MedPlus reported strong Q3 FY2026 results, with revenue reaching ₹18,061m, a 15.7% year-over-year increase. Gross margin improved to 26.2%. The company added 182 net new stores. Operating EBITDA was ₹925m for pharmacy operations and ₹968m overall. Store-level unit economics remain robust, with a 77.7% Store Level Operating ROCE for stores open more than 12 months. Operating Cash Flow was ₹905m.
Financial Performance Highlights
MedPlus Health Services Limited announced its Q3 FY2026 financial results, demonstrating substantial growth across key metrics:
- Revenue: Reached ₹18,061m, a 15.7% increase year-over-year and 7.5% increase quarter-over-quarter.
- Gross Margin: Improved to 26.2%, up 110 bps year-over-year.
- Pharmacy Operating EBITDA: Stood at ₹925m, with a margin of 5.2%.
- Company Operating EBITDA: Totaled ₹968m.
- Operating Cash Flow: ₹905m for the quarter, representing 93.5% of the Operating EBITDA.
- Cash and Bank Balance: Closed the quarter with ₹6,080m.
Store Network Expansion
MedPlus continued to expand its store network, adding 182 net new stores during the quarter, bringing the total store count to 5,112 as of December 31, 2025. Of these new additions, 116 were beyond Tier-One cities.
Performance of Existing Stores
Stores open for more than 12 months showed strong performance:
- Revenue Growth: 10.5% revenue growth compared to Q3 FY25.
- Store Level EBITDA Margin: 12.4%.
- Store Level Operating ROCE: 77.7%.
Strategic Focus
MedPlus is focused on:
- Deepening its presence in existing markets via its cluster-based expansion strategy.
- Growing its private label offerings, which includes a curated range of over 1500 SKUs.
- Leveraging its omni-channel capabilities to expand market reach and improve customer retention.
Source: BSE
