Organised pharmacy retail
Medplus Health Services Limited is a prominent healthcare company in India providing pharmacy, online pharmacy, path labs, and optical services. It offers a diverse range of medical and consumer products with a focus on efficiency and value.
MedPlus Health Services Limited engages in the retail trading of medicines and general items in India. It manufactures and trades in pharmaceutical and wellness items, such as prescription medicines, over-the-counter drugs, vitamins, vitamins, medical devices, and diagnostic test kits; and fast-moving consumer goods (FMCG), including personal and home care products like toiletries, baby care items, soaps, detergents, and sanitizers. The company also engages in wholesale cash and carry; provision of diagnostic, pathological, and laboratory testing services, as well as contract manufacturing of private-label pharmaceuticals, wellness products, and FMCG goods; and operates diagnostic centres. It distributes its products through retail and online channels. The company was incorporated in 2006 and is based in Hyderabad, India.
Key people: Dr. Gangadi Madhukar Reddy (Founder, CEO, MD & Chairman) · Mr. Sujit Kumar Mahato (Chief Financial Officer) · Dr. Cherukupalli Bhaskar Reddy (COO & Whole Time Director) · Mr. Subrahmanyam Sharma Tatapudi (Chief Technology Officer) · Mr. Shrenik Soni C.S. (Company Secretary & Compliance Officer) · Mr. Kandasamy Vairaperumal (Head of Supply Chain)
Medplus Health Serv. major competitors are Jeena Sikho Lifecare, Amrutanjan Health., Health X Platform, Max India, Rajnish Wellness, Cupid, Jupiter Life Line. Market Cap of Medplus Health Serv. is ₹7,930 Crs. While the median market cap of its peers are ₹1,440 Crs.
Medplus Health Serv. seems to be less financially stable compared to its competitors.Altman Z score of Medplus Health Serv. is 5.5 and is ranked 6 out of its 8 competitors.
Yahoo profile 23 Sept 2026 · Tijori 23 Sept 2026
Latest reported mix as compiled by Tijori from company disclosures; percentages of revenue.
As the company reports them. They can differ from the ratio table on the Financials tab, which uses Tijori's own definitions (for example NIM on average total assets rather than on interest-earning assets); the Cross-check panel there lines both up.
MedPlus is India's second-largest organised pharmacy chain with 5,476 stores (2.9 mn sq ft) across 14+ states as of Jun-2026, behind Apollo Pharmacy; India has ~1 mn pharmacies of which only ~22,000 are organised-chain outlets (Ken Research, 2025). FY26 revenue Rs 6,892 cr, +12%. Private label is ~20% of revenue (pharma 10.7%, non-pharma 9.3%); ~12% of stores are franchised; a small diagnostics business (Rs 37 cr/qtr) is being kept in maintenance mode.
TTM PE 37.6x at a 52-week-low price; 3-yr ROE only 8.35% vs 12% in FY26; 5-yr average PE not sourced. EV/EBITDA computed on mcap + ~Rs 949 cr net debt (screener approximation, includes lease liabilities) over FY26 EBITDA. EV/EBITDA 14.6x; dividend yield 0.0%.
| Apollo Pharmacy (Apollo Hospitals/Apollo Healthco) | Apollo's pharmacy is buried inside a hospital conglomerate (and the Keimed/omnichannel restructuring) at a much larger valuation; MedPlus is the only listed pure-play with 5,476 stores at ~Rs 8,000 cr mcap. |
| Wellness Forever | Wellness Forever (~400+ stores, west-India focus) is unlisted/IPO-bound with a fraction of MedPlus's scale and no proven private-label or franchise model. |
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Healthcare — 6.9%: every headwind of 2016–17 has reversed
Indian pharma's great de-rating had four causes: US pharmacy-benefit managers merged and seized pricing power over generics; the patent cliff migrated from simple to complex molecules faster than Indian companies adapted; GDUFA fees and unannounced FDA inspections produced a wave of 483s and import alerts; and non-Indian generic players took ANDA share. We wrote publicly in 2023 that the winds were changing, and every one of those forces has now inverted. Indian companies have become genuinely good at complex chemistry, peptides and biosimilars, against a patent cliff in complex molecules worth roughly $350 bn ($142 bn of annual innovator sales lose exclusivity by 2030, more than 60% biologics). The FDA has lost about 20% of its staff. The PBM combinations are tied up in litigation. And the GLP-1 wave is real: the semaglutide patent expired in India in March 2026 and Glenmark, Dr Reddy's, Sun and Zydus launched at 50–70% discounts on day one. We like the space across the board — formulations, CDMO/CRO platforms and the GLP-1 supply chain — but we remain valuation-disciplined. Hospitals are excellent businesses that we respect and do not own at 60–80x. The sector thesis is expressed through different archetypes: a Turnaround (Glenmark), two Value names (Aurobindo, Granules), a Cyclical (Dr Reddy's at the lenalidomide trough) and a Core retailer (MedPlus). The domestic market itself is growing 10–12% in value with chronic therapies leading.
Sun Pharma is the quality leader but at 35x+ already prices its specialty franchise and is the most exposed to the lenalidomide cliff; Cipla faces a Goa-plant remediation and a respiratory pipeline dependency; Lupin has re-rated to Sun-like multiples on a handful of US launches; Zydus is the closest competitor to our GLP-1 thesis but priced for it. We own no hospital (Apollo, Max, Fortis at 60–80x EBITDA-normalised P/E) and no CDMO at 70x+ (Divi's, Syngene) — the sector can be attractive while individual valuations still matter. Apollo Pharmacy is buried inside a hospital valuation; MedPlus is the pure play.