.47	0.86%	3.387%	-0
Portfolio of Kotak Small Cap Fund	Kotak Mahindra Mutual Fund	35.78 L	240.56	1.22%	2.98%	-0
PHARMA FUND	Nippon India Mutual Fund	35.45 L	238.33	2.51%	2.952%	-0
Multi Cap FundNEW	Nippon India Mutual Fund	25.28 L	169.94	0.3%	2.105%	—
Franklin India Small Cap Fund (Formerly known as Franklin India Smaller Companies Fund) ^	Franklin Templeton Mutual Fund	23.66 L	159.03	1.08%	1.97%	-0
Focused Fund	Nippon India Mutual Fund	20.99 L	141.08	1.63%	1.747%	-0
Innovation Fund	ICICI Prudential Mutual Fund	19.09 L	128.34	1.6%	1.59%	+5 L

1–8 of 19

1 / 3

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results27 Oct 2026 · in 26 daysresults

2

Board meeting to consider results27 Oct 2026
Board meeting to consider results21 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

93 announcementsExport CSV

18 Aug 2026, 7:21 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

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Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	21%	21.1%	21.9%	21.9%	24.4%	26.2%
EBITDA margin %	7.1%	7.2%	5.8%	6.3%	7.9%	8.8%
EBIT margin %	4.2%	4%	1.8%	2.3%	3.9%	4.7%
PAT margin %	2.1%	2.5%	1.1%	1.2%	2.5%	3.2%
Working capital
Receivable days	1	1	1	1	1	1
Inventory days	113	112	117	111	106	99
Payable days	0	0	27	21	24	22
NWC days	113	112	91	91	83	79
Leverage
Current ratio	2.22	2.92	3.11	2.98	3.2	3
Debt to EBITDA	0.62	0.52	0	0	0	0
Debt to equity	0.19	0.1	0	0	0	0
Interest coverage	2.7	2.8	1.6	1.8	2.8	3.3
Asset turnover	1.96	1.46	1.63	1.87	1.83	1.75
Return ratios
Return on assets %	4%	3.7%	1.8%	2.2%	4.5%	5.6%
Return on capital employed %	13%	11.6%	6%	7.1%	10.9%	13.1%
Return on equity %	8.6%	6.7%	3.4%	4.2%	8.6%	11.1%

Date	Category	Subject	Filing
18 Aug 2026, 7:21 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
17 Aug 2026, 7:18 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
1 Aug 2026, 2:28 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
31 Jul 2026, 5:49 pm	Company Update General	Update Under Regulation 30 Read With Para A Part A Of Schedule III Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF
29 Jul 2026, 7:06 pm	Insider Trading / SAST Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011	Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011.	PDF
29 Jul 2026, 7:05 pm	Insider Trading / SAST Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011	Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011.	PDF
29 Jul 2026, 7:03 pm	Insider Trading / SAST Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011.	PDF
29 Jul 2026, 7:01 pm	Insider Trading / SAST Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011.	PDF

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	3	170	90	144	540	496
	-35	-703	429	-83	-318	-128
	-6	440	-170	-198	-228	-256
Net cash flow	-37	-93	350	-137	-5	112
Free cash flow	—	52	-79	59	481	373
CFO / Operating profit %	1.3%	62.4%	34%	40.6%	111%	81.6%

Medplus Health Services Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

1

2

Announcements

Not in the F&O segment

1

2

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Diagnostic services · revenue

Medplus Health Services Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Upcoming and recent1

Board meetings2

Announcements

Ratio timeline

Not in the F&O segment

Upcoming and recent1

Board meetings2

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Diagnostic services · revenue

1

2

1

2