QMS Medical targets ₹500 crore revenue by FY29 after NSE Mainboard migration

QMS Medical Allied Services Ltd is looking to post a consolidated turnover of over ₹500 crore by FY29, the company said, following its migration to the Mainboard platform of the National Stock Exchange (NSE).

The integrated healthcare solutions company’s 1.93 crore equity shares became tradable on the NSE Mainboard on June 18, following migration from the NSE Emerge platform, where it was listed in October 2022. The NSE Mainboard migration is expected to improve liquidity, enhance visibility among investors and facilitate broader market participation, it added.

“We are now setting sights on tripling our revenues in the next three years,” said Chairman and Managing Director Mahesh Makhija, on the milestone. “The Indian healthcare sector is witnessing unprecedented transformation and demand for integrated healthcare and pharma marketing solutions, with the focus now shifting from product-focused engagement to patient-focused engagement. Our sustained efforts to deepen and scale our presence across both product and service verticals now give us an edge to thrive in a high-demand, rapidly evolving market with global potential,” he said.

QMS Medical reported consolidated revenues of ₹172.9 crore and EBITDA of ₹25.9 crore in FY26, a note from the company said. Its revenue comes from healthcare products and services, including patient service programmes, disease management initiatives, patient screening camps, medical and diagnostic solutions, and healthcare staffing services. The company expects its services business revenue to double in FY27, supported by a growing order pipeline and rising demand from pharmaceutical companies for patient engagement and disease management solutions.

QMS’s services segment contributed about 31 per cent of revenue in FY26, while products accounted for the remaining 69 per cent. It expects the services business to overtake the products segment by FY28 and contribute around half of overall revenue by FY29, it added. The company has also strengthened its services platform through the acquisition of a controlling stake in Saarathi Healthcare, which operates in patient and disease management, market access and healthcare engagement solutions. The company has served more than 10 lakh patients and partnered with over 50 pharmaceutical and healthcare companies across India.