Event Type and Details:

  • The document contains the transcript of the Q4 FY26 Earnings Conference Call held with analysts and institutional investors on May 21, 2026.
  • The call was conducted to discuss the financial results for the quarter and financial year ended March 31, 2026, which were announced earlier.

Management Participants:

  • Mr. Sujit Kumar Mahato - Chief Financial Officer
  • Mr. DRN Srinivas - Sr. Manager Finance

Financial and Operational Highlights:

  • Store Network: The company opened 618 stores net additions during FY26. In Q4 FY26, 295 outlets were opened with 77 closures (including 18 relocations and 13 franchisee closures), resulting in net addition of 218 stores.
  • FY27 Guidance: Company plans to open 800 net new stores in FY27, including franchisee outlets.
  • Network Statistics: Total network reached 5,330 stores with 2.8 million+ square feet. Average store size is 528 square feet. 24% of stores operational for less than 2 years, 76% for 2 years or more.
  • Revenue Mix: Private label sales constituted 22% of total revenues in Q4 FY26 (Pharma: 11.4%, Non-pharma: 10.6%).
  • Financial Performance: Consolidated revenue for Q4 stood at INR18,644 million. Consolidated operating EBITDA was INR1,076 million (5.8% margin). Pharmacy revenue grew 23.4% YoY with pharmacy operating EBITDA at INR1,022 million (5.6% margin).
  • Store Performance: Stores older than 12 months generated revenue of INR1,606 million (96% of pharmacy revenue) with store level EBITDA margin of 13.1%. After allocating non-store-related costs, operating EBITDA margin for these stores was 6.7%.
  • Working Capital: Net working capital was 53 days in Q4. Warehouse inventory was 30 days. First-year stores inventory was 112 days vs 36 days for stores older than 12 months.
  • Corrigendum: Operating cash flows for FY26 should be read as INR4,956 million (not INR917 million), with OCF/operating EBITDA ratio at 135.5% (not 85.2%).
  • Diagnostics Business: Diagnostics revenue for FY26 was INR1,309.9 million with operating EBITDA of INR196 million. Q4 diagnostics revenue grew to INR347.8 million from INR280.8 million in Q4 FY25, with operating EBITDA of INR53.1 million (15.3% margin).
  • Membership Plans: January sales: 537 gross plans/day, February: 603, March: 554. Active plans as of March 31: approximately 200,000. On-time renewal rate was 21% in Q4 vs 23% in Q3.

Compliance Statement:

The transcript was submitted pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The document will be available on the company website (www.medplusindia.com) and exchange websites (BSE and NSE).

Additional Notes Section

  • The document includes the full question-and-answer session from the earnings call with participation from multiple analysts and investors.
  • The transcript contains detailed management commentary on store expansion strategy, franchisee model economics, private label growth plans, working capital management, and diagnostic business performance.