MEDPLUS

MedPlus Health Services Limited July 21, 2026 The Listing Department The Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Dalal Street, Fort, Bandra Kurla Complex, Mumbai 400 001 Bandra (East), Mumbai – 400 051 BSE Scrip Code: 543427 NSE Symbol: MEDPLUS Dear Sir/ Madam, Sub: Presentation for Earnings Call with Analysts/Institutional Investors on Un-Audited Financial Results for the quarter ended June 30, 2026 Pursuant to the Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and in furtherance to our letter dated July 15, 2026 please find enclosed herewith the presentation for Earnings Call with Analysts/Institutional Investors on Un-audited Standalone and Consolidated Financial Results of the Company for the quarter ended June 30, 2026 scheduled to be held on Wednesday, July 22, 2026 at 16:00 Hrs. (IST). The same will be available on the website of the Company at www.medplusindia.com and also on the websites of BSE Limited and National Stock Exchange of India Ltd. viz. www.bseindia.com and www.nseindia.com respectively. Thanking You Yours faithfully For MedPlus Health Services Limited Gangadi Madhukar Reddy Managing Director and CEO (DIN: 00098097) Encl: a/a 040-6724 6724 Regd. off. H. No: 11-6-56, Survey No: 257 & 258/1, Opp: IDPL Railway Siding Road, Moosapet, Kukatpally, Hyderabad – 500037, Telangana, India CIN No: L85110TG2006PLC051845 I Website: www.medplusindia.com I Email:medplus@medplusindia.com MEDPLUS HEALTH SERVICES LIMITED Q1 FY2027 INVESTOR PRESENTATION July 2026 Safe Harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by MedPlus Health Services Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the healthcare industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections. 1 The MedPlus Story w e iv r e Marked presence of 20 years with network of 5,450+ Stores Spread across v O 13 states and 1 union territory Cluster based expansion strategy: ‘Continue 2nd Largest Pharma Retailer in the country deeper penetration vs. with pioneer in omni channel Wider reach’ Well curated SKU’s at Outlets and 30k+ Employees ~51k SKU’s across warehouses Store level Unit economics with ROCE of over 60% Serving the Customers of ~850 Cities ~1,470 Outlets which are < 24M, upon maturity are P&L accretive Q1FY27 2 e t a Q1 FY2027 Highlights (1/2) d p U s t lu s e R ₹ 18,796m Revenue ₹ 4,603m Gross Margin • ₹ 3,370m increase over Q1FY26 • 24.5% GM%, lower by 160 bps yoy, 21.8% yoy lower by 200 bps qoq • ₹ 152m increase over Q4FY26 0.8% qoq • 1.5% decrease in private label over Q1FY26 146 Store Net Additions Stores > 12 months • 222 gross additions • 15.3% revenue growth over Q1FY26 • 125 net additions beyond Tier-One • 10.4% Store Level EBITDA margin • 5,476 stores as on 30-June-26 • 63.0% Store Level Operating ROCE ₹ 588m Pharmacy Operating ₹ 1,252m Operating Cash EBITDA Flow • 3.2% Operating EBITDA margin in • 192.2% OCF/ Operating EBITDA Pharmacy (lower by 240 bps qoq) • ₹ 6,219m closing cash & bank • ₹ 651m Company Operating EBITDA balance Q1FY27 3 e t a Q1 FY2027 Highlights (2/2) d p U s t lu s e R Revenue, ₹m Gross Margin Operating EBITDA EBITDA, ₹m 18,644 18,796 5.8% 18,061 26.1% 26.1% 26.2% 26.5% 5.3% 5.4% 1,898 d 1,769 e 16,793 24.5% 4.7% 1,663 1,531 t 1,457 a 15,426 3.5% d i l o 1,076 968 s 887 n 728 o 651 C 18,266 18,399 1,803 17,715 1,688 25.3% 5.6% 1,616 25.0% 25.0% 25.1% 5.1% 5.2% 1,420 1,426 16,440 4.6% y 23.3% c a 15,106 3.2% m r 1,022 a 925 839 h 690 P 588 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Operating EBITDA ₹m Operating EBITDA margin Q1FY27 4 Cluster Based Network Enables Profitable Omni-Channel Service w e iv r e v O Stores As On Jun-26 Strong Cluster Based Network Strong network of 5,476 stores across Metros, Tier-One, Tier-Two and beyond. 5,476 stores 2- hour delivery Ability to service 100% market – acute + chronic Online only players cannot match this As opposed to online only players that 1 proposition given lack of hyperlocal largely cater to only chronic segment store presence 1 (37%1 of the market) 48 758 55 189 Lower delivery costs 620 Lower customer acquisition cost 912 Because of the hyperlocal presence of As existing stores act as branding sites 686 MedPlus’ 5,476 stores 1040 1118 41 1. For 2020; Proportion of domestic pharmaceutical market. Technopak Advisors (2021). Pharmacy Retail in India Metro Tier-One 2. Stores in Puducherry and Delhi are not represented in the map above. As on 30-Jun-26 we have 6 stores Powered by Bing © GeoNames, Microsoft, TomTom in Puducherry and 1 store in Delhi Tier-Two Tier-Three+ Q1FY27 5 Scale Allows A Large Private Label Basket: 1550+ SKUs w e iv r e v O Pharma Over 900 products covering Chronic, Acute, OTC & Other Pharmaceutical products Non-Pharma Over 650 products covering, packaged food, baked goods, dry goods, cleaning products, cosmetics and toiletries Q1FY27 6 Poised for Growth w e iv r e v O Key Pillars Of Growth MedPlus has an established base of operations in 13 states and 1 union territory. Therefore, we will: Growth in existing clusters and • Further grow in cities where we have market leadership. Metro and Tier - One followed A develop new clusters by Tier - Two and beyond • Replicate our leadership in markets where we have entered but yet to attain market leadership MedPlus has built an extensive in-house technology platform. On the back of that, we will: Leverage our leadership in • Expand our target addressable market via omni-channel offering B omni-channel • Increase retention via omni-channel • Operationally extend <2 hour delivery to more locations MedPlus has a curated private label range of 1550+ SKUs. From these, we will: Expand share of private • Increase private label contribution in pharma products, especially in sub-chronic and C label: Higher margins and chronic ailments higher share of wallet • Increase private label contribution in FMCG products, including nutrition and wellness Q1FY27 7 e t a 663 Stores Added In Last 12 Months d p U s t lu s e R As On Jun-25 As On Mar-26 As On Jun-26 Presence 4,813 5,330 5,476 We are present in stores stores stores 13 states and 1 union territory. 1 1 1 The key urban 1 1 1 centers are: Bangalore, 26 674 43 753 48 758 Chennai, Hyderabad, 42 175 47 187 55 189 Kolkata, Mumbai, 572 610 620 Nagpur, Pune, 776 875 912 Visakhapatnam 536 651 686 980 1022 1040 We are present in 850+ cities 999 1099 1118 25 35 41 Powered by Bing Powered by Bing Powered by Bing © GeoNames, Microsoft, TomTom © GeoNames, Microsoft, TomTom © GeoNames, Microsoft, TomTom 1. Stores in Puducherry and Delhi are not represented in the maps above. As on 30-Jun-26 we have 6 stores in Puducherry and we have 1 store in Delhi 2. Color index for pie-chart as below: Metro Tier-One Tier-Two Tier-Three+ Q1FY27 8 e t a 146 Stores Added In Last Quarter d p U s t lu s e R Q1 FY27 Openings Q1 FY27 Closures Q1 FY27 Closure Reasons We opened 222 6.5 9.6 222 52* stores in Q1FY27 9 stores stores There were 52 16 closures 4 5 13 8 27 3 1 0.7 22 12 56 11 42 5 28 7 Relocation Franchisee withdrawn 38 12 6 Others Powered by Bing Powered by Bing © GeoNames, Microsoft, TomTom © GeoNames, Microsoft, TomTom Average age (years) 1. Color index for pie-chart as below Metro Tier-One Tier-Two Tier-Three+ *Additionally, 24 stores COCO - - > Franchisee conv. in process Q1FY27 9 e t a Store Network: 27% Less Than 2 Years Old d p U s t lu s e R Pharmacy: Count Pharmacy: Age Structure of Stores1 Stores 4.813 4,930 5,112 5,330 5,476 9% 11% 14% 17% 146 19% Openings 218 182 12% 11% 117 5,000 101 9% Maintaining 7% 8% steady store openings 4,000 3,000 5,330 5,112 4,712 4,813 4,930 79% 78% 77% 76% 73% 2,000 1,000 0 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Openings 124 145 228 295 222 Year 2+ Year 2 Year 1 Closures + Conv. 23 28 46 77 76 Net Additions 101 117 182 218 146 1. Store age, as on end of period Q1FY27 10 e t a Profitable Older Stores: 12+ Months d p U s t lu s e R Store Level Revenue Growth1 Store Level EBITDA Margin Store Level Operating ROCE2,3 17.8% 80.0% 13.1% 77.7% 15.3% 12.4% 11.8% 68.6% 10.9% 10.4% 62.6% 59.8% 10.5% 2.2% -0.2% Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Operating EBITDA, ₹m Operating EBITDA Margin 1,133 6.7% 967 5.8% 877 5.6% 5.1% 727 707 4.3% Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 1. Growth is yoy 2. See Glossary for definition 3. Annualized by multiplying the quarterly computation by 4 Q1FY27 11 e t a Revenue Mix: Increasing Share Of Private Label d p U s t lu s e R Revenue Mix: By Product Category Revenue Mix3: By Location of Stores 3.9% 4.9% 5.7% 6.3% 7.3% 8.7% 13% 14% 14% 15% 15% 9.6% 10.6% 10.6% 9.3% 12.8% 12.1% 11.6% 11.3% 10.7% 24% 24% 24% 24% 24% 9.5% 9.0% 9.3% 9.0% 8.9% 15% 15% 16% 16% 16% 65.1% 64.4% 62.8% 62.8% 63.8% 48% 47% 46% 46% 45% Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 B. Pharma B. Non-Pharma PL. Pharma PL. Others Others Metro Tier-One Tier-Two Tier-Three+ 1. Prefix of “B” implies Branded, Prefix of “PL” implies Private Label 2. “Others” includes revenue from Franchisee, Optical, Diagnostics and membership/service fee 3. Only revenue from pharmacy stores Q1FY27 12 e t a Omni-channel: Profitable With Negligible Acquisition Costs d p U s t lu s e R Channel Revenue Channel Delivery Pincodes1 and Delivery Hubs 1,100 8.0% 100% Hubs 637 690 699 711 727 1,037 Home Delivery Omni-Channel 7.0% 1,000 3,223 Our online 3,043 3,021 3,077 927 80% 2,935 presence grows 904 6.0% 882 on the back of 900 863 our rapid store 5.0% additions 60% 800 4.0% 700 40% 3.0% 600 2.0% 20% 500 1.0% Store Pickup 400 0.0% 0% Revenue, ₹m Share of Tot. Rev. (RHS) Store Pickup Home Delivery 1. For Online Orders Q1FY27 13 e t a Income Statement d p U s t lu s e R Snapshot of Income Statement, ₹m Q1FY27 vs. Q1FY27 vs. Q1FY26 Q4FY26 Q1FY27 Q1FY26 (yoy) Q4FY26(qoq) Revenue 15,426.3 18,643.9 18,796.0 21.8% 0.8% Gross Margin 4,029.0 4,934.4 4,603.1 14.3% -6.7% Gross Margin 26.1% 26.5% 24.5% Expenses 3,300.9 3,858.1 3,951.9 19.7% 2.4% Operating EBITDA 728.1 1,076.3 651.2 -10.6% -39.5% Operating EBITDA 4.7% 5.8% 3.5% Rental Expenses 641.9 711.0 773.9 20.6% 8.8% ESOP Expenses (11.9) (1.6) 1.4 -111.9% -189.9% Interest Income 99.5 111.9 104.1 4.6% -7.0% EBITDA 1,457.5 1,897.7 1,530.7 5.0% -19.3% EBITDA 9.4% 10.2% 8.1% Depreciation & (656.2) (759.5) (779.2) 18.7% 2.6% Amortisation Finance Costs (273.7) (334.8) (332.7) 21.6% -0.6% PBT 527.7 803.4 418.8 -20.6% -47.9% PAT 423.4 639.7 331.7 -21.7% -48.2% PAT 2.7% 3.4% 1.8% Q1FY27 14 e t a Income Statement: Business Segments d p U s t lu s e R Snapshot of Income Statement, ₹m Q4FY26 Q1FY27 Pharmacy Pharmacy Diagnostic Others Total Diagnostic Others Total Retail Retail Revenue 18,265.9 347.8 30.2 18,643.8 18,398.7 370.8 26.5 18,796.0 COGS and Expenses 17,244.1 294.7 28.8 17,567.6 17,810.6 304.8 29.4 18,144.8 Operating EBITDA 1,021.8 53.1 1.3 1,076.3 588.1 65.9 (2.8) 651.2 Operating EBITDA 5.6% 15.3% 4.4% 5.8% 3.2% 17.8% -10.6% 3.5% Rental Expenses1 711.0 773.9 ESOP Expenses (1.6) 1.4 Interest Income 111.9 104.1 EBITDA 1,897.7 1,530.7 EBITDA 10.2% 8.1% 1. Rental Expenses are net of Gain on de-recognition of Right-of-use assets amounting to ₹(4.5)m and ₹12.5m for Q4FY26 and Q1FY27 respectively Q1FY27 15 e t a Income Statement: Ind AS Adjustments d p U s t lu s e R Snapshot of Income Statement: Ind AS Adjustments, ₹m Q4FY26 Q1FY27 Ind AS Ind AS Ind AS Ind AS Reported Reported Impact Adjusted Impact Adjusted Revenue 18,643.9 - 18,643.9 18,796.0 - 18,796.0 Gross Margin 4,934.4 - 4,934.4 4,603.1 - 4,603.1 Gross Margin 26.5% 26.5% 24.5% 24.5% Expenses 3,147.1 (711.0) 3,858.1 3,178.0 (773.9) 3,951.9 Operating EBITDA 1,787.3 711.0 1,076.3 1,425.2 773.9 651.2 Operating EBITDA 5.8% 3.5% ESOP Expenses (1.6) - (1.6) 1.4 - 1.4 Interest Income 111.9 25.0 86.9 104.1 23.8 80.3 EBITDA 1,897.7 736.1 1,161.6 1,530.7 797.7 732.9 EBITDA 10.2% 8.1% Depreciation & Amortisation (759.5) (561.6) (197.8) (779.2) (565.4) (213.8) Finance Costs (334.8) (334.6) (0.2) (332.7) (332.7) (0.1) PBT 803.4 (160.2) 963.6 418.8 (100.3) 519.1 PAT 639.7 (160.2) 799.9 331.7 (100.3) 432.0 PAT 3.4% 1.8% Q1FY27 16 e t a Operating EBITDA Deep Dive d p U s t lu s e R Operating EBITDA Bridge: From 12+ Months Stores to Consolidated, ₹m 707 66 651 -41 -3 588 -78 Operating 12+ Months < 12 Months Pre-Operative Pharmacy Diagnostics Others Consolidated EBITDA Stores Stores* * Includes all Franchisee stores Q1FY27 17 e t a Balance Sheet d p U s t lu s e R Key Balance Sheet items, ₹m Jun-25 Mar-26 Jun-26 Assets PPE and CWIP 3,019.9 3,503.4 3,602.6 Inventories 12,729.7 13,816.9 14,395.6 Cash 5,549.3 5,942.1 6,218.8 Liabilities Trade payables 2,797.7 3,069.5 3,595.5 1. Cash includes cash, bank balances and bank deposits Q1FY27 18 e t a Capital Productivity d p U s t lu s e R Working Capital Cycle, days ROCE2: Operating EBIT/ Avg. Capital Employed NWC (days) 59 53 53 53 54 26.3% 24.2% 22.5% 39 37 37 Year 1 Stores 36 35 100 days 36 17.0% inventory (on 34 33 33 Year 1 stores 30 revenue) 12.6% Stores Older Than 12 months 19 17 17 17 15 36 days inventory (on revenue of stores older than 12 months) Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Inventory: All Stores Inventory: Warehouse Payables 1. Inventory and Payables (as on end of period) computed on period Revenue 2. Annualized by multiplying the quarterly computation by 4 Q1FY27 19 e t a Cash Management d p U s t lu s e R Cash Management, Q1FY27, ₹m 3,000 Operating Cash Flow ₹ 1,252m 2,500 Free Cash Flow ₹ 161m 2,000 1,522 1,500 -159 -112 1,000 -338 500 117 279 -752 0 PBT+ Increase in Taxes Capex Payment Interest Increase D&A+ Int. Working of lease received in cash of Lease Capital liabilities & others and cash Liability1 equiv.3 + Others2 1. Computed as per IND AS-116 2. Other non-cash expenses, e.g. ESOP compensation expense 3. Additionally, during the quarter we invested ₹382m surplus cash in fixed deposit Q1FY27 20 Appendix A. The Board of Directors and Key Managerial Personnel B. Glossary 21 A. The Board of Directors and Management Team x id n e p p A Mr. Gangadi Madhukar Reddy Dr. Cherukupalli Bhaskar Reddy Mr. Ajit Pandurang Rangnekar Ms. Aparna Surabhi Mr. Mohan Krishna Reddy Arvabumi Chairman, Managing Director Whole Time Director Additional Director Non-Executive Additional Director and Chief Executive Officer and Chief Operation Officer Non-Executive Independent Director Independent Director Non-Executive Independent Director Mr. Thyagarajan Muralidharan Mr. Sujit Kumar Mahato Mr. Kandasamy Vairaperumal Mr. Subrahmanyam Sharma Tatapudi Chief Financial Officer Head Supply Chain, Chief Technology Officer, Non-Executive Optival Optival Independent Director 22 B. Glossary x id n e p p A Term Description Metro: Bengaluru, Chennai (and Avadi), Hyderabad, Kolkata (and Howrah), Mumbai (and Thane) City Categorization Tier One: Ahmednagar, Baramati, Kharagpur, Nagpur, Nashik, Panruti, Pune, Ranaghat, Vijayawada, Visakhapatnam (internal) Tier Two: Hundred and Thirty five cities, including Adilabad, Aurangabad, Coimbatore, Hooghly, Mysuru, Puri EBITDA is a non-GAAP financial measure. EBITDA refers to our profit/(loss) for the period, as adjusted to exclude (i) Depreciation EBITDA and Amortization Expenses, (ii) Finance Costs and (iii) Tax Expense. Free Cash Flow (FCF) Operating Cash Flow minus Capex minus Payment of lease liabilities GMV Gross Merchandising Value ( GMV = MRP- GST) NWC Net Working Capital. Inventory plus Receivables minus Trade Payables Operating Cash Flow PBT plus non-cash expenditures minus increase in working capital minus taxes paid (OCF) Operating EBITDA Operating EBITDA is non-GAAP financial measure adjusted for one – off expenses like ESOP Our pharmacy stores. Unless specifically mentioned, this does not include our other outlets (e.g optical, clinic, lab, diagnostics, Store(s) collection center) Store age: Year 1, For the purpose of age categorization, we determine the age as per the last day of the reporting period. For example a store that Year 2, Year 2+ has completed 24 months at on the last day of the reporting period, is categorized as Year 2+ Store Level Operating Store Level Operating ROCE is computed by dividing (Store Level Operating EBITDA minus depreciation) with Capital Employed. ROCE Capital Employed is computed as store level inventory at the end of the period + store level capex + refundable security deposit. Full – Service Center Full-service center refers to Integrated Diagnostic center with Pathology and Radiology (including MRI and CT) Level 2 center Level 2 center refers to diagnostic center with pathology and Radiology (without CT and MRI) 23 MEDPLUS HEALTH SERVICES LIMITED Website: www.medplusindia.com INVESTOR RELATIONS Tanushree Chaurasia ir@medplusindia.com MEDIA AND PRESS ENQUIRIES marketing@medplusindia.com Reg. Office: H. No: 11-6-56, Survey No: 257 & 258/1 Opp: IDPL Railway Siding Road, Moosapet, Kukatpally, Hyderabad, Telangana, India - 500037