MedPlus Health Services Limited (MEDPLUS.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+224.8%

₹1,931.38

vs ₹594.65 price

Levered DCF

₹2,482.31

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.53

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	45.82×	59.95×	128.07×	155.8×	118.65×	190.35×	5,338.81×	974.91×
P/B	5.1×	5.18×	5.31×	5.2×	8.05×	16.63×	22.92×	41.55×
P/S	1.46×	1.47×	1.49×	1.7×	3.02×	3.96×	4.22×	5.33×
EV / EBITDA	16.25×	20.08×	25.37×	30.31×	43.26×	56.46×	72.63×	98.96×
Gross margin	9.3%	24.0%	21.6%	21.5%	20.8%	20.8%	18.4%	18.6%
Operating margin	4.7%	11.8%	10.0%	9.3%	10.2%	9.7%	8.7%	8.7%
Net margin	3.2%	2.4%	1.2%	1.1%	2.5%	2.1%	0.1%	0.5%
Current ratio	3×	3.2×	2.98×	3.11×	2.92×	2.22×	1.7×	1.26×
Debt / equity	0.72×	0.64×	0.64×	0.61×	0.57×	0.81×	0.9×	1.47×
Interest coverage	2.69×	7.08×	5.84×	5.12×	5.79×	5.42×	5.31×	3.97×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.1%	8.6%	4.1%	3.3%	6.8%	8.7%	0.4%	4.1%
Return on invested capital	7.5%	20.6%	19.2%	17.5%	13.7%	14.7%	1.5%	14.2%
Return on assets	5.6%	4.5%	2.2%	1.8%	3.7%	4.1%	0.2%	1.2%
Free cash flow yield	4.0%	5.5%	0.7%	-1.0%	0.5%	-0.4%	-0.3%	1.0%
Earnings yield	2.2%	1.7%	0.8%	0.6%	0.8%	0.5%	0.0%	0.1%
Enterprise value	₹110.3B	₹100.4B	₹93B	₹84.3B	₹122B	₹126.3B	₹124.6B	₹125.1B
Net debt / EBITDA	1.42×	2.07×	2.51×	2.43×	2.81×	2.16×	2.12×	3.19×
Cash conversion cycle (days)	64	83	91	91	85	92	67	50