Medplus Health Services Ltd

Q2 FY26

Medplus Health Services Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q: What is Medplus Health Services Ltd share price analysis?

Medplus Health Services Ltd currently shows a neutral. The stock trades at a P/E of 39.4 with a market cap of ₹8,293 Cr. Investors should review the full earnings analysis for detailed insights.

Q: Is Medplus Health Services Ltd planning capital expenditure?

Diagnostics segment: No immediate expansion planned until subscription numbers cross 250,000.

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹690

Market cap₹8.3K Cr

P/E39.4

Updated23 Aug 2026

Read4 min read

The short version

MedPlus expects gradual growth in same-store sales growth (SSSG), targeting high-single digit growth (9-10%) within the next 2 years. MedPlus expects same-store sales growth (SSSG) to gradually improve to high-single digits (9%-10%) within the next 2 years.

From Medplus Health Services Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

MedPlus expects gradual growth in same-store sales growth (SSSG), targeting high-single digit growth (9-10%) within the next 2 years.
The company aims to continue adding 600 to 1,000 stores annually, including a mix of owned and franchisee stores.
Private label non-pharma category is growing steadily due to improved store layouts and increased impulsive buying.
Revenue growth is supported by deepening presence in southern and eastern India, with initial expansion into states like Chhattisgarh and Madhya Pradesh.
Diagnostics segment is currently a small part (<2%) and will expand only after crossing subscription thresholds.

2 more points management made on revenue & sales performance

Profitability & Margins

MedPlus expects same-store sales growth (SSSG) to gradually improve to high-single digits (9%-10%) within the next 2 years.
Store network expansion is planned with annual addition of 600 to 1,000 stores, including both owned and franchisee formats, supporting top-line growth.
Operating EBITDA margin for pharmacy retail is expected to be stable with slight improvements; no significant jump anticipated in the near term.
Employee expenses growth, driven by retention schemes, is expected to moderate going forward.
Focus remains on balancing growth and margin maintenance, with cautious outlook on immediate double-digit growth in profits despite pharma market growth at ~8%.

2 more points management made on profitability & margins

See what Medplus Health Services Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Diagnostics segment: No immediate expansion planned until subscription numbers cross 250,000.
Current diagnostic capex: INR 120+ crores spent to set up 12 diagnostic centers, including 4 large centers.
Future diagnostics expansion: On hold until better subscription numbers are achieved.
Store network expansion: Planning to add 600 to 1,000 stores annually (including franchisees).
Franchisee model: Still in pilot phase; future growth dependent on franchisee adoption.
Supply chain: New warehouses added and functional to improve fill rates.

2 more points management made on capital expenditure plans

Fundraising & Capital Structure

There is no specific mention of any current or planned fundraising through debt or equity in the provided transcript.
The company has sufficient cash reserves, as indicated by the statement "the fact that we have money in the bank."
Expansion plans, such as opening 600 to 1,000 stores annually and franchisee growth, appear to be funded internally or through existing resources.

2 more points management made on fundraising & capital structure

See what Medplus Health Services Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The transcript provided does not specifically mention details about the current or expected order book or any pending orders for MedPlus Health Services Limited. The focus is mainly on operational performance, store expansions, inventory, margins, competition, and financial metrics. Key highlights related to growth and expansion are: - Plans to add 600 new stores in fiscal year 2026, including franchisee stores. - Network grew to 4,930 stores as of the quarter. - No direct details on order books or pending purchase orders mentioned.

2 more points management made on order book & pipeline

Medplus Health Services Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹1.9K Cr, net profit ₹64 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Medplus Health Services Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Medplus Health Services Ltd Q2 FY26 results?

What is Medplus Health Services Ltd share price analysis?

Medplus Health Services Ltd currently shows a neutral. The stock trades at a P/E of 39.4 with a market cap of ₹8,293 Cr. Investors should review the full earnings analysis for detailed insights.

Is Medplus Health Services Ltd planning capital expenditure?