Netmeds FY26: Rs 44.7 Cr is not its scale

Netmeds grew FY26 revenue from operations 2.3 per cent to Rs 44.7 crore from Rs 43.7 crore and stayed profitable with Rs 5.5 crore in net profit, down 5 per cent, Entrackr reported on 30 September 2026 from standalone accounts filed with the Registrar of Companies.

Read the composition before the headline. Gross service income was Rs 46.3 crore against Rs 46.2 crore in FY25. Revenue from sale of goods was Rs 6.03 crore, up 24 per cent from Rs 4.86 crore. Those two lines total Rs 52.33 crore, and Entrackr states that after adjusting Rs 7.6 crore towards GST recovered, revenue from operations stood at Rs 44.7 crore. The components are gross of that GST, and the arithmetic closes to the rupee.

So does the rest. Non-operating income of Rs 3.24 crore lifts total income to Rs 47.94 crore. Employee benefits of Rs 13.7 crore, technical service costs of Rs 9.12 crore, cost of materials of Rs 4.44 crore, advertising and promotion of Rs 2.9 crore, up 76 per cent from Rs 1.65 crore, and other overheads of Rs 12.24 crore sum to exactly the Rs 42.4 crore of reported expenditure. Cost to revenue held at Rs 0.95 per rupee earned. ROCE of 4.5 per cent and an EBITDA margin of 5.66 per cent are reported without the capital employed or the EBITDA figure behind them.

Now the part that matters. This is one company’s standalone filing and Entrackr does not say which company inside the Netmeds group filed it. The goods line answers it anyway. An entity selling medicine at consumer scale does not book Rs 6.03 crore of goods against Rs 46.3 crore of service fees. Netmeds was acquired as a group in August 2020, when Reliance Industries, through Reliance Retail Ventures, took a majority stake for about Rs 620 crore, and wholesale medicine distribution sits in a separate company. Rs 44.7 crore is a fee-earning entity, not the pharmacy a shopper uses, and group-level e-pharmacy economics are not visible here.

Entrackr’s closing line then puts this Rs 44.7 crore beside Tata 1mg’s consolidated Rs 2,936 crore revenue and Rs 287 crore loss, and API Holdings at Rs 6,869 crore. Those are group numbers against one entity. If you sell ayurvedic products online, or you watched Plazza raise against chemist supply gaps, size the channel off the Tata 1mg filing, not this one.