Health X Platform LimitedPharmaceuticals & HealthcareHEALTHX
Q1 FY27 concall · earnings callHealth X Platform Limited
Health X delivered its highest-ever quarterly revenue, with strong growth in RetailerShakti and SastaSundar, as previous investments in geography, fulfillment, and the JITO private label begin to translate into momentum.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue from Operations | ₹440 Cr | 58% Y-o-Y | |
| Gross Margin | 7.8% | — | |
| EBITDA | INR -15 crores | — | |
| PAT | ₹2 Cr | — | |
| RetailerShakti Growth | 48% Y-o-Y | — | |
| SastaSundar Growth | 44% Y-o-Y | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹281.29 Cr-24.9% YoY+2.8% QoQ | ₹-37.79 CrLoss widened YoYLoss narrowed QoQ | ₹-8.47Loss/share widened YoYLoss/share narrowed QoQ |
| Q2 FY25 | ₹273.53 Cr-23.7% YoY+1.2% QoQ | ₹-154.79 CrLoss widened YoYTurned loss-making QoQ | ₹-34.40Loss/share widened YoYTurned negative QoQ |
| Q1 FY25 | ₹270.29 Cr— YoY-11.9% QoQ | ₹40.97 Cr— YoY+89.9% QoQ | ₹9.79— YoY+89.4% QoQ |
| Q4 FY24 | ₹306.67 Cr-2.1% YoY-18.1% QoQ | ₹21.57 CrTurned profitable YoYTurned profitable QoQ | ₹5.17Turned positive YoYTurned positive QoQ |
| Q3 FY24 | ₹374.50 Cr+33.4% YoY+4.5% QoQ | ₹-3.23 CrLoss narrowed YoYLoss narrowed QoQ | ₹-0.23Loss/share narrowed YoYLoss/share narrowed QoQ |
TL;DR
- Revenue grew 58% YoY to INR440 Cr, crossing the previous high from the Flipkart partnership era.
- RetailerShakti grew 48% YoY and SastaSundar grew 44% YoY.
- Geographic expansion into Odisha, Bihar, Jharkhand, and North India is progressing with 30% of business now outside West Bengal.
- JITO private label sales grew from INR25 lakhs to INR79 lakhs quarter-on-quarter.
- EBITDA loss narrowed to INR15 Cr from INR20 Cr in Q4 FY26; PAT was INR2 Cr.
- Management focuses on cash flow and capital efficiency over near-term EBITDA, targeting a long-term gross margin of 12%.
Said on the call
“This quarter is the best quarter in the history of the company.”
From the Q&A
| Topic | What management said |
|---|---|
| Margin Potential and JITO | Management expects long-term gross margin to reach industry level of ~12%, driven by volume, increased retailer wallet share, and the high-margin (~50% GM) JITO private label, which grew from INR25 lakhs to INR79 lakhs QoQ. |
| Geographic Expansion | 30% of business is now outside West Bengal, with new markets (Odisha, Jharkhand, Bihar, North India) responding well; Northeast is the highest-growing region. |
| EBITDA Focus and Burn | Management stated EBITDA is not a priority for the next 2-3 years; focus is on building scale and cash flow. The 'burn' (approx. INR50-60 Cr for SastaSundar) is 25-30% marketing, 40-45% tech, and 30% customer acquisition. |
| Warehouse Capacity and Automation | Existing infrastructure can support ~100% growth from current levels, up to INR3000 Cr revenue. All fulfillment is owned, with riders on payroll, and automation is being replicated in new locations. |
| Retailer Wallet Share and Retail Air | Current average wallet share with pharmacies is ~2%. The upcoming AI-based SaaS product 'Retail Air' aims to reduce retailer inventory from 30 days to 5-6 days, potentially doubling wallet share. |
Guidance
- RetailerShakti expects to make positive EBITDA in Q3 FY27.
- Aim to maintain gross margin above 8% for the full year.
- July monthly revenue was INR150+ crores (subject to audit).
- Long-term gross margin target is around 12%.
- Plan to double market share in West Bengal from ~3-4% to ~7% in the next 2-3 years.
Source
Summary written from the transcript filed by Health X Platform Limited for the call held on 11 Aug 2026; published 18 Aug 2026, 20:09 IST.
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