Migration Details

QMS Medical Allied Services Limited successfully migrated its 1.93 crore equity shares (Face value of Rs. 10 each) from NSE Emerge to NSE Mainboard effective June 18, 2026. The company was originally listed on NSE Emerge on October 11, 2022, following its successful SME IPO. The stock opened at Rs. 108.95 on the migration date.

Financial Performance

  • FY26 Consolidated Revenues: Rs. 172.9 crore
  • FY26 EBITDA: Rs. 25.9 crore

Business Structure and Growth Targets

Current Business Mix (FY26):

  • Products business accounted for 69% of total revenues
  • Services business comprising Patient Screening camps and Patient Service Programs

Growth Targets:

  • Target to achieve Rs. 500 crore consolidated revenue by FY2029 (approximately 3x growth from FY26)
  • Services business expected to double revenues by FY2027
  • Services business expected to drive approximately 50% of total revenues by FY2029

Strategic Initiatives

Products Business Growth Drivers:

  • Wider distribution network
  • Expansion of own brands (Qdevices)
  • Development of self-manufacturing capabilities
  • Strategic international partnerships

Services Business Expansion:

  • Focus on Patient Service Programs (PSPs) and patient screening camps
  • Acquisition of controlling stake in Saarathi Healthcare, enhancing capabilities in:
  • Patient and disease management
  • Market access
  • Phygital healthcare solutions
  • End-to-end program design, execution, and scale-up

Market Position and Operations

  • Only listed player with demonstrated presence in preventive healthcare management and pharma marketing segments
  • Served more than 10 lakh patients
  • Partnered with over 50 pharmaceutical and healthcare companies across India
  • Services include: patient support programs, healthcare services, medical and diagnostic solutions, healthcare staffing, and integrated patient engagement initiatives

Management Commentary

Mr. Mahesh Makhija, Chairman & Managing Director, stated that the migration reflects the strong foundation built over years and the company's operational scale, financial performance, and strong governance standards. He highlighted the shift in pharma marketing from product-focused engagement to patient-focused engagement as a key opportunity. The company aims to capitalize on the growing demand for integrated healthcare and pharma marketing solutions.

Expected Benefits of Migration

  • Enhanced liquidity
  • Increased participation from institutional and retail investors
  • Strengthened visibility within the capital markets ecosystem