Netmeds, the online pharmacy retailer backed by Reliance Industries, reported a near-flat operating revenue of Rs 44.69 crore in the fiscal year ending March 2026, a 2% increase from Rs 43.72 crore in FY25. The company’s profit declined 4% to Rs 5.53 crore from Rs 5.77 crore the previous year, according to standalone financial statements filed with the Registrar of Companies (medianama.com).
Founded in 2015 by Pradeep Dadha, Netmeds was acquired by Reliance Industries in 2020 when the conglomerate bought a 60% stake for Rs 620 crore, valuing the company at Rs 1,034 crore. Netmeds operates both online and offline pharmacy retail channels, generating revenue from business consultancy, technical services, and agency services related to doctor consultations and diagnostics. While product sales revenue rose 27% to Rs 5.53 crore in FY26, revenue from services declined slightly to Rs 38.08 crore (medianama.com).
Netmeds competes in the Indian online healthcare market with players such as Tata Digital-backed Tata 1mg, PharmEasy, and Apollo 24/7. The company’s stalled growth and profit dip reflect the challenges in a competitive sector where service revenues remain the primary contributor. The marginal rise in expenses alongside muted revenue growth contributed to the profit decline, highlighting the pressures on e-pharmacy businesses to scale profitably (medianama.com).
Netmeds’ financial disclosures for FY26 underscore the company’s current performance plateau amid intense competition. The next financial results, expected after the close of FY27, will provide further clarity on whether the company can accelerate growth and improve profitability in the evolving Indian online pharmacy market (medianama.com).