India · Delayed Price · Currency is INR MedPlus Health Services Earnings Call Transcripts
Fiscal Year 2027
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Q1 FY27 saw strong revenue growth and network expansion, with 146 net new stores and 21.8% YoY pharmacy revenue growth. Gross margins declined due to lower private label mix and higher franchisee contribution, but management expects recovery as private label share increases and cost actions take effect.
Fiscal Year 2026
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Q4 saw strong revenue and EBITDA growth, with 218 net new stores and a total of 5,330 outlets. Private label sales stabilized at 22% of revenue, and the franchisee model expanded to over 500 stores, delivering immediate profitability. Management expects to maintain margins and continue network expansion.
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Q3 FY26 saw robust revenue and EBITDA growth, strong store expansion, and a rising private label mix. Margins remained stable despite a one-off labor code charge, and management expects continued growth in stores and profitability, driven by private label and operational efficiencies.
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Q2 FY26 saw 145 new stores added, revenue up 8.8% YoY, and private label sales at 21.5% of total. Diagnostic EBITDA margin improved to 15.3%. SSSG turned positive at 2.2%, with high single-digit growth targeted in two years.
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Revenue grew 6.6% YoY on GMV with pharmacy EBITDA margin at 4.6%. Private label share rose to 20.4%, supporting margin expansion, while 101 net new stores were added. Diagnostic segment showed strong growth, but further expansion awaits higher membership.
Fiscal Year 2025
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Revenue grew to INR 61,361 million in FY25 with operating EBITDA margin at 4.5%. Private label share rose to 20.9% of GMV, driving margin expansion. 305 net stores were added, with 600 targeted for FY26 and SSG expected in high single to low double digits.
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Revenue grew 8.3% YoY to INR 15,614 million, with private label share rising to 19.6% and pharmacy EBITDA margin at 5.1%. Store network expanded by 60 net stores in Q3, and 300 net additions are targeted for the year. Margins are sustainable, with further gains expected from private label growth.
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Q2 FY25 saw 11.9% year-on-year revenue growth, margin expansion, and strong private-label uptake, with 108 net new stores and diagnostics turning profitable. Gross margin and private-label share are expected to rise further, with 400–450 net store additions targeted for the year.
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Q1 FY25 revenue grew 15.9% year-over-year to INR 14,888 million, with private-label sales doubling to 15.8% of revenue. Store additions slowed due to seasonality and external factors, but guidance for 20%+ top-line growth and margin improvement is maintained.