India’s Leading Pharmacy Company, MedPlus is the 2nd largest pharmacy retailer in India, with 4,552 stores across 12 states and 1 union territory as of Q2 FY25. These stores are strategically distributed to maintain a high presence in metro, tier-one, and tier-two cities. Presenting below are its Q1 FY26 earnings results.
Q1 FY26 Earnings Results
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Total Income: ₹1,543 crores, up 3.6% YoY (Q1 FY25: ₹1,497.54 crores), and up 3.8% QoQ (Q4 FY25: ₹1,500.96 crores).
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Profit Before Tax (PBT): ₹52.77 crores, up 196.6% YoY (Q1 FY25: ₹17.79 crores), and up 65.0% QoQ (Q4 FY25: ₹31.98 crores).
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Profit After Tax (PAT): ₹42.34 crores, up 200% YoY (Q1 FY25: ₹14.34 crores), and up 26.2% QoQ (Q4 FY25: ₹33.56 crores).
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Earnings Per Share (EPS): ₹3.54, up 195% YoY (Q1 FY25: ₹1.20), up 25.0% QoQ.
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Gross Margin: 26.1%, up 400 bps YoY and down 40 bps QoQ.
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Operating EBITDA: ₹72.81 crores, up 67.5% YoY (Q1 FY25: ₹43.46 crores); EBITDA margin improved to 4.7% (Q1 FY25: 2.9%).
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Operating Cash Flow: ₹18.72 crores.
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Net Store Additions: 101 new stores in Q1, with total network at 4,813 as of June 2025.
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Segmental Revenue: Retail ₹1,512 crores (up 3.3% YoY); Diagnostics ₹30.29 crores (up 24.95% YoY).
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Private Label Impact: Private label products (priced ~50% below branded) are seeing strong uptake, slightly softening topline but supporting gross margin expansion.
Management Commentary & Strategic Highlights
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The company continues to focus on network expansion, targeting 600 new stores by FY26-end, with underlying volume growth cited at 6–7%.
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Margins are expected to remain stable as gross margins improve with private label shifts, even as topline growth appears muted from cannibalization of branded products.
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Despite lower-than-expected YoY revenue growth, profitability has surged as cost efficiencies and higher-margin product mixes take effect.
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Digital and supply chain investments, as well as competitive discounts on both branded and private label goods, are expected to support ongoing market share gains.
Q4 FY25 Earnings Results
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Total Income: ₹1,510 crores.
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Profit Before Tax (PBT): ₹61 crores.
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Profit After Tax (PAT): ₹51 crores.
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EPS: ₹4.29.
To view the company’s previous earnings and latest concall transcripts, click here to visit the Alphastreet India news channel.
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