Result Update
MedPlus Health Services Limited
Healthcare
Buy
Current Price 919
Target Price 1180
August 04, 2025
Profits intact; sales pickup awaited
Medplus’s Q1FY26 revenue was in-line while operating EBITDA/PBT beat our expectation by 11%/19%. Revenue growth was subdued at 4% YoY, but gross margin was robust at 26.1% on the back of 21.5% private label share, which