Medplus Health Services Limited — Investor Meet, 06-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

MedPlus's Q2 FY26 earnings call highlighted a consolidated revenue of INR 1679.3 Cr and an operating EBITDA of INR 88.7 Cr (5.3% margin). Pharmacy revenue grew 6.3% YoY (net basis). The company added a net 117 stores in Q2, staying on track for 600 new store additions in FY26. Same-store sales showed a 2.2% growth, with management targeting high single-digit growth within two years. Private label non-pharma sales continue strong growth, driven by store redesign and new product assortment, generating higher gross margins. Diagnostic revenue rose to INR 33.25 Cr with a 15.3% operating EBITDA margin. Employee costs increased due to a new retention plan, with growth expected to moderate going forward. Net working capital stands at 53 days. Management expresses confidence in future store expansion plans, including a piloted franchisee model.