India · Delayed Price · Currency is INR MedPlus Health Services Earnings Call Transcripts
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.