MedPlus Health Services Limited is primarily engaged in pharmaceutical retail, diagnostic services, and pathology services with a strong focus on expanding its retail pharmacy network and offering MedPlus-branded pharmaceutical products.

Despite facing challenges, MedPlus has maintained a growth trajectory by opening 145 new stores in Q2 FY '26 and planning 600 additional outlets over the fiscal year. This expansion strategy strongly positions the company in the retail pharmacy market.

The company recorded a substantial Y-o-Y revenue growth of 6.3% on a net basis in Q2 FY '26, with its pharmacy operations now constituting 99% of its total revenue. This underlines the importance of its pharmacy business to overall financial performance.

MedPlus has improved its margin profile with an operating EBITDA of INR 887 million, representing 5.3% of its consolidated revenue, reflecting effective cost management and operational efficiency improvements.

Private label products have seen impressive growth, with private label pharma sales reaching 19.8% of GMV in the current quarter, marking a strategic shift towards higher-margin own-brand products.