Health X Platform Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Health X Platform Ltd filed with BSE on 19 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Health X Platform (formerly Sastasundar Ventures) reported Q4 FY26 revenue of Rs 356 crore, up 22% year-on-year, with EBITDA losses narrowing to Rs 20 crore from Rs 29 crore a year earlier. For the full year, revenue reached Rs 1,283 crore with EBITDA losses reduced to Rs 65 crore and a near breakeven PAT loss of Rs 1.4 crore. Management also discussed the launch of the JITO generic medicine brand, capacity expansion plans, and a proposed demerger of the finance division into a separately listed entity called Microsec Resources.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue from operations: Rs 356 crores (Q4 FY26)
p. 3
“So, our revenue from operation increased to Rs 356 crores for this quarter, a growth of 22% year-on-year and 4% quarter-on-quarter driven by sustained growth across both the business verticals that is B2B and B2C.”
Lokesh Agarwal, page 3 of the filed PDF · View the filing
Gross profit: 26.5 crores (Q4 FY26)
p. 3
“Gross profit for the quarter increased by 45% year-on-year to increase 26.5 crores while gross margins improved to 7.3% as compared to 5.9% in the corresponding quarter of last year.”
Lokesh Agarwal, page 3 of the filed PDF · View the filing
EBITDA loss: Rs. 20 crores (Q4 FY26)
p. 3
“EBITDA losses have reduced significantly to Rs. 20 crores as compared to 29 crores of quarter 4 of FY25 representing an improvement of nearly 29% year-on-year, while EBITDA margin improved to negative 5.5% as compared to negative 10.3% in the corresponding quarter of last year.”
Lokesh Agarwal, page 3 of the filed PDF · View the filing
PAT: loss of Rs. 12.9 crore (Q4 FY26)
p. 3
“At the PAT level, the loss for quarter stood at Rs. 12.9 crore as compared to a profit of 17.6 crore of Q4 FY25.”
Lokesh Agarwal, page 3 of the filed PDF · View the filing
Revenue from operations: 1283 crore (FY26)
p. 3
“The company reported revenue from operation of 1283 crore reflecting a growth of 18% year-on-year driven by steady performance across both our core business segments.”
Lokesh Agarwal, page 3 of the filed PDF · View the filing
Gross profit: 96.5 crore (FY26)
p. 3
“Gross profit increased by 36.5% year-on-year to 96.5 crore while gross margin improved by nearly 100 basis point to 7.5% from 6.5% of last year.”
Lokesh Agarwal, page 3 of the filed PDF · View the filing
EBITDA loss: 65 crores (FY26)
p. 3
“EBITDA losses reduced significantly from 79 crore in FY25 to 65 crores in FY26 with EBITDA margin improving from negative 7.3% to negative 5%.”
Lokesh Agarwal, page 3 of the filed PDF · View the filing
PAT: loss of negative 1.4 crore (FY26)
p. 4
“supported a sharp turnaround in profitability with the company reporting a near PAT breakdown loss of negative 1.4 crore in FY26 as compared to a loss of 133 crore of FY25.”
Lokesh Agarwal, page 4 of the filed PDF · View the filing
Working capital cycle: 18 days (FY26)
p. 4
“We maintain 18 days working capital efficiency representing approximately 5% annual sales while capital employed is roughly Rs. 74 crores.”
Lokesh Agarwal, page 4 of the filed PDF · View the filing
Cash balance: approximately Rs. 30 crores (FY26)
p. 4
“We also have a cash balance of approximately Rs. 30 crores.”
Lokesh Agarwal, page 4 of the filed PDF · View the filing
Total capital deployed: rupees 259 crore
p. 3
“this scale of the business is built upon by total capital deployed, including the cost of capital, only rupees 259 crore.”
BL Mittal, page 3 of the filed PDF · View the filing
Retailer Shakti retail pharmacy reach: over 62,000 retail pharmacies
p. 2
“the business has compounded at nearly 78% CAGR and now sells over 62,000 retail pharmacies, while partnering with more than 700 pharmaceutical companies.”
BL Mittal, page 2 of the filed PDF · View the filing
Total treasury: around 500 crores
p. 8
“So, in the entire Health X entity, there are around 500 crores of treasury.”
BL Mittal, page 8 of the filed PDF · View the filing
Total capex for new warehouses: 234 crores
p. 10
“So, we are building Udaipur, Lucknow, Patna, Guwahati, and additional warehouses in West Bengal. So the total capex we have planned is 234 crores.”
BL Mittal, page 10 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue — 6,000 crores · FY2030
stated as an aspiration by BL Mittal
p. 3
“We remain confident on our long-term vision and continue to target 6,000 crores of revenue by Financial Year 2030, comprising 4,000 crores from B2B Retailer Shakti and 2,000 crores from B2C Operations by Sasta Sundar App, while progressively improving EBITDA margin and maintaining industry-leading working capital efficiency.”
BL Mittal, page 3 of the filed PDF · View the filing
EBITDA margin at scale — around 5% · at Rs 6,000 crores revenue
stated as an aspiration by BL Mittal
p. 11
“So, at ₹6,000 crores, we estimate that our EBITDA should be around 5%. And our PAT and cash should be 4% of the revenue.”
BL Mittal, page 11 of the filed PDF · View the filing
ROE — around 40% ROE · FY29 and FY30
stated as an aspiration by BL Mittal
p. 12
“And we are building a business of around 40% ROE going forward once we achieve this scale.”
BL Mittal, page 12 of the filed PDF · View the filing
Profit as percentage of revenue — around 3% of revenue · FY29
stated as an aspiration by BL Mittal
p. 12
“Yes. In FY29, we should be making around 3% of the revenue as profit.”
BL Mittal, page 12 of the filed PDF · View the filing
Retailer Shakti quarterly revenue — around ₹400 crores · June quarter (Q1 FY27)
stated conditionally by BL Mittal
p. 12
“So, the current quarter, we estimate to close at around ₹400 crores revenue, and that will be the best quarter in the history of the company.”
BL Mittal, page 12 of the filed PDF · View the filing
Retailer Shakti EBITDA margin — 1% · FY27
stated firmly by BL Mittal
p. 13
“Retailer Shakti, yes. Retailer Shakti, yes, yes. That is true.”
BL Mittal, page 13 of the filed PDF · View the filing
Additional warehousing capacity — around 1 lakh square feet · by 31st March FY27
stated firmly by BL Mittal
p. 13
“So, the additional warehousing space going live this year, by 31st March, will be around 1 lakh square feet only.”
BL Mittal, page 13 of the filed PDF · View the filing
Total warehouse capacity — more than 8 lakhs square feet
stated firmly by BL Mittal
p. 13
“So, total capacity will be more than 8 lakhs.”
BL Mittal, page 13 of the filed PDF · View the filing
Personal care and beauty care launch — by 31st December, 2026
stated firmly by BL Mittal
p. 6
“So by 31st December, 2026, this will be rolled out, beauty care and personal care in our platforms.”
BL Mittal, page 6 of the filed PDF · View the filing
Non-medicine revenue share — 10% of sales · within a year
stated as an aspiration by BL Mittal
p. 6
“Non-medicine right now is very low, it's around 2% only and we plan to make it by within a year to the extent of 10% of our sales.”
BL Mittal, page 6 of the filed PDF · View the filing
AI consulting rollout — another six months
stated conditionally by BL Mittal
p. 5
“But we are ready, so we will wait for another six months before rollout.”
BL Mittal, page 5 of the filed PDF · View the filing
New Noida warehouse capacity — double the existing capacity · around September
stated firmly by BL Mittal
p. 11
“So, around September, we will shift to the new warehouse, which is double the existing capacity.”
BL Mittal, page 11 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the company avoids credit entirely across its business model.
Answered by BL Mittal
Asked by Praneeth: Is the company planning to offer credit to hospitals or other customers?
p. 5
“No, we don't have any credit in our system. So whenever they are purchasing, they have to purchase cash and carry cases.”
BL Mittal, page 5 of the filed PDF · View the filing
Management said Retailer Shakti is running near breakeven and both businesses are contribution-margin positive.
Answered by BL Mittal
Asked by Praneeth: What is the status of Retailer Shakti and Health Buddy reaching breakeven?
p. 6
“Retailer Shakti is running almost at breakeven, and both our businesses I must explain that both Retailer Shakti and SastaSundar's businesses are contribution-margin positive.”
BL Mittal, page 6 of the filed PDF · View the filing
Management said the treasury policy targets a yield of 10-12% per annum.
Answered by BL Mittal
Asked by Moksh: What yield does the company generate on its treasury investments?
p. 8
“So, the yield is around, we have a very specific policy to generate a yield between 10% to 12% per annum.”
BL Mittal, page 8 of the filed PDF · View the filing
Management said this data is proprietary for now but will be disclosed from the next quarter.
Answered by BL Mittal
Asked by Vilina Jain: What contribution margins are being achieved in Retailer Shakti and Health Buddy?
p. 11
“So, we are making the system of that MIS. Probably from the next quarter, we will disclose to the stock exchange the rollout of the contribution margin vis-à-vis fixed cost.”
BL Mittal, page 11 of the filed PDF · View the filing
Management declined to give annual guidance but indicated the June quarter should close around Rs 400 crore, the best in company history.
Answered by BL Mittal
Asked by Dhariya Trivedi: What revenue is expected from Retailer Shakti in FY27?
p. 12
“FY27, I mean, we don't give year-by-year guidance because it's very difficult in our business.”
BL Mittal, page 12 of the filed PDF · View the filing
Management said valuation should currently be based on book value of around Rs 140 crore.
Answered by BL Mittal
Asked by Preet Shah: How should Microsec Resources be valued post-listing?
p. 14
“So the book value of Microsec Resources is estimated to be around 140 crores.”
BL Mittal, page 14 of the filed PDF · View the filing
Risks flagged
Hospital business is credit-driven and capital intensive, which the company avoids
p. 4
“It's a credit-driven business, and we avoid credit. So that is very highly capital-intensive business.”
BL Mittal, page 4 of the filed PDF · View the filing
AI consulting product rollout is constrained by market readiness and capital requirements
p. 5
“But we are trading very cautiously because any launching and market rollout need a large amount of capital to be deployed. And according to our study, the market is not yet ready.”
BL Mittal, page 5 of the filed PDF · View the filing
Transition of HealthBuddy stores to Jito Store caused disruption in sales of branded medicines
p. 13
“Because last quarter, we transformed our HealthBuddy Store into Jito Store, and that transition takes a certain amount of disruption in sales of branded medicines.”
BL Mittal, page 13 of the filed PDF · View the filing
Quarterly performance is non-linear and can vary due to the company's early stage and experimental approach
p. 14
“So, quarter-to-quarter performance is not linear because ours is not a linear company.”
BL Mittal, page 14 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.