MedPlus Health Services (MEDPLUS) Q4 24/25 earnings summary

Executive summary

• Achieved consolidated revenue of ₹61,361 million in FY25, up 9.1% year-over-year, with Q4FY25 revenue at ₹15,096 million.

• Net addition of 305 stores in FY25, with 100 net new stores in Q4FY25, expanding presence to 4,712 stores across 710+ cities in 13 states and 1 union territory.

• Gross margin improved to 24.4% for FY25 (up 245 bps yoy) and 26.6% for Q4FY25 (up 150 bps yoy).

• PAT for FY25 was ₹1,502 million, up 129.1% year-over-year; Q4FY25 PAT was ₹513 million, up 52.9% yoy and 11.9% qoq.

• Focused on backend strengthening, infrastructure, and omni-channel expansion to support long-term scalability and store growth.

Financial highlights

• Operating EBITDA for FY25 was ₹2,776 million (4.5% margin), up 58.8% yoy; Q4FY25 operating EBITDA was ₹803 million (5.3% margin), up 38.2% yoy.

• Operating cash flow for FY25 was ₹5,404 million, with closing cash and bank balance at ₹4,423 million.

• Store-level EBITDA margin for stores older than 12 months was 11.5% in Q4FY25, with store-level operating ROCE at 59.2%.

• Pharmacy operations contributed 99% of revenue; pharmacy GMV grew 6.2% YoY in Q4 and 14.8% YoY for FY25.

• Diagnostics revenue in Q4: ₹280 million, up from ₹232.4 million YoY; diagnostics EBITDA turned positive at ₹34.3 million.

Outlook and guidance

• Targeting 600 net store additions in FY26, with SSG expected in high single digits to low double digits.

• Steady-state gross margin guidance for pharmacy: 24.5%-24.8%, with incremental gains from private label growth.

• Pharmacy operating EBITDA margin expected to expand beyond 5% over the next two years.

• Continued focus on working capital, general corporate purposes, and leveraging omni-channel and private label growth.