Overview

Detailed Summary

MedPlus Health Services Limited is primarily engaged in pharmaceuticals and diagnostic services across India. It operates a vast network of over 5,000 stores, making it the second-largest pharma retailer in the country.
The company added 500 stores in the past year, indicating its focus on scaling up operations and increasing market penetration. Its cluster-based expansion strategy emphasizes deepening reach in existing markets.
MedPlus reported a significant revenue increase to ₹18,061 million with a 26.2% gross margin, showcasing strong financial performance. The operating EBITDA for pharmacies stood at ₹925 million, maintaining steady growth margins.
The integration of a large private label range, both in pharma and non-pharma categories, is a key focus for MedPlus, aimed at enhancing margins and the overall share of wallet. This strategy includes developing its extensive product portfolio.
MedPlus demonstrates a clear commitment to omni-channel retailing, leveraging its vast store network to offer competitive services like rapid delivery and lower operational costs, setting it apart from pure online competitors.

Sector: Retail
Industry: Trading - Medium / Small
Market Cap: 9,801 Cr
Volatility: Moderate Risk
P/E Ratio: 47.3
Industry P/E: 37.2
PEG Ratio: 3.8
P/B Ratio: 5.3
52W High: 1,052.05
52W Low: 603.00

Sales CAGR

1Y: 9.13%
3Y: 69.78%
5Y: 138.41%
10Y: 89.68%

Profit CAGR

1Y: 129.08%
3Y: 93.36%
5Y: —
10Y: —

ROE

TTM: 10.57%
3Y: 5.52%
5Y: 6.11%
10Y: 6.07%

ROCE

TTM: 11.47%
3Y: 7.73%
5Y: 8.55%
10Y: 9.42%

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
FIRSTCRY	216.90	11,354 Cr	-55.95	2.38	0.00	-2.52	-0.18	-2.95
MEDPLUS	816.55	9,801 Cr	47.30	5.31	0.00	10.57	11.47	5.79
HONASA	289.05	9,432 Cr	60.61	7.42	0.00	10.35	12.95	8.22
CELLO	421.50	9,218 Cr	29.91	4.02	0.36	14.53	21.06	12.03
MMTC	55.89	8,406 Cr	31.76	4.37	0.00	3.66	6.64	6.97
JSLL	614.95	7,577 Cr	24.76	21.43	0.18	42.02	46.06	36.87
LLOYDSENT	46.23	6,899 Cr	18.11	2.08	0.18	8.52	11.92	6.12

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	1,409	1,441	1,491	1,489	1,576	1,561	1,510	1,543	1,679	1,806
Expenses	1,324	1,350	1,385	1,395	1,452	1,429	1,373	1,412	1,530	1,648
Operating Profit	85	92	106	94	124	133	136	131	149	159
OPM %	6.04	6.37	7.10	6.30	7.90	8.49	9.03	8.47	8.86	8.78
Other Income	10	9.79	10	8.71	12	13	16	15	17	18
Interest	24	25	25	25	25	26	27	27	29	31
Depreciation	55	57	59	60	63	62	64	66	69	73
Profit Before Tax	16	20	32	18	48	57	61	53	69	73
Tax %	11.56	31.36	-4.94	19.34	19.02	18.96	16.03	19.75	19.48	21.15
Net Profit	15	14	34	14	39	46	51	42	56	58
EPS in Rs	1.21	1.14	2.78	1.20	2.22	3.81	4.30	3.53	4.63	4.81

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,012	2,132	2,273	2,871	3,069	3,779	4,558	5,625	6,136	6,190
Expenses	1,942	2,073	2,216	2,737	2,853	3,507	4,292	5,271	5,649	5,666
Operating Profit	70	59	57	134	217	272	266	354	487	524
OPM %	3.48	2.75	2.50	4.66	7.06	7.21	5.83	6.29	7.94	8.47
Other Income	8.45	7.22	9.83	17	22	31	46	40	49	55
Interest	39	28	16	47	55	66	83	96	103	105
Depreciation	11	12	14	75	88	119	182	224	250	255
Profit Before Tax	28	26	37	29	95	118	47	73	183	218
Tax %	62.09	-65.18	42.82	93.89	33.64	19.69	-6.24	10.71	18.03	18.34
Net Profit	11	42	21	1.79	63	95	50	66	150	178
EPS in Rs	—	—	—	—	—	8.49	4.16	5.44	11.53	17.26
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	0.17	0.17	0.19	0.19	0.19	0.45	24	24	24	24
Reserves	137	149	303	325	528	730	1,394	1,467	1,554	1,717
Borrowings	216	204	162	104	477	590	815	900	1,010	1,120
Other Liabilities	156	185	179	243	344	245	361	406	417	500
Total Liabilities	509	538	644	673	1,349	1,566	2,594	2,797	3,005	3,360
Fixed Assets	77	81	83	90	419	517	799	1,138	1,242	1,296
CWIP	3.49	0.35	0.93	1.43	4.94	5.54	20	25	11	16
Investments	0.04	0.05	0.00	0.00	0.25	0.03	0.03	0.03	0.00	0.00
Other Assets	429	457	560	582	924	1,043	1,775	1,633	1,752	2,047
Total Assets	509	538	644	673	1,349	1,566	2,594	2,797	3,005	3,360

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-17	35	32	82	-6.59	2.89	170	90	144	540
Cash from Investing Activity	-32	-15	-18	-20	-28	-35	-703	429	-83	-318
Cash from Financing Activity	35	-30	-0.88	-72	90	-5.63	440	-170	-198	-228
Net Cash Flow	-14	-10	14	-10	56	-37	-93	350	-137	-5.16

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	40.51%	40.49%	40.46%	40.49%	40.43%	40.42%	40.41%	40.40%	40.36%	40.34%	40.31%	40.31%
FIIs	4.50%	4.87%	12.37%	12.98%	14.96%	14.86%	14.73%	15.24%	15.61%	16.43%	16.54%	16.84%
DIIs	28.21%	28.18%	25.52%	25.21%	22.49%	22.19%	27.99%	25.66%	26.20%	26.05%	26.53%	26.59%
Public	26.79%	26.46%	21.64%	21.32%	22.12%	22.53%	16.86%	18.69%	17.83%	17.18%	16.61%	16.26%
Total Shareholders	73,512	70,017	66,430	66,048	74,976	76,934	87,328	83,912	83,439	81,742	78,337	79,157

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