Medplus Health Services LimitedQ2 FY27 Results & Financial Update
Medplus Health Services Limited: Q2 FY27 consolidated results and company financials – revenue ₹2,037.11 Cr, PAT ₹56.07 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Medplus Health Services Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Medplus Health Services Limited reported consolidated revenue of INR 2,037.11 crore for the quarter ended September 30, 2026, marking an increase compared to INR 1,879.60 crore in the preceding quarter. Total income for Q2 FY27 stood at INR 2,057.65 crore.
Profit before tax (PBT) for the quarter advanced to INR 70.15 crore from INR 41.88 crore in Q1 FY27. Reported profit after tax (PAT) grew to INR 56.07 crore compared to INR 33.17 crore in the previous quarter, yielding basic earnings per share of INR 4.73.
The operational performance was underpinned by steady network expansion, with the total store count reaching 5,642 outlets at the end of September 2026. The company added 219 gross stores during the quarter against 53 closures, resulting in 166 net store additions.
Gross margin for the quarter was reported at INR 510.85 crore, translating to a gross margin percentage of 25.1%. This reflects a sequential improvement of 60 basis points compared to 24.5% recorded in Q1 FY27.
Pharmacy operating EBITDA for the quarter reached INR 88.54 crore, representing an operating EBITDA margin of 4.4% in the pharmacy segment, which improved sequentially by 120 basis points over the previous quarter.
Mature stores aged over 12 months demonstrated resilient operational metrics, delivering 13.2% revenue growth over the corresponding previous-year period alongside a store-level EBITDA margin of 11.7% and a store-level operating ROCE of 72.0%.
Working capital requirements remained stable, with net working capital days steady at 54 days at the end of the quarter, supported by disciplined inventory management across warehouses and retail outlets.
01 · Business model
What does Medplus Health Services do?
Medplus Health Services Limited operates as India's second-largest pharmacy retailer, maintaining an established presence spanning 13 states and one union territory across approximately 860 cities. The company operates a robust physical store network alongside an omnichannel digital ordering platform.
The core revenue engine relies on pharmacy retail, complemented by diagnostic services and other offerings. The product portfolio features well-curated stock-keeping units at the store level alongside a substantial proprietary private label basket comprising over 1,750 SKUs across pharmaceutical and non-pharmaceutical categories.
The operating model leverages a cluster-based store expansion strategy focused on deeper regional penetration rather than diffuse wider reach. This hyperlocal footprint allows the company to service both acute and chronic healthcare needs and provide rapid two-hour delivery services with low customer acquisition and delivery costs.
02 · Historical context
What shaped the business before this quarter
The company has established a 20-year operating history, scaling its footprint to 5,642 stores across 13 states and one union territory.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹2,037.11 Cr | ₹1,879.60 Cr |
| Total income | ₹2,057.65 Cr | ₹1,899.43 Cr |
| Profit before tax | ₹70.15 Cr | ₹41.88 Cr |
| Profit after tax | ₹56.07 Cr | ₹33.17 Cr |
| EPS | ₹4.73 | ₹2.76 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue growth is driven by a cluster-based network strategy that deepens penetration in existing urban centers and expands into Tier-Two and beyond markets.
Digital and omnichannel channels continue to expand, with channel revenue reaching INR 1,112 crore and supporting online orders through 3,441 active pincodes and 735 delivery hubs.
What drove margins
Consolidated gross margin improved to 25.1% in Q2 FY27 from 24.5% in Q1 FY27, aided by sequential improvements in pharmacy retail realization.
Pharmacy operating EBITDA margin expanded by 120 basis points sequentially to reach 4.4%, driven by better cost absorption and store maturity.
05 · Demand, customers & order book
Where demand is coming from
Online orders during the quarter were fulfilled via a combination of store pickup and home delivery, supported by a hyperlocal network covering 860+ cities.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Pharmacy retail generated revenue of INR 1,993.54 crore with an operating EBITDA of INR 88.54 crore (4.4% margin) for Q2 FY27.
Diagnostic services contributed revenue of INR 41.05 crore with an operating EBITDA of INR 9.79 crore and an operating EBITDA margin of 23.8%.
Other activities contributed INR 2.52 crore in revenue with a minor operating EBITDA loss of INR 0.22 crore.
Geography and market mix
The store network of 5,642 units is distributed across metros, Tier-One, Tier-Two, and Tier-Three or beyond locations, with 101 net store additions coming from beyond Tier-One cities during the quarter.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The company closed the quarter with 5,642 operational stores, following 219 gross openings and 53 closures.
Stores aged less than two years account for 29% of the total network (21% in Year 1 and 8% in Year 2), indicating a large base of newer outlets awaiting full maturation.
Projects, capex and execution
The company incurred capital expenditure of INR 43.6 crore during Q2 FY27 as part of ongoing network expansion and infrastructure support.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The company maintains a curated private label portfolio exceeding 1,750 SKUs, comprising over 900 pharma products and 850 non-pharma/FMCG items designed to support higher gross margins.
09 · Reported developments
What changed operationally
Consolidated PBT and PAT registered strong sequential growth, rising to INR 70.15 crore and INR 56.07 crore respectively.
Stores older than 12 months delivered 13.2% revenue growth year-on-year alongside a robust store-level operating ROCE of 72.0%.
10 · Pressure points & risks
What is not going smoothly
The quarter saw 53 store closures, driven primarily by franchisee withdrawals and relocations.
11 · Items worth noticing
The line items that can distort a quick read
Rental expenses reflect net gains on the de-recognition of right-of-use assets amounting to INR 1.11 crore during Q2 FY27.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Operating cash flow for Q2 FY27 stood at INR 37 crore, representing 37.7% of operating EBITDA.
Net working capital cycle stood at 54 days at the end of September 2026, with store inventory averaging 35 days across all stores and payables at 34 days.
Capital allocation & funding
Closing cash, bank balances, and investments stood at INR 543.9 crore as of September 30, 2026, which includes INR 818 crore held in investments.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Employee Base
The company's operations are supported by a workforce of over 31,000 employees across its retail and supply chain network.
14 · Previous-quarter changes
What changed since the previous quarter
Revenue increased from INR 1,879.60 crore in Q1 FY27 to INR 2,037.11 crore in Q2 FY27, accompanied by an increase in net profit from INR 33.17 crore to INR 56.07 crore.
15 · Key Q&A
The quarter, answered directly
What does Medplus Health Services do?
Medplus Health Services Limited operates as India's second-largest pharmacy retailer, maintaining an established presence spanning 13 states and one union territory across approximately 860 cities. The company operates a robust physical store network alongside an omnichannel digital ordering platform.
What is the clearest takeaway from Q2 FY27?
Medplus Health Services Limited reported consolidated revenue of INR 2,037.11 crore for the quarter ended September 30, 2026, marking an increase compared to INR 1,879.60 crore in the preceding quarter. Total income for Q2 FY27 stood at INR 2,057.65 crore.
What drove revenue or demand?
Revenue growth is driven by a cluster-based network strategy that deepens penetration in existing urban centers and expands into Tier-Two and beyond markets.
What mattered most for margins or profitability?
Consolidated gross margin improved to 25.1% in Q2 FY27 from 24.5% in Q1 FY27, aided by sequential improvements in pharmacy retail realization.
What changed operationally beyond the headline numbers?
The company closed the quarter with 5,642 operational stores, following 219 gross openings and 53 closures.
What are the main pressure points disclosed for the quarter?
The quarter saw 53 store closures, driven primarily by franchisee withdrawals and relocations.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Store Maturation and Additions: Monitor the productivity and P&L accretion of the 1,600 outlets aged under 24 months as they mature.
- 02
Private Label Penetration: Track the contribution of the 1,750+ private label SKUs toward gross margin expansion.
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