MedPlus Health Services Limited – Investor Presentation Summary

Key Operational Highlights

  • 5,642 total stores as of September 30, 2026
  • 166 net store additions in Q2 FY2027 (219 gross additions)
  • 101 net additions beyond Tier-One cities in Q2 FY2027
  • 312 net store additions in H1 FY2027 (441 gross additions)
  • 226 net additions beyond Tier-One cities in H1 FY2027
  • Private label portfolio of 1750+ SKUs
  • 29% of store network is less than 2 years old

Key drivers of operational performance: Cluster-based expansion strategy, omni-channel capabilities, and private label portfolio growth.

Segment-wise Performance

Q2 FY2027 Segment Performance:

  • Pharmacy Retail: Revenue ₹19,935.4m, Operating EBITDA ₹885.4m (4.4% margin)
  • Diagnostic: Revenue ₹410.5m, Operating EBITDA ₹97.9m (23.8% margin)
  • Others: Revenue ₹25.2m, Operating EBITDA (₹2.2)m (-8.6% margin)

Q1 FY2027 Segment Performance:

  • Pharmacy Retail: Revenue ₹18,398.7m, Operating EBITDA ₹588.1m (3.2% margin)
  • Diagnostic: Revenue ₹370.8m, Operating EBITDA ₹65.9m (17.8% margin)
  • Others: Revenue ₹26.5m, Operating EBITDA (₹2.8)m (-10.6% margin)

Explanation of significant changes in segment performance: Pharmacy segment showed improved margins sequentially (up 120 bps), while diagnostics maintained strong profitability.

Financial Highlights

Q2 FY2027 Financials:

  • Revenue: ₹20,371.1m
  • Gross Margin: ₹5,108.5m (25.1%)
  • Operating EBITDA: ₹981.1m (4.8%)
  • PAT: ₹560.7m (2.8%)
  • EBITDA: ₹1,906.0m (9.4%)

Q2 FY2027 vs Q2 FY2026 (yoy):

  • Revenue: +21.3%
  • Gross Margin: +16.3%
  • Operating EBITDA: +10.7%
  • PAT: +1.0%

Q2 FY2027 vs Q1 FY2027 (qoq):

  • Revenue: +8.4%
  • Gross Margin: +11.0%
  • Operating EBITDA: +50.7%
  • PAT: +69.1%

H1 FY2027 Financials:

  • Revenue: ₹39,167.1m
  • Gross Margin: ₹9,711.6m (24.8%)
  • Operating EBITDA: ₹1,632.3m (4.2%)
  • PAT: ₹892.4m (2.3%)

H1 FY2027 vs H1 FY2026 (yoy):

  • Revenue: +21.6%
  • Gross Margin: +15.3%
  • Operating EBITDA: +1.1%
  • PAT: -8.8%

Drivers of financial performance: Revenue growth driven by store expansion and same-store sales growth, margin improvement from operational efficiencies and private label growth.

Key Risks: Not Specified

Geographical Revenue Split

Domestic vs Export/Regional Revenue: Not Specified

Regional Breakdown: Not Specified

Balance Sheet Snapshot

As of September 30, 2026:

  • PPE and CWIP: ₹3,818.6m
  • Inventories: ₹15,210.9m
  • Cash, bank balance & investments: ₹5,439.3m (including ₹817.8m in investments)
  • Trade payables: ₹3,641.6m

Comparative Position:

  • Sep-25: Cash ₹6,085.0m, Inventories ₹12,807.4m
  • Mar-26: Cash ₹5,942.1m, Inventories ₹13,816.9m
  • Jun-26: Cash ₹6,218.8m, Inventories ₹14,395.6m

Working Capital/Leverage Metrics: Not Specified

Financial Health Insights: Strong cash position with ₹5,439m closing balance, inventory growth aligned with store expansion.

Capex & Cash Flow Health

Q2 FY2027 Cash Flow:

  • Operating Cash Flow: ₹370.0m (37.7% of Operating EBITDA)

H1 FY2027 Cash Flow:

  • Operating Cash Flow: ₹1,622.0m (99.4% of Operating EBITDA)

Capital Expenditure: Not Specified

Free Cash Flow: Not Specified

Operating Cash Flow: ₹370.0m for Q2 FY2027, ₹1,622.0m for H1 FY2027

Net Debt Movement: Not Specified

Investment Rationale: Focus on store network expansion and cluster development.

Strategic & R&D Initiatives

Investments in Innovation: Extensive in-house technology platform supporting omni-channel operations

Expected impact on growth: Target to operationally extend <2 hour delivery to more locations, increase retention via omni-channel

Strategic Rationale: Three key pillars of growth: (1) Growth in existing clusters and develop new clusters, (2) Leverage leadership in omni-channel, (3) Expand share of private label for higher margins and wallet share

Industry Trends & Business Environment

Macro/Industry Trends: Not Specified

Impact on Company: Not Specified

Management Commentary & Growth Outlook

Strategic Outlook: Focus on further growth in cities with market leadership (Metro and Tier-One followed by Tier-Two and beyond), replicate leadership in newer markets

FY Guidance: Not Specified

Market Share Targets: Not Specified

Risks and Opportunities: Not Specified

Store Performance Metrics

Stores >12 months performance (Q2 FY2027):

  • Revenue growth: 13.2% over Q2 FY2026
  • Store Level EBITDA margin: 11.7%
  • Store Level Operating ROCE: 72.0%

Stores >12 months performance (H1 FY2027):

  • Revenue growth: 14.9% over H1 FY2026
  • Store Level EBITDA margin: 11.1%