Announcement
Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011. 7 Oct - Only digital signature pages provided; no announcement details.
Source: Bse
Medplus Health Services Limited (MEDPLUS)
Micro CapConsumer stocks · Micro cap · NSE
Medplus Health Services Limited operates a network of pharmacies and diagnostic centers in India. It offers branded and private label pharmaceutical and non-pharmaceutical products, along with diagnostic services. As of June 30, 2026, the company operates 5,476 pharmacies across 850+ cities and towns.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result22 Jul, 12:55 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
25Bearishfull bear SMA stack · SMA20 -4.7% / mo · RSI oversold · MACD − · near 52W low · sector -4.6pp vs Nifty 500 (3M)
Stock trend: 22
Sector RS: 31
Sector 3M: -10.2% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
MEDPLUSD candles · FIT view-33.5%Latest close ₹598.80 on 2026-10-21
Bar
-0.1%
RSI
22
MACD hist
-3.17
52W pos
2%
2026-10-21O ₹599.35H ₹603.75L ₹591.40C ₹598.80Vol 31,997 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
MEDPLUSNifty Consumer DurablesNifty 500
- MEDPLUS
- -24.5%
- Nifty 500
- -6.5%
- Nifty Consumer Durables
- -11.0%
- Vs Nifty 500
- -18.0 pp
Chart stats
21 Oct 2026- From 52W high
- -41.4%
- 52W range position
- 2%
- ATR (14)
- 2.3%
- Volume vs 20D
- 0.29x
- Avg traded value
- ₹6.9 Cr
- 20D price channel
- ₹591.4 - ₹677.3
₹1,022.2
₹591.4 - ₹1,022.2
₹13.7
Latest completed session
20-session average
14.9% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST45
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +21.8% · PAT -21.4% YoY
Technical
Bearish25
Price trend and sector-relative-strength timing.
Valuation
Legacy model-2.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence69
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -21% YoY · margin compression · Rev +22% YoY
Filed 21 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,880 Cr | +21.8% | +0.9% |
| EBITDA | ₹133 Cr | +1.5% | -21.3% |
| Operating margin | 7.0% | -100 bps | -200 bps |
| PAT | ₹33 Cr | -21.4% | -48.4% |
| PAT margin | 1.8% | -96 bps | -167 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 34.20
- P/B
- 3.63
- EV/EBITDA
- 9.53
- Market Cap
- 7200.00Cr
Profitability
- ROE
- 11.60%
- ROCE
- 12.60%
- ROA
- 5.34%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 18.00%
- EPS 5Y
- 28.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- 66.00%
Balance Sheet
- Debt/Equity
- 0.82
- Interest Coverage
- 4.84×
- Altman Z
- 5.09
- Book Value
- 165.00
Cash Flow
- FCF Yield
- 5.11%
- FCF Positive Y
- 7/5
- OCF
- 496.00 Cr
- EPS TTM
- 17.54
Shareholding
- Promoter Hold
- 40.20%
- Promoter Pledge
- 74.10%
- Momentum 52W
- 1%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 1,880+0.9% vs prev
Net Profit
₹ CrLatest: 33.0-48.4% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 22.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~4.9% over last month) — short-term momentum negative.
- RSI(14) at 22 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
25
RS percentile
Stage 4 Downtrend
1M return
-9.4%
3M return
-24.5%
6M return
-33.9%
1Y return
-20.2%
RS 1D
+3
RS 20D
+1
Sector rank
#8
Industry rank
-
Stage evidence
- Price is 23.0% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.3%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 81.58+0.84%
RS vs Nifty 50082
Valuation & peers
U-Score 45 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 45 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · WATCHLISTValuation1/30
Growth22/25
Quality5/20
Balance Sheet2/15
Cash Flow9/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
45
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
45/100 · legacy band WATCHLIST
Positive drivers
- FCF yield is supportive at 5.1%.
- Piotroski is strong at 8/9.
- Cash flow contributes 9/10 to the score.
Main drags
- Promoter pledge is 74.1%.
- Fair-value margin of safety is negative at -2.5%.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
34.2
PB
3.6
EV/EBITDA
9.5
ROE
11.6%
ROCE
12.6%
FCF Yield
5.1%
Debt/Equity
0.8
MoS
-2.5%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
45
Previous: 45
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-2.5%
Previous: -2.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
44
44
44
44
44
44
44
44
44
44
45
45
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹255.18
-134.7% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹584.08
-2.5% MoS
PEG
0.79
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
JSLL
Micro
Jeena Sikho Lifecare Limited
Healthcare Services
match 92
75
20.4
61.3%
+42%
DEEP VALUE
VENTIVE
Small
Ventive Hospitality Limited
Hospitality
match 84
39
26.4
8.3%
+18%
WATCHLIST
AMRUTANJAN
Small
Amrutanjan Health Care Limited
Consumer Healthcare
match 83
52
73.4
20.0%
-113%
FAIR VALUE
SUPRIYA
Micro
Supriya Lifescience Limited
Healthcare Services
match 83
52
35.9
19.1%
+19%
FAIR VALUE
ENTERO
Micro
Entero Healthcare Solutions Limited
Pharmaceuticals
match 83
37
53.5
6.9%
-16%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-07-22T00:42:27.780Z
Management commentary snapshot
Q1 FY27 revenue grew 21.8% YoY, but consolidated operating EBITDA declined 10.6% YoY and 39.5% QoQ, with margins compressing significantly due to lower private label mix and reduced franchisee margins.
Despite strong revenue growth, Q1 FY27 saw substantial operating de-leveraging. Gross margins were impacted by a lower private label product mix and reduced margins from the franchisee business. Operating EBITDA fell significantly short of the Annual Operating Plan (AOP), indicating execution challenges in profitability.
Current business mix
Revenue by Category (Net Sales) Q1 FY27
Latest issuer-disclosed distribution across 4 reported categories.
Branded Pharma68.8%
Branded Non Pharma9.6%
Pvt Label Pharma11.5%
Pvt Label Non Pharma10.1%
Growth engines
Store Network Expansion
146 new stores were added in Q1 FY27, including 131 new franchisees, increasing the total network to 5,476 pharmacies.
Diagnostics Segment Growth
Diagnostics revenue grew 22.4% YoY and operating EBITDA increased 59.5% YoY, showing strong performance.
New Store Cohort Revenue Ramp-up
FY26 cohort revenue grew 3816% YoY and FY25 cohort revenue grew 45% YoY in Q1 FY27, indicating strong ramp-up for newer stores.
Capacity and execution
New Store Additions
146 net new stores were added in Q1 FY27, comprising 131 new franchisees. The total network is 5,476 pharmacies.
COCO Store Capex
Actual capex for new COCO stores was ₹126.3 million in Q1 FY27, against an AOP of ₹145.0 million.
Standalone Collection Centers Capex
Actual capex for standalone collection centers was ₹12.7 million in Q1 FY27, exceeding an AOP of ₹6.4 million.
Headwinds
Lower Private Label Mix
Lower sales mix of Private Label products led to a 120 bps YoY and 100 bps QoQ decrease in Pharmacy gross margin.
Lower Franchisee Margins
Lower margin realized in the franchisee business contributed to a 50 bps YoY decrease in Pharmacy gross margin.
Prior Period Inventory & Discounts
QoQ gross margin decrease was partly due to lower inventory loss (70 bps) and year-end supplier discounts (40 bps) in the previous quarter.
Risk radar
Operating EBITDA Miss vs. AOP
Consolidated Operating EBITDA achieved 81.6% of AOP (₹651 million vs ₹798 million), indicating a significant miss on profitability targets.
Loss-Making Stores
The 'Upto FY23' cohort has 242 loss-making stores out of 3,321, and the 'FY24' cohort has 87 loss-making stores out of 602.
Store Closures
52 stores were closed in Q1 FY27 due to performance issues, landlord issues, road widening/blockage/visibility, and franchisee withdrawals.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing overall growth trends, especially for a growing retail network. However, QoQ comparison is vital to understand the sequential deterioration in gross and operating EBITDA margins, which points to recent operational headwinds.
Sector KPIs management disclosed
Consolidated Revenue Growth
Revenue grew by 21.8% from ₹15,426 million in Q1 FY26 to ₹18,796 million in Q1 FY27.
Consolidated Operating EBITDA Margin
Operating EBITDA margin decreased by 130 bps YoY from 4.7% in Q1 FY26 to 3.5% in Q1 FY27, and by 230 bps QoQ from 5.8% in Q4 FY26.
Pharmacy Gross Margin %
Pharmacy gross margin % decreased by 170 bps YoY from 25.0% in Q1 FY26 to 23.3% in Q1 FY27, and by 210 bps QoQ from 25.3% in Q4 FY26.
Diagnostics Revenue Growth
Diagnostics revenue grew by 22.4% YoY from ₹302.9 million in Q1 FY26 to ₹370.8 million in Q1 FY27.
Management forward view
COCO to Franchisee Conversion
Management is in the process of converting 24 COCO stores to Franchisee stores.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated Operating EBITDA Margin | 3.5% in Q1 FY27 | Improvement towards the AOP target of 4.2% for Q1 FY27 and sequential recovery in subsequent quarters. |
| Private Label Sales Mix | 21.6% in Q1 FY27 | Recovery in the private label sales mix to support gross margin expansion. |
| New Store Cohort Profitability | FY27 cohort Store EBITDA at -13.6% | Ramp-up of newer store cohorts to positive Store EBITDA % as they mature. |
| Franchisee Business Margins | Lower margins realized in Q1 FY27 | Stabilization or improvement in margins from the franchisee business segment. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
69Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 59th percentile of the scored universe and 63rd percentile within Consumer. Main check: promoter alignment is weak at 35/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
69 docs text-extracted · 24 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
59th percentile
overall median 67 · Consumer: 63rd pctile, median 66 · Micro: 38th pctile, median 73
Evidence depth
Financial-only
69 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
35
weak · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
76
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸FCF yield is positive at 4.5%.
- ▸7 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸3/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Promoters have pledged 60.7% of holding.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Medplus Health Services Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011. 7 Oct - Only digital signatures and page breaks; no announcement content.
Source: Bse
Announcement
Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011. 7 Oct - Announcement text is unreadable and contains only digital signatures.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 3 Oct - CareEdge reaffirmed Optival Health Solutions’ ratings: ₹236 crore long-term CARE A; Stable and ₹14 crore short-term CARE A1.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Oct - Intimation of Earnings Calls for the quarter and half-year ended September 30, 2026
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 1h - Newspaper Publication - Information regarding the 20th Annual general Meeting of the Company to be held on August 17, 2026 through Video Conferencing/ Other Audio …
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Jul - MedPlus will host an earnings call for Q1 FY2027 results on July 22, 2026 at 16:00 IST.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Cessation 10 Jun - Mr. Madhavan Ganesan and Mr. Murali Sivaraman ceased as Independent Directors on June 10, 2026.
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.