MedPlus Health Services Limited has reported strong financial results for the fiscal year ended March 31, 2026. The company achieved a revenue of ₹68,925 million, marking a 12.3% increase over the previous year. With a network now spanning 5,330 stores across 13 states and one union territory, MedPlus continues its successful cluster-based expansion, maintaining high operational efficiency and growth in its private label segment.
Fiscal Year 2026 Financial Highlights
For the financial year 2026, MedPlus recorded a total revenue of ₹68,925 million, an increase of ₹7,564 million compared to FY25. The company’s gross margin improved to 26.2%, a 180 bps increase over the prior year. Operating EBITDA for the pharmacy segment stood at ₹3,476 million, reflecting the company’s ability to scale operations while maintaining profitability.
Store Network Expansion
MedPlus has maintained a steady pace of growth, ending the year with 5,330 stores. During FY26, the company achieved 618 net store additions. The expansion strategy focuses on a cluster-based approach, prioritizing deeper market penetration. Notably, 24% of the store network is less than two years old, indicating significant potential for future earnings growth as these outlets mature and become P&L accretive.
Omni-Channel and Private Label Performance
The company continues to leverage its omni-channel presence, which has shown consistent growth backed by its hyperlocal store network. The private label segment remains a core focus, with a basket now exceeding 1,550 SKUs across pharmaceutical and non-pharmaceutical categories. This strategy is effectively supporting higher margins and increasing the overall share of wallet among customers.
Operational Efficiency
Older stores (aged 12+ months) demonstrated strong performance, with a 9.4% revenue growth over FY25 and a 11.9% Store Level EBITDA margin. Furthermore, the company reported a robust Store Level Operating ROCE of 80% for these mature stores in Q4 FY26, highlighting the efficiency of the underlying business model and the effectiveness of the current capital allocation strategy.
Source: BSE
