India · Delayed Price · Currency is INR MedPlus Health Services Earnings Call Transcripts
Fiscal Year 2026
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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 private label share rising to 20.4% and gross margins improving. Net addition of 101 stores in Q1, targeting 600 new stores in FY26, and diagnostic segment EBITDA margin reached 13.6%.
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 sharply, driving gross margin expansion, while 305 net stores were added and 600 more are targeted for FY26. SSG is 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 EBITDA margin at 5.1%. Store expansion and new warehouses support future growth, while mature stores maintain strong profitability. SSG is expected to remain at 4-5%.
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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 products now 15.8% of revenue and diagnostics turning EBITDA positive. Management maintains 20%+ growth guidance for FY25, expects margin normalization, and sees continued private-label expansion.