Health X Platform Limited — Investor Meet, 19-06-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Health X Platform Limited held a Group Conference Call to discuss Q4 and FY26 performance. Management provided an overview of the company's evolution into a broader healthcare ecosystem and discussed its core principles of innovation, value, impact, and trust. The call highlighted the company's dual B2B (Retailer Shakti) and B2C (SastaSundar App) platforms, supported by technology-driven fulfillment infrastructure and AI. Key strategic initiatives include the launch of the JITO generic medicine category, aimed at affordability.

Financials for Q4 FY26 showed revenue of Rs 356 crore (up 22% YoY), with gross margins improving to 7.3%. EBITDA loss narrowed to Rs 20 crore from Rs 29 crore YoY. For the full year FY26, revenue stood at Rs 1283 crore (up 18% YoY), with EBITDA losses reducing to Rs 65 crore. PAT loss significantly improved to Rs 1.4 crore from Rs 133 crore in FY25. The company maintains strong capital efficiency with an 18-day working capital cycle.

Management discussed the positive market reception for JITO, with initial sales in the lakhs. They are exploring hospital channel opportunities with a focus on next-day fulfillment and cash-and-carry. The AI consulting product is in development, with a cautious rollout planned after market readiness is assessed. The company plans to expand its product offerings to include personal and beauty care. Discussions also covered the planned demerger of the finance division into Microsec Resources Ltd., with an asset base of approximately Rs 140 crore.

Looking ahead, the company targets Rs 6,000 crore in revenue by FY30, with progressive improvement in EBITDA margins. They anticipate reaching around 5% EBITDA margins at scale. The management expressed confidence in their long-term vision and capital-efficient growth strategy. The overall sentiment conveyed was one of optimism and a focused approach to building a significant healthcare platform.