Scope

As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI

NSE: MEDPLUS· HealthCareCore · Aug 26Small cap

Medplus Health Services

Organised pharmacy retail

Last close: ₹654.00; 29 Sept 2026 · reference
1D · 1M: +0.2% · −3.3%; price-only
Weight: 0.8%; 31 Jul 2026 · Aug rank 27
Thesis review: 8 Sep 2026; Why We Own, p43

Coverage owner: Research (per book); latest results Q Jun-26Screener ↗Tijori ↗NSE ↗

Analysis · industrial rules · FY21–FY26

What the numbers say

data to 30 Jun 2026

Growth

4.5

Profitability

1.8

Balance sheet

2.8

Cash conversion

4.5

Valuation

3.9

Sales6,892 cr FY26

Net Profit220 cr FY26

Operating margin9.1% FY26

ROCE12.9% FY26

Revenue CAGR 3y

14.8%

5y 17.6%

Net profit CAGR 3y

64.1%

5y 28.1%

Operating margin

9.1%

3y avg 7.0%

CFO / PAT, 3y

2.71x

FCF ₹916 cr cumulative

ROCE

12.9%

3y avg 10.6%

Debt / equity

0.00x

interest cover 3.0x

Cash conversion cycle

51 days

56 days three years earlier

P/E

37.6x

PEG 0.6 on 3y PAT growth

Promoter holding

40.2%

pledged 60.7%

Growth. Revenue compounded 14.8% a year over FY23–FY26, net profit 64.1%; the latest year grew 12.3% (profit 46.7%). · Tijori P&L, annual
Margins. Operating margin 9.1% in FY26, +2.1 pp against the prior three-year average. · Tijori P&L (OPM)
Earnings quality. Other income was 26% of pre-tax profit in FY26; core earnings are smaller than the headline. · Tijori P&L
Cash conversion. Operating cash flow was 2.71x reported profit across the last three years; free cash flow of ₹916 cr after capex. · Tijori cash flow vs P&L
Returns on capital. ROCE 12.9% and ROE 11.1% in FY26 (three-year average ROCE 10.6%). · Tijori ratios sheet
Balance sheet. Effectively debt-free. · Tijori ratios sheet
Valuation. 37.6x trailing earnings, 13.8x EV/EBITDA, 5.1x book — 0.6x the three-year profit growth rate; dividend yield 0.0%. · Tijori valuation ratios at the latest price
Latest quarter. Q Jun-26: revenue 21.8% YoY, net profit −21.7% YoY; 4 of the last 4 quarters grew revenue year on year. · Tijori quarterly results
Ownership. 60.7% of promoter shares are pledged. · Tijori shareholding (latest quarter)

Forensic flags · Tijori

Accounting & Shareholding

Contingent Liabilities: Company does not have significant contingent liabilities
Depreciation Effect: Depreciation accounting is not leading to increase in profits
Other Income: Other income is not affecting ratios of the company
Pledge: Promoters have pledged a significant portion of their holding
Promoter Holding: Promoter has not sold any shares in the last 90 days
Retail Holding: Retail has been selling the stock which is usually a good time to buy
Revenue Recognition: Chances of aggressive revenue recognition - operating profit of company is not getting converted to cash and recievables rising faster than sales

Price & Performance

Capex vs ROCE: Roce of the company has increased over the last three years
Share price: Share price has decreased over last 10 years more due to earnings
Working Capital: Working capital of the company seems to be under control
Current vs Historic Valuation: Company is trading at a discount to 3yr historic valuations
Debt: Company might have issues servicing its debt
ROE: Financial leverage has increased roe over 10 years
Sales Growth: Sales of the company has grown at a good pace
Margin Stability: Margins of the company are volatile
ROCE Strength: Roce of the company is not consistently strong
Balance Sheet Strength: Balance sheet of the company is strong. it shouldnt have solvency or liquidity issues

Rules over the stated numbers only — CAGRs need positive start and end values, margins use the company's own OPM line, cash conversion is cumulative operating cash flow over cumulative profit for the last three fiscal years. Scores are 0–5 rule outputs, not a recommendation. Source: Tijori Finance normalised statements; Buoyant's own estimates are shown separately below and never blended in.

Cross-check

Same metric, every source · Medplus Health Services

Where the app shows the same metric in more than one place, this table lists each figure with its period and definition. No two sources disagree on the same period and definition; every difference below is a period or definition difference.

Metric	Source	Period	Definition	Value	Verdict
Return on equity	Tijori ratio table	FY26	net profit ÷ year-end equity (Tijori)	11.12%	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	TTM	trailing 12 months (Tijori)	11.12%
	House model (one-pager)	FY26	net profit ÷ average equity, standalone	12.00%
Net profit	Tijori P&L	FY26	consolidated, annual	₹220 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori P&L	TTM Jun-26	trailing 12 months	₹210 cr
	Tijori screener	TTM	trailing 12 months	₹210 cr
	House model (one-pager)	FY26	standalone, annual	₹220 cr
	Tijori quarterly table	Q Jun-26	single quarter	₹33 cr
P/E	Tijori screener	TTM at 2026-09-28	price ÷ trailing EPS	37.50x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori ratio table	FY26 year-end	year-end price ÷ that year's EPS	45.79x
	House model (one-pager)	FY27E	FY27E / FY28E P/E (Buoyant sheet)	40.20x
P/B	Tijori screener	at 2026-09-28	price ÷ book value per share	3.98x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
P/B	Tijori ratio table	FY26 year-end	year-end price ÷ book value	5.11x
Market cap	BSE master	2026-09-28	BSE full market cap	₹7,957 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	latest Tijori refresh	price × shares	₹7,868 cr
	House one-pager	31-Jul-26	as printed	₹8,587 cr
Promoter holding	Tijori screener	latest filing	% of shares	40.19%	One source

Tolerance for a conflict: 1.5% on the same period and definition (3% for market cap, which moves with the price date). Tijori's ratio table uses its own definitions; the quarterly table and operating metrics carry the company's reported figures; the house model is standalone and dated.

Trend

Sales and net profit, FY

₹ crore. Actuals only; the last column is a TTM where labelled. Estimates are shown separately below with an "E" and never blended into this series.

Buoyant estimates

Model table from the research book

Buoyant estimates
₹ crore / %	FY24	FY25	FY26
Revenue (₹ cr)	5,625	6,136	6,892
EBITDA (₹ cr)	355	488	608
Net profit (₹ cr)	66	150	220
ROE (%)	n.a.	n.a.	12.0

Estimate columns (E) are in green italics.

Consolidated where reported · standalone not separately available in this source

Income statement (annual)
₹ crore unless %	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	TTM Jun-26
Sales	2,132	2,273	2,871	3,069	3,779	4,558	5,625	6,136	6,892	7,229
Operating Expenses	2,073	2,216	2,737	2,840	3,490	4,276	5,254	5,633	6,268	6,620
Raw Material	1,758	1,873	2,584	2,531	3,142	3,779	4,582	4,634	5,119	90
Material Cost (%)	81.33	81.12	81.37	79.02	78.91	78.06	78.08	75.63	73.77	-1.00
Employee Cost	190	211	272	339	394	545	626	726	885	926
Power & Fuel Cost	11	12	14	13	18	32	46	53	56	—
Operating Profit	59	57	134	229	289	281	371	503	624	610
Other Income	7	10	17	22	31	46	40	49	71	76
OPM (%)	2.75	2.50	4.66	7.47	7.64	6.17	6.60	8.21	9.06	8.44
Depreciation and Amortisation	12	14	75	88	119	182	224	250	283	295
Interest	28	16	47	67	83	99	114	119	138	126
Profit Before Tax	26	37	29	95	118	47	73	183	275	264
Tax	-17	16	28	32	23	-3	8	33	56	54
Net Profit	42	21	2	64	96	50	65	150	220	210
Number of shares(Crs)	—	—	—	—	12	12	12	12	12	—
Dividend Payout Ratio(%)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated where the company reports consolidated; Tijori Finance normalisation of company filings. Fiscal years end 31 March; "TTM" columns are trailing twelve months to the stated quarter. Quarterly growth is year-on-year (same quarter, prior year). Quarterly balance-sheet and cash-flow data are not disclosed and are not implied. General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA.

Ratios

Sector-appropriate ratios

Ratio	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Interest Coverage Ratio	2.89	1.92	3.27	1.63	2.41	2.42	1.48	1.65	2.54	3.00
Cash Conversion Cycle	34.14	35.62	33.49	35.89	53.10	55.69	55.87	59.03	57.95	50.55
Inventory Days	58.51	59.74	60.81	65.93	81.18	79.28	81.27	79.52	78.76	71.25
Days Receivable	0.53	1.09	1.53	0.96	0.69	0.54	0.58	0.84	0.90	1.05
Days Payable	24.90	25.21	28.85	31.00	28.76	24.13	25.98	21.33	21.71	21.75
Debt to Equity Ratio	1.20	0.54	0.32	0.20	0.19	0.10	0.00	0.00	0.00	0.00
Free Cash Flow/Sales (%)	0.95	0.73	2.65	-1.28	-1.67	1.47	-1.72	1.08	7.86	5.41
Free Cash Flow(est) (Crs)	19.06	15.49	60.34	-36.67	-51.15	55.69	-78.44	60.89	482.00	373.00
Gross Margin (%)	19.59	18.67	18.88	18.63	20.98	21.09	21.94	21.92	24.37	26.23
Op Profit Margin (%)	3.81	2.75	2.50	4.66	7.47	7.64	6.17	6.60	8.21	9.06
Net Profit Margin (%)	1.43	1.99	0.92	0.06	2.08	2.53	1.09	1.16	2.45	3.19
ROCE (%)	29.55	18.78	15.73	8.90	14.37	9.73	6.38	7.71	11.06	12.90
ROIC (%)	24.49	45.04	12.60	0.58	10.25	7.33	5.63	6.08	9.38	10.70
ROE (%)	17.98	13.96	6.43	0.34	8.74	6.76	3.34	4.15	8.64	11.12
Net Profit Margin (%)	1.43	1.99	0.92	0.06	2.08	2.53	1.09	1.16	2.45	3.19
P/E	n.m.	n.m.	n.m.	n.m.	n.m.	126.00	156.00	126.00	60.48	45.79
Price to Book	0.00	0.00	0.00	0.00	0.00	8.57	5.32	5.33	5.30	5.11
EV/EBITDA	1.92	1.59	0.82	-0.23	0.07	37.97	22.86	19.69	15.80	13.79
Dividend Yield (%)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00

General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA. Suppressed for this preset: none.