Scale-up is the story—all 136 warehouses and 105k retail customers are the engine, and the latest print shows momentum building again after a soft patch.
Overall read
6.6/10
Priced for it
The three reads · this quarter
Scale-up is the story—all 136 warehouses and 105k retail customers are the engine, and the latest print shows momentum building again after a soft patch.
Overall read
6.6/10
Priced for it
The three reads · this quarter
The standing reads · change less often
Moat
Moderate edge
Scale-based cost advantages in fragmented Indian pharma distribution, but low margins and high working capital constrain returns.
Key variables
4 tracked
lead: Net Working Capital (NWC) DaysNWC days have steadily declined from 66 to 61 over the period, indicating consistent operational efficiency gains and better cash conversion despite revenue scale-up.
Walk the talk
Mixed
as of Q1 FY27MedTech revenue scaling to INR 1,000+ crore with higher-margin mix
Latest · newest first
5d ago · Business Update
Completion of tenure of Mr. Rajesh Shashikant Dalal, a key managerial personnel.
4w ago · M&A / Investment
Incorporated step-down subsidiary Qurovia Lifesciences Private Limited.
13 Jul 2026 · Business Update
Non-executive independent director Mr. Rajesh Dalal ceased w.e.f. Aug 24, 2026.
13 Jul 2026 · Business Update
Non-executive independent director Mr. Rajesh Dalal ceased w.e.f. Aug 24, 2026.
3 of 4 guidance items delivered on time
Where it sits