Netmeds Growth Stalls in FY26, Profit Declines

Reliance Industries-backed online pharmacy retailer Netmeds experienced a significant slowdown in growth during the fiscal year ending March 2026. The company's operating revenue saw a marginal increase of 2%, reaching Rs 44.69 crore from Rs 43.72 crore in the previous fiscal year.

Netmeds' profit also declined by 4% to Rs 5.53 crore during the same period, down from Rs 5.77 crore a year earlier. This profit reduction was attributed to the sluggish revenue growth coupled with a slight rise in expenses.

Founded in 2015, Netmeds operates in the competitive Indian online healthcare space, challenging players like Tata 1mg, PharmEasy, and Apollo 24/7. Reliance Industries acquired a 60% stake in Netmeds in 2020. The company sells pharmaceutical and over-the-counter products through both its online platform and offline stores.

Total expenditure for Netmeds rose by 2% to Rs 42.41 crore. Employee costs remained the largest expense, increasing by nearly 4% to Rs 13.68 crore. Notably, advertisement and promotional expenses surged by 75% to Rs 2.89 crore.

In a separate development, Netmeds has faced a significant number of consumer complaints. Over the past five years, 1.17 lakh complaints have been filed against the e-pharmacy on the National Consumer Helpline, with a 14% increase in complaints during the last reported year.