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Medplus Health Services

MEDPLUS NSE
₹600.20 No trade today
P/E
34.22
View as Markdown
MCP
Close 4 Nov 2026 ₹600.20 −184.90 −23.6% 1Y
Start ₹785.10

Key Fundamentals

MicrocapRetailConsumer Services

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
12.60%
Debt to Equity
0.72
EPS (TTM)
₹17.54
Book Value
₹172.13
Market Cap
—
P/E (TTM)
34.22
P/B
3.49
ROE
11.60%
Dividend Yield
0.00%
EBITDA
₹679 Cr
52W High
₹1,022.20
52W Low
₹565.60
Volume
0

Peer Comparison

Consumer Discretionary › Retail › Pharmacy Retail

Medplus Health Services peer comparison
Medplus Health Services (this company)
₹600.2034.22₹7,154 Cr3.490.00%11.60%12.60%₹7,229 Cr₹211 Cr
Entero Healthcare Solutions
₹1,665.0057.77₹7,055 Cr4.310.00%6.94%10.50%₹7,128 Cr₹168 Cr
Median 2 companies₹1,132.6046.00₹7,104 Cr3.900.00%9.27%11.55%₹7,179 Cr₹190 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

40 Weak

Data confidence 100/100

pledge:74%

Category scores

Quality
55
Good
Returns, margins, earnings quality 22% weight
Valuation
56
Good
Cheap vs sector & own history 24% weight
Growth
59
Good
Sales & profit trajectory 9% weight
Financial Health
38
Weak
Solvency, leverage, coverage 9% weight
Momentum
11
Poor
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company has delivered good profit growth of 28.2% CAGR over last 5 years

Weaknesses

4
  • Stock is trading at 3.92 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has a low return on equity of 8.35% over last 3 years.
  • Promoters have pledged 60.7% of their holding.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1162
OscillatorsBearish261
Moving AveragesStrong Bearish901

Key readings

RSI (14)
41.09
Neutral
MACD (12,26,9)
−14.19
Bullish
SMA (50)
641.49
Bearish
SMA (200)
778.95
Bearish

As of

Analyst Rating

Based on 7 analysts
BUY100%

7 of 7 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
7
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+14.80%
5Y+17.56%
3Y+14.78%
1Y+12.32%
TTM+16.79%

Net profit

Net profit growth by window
10Y+37.66%
5Y+28.42%
3Y+63.86%
1Y+46.67%
TTM+18.54%

Operating cash flow

Operating cash flow growth by window
10YTurned positive
5Y+177.76%
3Y+76.64%
1Y−8.15%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+6.68 pp
5Y+1.75 pp
3Y+2.98 pp
1Y+0.87 pp
TTM−0.03 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹2,011 Cr
Mar 2018₹2,131 Cr
Mar 2019₹2,273 Cr
Mar 2020₹2,871 Cr
Mar 2021₹3,069 Cr
Mar 2022₹3,779 Cr
Mar 2023₹4,558 Cr
Mar 2024₹5,625 Cr
Mar 2025₹6,136 Cr
Mar 2026₹6,892 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹29.00 Cr
Mar 2018₹42.00 Cr
Mar 2019₹12.00 Cr
Mar 2020₹2.00 Cr
Mar 2021₹63.00 Cr
Mar 2022₹95.00 Cr
Mar 2023₹50.00 Cr
Mar 2024₹66.00 Cr
Mar 2025₹150 Cr
Mar 2026₹220 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹656 Cr −3.4% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 31 Jul 2026
AI opinion · based on fundamentals
Risk high

Medplus Health Services trades at a market cap of ₹8,601 Cr with a PE of 40.8x and has delivered 18% compounded sales growth over 5 years, but the stock has declined 23% over the past year while promoters have pledged 60.7% of their holding.

Bull Case 7
  • Strong 5-year compounded profit growth of 28% CAGR indicates improving profitability as the pharmacy retail chain scales
  • TTM sales growth of 17% demonstrates continued top-line momentum in a defensive healthcare retail segment
  • 5-year compounded sales CAGR of 18% reflects consistent store expansion and same-store sales growth
  • Last year ROE improved to 12%, up from the 3-year average of 8%, suggesting improving capital efficiency
  • 3-year compounded profit CAGR of 66% shows rapid earnings acceleration from operating leverage on the growing store base
  • 10-year compounded profit CAGR of 37% demonstrates a long track record of earnings compounding
  • Pharmacy retail is a defensive, non-discretionary sector with structural tailwinds from India's aging demographics and rising healthcare spend
Bear Case 8
  • Promoters have pledged 60.7% of their holding, creating significant risk of forced selling or loss of control in a downturn
  • PE of 40.8x is expensive relative to 3-year average ROE of just 8%, implying the market is pricing in growth that may not materialize proportionally
  • Stock has declined 23% over the past 1 year, reflecting negative market sentiment and possible derating
  • 3-year stock CAGR of -9% shows sustained underperformance despite strong profit growth, suggesting valuation compression
  • Zero dividend yield despite repeated profitability indicates no capital return to shareholders
  • Price-to-book of 4.35x is elevated for a company generating only 8% ROE over 3 years, implying poor return on reinvested capital relative to valuation
  • 3-year average ROE of 8% is below cost of equity for most frameworks, questioning value creation for shareholders
  • High promoter pledge of 60.7% combined with stock price decline of 23% in one year raises margin call risk

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

94d ago

TL;DR: MedPlus is delivering strong revenue growth at 21.8% YoY, but profitability is under pressure with net profit declining 21.7% in Q1FY27, suggesting margin compression. CAPEX plans on hold and minor regulatory actions on subsidiary stores add to near-term uncertainty. The trend is mixed — top-line expansion is healthy but investors should watch whether margin recovery materializes in coming quarters.

Headwinds 3
  • Q1FY27 net profit drops 21.7% Jul 21

    Consolidated net profit fell to ₹331.67 million from ₹423.57 million YoY in Q1FY27, despite revenue growth of 21.8%.

  • Subsidiary store licenses suspended Jul 15

    Optival Health Solutions received drug license suspensions for three stores in Karnataka under the Drugs and Cosmetics Act, with an additional two-day suspension for a Bijapur store on Jul 27. Combined estimated revenue impact is ₹1.88 lakh.

  • CAPEX plans put on hold Jul 23

    Board kept previously approved CAPEX plans in abeyance, affecting a Food Park and a health facility in Hyderabad, signaling near-term growth investment slowdown.

Positives 1
  • Revenue grows 21.8% YoY Jul 21

    Q1FY27 revenue from operations rose 21.8% to ₹18,796 million, indicating strong top-line momentum despite profit decline.

Neutral 5
  • 17.27% stake pledge corrected Aug 1

    Catalyst Trusteeship corrected the pledge date for 49 lakh shares (17.27% voting capital) from June 24 to July 24, 2026. Pledge quantum unchanged.

  • 20th AGM scheduled Aug 17 Jul 22

    MedPlus will hold its 20th AGM on August 17, 2026 via video conferencing, with remote e-voting available until August 10.

  • BRSR filed for FY 2025-26 Jul 23

    MedPlus submitted its Business Responsibility and Sustainability Report for FY 2025-26, disclosing ESG practices and governance frameworks.

Quarterly Results

₹ Cr
MEDPLUS quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
1,284
1,409
1,441
1,490
1,489
1,576
1,561
1,510
1,543
1,679
1,806
1,864
1,880
2,037
Expenses
1,213
1,324
1,350
1,385
1,395
1,452
1,429
1,373
1,412
1,530
1,648
1,695
1,746
1,867
Operating Profit
71
85
92
106
94
124
133
136
131
149
159
169
133
170
OPM %
6%
6%
6%
7%
6%
8%
8%
9%
8%
9%
9%
9%
7%
8%
Other Income
9
10
10
10
9
12
13
16
15
17
18
21
20
21
Interest
23
24
24
25
25
25
26
27
27
29
31
33
33
37
Depreciation
52
55
57
59
60
63
62
64
66
69
73
76
78
84
PBT
5
16
20
32
18
48
57
61
53
69
73
80
42
70
Tax %
26%
12%
31%
−5%
19%
19%
19%
16%
20%
19%
21%
20%
21%
20%
Net Profit
4
15
14
34
14
39
46
51
42
56
58
64
33
56
EPS (₹)
0.32
1.22
1.15
2.79
1.2
3.24
3.83
4.29
3.54
4.63
4.82
5.33
2.76
—

Sep 2026: from the results filed on 27 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
MEDPLUS profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,368
1,733
2,011
2,131
2,273
2,871
3,069
3,779
4,558
5,625
6,136
6,892
7,229
Expenses
1,336
1,696
1,940
2,073
2,153
2,737
2,852
3,507
4,292
5,270
5,648
6,284
6,620
Operating Profit
32
37
71
58
120
134
217
273
266
355
488
608
610
OPM %
2.4%
2.1%
3.5%
2.7%
5%
4.7%
7%
7%
6%
6%
8%
9%
8%
Other Income
4
8
7
8
11
17
21
31
46
40
48
71
76
Interest
14
17
19
28
50
47
55
66
83
96
103
120
126
Depreciation
9
10
11
12
59
75
88
119
182
224
250
283
295
PBT
14
19
48
26
23
29
95
118
47
73
183
275
264
Tax %
46%
52%
40%
−65%
48%
94%
34%
20%
−6%
11%
18%
20%
—
Net Profit
7
9
29
42
12
2
63
95
50
66
150
220
210
EPS (₹)
Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank.
Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank.
Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank.
Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank.
Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank.
Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank.
Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank.
8.03
4.17
5.48
12.56
18.3
17.54
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
MEDPLUS balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
0.17
0.17
0.17
0.19
0.19
0.19
0.45
24
24
24
24
24
Reserves
141
137
148
303
291
528
730
1,394
1,467
1,554
1,717
1,951
Borrowings
170
223
204
162
429
477
590
815
900
1,010
1,120
1,424
Other Liabilities
126
149
183
179
239
344
245
361
406
417
500
533
Total Liabilities
438
509
535
644
959
1,349
1,566
2,594
2,797
3,005
3,360
3,933
Fixed Assets
67
77
81
83
377
419
517
799
1,138
1,242
1,296
1,595
CWIP
3
3
2
1
1
5
6
20
25
11
16
32
Investments
0
0
0
0
0
0
0
0
0
0
0
0
Other Assets
368
429
453
560
580
924
1,043
1,775
1,633
1,752
2,047
2,306
Total Assets
438
509
535
644
959
1,349
1,566
2,594
2,797
3,005
3,360
3,933

Cash Flow

₹ Cr
MEDPLUS cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
−19
−17
34
32
147
−7
3
170
90
144
540
496
Investing
−16
−32
−15
−18
−19
−28
−35
−703
429
−83
−318
−128
Financing
67
35
−29
−1
−83
90
−6
440
−170
−198
−228
−256
Net Cash Flow
32
−15
−10
14
45
56
−37
−93
350
−137
−5
112
Free Cash Flow
−35
−35
19
32
125
−37
−51
56
−78
61
482
373
CFO/OP
−26
−19
70
96
133
6
15
75
39
49
120
94

Ratios

MEDPLUS financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
1
1
0
2
1
1
1
1
1
1
1
1
Inventory Days
84
82
76
76
78
101
113
112
117
111
106
99
Days Payable
34
29
25
27
31
37
22
30
27
21
24
22
Cash Conversion Cycle
51
53
51
51
48
65
91
82
91
92
83
79
Working Capital Days
16
12
14
13
8
25
46
100
58
58
54
49
ROCE %
—
11%
19%
13%
12%
9%
13%
10%
5%
7%
10%
13%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Medplus Health Services insights

60 extracted metrics across FY15–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 40.19%
  • DIIs 31.89%
  • FIIs 12.58%
  • Public 10.80%
  • Others 4.54%

74.02% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Medplus Health Services

Where is Medplus Health Services Ltd (MEDPLUS) listed?
Medplus Health Services Ltd trades as MEDPLUS on the NSE and under code 543427 on the BSE.
Which sector does Medplus Health Services Ltd belong to?
Medplus Health Services Ltd is classified under the Retail sector, in the Pharmacy Retail industry.
What is the PE ratio of Medplus Health Services Ltd?
Medplus Health Services Ltd trades at a PE ratio of 34.22 as of 4 Nov 2026, on earnings per share of ₹17.54, against a book value of ₹172.13 per share.
What is the 52-week high and low of Medplus Health Services Ltd?
Over the last 52 weeks Medplus Health Services Ltd has traded between ₹565.6 and ₹1,022.2 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Medplus Health Services Ltd?
Medplus Health Services Ltd reported a return on equity of 11.60%. Its debt-to-equity ratio is 0.72.

Company Information

Website medplusindia.com
Listed 23 Dec 2021
Face Value ₹2

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