Entero Healthcare Solutions Limited · NSE:ENTERO
Entero Healthcare Solutions — Q2 FY26 Earnings Presentation
41 slides from Entero Healthcare Solutions's earnings presentation, Nov 12, 2025
Slide 1: Exchange filing cover letter
Ref: 60/SE/LC/2025-26 Date: November 12, 2025 Scrip Code BSE: 544122 NSE: ENTERO ISIN: INE010601016 To, Head, Listing Compliance Department Head, Listing Compliance Department BSE Limited National Stock Exchange of India Phiroze Jeejeebhoy Towers Dalal Street, Limited Mumbai - 400 001. Exchange Plaz
Slide 2: Entero Healthcare Solutions Limited Q2FY26 Investor Presentation
Everything in Pharma… Everywhere in India… Entero Healthcare Solutions Limited Q2FY26 Investor Presentation – November 2025
Slide 3: Safe Harbour
Safe Harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by Entero Healthcare Solutions Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe
Slide 4: Q2 & H1 FY26 Financial Highlights
Q2 & H1 FY26 Financial Highlights
Slide 5: Management Commentary
Management Commentary The quarter reflects continuation of strong growth trajectory and margin expansion. We achieved an EBITDA Margin of 4% in the quarter through focus on gross margin expansion along with improvement in net working capital days. As we complete the first half of the year, we remain
Slide 6: Q2FY26 - Key Financial Highlights
Q2FY26 - Key Financial Highlights › Revenue growth adjusted for impact of revenue recorded on net margin basis was 23.4% YoY. Organic revenue growth adjusted for impact of revenue recorded on net margin basis was 13.4% YoY. › Reported revenue growth at 20.8% YoY and 11.9% QoQ. › Gross margin improve
Slide 7: Acquisition Update: Margin accretive acquisitions
Acquisition Update: Margin accretive acquisitions Proforma impact on Consolidated Financials# EV/EBITDA multiple in single digits Gross margin : +70 to 90bps [10.2% -> 10.9% to 11.1%] in line with earlier acquisitions EBITDA Margin : +50 to 75bps [4.0% -> 4.5% to 4.75%] On Track to meet Rs. 1,000 Cr
Slide 8: Entero's MedTech revenue expected to cross Rs. 1,000 Cr
Entero’s MedTech revenue expected to cross Rs. 1,000 Cr* MedTech Industry Overview (USD bn) Strategic rationale for acquisitions in MedTech market 45-50 MedTech is large and a growing market Synergistic with Entero’s pharmaceutical distribution 13-13.5 Attractive and significant consolidation opport
Slide 9: Consolidated Financial Highlights
Consolidated Financial Highlights Revenue (Rs. Cr) Gross Profit (Rs. Cr) & Margin (%) EBITDA (Rs. Cr) & Margin (%) PAT (Rs. Cr) +21% +32% +46% +41% 1,571 161 62 37 Quarter 1,301 122 26 42 9.4% 10.2% 4.0% 3.3% 2.0% 2.3% Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Revenue (Rs. Cr) Gross Pr
Slide 10: Key Balance Sheet Highlights
Key Balance Sheet Highlights Net Operating Working Capital (Days) RoCE (%) RoE (%) 69 13.8% 11.0% 66 63 11.0% 11.5% 9.0% 7.6% Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Q2FY26 Net Operating Working Capital (Days) RoCE (%) RoE (%) 75 11.6% 10.0% 68 10.1% 6.8% H1FY25 H1FY26 H1FY25 H1FY26
Slide 11: Operational Highlights
Operational Highlights Outperforming Customers Relationship with Market Growth SKU’s Handled (Retailers) healthcare product (H1FY26) manufacturers Entero: 24.1% H1FY26: 85,300+ H1FY26: 83,000+ H1FY26: 2,800+ IPM: 8.2% H1FY25: 79,500+ H1FY25: 71,400+ H1FY25: 2,300+ Customers Districts Covered* Wareho
Slide 12: Growing faster than Industry… Gaining Market Share
Growing faster than Industry… Gaining Market Share High base effect due to COVID-19 IPM Entero Organic Growth Entero Consolidated Growth 65% 53% 40% 41% 38% 37% 35% 35% 32% 31% 31% 29% 28% 26% 27% 24% 21% 22% 21% 19% 19% 19% 20% 16% 16% 17% 15% 15% 14% 15%* 18% 17% 17% 13%* 11% 16% 15% 11%* 10% 9% 1
Slide 13: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Particulars (Rs. Cr) Q2FY26 Q2FY25 YoY% H1FY26 H1FY25 YoY% Revenue 1,570.9 1,300.7 21% 2,974.8 2,397.7 24% Cost of Goods Sold 1,410.1 1,178.5 2,674.4 2,175.6 Gross Profit 160.8 122.2 32% 300.4 222.1 35% Gross Margin (%) 10.2% 9.4% 84 bps 10.1% 9.3% 83 bps Employe
Slide 14: Consolidated Balance Sheet
Consolidated Balance Sheet ASSETS (Rs. Cr) Sept-25 Mar-25 EQUITY AND LIABILITIES (Rs. Cr) Sept-25 Mar-25 ASSETS Equity Non-current assets Equity Share capital 43.5 43.5 Property, plant and equipment 63.5 57.0 Other equity 1,722.8 1,680.6 Other intangible assets 4.4 3.5 Non-Controlling Interest 30.3
Slide 15: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Particulars (Rs. Cr) H1FY26 H1FY25 Net Profit Before Tax 81.0 62.1 Adjustments for: Non-Cash Items / Other Investment or Financial Items 36.5 18.7 Changes in working capital -148.9 -191.8 Direct taxes paid (net of refund) -25.9 -14.1 Net Cash from Operating Activitie
Slide 16: Utilization of IPO Proceeds
Utilization of IPO Proceeds Amount to be funded Particulars (Rs. Cr) Utilized till date Unutilized from Net Proceeds Repayment/prepayment, in full or part, of certain borrowings availed of by our Company 142.5 142.5 - Funding of long-term working capital requirements of the Company and its Subsidiar
Slide 17: About Us
About Us
Slide 18: We are a Healthcare Supply Chain Solutions Specialist
We are a Healthcare Supply Chain Solutions Specialist Amongst the top three healthcare products distributors in India in terms of revenue Our Warehouses Fastest scale-up of operations among healthcare products distributors in India with track record of 53* acquisitions Pan-India presence through our
Slide 19: Entero at a Glance
Entero at a Glance Geographical Reach of Distribution Network 85,300+ 2,800+ 2,800+ Customers Retail Pharmacies Hospital Supply relationships with catered to customers healthcare product manufacturers AMRITSAR PANCHKULA DEHRADUN KARNAL DELHI GHAZIABAD GURGAON FARIDABAD JAIPUR GORAKHPUR LUCKNOW AYODH
Slide 20: Building a Highly Scalable Business Model
Building a Highly Scalable Business Model Consolidated Revenue (Rs. Cr) Customers (Retailers) Customers (Hospitals) FY23 81,400+ FY23 3,400+ 5,096 FY24 86,300+ FY24 3,500+ FY25 95,300+ FY25 3,600+ Relationship with healthcare +30% CAGR 3,922 SKU’s Handled product manufacturers 3,300 FY23 64,500+ FY2
Slide 21: Strong Board backed by a Healthcare-Focused Investors
Strong Board backed by a Healthcare-Focused Investors Prabhat Agrawal Sujesh Vasudevan Rajesh Shashikant Dalal Sandhya Gadkari Sharma Promoter, Managing Director and Chairperson and Non-Executive Non-Executive Independent Non-Executive Independent CEO Independent Director Director Director Prem Seth
Slide 22: Leadership Team
Leadership Team Prabhat Agrawal Prem Sethi Balakrishnan Natesan Kaushik Promoter, Managing Director and CEO Promoter, Whole-time Director and COO Group Chief Financial Officer ◼ Previous experience as CEO with Alkem Laboratories, ◼ Previous experience as Director – Offering Development and ◼ Previou
Slide 23: Leadership Team
Leadership Team Sanu Kapoor Sambit Mohanty Abhitesh Kumar Vice President - General Counsel, Company President - Institutional Business Chief Growth Officer Secretary and Compliance Officer • Associate member of the Institute of Company Secretaries • Bachelor’s of science from Utkal University and Ma
Slide 24: Market Opportunity
Market Opportunity
Slide 25: Pharmaceutical Supply Chain in India is Highly Fragmented
Pharmaceutical Supply Chain in India is Highly Fragmented Player in Value Chain Typical Functions and Role No. of Players Typical Margin range Pharmaceutical and Healthcare Companies ~3,000 Products Manufacturer ▪ Manufacturing units supplying finished products 40 – 60% Man. Units 10,500 ▪ Marketer
Slide 26: Key Challenges in the Pharmaceutical Supply Chain
Key Challenges in the Pharmaceutical Supply Chain Pharmaceutical and Healthcare Products Manufacturer / High expiries due to multiple Complexity of dealing with Limited or no secondary sales No direct reach to retailers, Inadequate storage stock points and no data Marketer multiple sub-scale distrib
Slide 27: Healthcare Products Distribution Market Overview
Healthcare Products Distribution Market Overview Large and Growing Target Addressable Market… …Led by Increasing Share of Large / National Distributors Share of the total distributor sales for Large / National pharmaceutical distributors 20-30% CAGR $33.2bn 10-11% 25-30% 8-10% Target Addressable Mar
Slide 28: Key Strengths
Key Strengths
Slide 29: Key Strengths
Key Strengths We Operate in the Large and Highly Fragmented Indian Healthcare Products Distribution Market and Expect to Benefit from Market Consolidation We are One of India’s Largest and Fastest Growing Healthcare Products Distribution Platforms Track Record of Inorganic Expansion and Integration
Slide 30: Highly Fragmented Market… to Accelerate Consolidation
Highly Fragmented Market… to Accelerate Consolidation US China India(1) Germany Top 3: 90 – 95% Top 4: 40 – 45% Top 3: 8 – 10% Top 5: 95 – 97% Share of Large Players in the Pharma Distribution Top 3 Top 4 Top 3 Top 5 / All Share of Top x 2020 90 – 95% 40 – 45% 8 – 10% 95 – 97% in Total Pharma Distri
Slide 31: One of India's Largest & Fastest Growing Healthcare Supply Chain Company
One of India’s Largest & Fastest Growing Healthcare Supply Chain Company Geographical Reach of Distribution Network Distribution Presence 20 States 47/490 Cities/Districts AMRITSAR Customer Network PANCHKULA DEHRADUN KARNAL GHAZIABAD DELHI Retail GURGAON FARIDABAD Hospital JAIPUR GORAKHPUR LUCKNOW A
Slide 32: Successful track record of Acquisitions and Integration
Successful track record of Acquisitions and Integration Track Record of Growth of Acquired Companies Acquisition Strategy Distributor Name Date of Acquisition Location FY21-23 Growth R.S.M Pharma 14-Aug-2018 Bengaluru ~69% › Take advantage of market consolidation opportunities available Getwell Medi
Slide 33: Differentiated Business Model
Differentiated Business Model Offers both demand generation and demand fulfilment capabilities to healthcare brands and product manufacturers Demand Generation via Integrated Demand Fulfilment via end-to-end healthcare products distribution solutions Commercial Solutions Deploy Medical Representativ
Slide 34: Proprietary Technology Platform
Proprietary Technology Platform with Integrated Business Intelligence Tools and Solutions Technology-Focused Approach Anchored on Our Proprietary Integrated Tech …To Grow our Operations and Bring Efficiencies in the Healthcare Platforms and Business Intelligence Tools… Products Distribution Ecosyste
Slide 35: Key Growth Drivers
Key Growth Drivers Benefit from healthcare products distribution market consolidation with strategic acquisitions Strengthen market position through increases in customer base, wallet share and geographic penetration Pursue comprehensive marketing and distribution collaborations with healthcare prod
Slide 36: Historical Financials
Historical Financials
Slide 37: Historical Financial Highlights
Historical Financial Highlights Revenue (Rs. Cr) Gross Profit (Rs. Cr) and Margin (%) 8.0% 8.3% 8.1% 9.0% 9.5% 5,096 486 +30% 3,922 +36% 352 3,300 2,522 268 210 1,780 142 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 EBITDA (Rs. Cr) and Margin (%) Net Operating Working Capital (Days)* 1.2% 1.0%
Slide 38: Consolidated P&L Statement
Consolidated P&L Statement Particulars (Rs. Cr) FY25 FY24 FY23 FY22 FY21 Revenue 5,095.8 3,922.3 3,300.2 2,522.1 1,779.7 Cost of Goods Sold 4,609.5 3,570.4 3,031.9 2,312.4 1,638.1 Gross Profit 486.3 352.0 268.3 209.6 141.6 Gross Profit Margin 9.5% 9.0% 8.1% 8.3% 8.0% Employee Cost 195.5 149.4 128.1
Slide 39: Consolidated Balance Sheet
Consolidated Balance Sheet ASSETS (Rs. Cr) Mar-25 Mar-24 Mar-23 Mar-22 Mar-21 EQUITY AND LIABILITIES (Rs. Cr) Mar-25 Mar-24 Mar-23 Mar-22 Mar-21 ASSETS Equity Non-current assets Equity Share capital 43.5 43.5 4.1 3.9 0.1 Property, plant and equipment 57.0 41.0 43.2 45.7 40.9 Other equity 1,680.6 1,5
Slide 40: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Particulars (Rs. Cr) FY25 FY24 FY23 FY22 FY21 Net Profit Before Tax 138.7 35.6 -3.7 -19.8 -10.8 Adjustments for: Non Cash Items / Other Investment or Financial Items 44.0 86.6 -71.2 -41.5 42.7 Operating profit before working capital changes 182.8 122.2 67.5 21.7 31.8
Slide 41: Investor Relations Contacts
Company: Investor Relations Advisor: CIN: L74999HR2018PLC072204 CIN: U74140MH2010PTC204285 Ms. Akanksha Gupta Mr. Jigar Kavaiya / Parin Narichania E: irentero@ehspl.com E: jigar.kavaiya@sgapl.net / parin.n@sgapl.net T: +91-22-69019100 T: +91 9920602034 / +91 9930025733 www.enterohealthcare.com www.s
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