# Medplus Health Services share price today (Medplus Health Services Ltd, NSE: MEDPLUS)

> Medplus Health Services share price today: ₹600.20 at the NSE close on 4 November 2026, down 23.8% in a year. Medplus Health Services (NSE: MEDPLUS) is worth ₹7,211 crore, trades at a P/E of 34.1 and has closed between ₹579.90 and ₹951.00 over the past 52 weeks. > Medplus Health Services Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. MEDPLUS · Pharmacy Distribution · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/medplus-health-services-ltd

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## Key numbers

- Business trend: Mixed, from the last 12 quarters
- Price: ₹600.20 (−23.8% in a year)
- P/E: 34.1× (lower than 99% of the last 4.8 years)
- Revenue (Sep 2026): ₹2,037 Cr (+21.3% on a year ago)
- Profit (Sep 2026): ₹56.0 Cr (+0.0% on a year ago)
- Operating margin: 8.0% (−1.0 points on a year ago)
- ROCE: 13%, FY26
- ROIC: 9.2%, against a 12.0% cost of capital: −2.8 points

The main question: yearly earnings per share moved +45.7% while the share price moved −23.8%. ## What is the Medplus Health Services share price today? Medplus Health Services Ltd's share price was ₹600.20 at the close on 4 November 2026. It has been falling for 14 weeks. That is 19.4% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹580 and ₹951, and at that close it sat 5% of the way up from that low. Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 27 weeks running. Over the last 4.9 years the share price moved −44% while the NIFTY 500 moved +47%, so it is behind the index over that whole period. It was last ahead over 13 weeks in the week of 4 June 2026. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Medplus Health Services this quarter? Three changes stood out: revenue up on a year earlier for 12 quarters in a row (every quarter we can compare), indian funds and insurers (DIIs) raised their stake for 5 quarters in a row and foreign funds (FIIs) cut their stake for 3 quarters in a row. 1. Revenue up on a year earlier for 12 quarters in a row (every quarter we can compare) In the September 2026 quarter revenue was ₹2,037 crore, +21.3% on a year earlier. Why: Revenue rose because the company kept expanding its store network, with more openings than closures. Next results: check whether store openings keep up, since management still expects 800 net new stores this year. From the earnings call on 28 Oct 2026. 2. Indian funds and insurers (DIIs) raised their stake for 5 quarters in a row From 26% to 31.9% of the company by the September 2026 quarter. 3. Foreign funds (FIIs) cut their stake for 3 quarters in a row From 16.8% to 12.6% of the company by the September 2026 quarter. ## What are Medplus Health Services' latest quarterly results? For July to September 2026 (the quarter ended 30 September 2026), Medplus Health Services reported revenue of ₹2,037 crore, up 21.3% from ₹1,679 crore a year earlier, and a profit of ₹56.0 crore, up 0.0% from ₹56.0 crore. ### Medplus Health Services results: July to September 2026 against a year earlier

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹2,037 crore | ₹1,679 crore | +21.3% |
| Profit | ₹56.0 crore | ₹56.0 crore | 0.0% |
| Earnings per share | ₹4.67 | ₹4.63 | +0.9% |
| Operating margin | 8.0% | 9.0% | −1.0 points |

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Medplus Health Services' management discussed these results on a call held on 28 October 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.)

## What is the Medplus Health Services share price history? Medplus Health Services closed at ₹600.20 on 4 November 2026, down 23.8% from ₹787.35 a year earlier (7 November 2025) and down 44.2% over five years. Its highest weekly close since December 2021 was ₹1,225.65 on 21 January 2022. ### Medplus Health Services share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹579.90 | +3.5% |
| 1 month ago · 1 Oct 2026 | ₹654.30 | −8.3% |
| 6 months ago · 8 May 2026 | ₹874.70 | −31.4% |
| 1 year ago · 7 Nov 2025 | ₹787.35 | −23.8% |
| 3 years ago · 3 Nov 2023 | ₹790.00 | −24.0% |
| 5 years ago · 24 Dec 2021 | ₹1,076.05 | −44.2% |
| Earliest weekly close in our records · 24 Dec 2021 | ₹1,076.05 | −44.2% |
| Highest weekly close since December 2021 · 21 Jan 2022 | ₹1,225.65 | −51.0% |
| Lowest weekly close since December 2021, also the 52-week low · 30 Oct 2026 | ₹579.90 | +3.5% |
| 52-week high (weekly close) · 15 May 2026 | ₹951.00 | −36.9% |

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (260 weekly closes from 24 December 2021 to 4 November 2026.)

## What is the latest news on Medplus Health Services? 4 Nov 2026: Medplus Health Services closed at ₹600.20, up 3.5% on the week and down 8.3% on the month. 28 Oct 2026: Medplus Health Services held its results call for July to September 2026. Management guided: FY27 Operating profit ₹380-400 crore pre-Ind AS versus ₹420-440 crore plan on state wage hikes. ### Earlier

- Results for July to September 2026: Revenue up 21.3% and profit up 0.0% on a year earlier. ## What dividend does Medplus Health Services pay? Medplus Health Services has paid no dividend on the NSE since its first NSE close in our records (24 December 2021), the start of the period we checked. No. Medplus Health Services Ltd paid out 0% of its profit as dividends in each of its last 12 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate. (From the NSE corporate-actions record, read 5 November 2026.)

## What did Medplus Health Services management say on the latest results call? On the call for July to September 2026, held on 28 October 2026, Medplus Health Services' management guided: FY27 Operating profit ₹380-400 crore pre-Ind AS versus ₹420-440 crore plan on state wage hikes. > “What we had planned for, around 420 to 440 crores, is now going to be around 380 to 400 crores, in my view.”
> Management, on the call for July to September 2026

### What management guided

- FY27 SSSG 9-10% with mature stores at 10.5% reiterated. - Private-label combined mix up around 0.5pp per quarter with pharma 0.2-0.3pp and balance from non-pharma. - 800 net store adds in FY27 including franchisee outlets reiterated. - Next year net adds at least 800 and likely much higher with formal guide next quarter. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijoristack.ai/concall/transcript/45016-28-Oct-2026.pdf). (From the call for July to September 2026, 28 October 2026.)

## What is the future of Medplus Health Services? What is changing in the business? What is changing at Medplus Health Services, from the latest results and calls: sssg inflection, 13-quarter peak, private label non-pharma mix expansion and franchise model profitability inflection. - SSSG Inflection, 13-Quarter Peak. SSSG for stores >12 months hit 17.8% in January to March 2026 (13-quarter high) after incentive restructure; management guides 9-10% as sustainable annualized run-rate. ⚠ estimate
- Franchise Model Profitability Inflection. Franchise stores profitable from day one at 9.5-10% store-level operating profit; ₹10 lakh capital spending per store with franchisee absorbing day-one inventory. ⚠ estimate
- Diagnostic Segment Margin Ramp. Diagnostic FY26 revenue ₹1,309.9 million at 15.3% operating margin; January to March 2026 operating profit up from ₹34.3 million prior year to ₹53.1 million; GLP-1 infrastructure in place but contribution not yet tracked. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Our read after the latest results, written 31 May 2026.)

## What could change the Medplus Health Services story? What are the risks? 24% of network less than 2 years old with 112-day inventory at opening vs 36 days for mature stores; first-year stores operate at a loss and dilute consolidated operating profit. ### The main risks

- First-year store drag on consolidated margins: 24% of network less than 2 years old with 112-day inventory at opening vs 36 days for mature stores; first-year stores operate at a loss and dilute consolidated operating profit. ✓ fact
- Private label pharma inventory and strategy risk: Inventory expiry risk on private label pharma is entirely MedPlus-borne; strategy reversal from accelerate-to-decelerate within one quarter demonstrates execution uncertainty. ⚠ estimate

(Our read after the latest results, written 31 May 2026.)

## What to watch in Medplus Health Services' next results? When Medplus Health Services reports October to December 2026, these are the 3 checks that show whether the story is still on course. First: Private-label combined mix advance next quarter against guided quarterly pace with pharma drag arrest. - What to check (from the call)
- Private-label combined mix advance next quarter against guided quarterly pace with pharma drag arrest. - Net store-add run-rate in Q3 toward full-year reiterated goal with franchisee churn stabilizing. - Operating profit progression in H2 toward full-year range with wage base and cost program benefits. ## Which stock lists is Medplus Health Services on? Medplus Health Services is on 2 of our India lists: 52 week high & low and Pharma stocks. - [52 week high & low 52-week position: Near 52-week low](https://www.sectoralpha.in/52-week-high-stocks-india)
- [Pharma stocks Market value (₹ crore): 7211.922055526815](https://www.sectoralpha.in/sectors/pharma-stocks-india)

## Is Medplus Health Services profitable? Medplus Health Services Ltd earned ₹56.0 Cr of net profit in the Sep 2026 quarter, +0.0% on the same quarter a year earlier. Full-year FY26 profit was ₹220 Cr. Over 10 years profit has grown 37.7% a year on average. That is 2.7% of the quarter's revenue. The same quarter a year earlier earned ₹56.0 Cr. For the full year, FY26 profit was ₹220 Cr (+46.7% on the year before). Why profit moved: revenue changed +21.3% on a year earlier and the margin moved −1.0 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +7.6% and revenue +20.5%. Profit is growing slower than sales: rising costs are taking part of the growth. ## How much revenue does Medplus Health Services make, and is it growing? Medplus Health Services Ltd reported ₹2,037 Cr of revenue in the Sep 2026 quarter, +21.3% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 10 years it has grown 14.8% a year on average. The last full year, FY26, came in at ₹6,892 Cr. Why this happened. The SSSG turnaround is the pivot of the thesis. SSSG was negative or near-zero through FY25 and H1 FY26 due to misaligned incentive plans and supply chain fill-rate gaps. Management's two fixes, incentive restructure and 10 new warehouses, delivered 10%+ SSSG in Q3, then 17.8% in Q4. Management characterized Q4 as anomalous (attributed to full assortment availability and FMCG category uptake, not pricing). The guided rate of 9-10% annualized is the sustainable baseline. Watch signal: pharmacy membership renewal rate declined from 23% in Q3 to 21% in Q4 (C040, C041). The last four reported quarters add to ₹7,587 Cr. FY26 revenue was ₹6,892 Cr, +12.3% on the year before. Recent pace: the last four quarters grew +20.5% on average, against 14.8% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +20.6%, against +12.5% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +8.2%, against +44.5% a year (rolling over). ## How much of every ₹100 of sales does Medplus Health Services keep? Medplus Health Services Ltd's operating margin was 8.0% in the Sep 2026 quarter, 1.0 percentage points lower than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 12 years it has been between 2.1% and 9.0%. The latest quarter is within that range. Why this happened. Diagnostics was a loss-making drag through FY24. By FY26 it reached 15.3% EBITDA margin on Rs 1,309.9 million revenue. Q4 FY26 EBITDA Rs 53.1 million vs Rs 34.3 million in Q4 FY25 to 55% YoY improvement. Active pharmacy plans approximately 2 lakhs at quarter-end March 2026. The model has cold-chain infrastructure suited for GLP-1 obesity drugs, which management is tracking but not disclosing revenue for yet. Renewal rate decline from 23% (Q3) to 21% (Q4) is an early watch signal (C011, C012, C045). Why the margin moved: operating margin changed −0.5 percentage points on the year while gross margin changed −1.1 points. So the drop came mostly from the gross margin, which means input costs and prices charged. As noted under valuation: when margins are at a record, every ratio built on profit looks better than usual, so a low multiple can mislead. ## Is Medplus Health Services' profit turning into cash? Over the last 3 years, 271% of Medplus Health Services Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹496 Cr of operating cash against ₹220 Cr of profit. After ₹598 Cr of spending on assets, free cash was −₹102 Cr: it spent more than its operations brought in. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 271% of profit came in as cash: the cash cycle got 12 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner. What to look at next: the bigger use of cash is spending on new assets, at 1.6× depreciation over three years. The next section checks what that spending is building. ## Where does Medplus Health Services' cash go? Medplus Health Services Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 79 days in FY26, down from 91 days in FY21. It spent ₹1,221 Cr on assets over the last 3 years. Customers take 1 days to pay, and stock sits for 99 days on average. At FY26 sales of ₹6,892 Cr, each day of that cycle ties up about ₹18.9 Cr, so roughly ₹1,492 Cr is tied up in the business at any time. FY26: customers took 1 days to pay and stock sat for 99 days, about 3.3 months of sales sitting as stock, for a full cycle of 79 days, shorter than FY21's 91. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 99 days. Customers pay about 1 days after that. Suppliers are paid at 22 days. Together that makes the 79-day cycle. Spending on assets: ₹1,221 Cr over the last 3 years, against ₹757 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹32.0 Cr (FY26): assets paid for that are not earning yet. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Medplus Health Services' P/E ratio, and how does it compare with its own history? Medplus Health Services Ltd's P/E is 34.1×, about the lowest it has ever been. Its usual P/E (the middle reading) is 125.0×, over 4.8 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why this happened. The franchise model is a capital-efficiency strategy. Company-owned stores incur Rs 10-11 lakh total spending (fit-out plus inventory), with first-year store inventory at 112 days vs 36 days for mature stores. Gross margin split is 9.5-10% to MedPlus vs 14-14.5% to franchisee. FY26 added approximately 310 franchise stores. FY27 goal: 800 net stores (both models combined). New model franchise exits in FY26 were very few per management (C003, C004, C044). Keep one thing in mind: margins are the best this company has ever reported. A multiple that looks low against its own past can mislead when profit is at a record. If margins fall back, today's multiple is higher than it looks. Why the multiple is where it is: over the past year earnings per share moved +45.7% while the price moved −23.8%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved −11.0% a year; about +27.5% a year came from earnings growth and about −38.5 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Medplus Health Services business getting better or worse? Medplus Health Services Ltd's business is giving mixed signals. Growth is slowing from a very fast pace: profit growth has eased from +123.9% at its peak to +8.2%, but the business is still expanding, with ROCE steady at 12.6%. This is based on 12 quarters of 4 measures. Why it matters: when the lines disagree, each line above matters more than any single label. ## What is the Medplus Health Services story, and has it been checked? Medplus Health Services Ltd's story is not scored yet against the checks our research set on 31 May 2026. Where it sits in its own cycle: EARLY EXPANSION. Still open: 10-20 minute medicine delivery in urban India threatens convenience moat of physical pharmacy; highest risk in Tier-1 cities where MedPlus cluster model is densest. Our read, 31 May 2026. From the numbers. From the price. Price stage 4, week 14, below its 200-day line, relative strength falling. From the research. Pharmacy retailer at peak earnings momentum, SSSG hit a 13-quarter high of 17.8% in Q4 FY26, franchise model now profitable from day one, and private label non-pharma at 23-25% gross margins is widening the earnings…

Where they disagree. EXPANSION STARTED segment with QoQ IMPROVING momentum. DII stake rose from 26.03% (Jun 2025) to 26.58% (Dec 2025), DII stake-building confirmed (C024). What is proven. What is not proven yet. 10-20 minute medicine delivery in urban India threatens convenience moat of physical pharmacy; highest risk in Tier-1 cities where MedPlus cluster model is densest. The test written in advance. Quick-commerce pharmacy disruption. Measured by: Quick-commerce pharmacy disruption SSSG deceleration from guided 9-10% level; online GMV disclosure from management by the next result. The test written in advance. Management guidance credibility, pattern of serial reversals. Measured by: Management guidance credibility, pattern of serial reversals Q1 FY27 SSSG print vs guided 9-10%; franchisee store count disclosure by the next result. The test written in advance. First-year store drag on consolidated margins. Measured by: First-year store drag on consolidated margins Consolidated EBITDA margin in Q1 FY27 vs guided 5.7-5.8% stabilization by the next result. Lever 15 · Market-share gains: building. SSSG for stores >12 months hit 17.8% in Q4 FY26 (13-quarter high) after incentive restructure; management guides 9-10% as sustainable annualized run-rate. What proves it keeps working: SSSG Inflection, 13-Quarter Peak. It stops working if SSSG deceleration from guided 9-10% level; online GMV disclosure from management. Lever 5 · Regulatory approval: building. Non-pharma private label at 23-25% gross margin vs branded 9-10%; management redirected growth engine from pharma to non-pharma; 600+ stores receiving smart racks in FY27. What proves it keeps working: Private Label Non-Pharma Mix Expansion. It stops working if SSSG deceleration from guided 9-10% level; online GMV disclosure from management. Lever 8 · Demerger or value unlock: building. Franchise stores profitable from day one at 9.5-10% store-level EBITDA; Rs 10 lakh capex per store with franchisee absorbing day-one inventory. What proves it keeps working: Franchise Model Profitability Inflection. It stops working if SSSG deceleration from guided 9-10% level; online GMV disclosure from management. Lever 2 · Value-added mix: building. Diagnostic FY26 revenue Rs 1,309.9 million at 15.3% EBITDA margin; Q4 FY26 EBITDA up from Rs 34.3 million prior year to Rs 53.1 million; GLP-1 infrastructure in place but contribution not yet tracked. What proves it keeps working: Diagnostic Segment Margin Ramp. It stops working if SSSG deceleration from guided 9-10% level; online GMV disclosure from management. Sources: our stock research file (31 May 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Medplus Health Services management deliver what it promised? What Medplus Health Services Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Annual EBITDA and Margin Outlook Reset · 28 October 2026. May 2026 indicated a 5.7% to 5.8% EBITDA goal over the next year, and July 2026 explicitly said the annual-plan numbers had not changed. In October 2026, management lowered planned EBITDA from 420 to 440 crores to 380 to 400 crores and capped the margin at 5%, a material reset. Although management cited salary increases, July had already disclosed substantial wage pressure, so the latest call does not clearly reconcile why the previously maintained outlook was cut. Private Label Trajectory Reversed · 22 July 2026. In May 2026, management said its incentive restructuring was working and that private label would return to the promised quarterly growth trajectory. In July 2026, management instead said employees had over-pushed private label, customers may have been put off, and the company was pulling back to better serve branded demand; private label mix had declined from 22% in Q4 FY26 to 20% in Q1 FY27. The latest explanation is not reconciled with the prior assertion that the restructuring was working. Lower Confidence in FY27 Margin Outlook · 22 July 2026. In May 2026, management indicated an objective to stabilize operating EBITDA and deliver approximately 5.7% to 5.8% over the next year. In July 2026, after Q1 FY27 consolidated operating EBITDA was 3.5%, management declined to say whether full-year margins would return to FY26 levels and deferred its projection until Q2. Although the annual plan was not formally withdrawn, this represents a meaningful reduction in confidence in the previously stated profitability trajectory. Backward Integration and New-Facility Capex Paused · 22 July 2026. In May 2026, management presented backward integration and company-owned manufacturing as active capital-allocation priorities and said it would continue evaluating opportunities to add value and improve supply-chain reliability. In July 2026, management said the Board-approved capex proposals were paused, all capex spending was paused for now, and the wellness facility was unlikely to proceed. Management attributed the reversal primarily to market and shareholder feedback rather than a stated change in project economics or operating priorities, creating a material strategic shift that warrants clarification. Every quote above is taken word for word from the company’s own earnings calls. ## What is Medplus Health Services management's track record? Track record assessment is moot given management gate failure from governance or integrity concerns identified above. ### Regulatory and governance record

60.74% promoter pledge rising, CEO 100% pledged, weak interest coverage, this constitutes an automatic management gate failure per Layer 2 rules. (Checked 7 June 2026.)

## How much does Medplus Health Services earn on its capital? Medplus Health Services Ltd earned a ROCE of 13% in FY26. That is up from a low of 5% in FY23. Its return on capital used (ROIC) is 2.8 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 3.2% net margin and 1.75× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 3.2% net margin × 1.75× asset turnover × 1.99× leverage (assets divided by equity) ≈ 11.1% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 9.2% − 12.0% = −2.8 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. The 9.2% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 10.4%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Medplus Health Services have too much debt? Medplus Health Services Ltd has total debt of ₹1,549 Cr against shareholder equity of ₹2,068 Cr as of Sep 2026, so its debt is 0.75× its equity. Year by year, that ratio went from 0.58 in FY22 to 0.72 in FY26. Keep that borrowing in mind when reading the returns on this page. ## What is the Medplus Health Services shareholding pattern? Domestic institutions raised their stake in Medplus Health Services Ltd by 3.9 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 31.9% of the company. Foreign institutions moved −2.1 points over the same period, to 12.6%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Domestic institutions: +3.9 points over 8 quarters, to 31.9%; Foreign institutions: −2.1 points over 8 quarters, to 12.6%; Promoters: −0.2 points over 8 quarters, to 40.2%. Why the owners changed: foreign institutions moved −2.1 points and domestic institutions +3.9 points over 8 quarters, while promoters stayed about the same. One group of institutions took over shares from the other; it is not a change of mind by the people running the company. ## How far is Medplus Health Services from balance-sheet trouble? For Medplus Health Services Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. Why this happened. Management deliberately bifurcated the private label strategy. Private label pharma GMV share was dialled back after organic adoption concerns. Non-pharma private label carries 23-25% gross margins vs branded non-pharma at 9-10%. FY26 total private label stabilized at 22% of revenue (pharma 11.4%, non-pharma 10.6%). FY27 guidance is 20-30 bps quarterly growth resumption in non-pharma. Management walked back the specific percentage guidance in the May 2026 call but directional commitment and store-level execution data remain intact (C009, C042, C043). ## How does Medplus Health Services rank in its industry? 44.8 out of 100, rank 4 of 5 in Pharmacy Distribution, with 90% of the evidence available. Medplus Health Services Ltd scores 44.8 out of 100 against the 5 companies it is compared with in Pharmacy Distribution, ranking 4. The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. The four parts add up to the total exactly: 13.2 + 18.1 + 13.5 + 0 = 44.8. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Medplus Health Services compared with? Medplus Health Services ranks 4 of 5 Pharmacy Distribution companies on the 4-Factor Sector Score, with 44.8 out of 100. 1. [Entero Healthcare Solutions Ltd](https://www.sectoralpha.in/stocks/entero-healthcare-solutions-ltd) ENTERO · breaking out · Most evidence points up · 68% evidence 68.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.8/35 · Revenue 31.9% · Profit 44.8% · Operating margin change 1.4 points · 83% evidence Capital efficiency 14.1/25 · ROCE 10.5% · Operating margin 5% · 76% evidence Valuation 10.0/20 · P/E 53.2× · PEG n/a · 0% evidence Relative strength 20.0/20 · Lead over its industry 27% · Lead over NIFTY 500 30.4% · 1 year 42.5% · 100% evidence · 11 of 12 weeks ahead Exact sum: 24.8 + 14.1 + 10 + 20 = 68.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [Zota Health Care Ltd](https://www.sectoralpha.in/stocks/zota-health-care-ltd) ZOTA · turning · Too little evidence to rank firmly · 56% evidence 45.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.6/35 · Revenue 68.9% · Profit -80% · Operating margin change -3.4 points · 74% evidence Capital efficiency 1.3/25 · ROCE -8.5% · Operating margin 1.5% · 100% evidence Valuation 10.0/20 · P/E n/a · PEG n/a · 0% evidence Relative strength 12.5/20 · Lead over its industry n/a · Lead over NIFTY 500 6.3% · 1 year -12.1% · 25% evidence · 3 of 12 weeks ahead Exact sum: 21.6 + 1.3 + 10 + 12.5 = 45.4 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 3. [Health X Platform Ltd](https://www.sectoralpha.in/stocks/health-x-platform-ltd) HEALTHX · quiet · Too little evidence to rank firmly · 53% evidence 45.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.5/35 · Revenue 28.9% · Profit 82.5% · Operating margin change -3.9 points · 83% evidence Capital efficiency 8.6/25 · ROCE 0% · Operating margin -1.9% · 76% evidence Valuation 10.0/20 · P/E n/a · PEG n/a · 0% evidence Relative strength 8.3/20 · Lead over its industry n/a · Lead over NIFTY 500 -3.4% · 1 year n/a · 25% evidence · 1 of 12 weeks ahead Exact sum: 18.5 + 8.6 + 10 + 8.3 = 45.4 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 4. Medplus Health Services Ltd this page MEDPLUS · basing · Evidence leans down · 90% evidence 44.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.2/35 · Revenue 20.6% · Profit 8.2% · Operating margin change -1 points · 100% evidence Capital efficiency 18.1/25 · ROCE 12.6% · Operating margin 8% · 100% evidence Valuation 13.5/20 · P/E 33× · PEG 1 · 50% evidence Relative strength 0.0/20 · Lead over its industry -25% · Lead over NIFTY 500 -22.7% · 1 year -24% · 100% evidence · 0 of 12 weeks ahead Exact sum: 13.2 + 18.1 + 13.5 + 0 = 44.8 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 5. [Sastasundar Ventures Ltd](https://www.sectoralpha.in/stocks/sastasundar-ventures-ltd) SASTASUNDR · Too little evidence to rank firmly · 36% evidence 39.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.1/43.75 · Revenue 8.8% · Profit 100% · Operating margin change 5.4 points · 33% evidence Capital efficiency 6.8/31.25 · ROCE -1.3% · Operating margin -3% · 71% evidence Valuation 9.3/25 · P/E 33.7× · PEG n/a · 35% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 23.1 + 6.8 + 9.3 = 39.2 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Pharmacy Distribution](https://www.sectoralpha.in/sectors/pharmacy-distribution), all 5 compared on one page. ## Which companies are close to Medplus Health Services in size? Medplus Health Services is the largest of 5 Pharmacy Distribution companies on Sector Alpha by market value (scores of 30 October 2026). It is the largest. Just below it: Entero Healthcare Solutions, Zota Health Care, Health X Platform and Sastasundar Ventures. ### Pharmacy Distribution companies close in size

1. Medplus Health Services Ltd ₹6,968 crore
2. [Entero Healthcare Solutions Ltd](https://www.sectoralpha.in/stocks/entero-healthcare-solutions-ltd) ₹6,863 crore
3. [Zota Health Care Ltd](https://www.sectoralpha.in/stocks/zota-health-care-ltd) ₹4,602 crore
4. [Health X Platform Ltd](https://www.sectoralpha.in/stocks/health-x-platform-ltd) ₹921 crore
5. [Sastasundar Ventures Ltd](https://www.sectoralpha.in/stocks/sastasundar-ventures-ltd) ₹874 crore

[All 5 Pharmacy Distribution companies, largest first](https://www.sectoralpha.in/sectors/pharmacy-distribution#all-companies)

### Companies close in size in other industries

1. [Embassy Developments Ltd](https://www.sectoralpha.in/stocks/embassy-developments-ltd) ₹6,996 crore · Miscellaneous
2. [NESCO Ltd](https://www.sectoralpha.in/stocks/nesco-ltd) ₹6,985 crore · Realty - Commercial
3. Medplus Health Services Ltd ₹6,968 crore
4. [EPL Ltd](https://www.sectoralpha.in/stocks/epl-ltd) ₹6,954 crore · Packaging - FMCG/Consumers
5. [Star Cement Ltd](https://www.sectoralpha.in/stocks/star-cement-ltd) ₹6,916 crore · Cement

## What else do people ask about Medplus Health Services? ### What is Medplus Health Services's share price today? Medplus Health Services Ltd's share price is ₹600.20, −23.8% over the past year. The whole company is worth ₹7,211 Cr on the market. In the last 52 weeks it traded between ₹580 to ₹951; today it is 5% of the way up from the low, 19.4% below its 200-day average (as of 4 November 2026). ### What were Medplus Health Services's latest quarterly results? Medplus Health Services Ltd reported revenue of ₹2,037 Cr and net profit of ₹56.0 Cr for the Sep 2026 quarter. Revenue rose 21.3% and profit rose 0.0% compared with a year earlier. Earnings per share were ₹4.67. The operating margin was 8.0%, 1.0 percentage points lower than a year earlier (as of 4 November 2026). ### What is Medplus Health Services's market cap? Medplus Health Services Ltd's market capitalisation is ₹7,211 Cr at a share price of ₹600.20. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### What is Medplus Health Services's P/E ratio? Medplus Health Services Ltd's P/E is 34.1×, higher than 1% of its own last 5 years. Its usual level (the middle reading) is 125.0×. This compares the price with the company's own past; it is not a view on what the shares are worth (as of 4 November 2026). ### How is Medplus Health Services valued against its own history? Against its own history, Medplus Health Services Ltd's valuation is low: its P/E of 34.1× has been lower only 1% of the time in 5 years (usual level 125.0×). This compares the price with the company's own past; it is not a view on what the shares are worth or where the price goes next. One thing to keep in mind: margins are the best this company has ever reported, and a multiple can look low when profit is at a record (as of 4 November 2026). ### How is Medplus Health Services performing? Medplus Health Services Ltd's share price has been falling for 14 weeks. In its latest quarter, revenue rose 21.3% and profit rose 0.0% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 27 weeks running (as of 4 November 2026). ### Will Medplus Health Services's share price go up? This page does not forecast Medplus Health Services Ltd's share price. What it shows instead: the share price is ₹600.20, and it has been falling for 14 weeks. Its P/E of 34.1× is higher than 1% of its own last 5 years (as of 4 November 2026). ### Does Medplus Health Services have too much debt? Medplus Health Services Ltd has a moderate amount of debt: its debt is 0.72× its equity, and its operating profit is 5 times its interest bill. FY26 borrowings were ₹1,424 Cr against equity of ₹1,975 Cr. Keep that borrowing in mind when reading the returns on this page (as of 4 November 2026). ### Where is Medplus Health Services in its business cycle? Medplus Health Services Ltd's FY26 operating margin was 9.0%, against a 12-year range of 2.1% to 9.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 8.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Medplus Health Services story? The main question: yearly earnings per share moved +45.7% while the share price moved −23.8%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Medplus Health Services a stock worth studying right now? What the numbers show: Medplus Health Services Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Medplus Health Services share price forecast for 2026? What management itself guided: FY27 Operating profit ₹380-400 crore pre-Ind AS versus ₹420-440 crore plan on state wage hikes. What is changing at Medplus Health Services, from the latest results and calls: sssg inflection, 13-quarter peak, private label non-pharma mix expansion and franchise model profitability inflection. What would change the story: 24% of network less than 2 years old with 112-day inventory at opening vs 36 days for mature stores; first-year stores operate at a loss and dilute consolidated operating profit. ### Where does this page get Medplus Health Services' management information? From Medplus Health Services' results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

- 52 week high & low: https://www.sectoralpha.in/52-week-high-stocks-india
- Pharma stocks: https://www.sectoralpha.in/sectors/pharma-stocks-india

This is research, not advice. We’re not SEBI-registered.