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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -21% YoY · margin compression · Rev +22% YoY
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Revenue by Category (Net Sales) Q1 FY27
Latest issuer-disclosed distribution across 4 reported categories.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
COCO to Franchisee Conversion
Management is in the process of converting 24 COCO stores to Franchisee stores.
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.
Trend score and candlestick chart
40NeutralSMA20 -9.1% / mo · MACD + · near 52W low
Technical chart
MEDPLUSdaily · 1Y · AUTO-18.6%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 45. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~10.0% over last month) — short-term momentum negative.
- RSI(14) at 45 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 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.
Valuation & score drivers
U-Score 43 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 43 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 4.5%.
- Piotroski is strong at 8/9.
- Cash flow contributes 9/10 to the score.
Main drags
- Promoter pledge is 60.7%.
- Fair-value margin of safety is negative at -10.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 59th percentile of the scored universe and 64th percentile within Consumer. Main check: promoter alignment is weak at 35/100.
Healthy Trust Lite: FCF yield is positive at 4.5%. Key concern: Promoters have pledged 60.7% of holding.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Consumer: 64th pctile, median 66 · Micro: 38th pctile, median 73
69 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 38.60
- P/B
- 4.10
- EV/EBITDA
- 10.55
- Market Cap
- 8125.00Cr
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
- 5.34
- Book Value
- 165.00
Cash Flow
- FCF Yield
- 4.53%
- FCF Positive Y
- 7/5
- OCF
- 496.00 Cr
- EPS TTM
- 17.54
Shareholding
- Promoter Hold
- 40.19%
- Promoter Pledge
- 60.70%
- Momentum 52W
- 8%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
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.