Health X Platform reported a 22% year-on-year increase in revenue from operations to ₹356 crore for the quarter ended March 31, 2026, driven by sustained growth across its B2B and B2C verticals. The company significantly narrowed its EBITDA loss to ₹20 crore, an improvement of 29% compared to the corresponding quarter of the previous year, while EBITDA margins improved to negative 5.5% from negative 10.3% in Q4 FY25. Gross profit for the quarter rose 45% year-on-year to ₹26.5 crore, with gross margins expanding to 7.3% from 5.9% in the prior year, attributed to a better product mix and stronger procurement efficiency.

For the full financial year FY26, the company recorded revenue from operations of ₹1,283 crore, reflecting an 18% year-on-year growth. Gross profit increased by 36.5% to ₹96.5 crore, and gross margins improved by 100 basis points to 7.5%. EBITDA losses for the year reduced substantially from ₹79 crore in FY25 to ₹65 crore in FY26. The company reported a net loss of ₹1.4 crore for FY26, a sharp turnaround from the net loss of ₹133 crore in the previous year, supported by operational efficiency and disciplined cost management.

Strategic Initiatives and Future Outlook

The management highlighted that the B2B platform, Retailer Shakti, is now operating almost at breakeven and is contribution-margin positive, covering its corporate costs. The B2C platform, SastaSundar, remains capital efficient with a working capital cycle of 18 days. The company maintained a working capital efficiency of approximately 5% of annual sales and held a cash balance of around ₹30 crore, excluding treasury investments.

Looking ahead, the company targets ₹6,000 crore of revenue by Financial Year 2030, comprising ₹4,000 crore from B2B operations and ₹2,000 crore from B2C operations. To support this growth, the company plans a capital expenditure of ₹234 crore to expand warehousing capacity in Udaipur, Lucknow, Patna, Guwahati, and West Bengal. The management also introduced JITO, a private-label generic medicine category, aiming to offer medicines up to 60% cheaper than branded alternatives, with initial monthly sales around ₹30 lakh.

Corporate Restructuring

The Board of Directors has approved a scheme of simplification of corporate structure, wherein the Finance Division will be demerged and listed separately as Microsec Resources Ltd. Existing shareholders of Health X Platform will be allotted one equity share of Microsec Resources for every three shares held. Microsec Resources will hold an asset base of approximately ₹140 crore, comprising ₹100 crore in financial assets and ₹40 crore in real estate, while the majority of the treasury, around ₹400 crore, will remain with the operating healthcare business.

Health X Platform has approved a Composite Scheme of Arrangement and Amalgamation involving Microsec Resources Private Limited, Innogrow Technologies Limited, and Sastasundar Healthbuddy Limited. The restructuring aims to consolidate the healthcare services business into a single entity and create a focused financial services entity, thereby simplifying the corporate structure and enhancing shareholder value. The scheme involves the demerger of the financial services undertaking from Health X Platform Limited into Microsec Resources Private Limited, the amalgamation of Innogrow Technologies Limited with Microsec Resources Private Limited, and the amalgamation of Sastasundar Healthbuddy Limited with Health X Platform Limited.

Share Exchange Ratios

The Board has established specific share entitlement and exchange ratios for the scheme. For the demerger of the finance undertaking, Microsec Resources Private Limited will issue 1 equity share of INR 10 each for every 3 equity shares of INR 10 each held in Health X Platform Limited. Pursuant to the merger of Sastasundar Healthbuddy Limited with Health X Platform Limited, the latter will issue 85,12,168 equity shares of INR 10 each to the public shareholders of the former for 45,75,830 equity shares held. No shares will be issued for the amalgamation of Innogrow Technologies Limited as it is a wholly owned subsidiary.

Shareholding Pattern Changes

Upon effectiveness of the scheme, the shareholding pattern of Health X Platform Limited will change significantly. The public shareholding will increase from 25.93% to 41.57%, while the promoter and promoter group holding will decrease from 74.07% to 58.43%. The total number of shares will rise to 4,03,22,668. Microsec Resources Private Limited will be converted into a public company, and its shares will be listed on BSE and NSE, with public shareholding at 25.93%.

Key Financial Metrics

The demerged financial services division reported a turnover of INR 1,519.05 lakhs for the year ended March 31, 2026, representing 1.10% of the total consolidated turnover of INR 1,37,753.67 lakhs. The appointed date for the scheme is April 1, 2026, while the effective date will be determined upon the filing of the National Company Law Tribunal's sanction order with the Registrar of Companies.

Implementation Timelines

Implementation of the scheme is expected to take around 12 – 14 months subject to the receipt of the requisite approvals. Key milestones include Board Approval in June 2026, filing with Stock Exchanges and RBI, receipt of approvals in Q3 FY26-27, NCLT approval in Q4 FY26-27, and an effective date anticipated in July 2027. The scheme is subject to approvals from BSE Limited, National Stock Exchange of India, SEBI, NCLT, RBI, and respective shareholders and creditors.