QMS Medical Allied Services Limited successfully migrated its 1.93 crore equity shares to the Mainboard of the National Stock Exchange (NSE) on June 18, 2026. The transition from NSE Emerge marks a significant milestone in the company's growth trajectory, reflecting its operational scale and financial performance. The stock opened at 108.95 on the debut day, with shares carrying a face value of ₹10. This move is expected to enhance liquidity and increase participation from institutional and retail investors.

The migration follows the company's sustained performance across its products and services businesses. For FY26, QMS Medical Allied Services recorded consolidated revenues of ₹172.9 crore and an EBITDA of ₹25.9 crore. The company has evolved from a products-led business to an integrated healthcare solutions provider, combining products, services, and patient engagement capabilities. As of FY26, the products business accounted for 69% of total revenues, while the services vertical is poised for accelerated expansion.

Financial Performance and Business Metrics

QMS Medical Allied Services has established itself as a listed player in the preventive healthcare management and pharma marketing segments. The company serves over 10 lakh patients and partners with more than 50 leading pharmaceutical and healthcare companies. The shift in pharma marketing from product-focused to patient-focused engagement is a key driver for the company's services business.

Strategic Outlook and Growth Targets

The company has set a target to breach the ₹500 crore consolidated revenue mark by FY29. This growth strategy relies on two primary engines: a scalable product vertical and a high-growth services portfolio. The services business, comprising Patient Screening camps and Patient Service Programs (PSPs), is expected to double in revenues by FY27 and drive approximately 50% of total revenues by FY29.

To support this expansion, QMS Medical Allied Services acquired a controlling stake in Saarathi Healthcare, a specialist in patient and disease management and phygital healthcare solutions. This acquisition has enhanced the company's capabilities in end-to-end program design and execution. The product business is also expected to grow through wider distribution, the expansion of own brands like Q-devices, self-manufacturing capabilities, and strategic international partnerships.

QMS Medical Allied Services Limited has released the transcript of its earnings call for the half year and year ended March 31, 2026. The company reported an 11% year-on-year growth in revenue from operations, which reached INR172.9 crores for FY26. EBITDA stood at INR25.9 crores, while profit after tax was INR11.9 crores. The financial results were approved by the Board on May 30, 2026, and the disclosure was submitted to the National Stock Exchange of India Ltd.

Financial Performance

The company delivered steady growth despite a challenging environment, driven by its two complementary business pillars: products and services. Over the last three years, QMS Medical has achieved an 18% revenue CAGR, a 32% EBITDA CAGR, and a 23% PAT CAGR.

Business Segments

The product segment contributed approximately 69% of the total revenue, supported by a portfolio of over 900 SKUs. The services segment, which includes healthcare screening camps and patient engagement programs, contributed 31% of the revenue. During FY26, the company successfully conducted 32,380 healthcare camps across India. To strengthen its position in patient support programs, QMS Medical increased its stake in Saarathi Healthcare to 76%.

Future Outlook

Management remains optimistic about future opportunities, citing the shift towards patient-focused engagement in the healthcare sector. The company has invested in people, technology, and infrastructure to support long-term growth, particularly in patient service programs. These investments are expected to drive scalability and improve healthcare outcomes.