Revenue and Profit Growth
Medplus Health’s net sales have shown a robust upward trajectory, increasing from ₹2,870.60 crores in March 2020 to ₹6,136.05 crores by March 2025. This represents a compound annual growth rate (CAGR) of approximately 17.5%, reflecting strong market demand and expansion. Total operating income mirrored this growth, as other operating income remained nil throughout the period.
Operating profit before depreciation and interest (PBDIT) excluding other income rose from ₹133.68 crores in 2020 to ₹487.10 crores in 2025, indicating improved operational efficiency. Including other income, operating profit increased to ₹535.72 crores in the latest fiscal year. Despite rising interest costs, which climbed from ₹46.80 crores to ₹102.59 crores, the company managed to enhance its gross profit before tax from ₹104.16 crores to ₹433.13 crores over the same period.
Profit before tax exhibited fluctuations, notably dipping in 2023 to ₹47.16 crores from ₹117.94 crores in 2022, but rebounded strongly to ₹183.29 crores in 2025. Profit after tax followed a similar pattern, with a low base of ₹1.79 crores in 2020, rising to ₹150.23 crores in 2025. The consolidated net profit also reflected this recovery, reaching ₹150.32 crores in the latest year.
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Margins and Expense Analysis
Operating profit margins excluding other income improved from 4.66% in 2020 to 7.94% in 2025, signalling better cost control and pricing power. Gross profit margins also rose steadily, reaching 7.06% in the latest fiscal year. The company’s expenditure profile shows a significant increase in employee costs, from ₹272.40 crores in 2020 to ₹726.02 crores in 2025, reflecting workforce expansion to support growth. Purchase of finished goods remained the largest expense, increasing in line with sales from ₹2,580.67 crores to ₹4,572.48 crores.
Other expenses also rose from ₹127.98 crores to ₹282.27 crores, consistent with the company’s scaling operations. Notably, raw material costs, while increasing, remain a relatively small portion of total expenditure. The company maintained zero power and selling and distribution expenses reported, suggesting these costs are either minimal or embedded elsewhere.
Balance Sheet Strength and Asset Management
Medplus Health’s total assets expanded from ₹1,308.54 crores in 2020 to ₹3,260.27 crores in 2025, driven by growth in both non-current and current assets. Non-current assets rose from ₹492.76 crores to ₹1,416.75 crores, supported by increases in gross block and capital work in progress, indicating ongoing investments in infrastructure and technology. Net block also grew substantially, more than tripling over the period.
Current assets increased from ₹815.78 crores to ₹1,843.52 crores, with inventories rising significantly, reflecting higher stock levels to meet demand. Cash and bank balances showed volatility but improved to ₹367.22 crores in 2025 from ₹140.69 crores in 2020. Shareholders’ funds more than tripled, reaching ₹1,740.56 crores, supported by rising reserves, which grew from zero in 2020 to ₹1,716.62 crores in 2025.
The company has successfully reduced its total debt to zero by 2025, down from ₹105.05 crores in 2020, strengthening its financial position and reducing interest burden. Deferred tax liabilities increased moderately, while other long-term liabilities also rose, reflecting the company’s evolving capital structure.
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Cash Flow Trends
Operating cash flow has improved markedly, with cash flow from operating activities rising from a negative ₹6 crores in 2020 to a positive ₹540 crores in 2025. Cash flow after changes in working capital also increased substantially, indicating better working capital management. Investing activities have generally been cash outflows, reflecting capital expenditure and investments, with ₹317 crores spent in 2025.
Financing activities show net outflows in recent years, consistent with debt repayment and possibly dividend payments. The net cash inflow/outflow position has fluctuated, with a slight net outflow of ₹5 crores in 2025. Overall, the company’s cash and cash equivalents have improved, supporting liquidity and operational needs.
Summary
Medplus Health’s historical performance over the last six years reveals a company on a strong growth path, with rising revenues, improving profitability margins, and a solidifying balance sheet. The elimination of debt and significant increase in reserves underscore financial prudence. While some fluctuations in profit before tax and cash flows occurred, the overall trend is positive, positioning the company well for future expansion in the healthcare retail sector.
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