MEDPLUS
Micro CapMedplus Health Services Limited
Pharma
MedPlus Health Services is India's 2nd largest pharma retailer with 5,330+ stores across 13 states and 1 union territory. It operates on a cluster-based expansion strategy, focusing on deeper penetration and pioneering an omni-channel model with an extensive in-house technology platform.
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 is neutral, 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 31 Mar 2026
Average · 52/100margin compression · Rev +23% YoY · PAT +25% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,864 Cr | +23.4% | +3.2% |
| EBITDA | ₹169 Cr | +24.3% | +6.3% |
| Operating margin | 9.0% | +0 bps | +0 bps |
| PAT | ₹64 Cr | +25.5% | +10.3% |
| PAT margin | 3.4% | +5 bps | +22 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY2026 revenue grew 23.5% YoY to 18,644m, with consolidated operating EBITDA margin at 5.8%. Pharmacy operating EBITDA margin improved 40 bps QoQ to 5.6%. The company added 218 net stores, reaching 5,330 outlets.
The company demonstrates strong revenue growth and improving profitability, particularly in its mature stores. Continued store expansion and focus on private label and omni-channel are key drivers, though the private label contribution needs consistent monitoring.
Revenue Mix: By Product Category (Q4 FY26)
Latest issuer-disclosed distribution across 5 reported categories.
Cluster-based expansion
Further grow in cities with market leadership and replicate leadership in new markets.
Omni-channel leverage
Expand target addressable market, increase retention, and extend <2 hour delivery to more locations.
Private label expansion
Increase private label contribution in pharma (chronic/sub-chronic) and FMCG (nutrition/wellness) products.
Store Network Expansion
Added 218 net stores in Q4 FY26 (295 gross additions, 77 closures), reaching 5,330 stores as of March 31, 2026.
Young Store Base
24% of the total store network (~1,290 outlets) is less than 2 years old, expected to be P&L accretive upon maturity.
Hyperlocal Network Advantage
Strong cluster-based network enables 100% market service (acute + chronic), 2-hour delivery, lower customer acquisition, and delivery costs.
Omni-channel Growth
Online presence is growing, supported by rapid store additions.
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 provides a clear picture of annual growth and performance trends, while QoQ highlights recent operational momentum, especially for margins and store expansion.
Revenue Growth (Q4 FY26)
Company revenue grew 23.5% YoY and 3.2% QoQ to 18,644m.
Pharmacy Operating EBITDA Margin (Q4 FY26)
Pharmacy Operating EBITDA margin increased 40 bps QoQ to 5.6%.
Gross Margin (Q4 FY26)
Consolidated Gross Margin was 26.5%, decreased 10 bps YoY but increased 30 bps QoQ.
Store Level Operating ROCE (Q4 FY26)
Stores older than 12 months achieved 80.0% Store Level Operating ROCE.
Expansion Strategy
Company continues its cluster-based expansion strategy, focusing on deeper penetration rather than wider reach.
Store Openings
Management is maintaining steady store openings.
Private Label Focus
Trend of increasing share from Private Label continues.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Store Additions | 218 in Q4 FY26 | Sustained pace of profitable store additions and reduction in closures. |
| Store Level Operating ROCE (12+ months) | 80.0% in Q4 FY26 | Maintenance or improvement in capital efficiency of mature stores. |
| Pharmacy Operating EBITDA Margin | 5.6% in Q4 FY26 | Continued sequential margin expansion. |
| Private Label Contribution | 21.9% (PL Pharma + PL Others) in Q4 FY26 | Consistent increase in private label share of revenue. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
54NeutralSMA20 +8.7% / mo
Technical chart
MEDPLUSweekly · 6M+7.0%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 48.
- RSI(14) at 48 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 16% off 52W high · 13% above 52W low.
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, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 3.6%.
- Piotroski is strong at 8/9.
- Growth contributes 20/25 to the score.
Main drags
- Promoter pledge is 60.7%.
- Fair-value margin of safety is negative at -12.0%.
- Valuation is weaker at 1/30; 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
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 67th percentile of the scored universe and 57th percentile within Pharma. Main check: promoter alignment is weak at 35/100.
Healthy Trust Lite: FCF yield is positive at 3.2%. Key concern: Promoters have pledged 60.7% of holding.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 57th pctile, median 70 · Micro: 52nd pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy 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 3.2%.
- ▸7 years of positive FCF.
- ▸8/8 recent quarters had positive YoY revenue growth.
- ▸8/8 recent 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.
Intrinsic value
Fundamentals
Valuation
- P/E
- 46.60
- P/B
- 5.16
- EV/EBITDA
- 13.10
- Market Cap
- 10236.00Cr
Profitability
- ROE
- 11.80%
- ROCE
- 12.60%
- ROA
- 5.59%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 18.00%
- EPS 5Y
- 29.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- 67.00%
Balance Sheet
- Debt/Equity
- 0.82
- Interest Coverage
- 5.06×
- Altman Z
- 5.83
- Book Value
- 165.00
Cash Flow
- FCF Yield
- 3.60%
- FCF Positive Y
- 7/5
- OCF
- 496.00 Cr
- EPS TTM
- 18.30
Shareholding
- Promoter Hold
- 40.22%
- Promoter Pledge
- 60.70%
- Momentum 52W
- 41%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — 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.