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Informist, Thursday, Jun. 18, 2026

 

By Gunjan Rajput and Shakshi Jain 

 

NEW DELHI – QMS Medical Allied Services Ltd., which migrated from the NSE Emerge platform to the NSE Main Board on Thursday, is targeting at least a 30% growth in its net profit in 2026-27 (Apr-Mar). The company also expects revenue to rise as much as 25% during the year, driven by robust growth in its healthcare services business, Managing Director Mahesh Makhija told Informist in an exclusive interaction.

 

The guidance implies revenue growth to INR 2.16 billion in FY27 from around INR 1.73 billion in FY26. The company's net profit is expected to rise to nearly INR 155 million from 119 million a year ago.

 

"The growth stage is definitely going to come from the service side. The service side is going to grow more. It's faster," Makhija said. The healthcare services provider expects revenue from its services business to double in FY27 from about INR 550 million in the previous year. The products business is likely to grow at a steadier pace of 10-15% in FY27.

 

QMS Medical reported revenue from operations of INR 1.73 billion in FY26, while earnings before interest, tax, depreciation, and amortisation stood at INR 259 million and profit after tax was INR 119 million. 

 

The company derived around 69% of its revenue from products and 31% from services in FY26.  However, Makhija expects the services segment to overtake the products business by FY28 as pharmaceutical companies increasingly shift focus from doctor-led engagement to patient-driven engagement and treatment adherence programmes.

 

"Patient has become of paramount importance. What the patient service programmes do is ensure that the patient adheres to the treatment. You're basically bridging the gap between the pharma company, the doctor, and the patient," he said.

 

QMS Medical's services business includes patient support programmes, healthcare camps, disease management services, diagnostics support, and healthcare staffing. The company conducted 32,380 healthcare camps in FY26 and currently works with over 120 pharmaceutical companies, hospitals, and healthcare institutions.

 

Demand for patient support programmes has accelerated following the launch of glucagon-like peptide-1 therapies for obesity and diabetes in India, according to Makhija. The company is currently executing seven glucagon-like peptide-1 -related projects for pharmaceutical companies and expects such programmes to contribute 15-20% of patient support programme revenue going forward.

 

"Price war has already happened. It may go a little downward, but not much more than that. What these programmes do is help patients understand the therapy better and improve adherence," he said.

 

The pricing pressure in the glucagon-like peptide-1 segment follows the entry of multiple drugmakers into India's obesity and diabetes treatment market after Novo Nordisk's semaglutide patent expired in March. The launch of lower-priced versions by several companies has intensified competition and reduced treatment costs, leading to what industry participants describe as a price war in the segment.

 

Healthcare camps and patient engagement programmes have already gained momentum in the current financial year, with the camps business growing around 40% on year in the first two months of FY27. The company is currently running about 104 healthcare camps and patient support programmes across multiple therapeutic areas, such as diabetes, cardiology, respiratory care, orthopaedics, and gastroenterology.

 

To strengthen its patient engagement platform, QMS Medical increased its stake in Saarathi Healthcare to 76?rlier this year. Saarathi Healthcare is an integrated healthcare services company that works with healthcare, wellness, and insurance companies, as well as state governments, towards patient-centric disease management.

 

On the products side, Makhija said geopolitical tensions and supply chain disruptions linked to the war in West Asia affected the business in the Jan-Mar quarter. "Q4 (Jan-Mar), it has impacted. No doubt about it," he said. However, he added that the company has not seen a similar impact so far in the June quarter.

 

To reduce dependence on imports, QMS Medical is exploring third-party manufacturing opportunities in India and expanding its own-brand portfolio. Own brands contributed around 10% of the products business in FY26, according to Makhija. The company plans to launch three new products in the second half of the ongoing financial year, he added.

 

Currently, the e-commerce business, which retails both proprietary Q devices and third-party healthcare devices, is not a priority growth area for the company, Makhija said.

 

The company also expects profitability to improve as services contribute a larger share of revenue. "We expect slightly better margins from the EBITDA point of view because the growth focus is on the services side. If sales increase, margins definitely are going to increase," Makhija said, adding that the company expects EBITDA margins to improve by at least 5% in FY27. 

 

QMS Medical plans capital expenditure of around INR 100 million in FY27, primarily towards diagnostic equipment, healthcare camp infrastructure, and point-of-care testing devices. The company plans to fund the expenditure through internal accruals.

 

Despite moving to the main board, the company has no immediate plans to raise capital. "We really don't need any funds at this moment. We are not thinking of raising any funds," Makhija said.

 

He said the migration to the main board was aimed at improving visibility and broadening investor participation. "Going to the main board improves visibility and creates greater confidence among investors, customers, and partners. Internally, we see it as a validation of the platform that we have built over three decades. It's not the destination; it's the beginning of our new phase of growth," he said.

 

Looking beyond India, QMS Medical is evaluating opportunities in Europe and Africa after obtaining additional compliance certifications, though Makhija said any international expansion is unlikely before FY28.

 

The company is also evaluating acquisition opportunities to strengthen its healthcare services portfolio, but declined to provide a timeline for potential transactions. QMS Medical Allied Services' 19.3 million equity shares were admitted for trading on the NSE Mainboard on Wednesday after migrating from the NSE SME platform. The company has set a target of reaching INR 5 billion in consolidated revenue by FY29, nearly three times its FY26 revenue. 

 

Thursday, the company's shares ended at INR 109.40 on the National Stock Exchange, up 12.8% from the previous session.   End

 

Edited by Saji George Titus

 

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