Medplus Health Services Limited — Investor Meet, 30-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

MedPlus reported consolidated revenue of INR1509.6 million for the quarter and INR6136.1 million for FY25. Pharmacy revenue grew 14.8% YoY (GMV) and 8.6% net for the year. Operating EBITDA stood at INR803 million (5.3%) for Q4 and INR2776 million (4.5%) for FY25. The store network grew by 305 net adds to 4712 stores, with 600 new stores targeted for FY26. Private label now makes up 23.3% of revenue, boosting gross margins to ~24.5%-24.75%. Management expects high single-digit to low double-digit same-store sales growth, margin gains from private label and operating leverage, and continued expansion via franchisee stores to enhance capital efficiency. Diagnostics grew with better profitability. Challenges from attrition and supply chain are being addressed with new warehouses and backend upgrades. Expansion in new states and private label pharma scaling, including GLP-1 injectables, are in focus. Inventory days average 40-43 for mature stores, with tax benefits keeping effective rates below 25%. The outlook centers on steady growth, margin improvement, and backend strengthening.