Medplus Health Services Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Retail: 98.1% • Pathology Testing Services: 1.9% • Others: 0.0%
AI Sector View
AI GENERATEDConsumer Services
Consumer services have a mixed operating backdrop but strong market sponsorship. Foreign tourist arrivals in India rose 6.0% YoY (2026-06), export of services grew 13.0% YoY (2026-06), and headline tourist arrivals were 584000 (Jun/26), though airport passenger traffic was -2.0% YoY (2026-06). Strong FPI inflow of INR 19847 crore over 3 months to 2026-08-31 supports a Buy stance despite some travel softness.
PROS
- Company has delivered good profit growth of 28.3% CAGR over last 5 years
- Company is almost debt free
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 17.6% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.71x)
CONS
- Receivables are growing faster than sales - a possible quality concern
- Company has a low return on equity of 8.5% over last 3 years
- A large part of profit comes from other income (25.9% of PBT)
- Stock is trading at 5.1x its book value
- Though reporting repeated profits, the company pays out little dividend (0.0%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| DMART | 3667.65 | 78.22 | 239221.00 | 0.00 | 860.44 | 11.34 | 18794.53 | 14.88 | 18.03 | 7.98 |
| TRENT | 2789.70 | 82.24 | 148761.10 | 0.14 | 518.07 | 21.98 | 5754.71 | 17.84 | 36.73 | 19.45 |
| VMM | 103.30 | 54.26 | 48394.07 | 0.00 | 258.77 | 25.57 | 3727.01 | 18.68 | 19.24 | 14.61 |
| METROBRAND | 953.35 | 63.94 | 25987.63 | 0.63 | 95.26 | -3.58 | 720.36 | 14.66 | 35.77 | 29.85 |
| ABLBL | 83.94 | 58.21 | 10245.06 | 0.60 | 29.02 | 20.62 | 2045.74 | 11.15 | 27.34 | 15.06 |
| PNGJL | 613.45 | 20.26 | 9030.14 | 0.00 | 105.33 | 51.91 | 2412.98 | 40.73 | 21.80 | 7.56 |
| V2RETAIL | 218.55 | 44.61 | 7969.15 | 0.00 | 41.85 | 69.70 | 997.20 | 57.73 | 38.43 | 13.99 |
| MEDPLUS | 658.55 | 37.59 | 7911.63 | 0.00 | 33.17 | -21.67 | 1879.60 | 21.84 | 22.22 | 7.09 |
| AVL | 604.25 | 56.15 | 7803.17 | 0.21 | 77.22 | 39.99 | 1192.68 | 26.85 | 20.82 | 10.44 |
| EMIL | 192.05 | 35.84 | 7389.10 | 0.00 | 120.64 | 458.07 | 2418.95 | 39.07 | 11.84 | 9.88 |
| ETHOSLTD | 2684.65 | 69.15 | 7183.50 | 0.00 | 28.66 | 50.71 | 461.71 | 33.32 | 13.70 | 12.97 |
| VMART | 816.95 | 47.24 | 6500.91 | 0.12 | 47.21 | 40.51 | 1088.81 | 23.00 | 23.56 | 14.75 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,284 | 1,409 | 1,441 | 1,490 | 1,489 | 1,576 | 1,561 | 1,510 | 1,543 | 1,679 | 1,806 | 1,864 | 1,880 | |
| 1,213 | 1,324 | 1,350 | 1,385 | 1,395 | 1,452 | 1,429 | 1,373 | 1,412 | 1,530 | 1,648 | 1,695 | 1,858 | |
| Operating Profit | 71 | 85 | 92 | 106 | 94 | 124 | 133 | 136 | 131 | 149 | 159 | 169 | 22 |
| OPM % | 5.56% | 6.04% | 6.37% | 7.10% | 6.30% | 7.90% | 8.49% | 9.03% | 8.47% | 8.86% | 8.78% | 9.07% | 1.17% |
| 9 | 10 | 10 | 10 | 9 | 12 | 13 | 16 | 15 | 17 | 18 | 21 | 20 | |
| Interest | 23 | 24 | 24 | 25 | 25 | 25 | 26 | 27 | 27 | 29 | 31 | 33 | 33 |
| Depreciation | 52 | 55 | 57 | 59 | 60 | 63 | 62 | 64 | 66 | 69 | 73 | 76 | 78 |
| Profit before Tax | 5 | 16 | 20 | 32 | 18 | 48 | 57 | 61 | 53 | 69 | 73 | 80 | 42 |
| Tax % | 25.54% | 11.56% | 31.36% | -4.94% | 19.34% | 19.02% | 18.96% | 16.03% | 19.75% | 19.48% | 21.15% | 20.38% | 20.80% |
| Net Profit | 0 | 0 | 0 | 0 | 14 | 39 | 46 | 51 | 42 | 56 | 58 | 64 | 33 |
| 0.32 | 1.22 | 1.15 | 2.81 | 1.20 | 3.24 | 3.84 | 4.32 | 3.54 | 4.63 | 4.82 | 5.33 | 2.76 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,011 | 2,132 | 2,273 | 2,871 | 3,069 | 3,779 | 4,558 | 5,625 | 6,136 | 6,892 | 7,229 | |
| 1,935 | 2,073 | 2,216 | 2,737 | 2,840 | 3,490 | 4,276 | 5,254 | 5,633 | 6,268 | 6,731 | |
| Operating Profit | 77 | 59 | 57 | 134 | 229 | 289 | 281 | 371 | 503 | 624 | 499 |
| OPM % | 3.81% | 2.75% | 2.50% | 4.66% | 7.47% | 7.64% | 6.17% | 6.60% | 8.21% | 9.06% | 6.90% |
| 8 | 7 | 10 | 17 | 22 | 31 | 46 | 40 | 49 | 71 | 76 | |
| Interest | 25 | 28 | 16 | 47 | 67 | 83 | 99 | 114 | 119 | 138 | 126 |
| Depreciation | 11 | 12 | 14 | 75 | 88 | 119 | 182 | 224 | 250 | 283 | 295 |
| Profit before Tax | 48 | 26 | 37 | 29 | 95 | 118 | 47 | 73 | 183 | 275 | 264 |
| Tax % | 39.84% | -65.18% | 42.82% | 93.89% | 33.64% | 19.69% | -6.24% | 10.71% | 18.03% | 20.24% | 20.42% |
| Net Profit | 29 | 42 | 21 | 2 | 63 | 95 | 50 | 66 | 150 | 220 | 210 |
| EPS | 1713.69 | 2427.77 | 1003.31 | 1.05 | 5.89 | 8.52 | 4.17 | 5.48 | 12.56 | 18.30 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 15%
- 5 Years:
- 18%
- 3 Years:
- 15%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 38%
- 5 Years:
- 28%
- 3 Years:
- 64%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- -6%
- 1 Year:
- -21%
RETURN ON EQUITY
- 10 Years:
- 10%
- 5 Years:
- 8%
- 3 Years:
- 9%
- Last Year:
- 12%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 | 24 | 24 | 24 | 24 | 24 | |
| Minority Interest | 0 | 0 | 0 | 1 | 1 | -1 | -1 | -1 | -1 | -1 |
| 142 | 297 | 316 | 519 | 681 | 1,383 | 1,437 | 1,524 | 1,690 | 1,943 | |
| 231 | 165 | 107 | 426 | 536 | 740 | 802 | 869 | 1,008 | 1,235 | |
| Trade Payables | 111 | 129 | 163 | 234 | 148 | 246 | 260 | 253 | 299 | 307 |
| 40 | 18 | 86 | 174 | 208 | 231 | 242 | 333 | 335 | 455 | |
| Total Liabilities | 525 | 610 | 672 | 1,354 | 1,575 | 2,624 | 2,764 | 3,002 | 3,356 | 3,964 |
| 81 | 83 | 90 | 419 | 517 | 799 | 1,138 | 1,242 | 1,296 | 1,595 | |
| Capital Work in Progress | 2 | 1 | 1 | 3 | 6 | 20 | 24 | 5 | 13 | 32 |
| 335 | 363 | 394 | 644 | 750 | 915 | 1,144 | 1,340 | 1,345 | 1,382 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18 | 13 | 27 | |
| Cash & Bank | 41 | 58 | 50 | 141 | 119 | 34 | 284 | 142 | 367 | 462 |
| 66 | 104 | 137 | 148 | 184 | 855 | 175 | 255 | 321 | 466 | |
| Total Assets | 525 | 610 | 672 | 1,354 | 1,575 | 2,624 | 2,764 | 3,002 | 3,356 | 3,964 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 32 | 56 | 95 | 8 | 32 | 203 | 104 | 144 | 540 | 496 | |
| Cash from Investing | -15 | -18 | -20 | -28 | -35 | -703 | 429 | -83 | -318 | -128 |
| Cash from Financing | -29 | -1 | -72 | 90 | -6 | 440 | -170 | -198 | -228 | -256 |
| -10 | 14 | -10 | 56 | -37 | -93 | 350 | -137 | -5 | 112 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - Medplus Health Services Limited has informed the Exchange regarding 'Board comments on fine levied by the Exchange'.
2026-09-10 - Medplus Health Services Limited has informed the Exchange regarding Outcome of Board Meeting held on September 10, 2026.
2026-08-18 - Medplus Health Services Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 17, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-17 - Medplus Health Services Limited has informed the Exchange regarding Summary Proceedings of Annual General Meeting held on August 17, 2026
2026-08-06 - Update under Regulation 30 read with Para A Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
2026-08-05 - Update under Regulation 30 read with Para A Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
2026-07-31 - Update under Regulation 30 read with Para A Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
2026-07-26 - Update under Regulation 30 read with Para A Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
2026-07-24 - Medplus Health Services Limited has informed the Exchange about Transcript
News
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