Entero Healthcare Ltd - Consolidation Engine Gains Momentum - Company Update
26 May 2026
Companies Updates
Entero Healthcare reported a strong Q4FY26, with revenue and earnings ahead of our estimates, driven by healthy organic growth and acquisition-led scale-up. The co. continued to outperform IPM at 1.4x, supported by its pan-India distribution platform, wider manufacturer relationships and growing wallet share across pharma and healthcare products. FY26 was also a year of strong execution, with Entero delivering on its stated guidance of 4.0% EBITDA margin and positive operating cash flow of Rs 962mn, aided by better gross margins, working capital efficiencies and operating leverage. Further, the company’s strategic expansion into MedTech is gaining meaningful scale, with MedTech revenues expected to cross Rs 10bn in FY27e, while also supporting margin accretion given the higher commercial role played by Entero in this segment. While we maintain our revenue estimates, we revise our margin assumptions upwards; however, our PAT after MI estimates is lowered due to higher than estimated minority interest. We maintain our positive stance though lower our rating to ACCUMULATE with revised TP at Rs 1,440.
Entero Healthcare Ltd. Stock Price Chart
Robust revenue growth:
Entero reported robust revenue growth of 42.6% YoY to Rs 19.1bn (MNCL Est- Rs 17.8bn) in Q4FY26, driven by healthy organic growth and acquisition-led consolidation. Organic growth stood at 16.6% YoY, while new acquisitions contributed 26.0% to growth during the quarter. On a like-for-like basis, revenue grew 43.1% YoY, with the company continuing to outperform IPM at 1.4x. During the year, the company closed seven acquisitions, including three in MedTech, which has now become a meaningful growth lever. For FY27, management has guided 23% revenue growth, excluding any new acquisitions, driven by calendarization benefits of FY26 acquisitions and continued organic momentum across pharma and MedTech.
Best-ever Margins:
Entero reported its best-ever margin performance in Q4FY26, with gross margins expanding by 109bps YoY to 10.9%, driven by better product mix, procurement efficiencies and higher contribution from commercial-role businesses. OPM improved by 85bps YoY to 4.5%, aided by higher gross margins and lower employee expenses (-50bps YoY), partially offset by higher other expenses (+75bps YoY). EBITDA grew 75.9% YoY to Rs 860mn (MNCL Est- Rs 746mn), led by strong revenue growth, margin expansion and operating leverage benefits. Reported PAT grew 43.6% YoY to Rs 451mn (MNCL Est- Rs 432mn); however, adjusted PAT stood at Rs 281mn, up 9.0% YoY, impacted by elevated minority interest. The higher minority interest was due to abnormal contribution from one partially owned subsidiary in Q4FY26, while the management expects to normalise in FY27. For FY26, Entero achieved its guided 4.0% EBITDA margin, while the management has guided for further improvement to 5.0% in FY27, supported by MedTech scale-up, low-margin business rationalisation and operating efficiencies.
Outlook
Entero delivered a strong FY26, meeting its guidance on both 4.0% EBITDA margin and positive OCF of Rs 962mn, supported by margin expansion and working capital efficiencies. Working capital improvement was aided by better operating discipline and higher trade payables, largely driven by the rising contribution of MedTech, where vendor credit periods are longer than pharma distribution. We remain positive on Entero’s consolidation-led model and MedTech scale-up, which should support FY27E growth and margins. However, FY28E growth could moderate as the base becomes larger and acquisition-led contribution normalises. We maintain our revenue estimates for FY27E/FY28E, while revising margin assumptions upwards, supported by better MedTech performance and an improved overall product mix. Accordingly, our reported PAT estimates move higher; however, PAT after minority interest is revised lower versus our earlier estimates, as we factor in a higher contribution from minority-owned subsidiaries.
Valuation and key risk:
We factor in Revenue/EBITDA/ PAT after MI CAGR of 20%/36%/48% over FY26–28E, led by organic growth, MedTech scale-up and margin expansion. While FY27E growth should remain healthy, FY28E growth could moderate as acquisition-led contribution normalises. We maintain our revenue estimates, revise margin assumptions upwards, but lower Adj. PAT estimates due to higher minority interest. We value Entero at 25x FY28E EPS, arriving at a revised TP of Rs 1,440 (vs. Rs 1,435 earlier), and lower our rating to ACCUMULATE (vs. BUY earlier) on back of sharp-run in the last 6-months. Key risks: Slower organic growth, acquisition integration challenges, higher minority interest, working capital deterioration and slower MedTech ramp-up.
Company website: https://www.enterohealthcare.com/
| Rating | ACCUMULATE |
|---|---|
| CMP* | INR 1,280 |
| Target Price | INR 1,440 |
| Upside | 13% |
*CMP is as per report published date
Click to download the full Entero Healthcare Ltd Q4FY26 Company Update
Analyst:
- Rahul Dani - Research Analyst, Institutional Equities (NISM-201500034725)
- Riya Shah - Research Associate, Institutional Equities (NISM-201800191080)
FAQs on Entero Healthcare Ltd Q4FY26 Company Update
These FAQs summarize key insights from MNCL’s institutional equity research on Entero Healthcare, highlighting performance trends, growth drivers and key risks.
1. What drove Entero Healthcare’s Q4FY26 growth?
Growth was supported by healthy organic expansion, acquisition-led consolidation and rising contribution from the MedTech business.
2. How did margins improve in Q4FY26?
Margins improved due to better product mix, procurement efficiencies, operating leverage and higher contribution from commercial-role businesses.
3. Why is MedTech important for Entero Healthcare?
MedTech offers higher growth potential, stronger margins and longer vendor credit periods, supporting profitability and working capital efficiency.
4. What is the company’s FY27 outlook?
Management expects healthy revenue growth and further EBITDA margin improvement supported by acquisition integration and MedTech scale-up.
5. What are the key risks for Entero Healthcare?
Key risks include slower organic growth, acquisition integration challenges, higher minority interest and slower-than-expected MedTech expansion.
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We upgrade Ratnamani Metals to BUY (from Accumulate earlier); though revise our target price lower to Rs 2,460 given miss to our estimates and consequently the cut in our earnings. Q3FY26 saw core pipes business witness a sharp decline due to delayed...
Carysil Ltd: Crafting the future of modern kitchens - Company Update
We retain our BUY rating on Carysil Ltd with a revised target price of Rs 1,190 (earlier Rs 1,140), factoring in a rollover to Q3FY28E and a ~4% trim to FY27E–FY28E earnings. Strong traction in quartz and stainless-steel sinks, upcoming capacity ex...
Wonderla Holidays: Chennai Takes The Baton As Mature Parks Plateau - Company Update
We upgrade Wonderla Holidays to BUY from HOLD, as we revise earnings estimates upward by ~5% and roll forward our valuation to Q3FY28E. The company continued to deliver ARPU-led growth at mature parks during the quarter, while footfall growth remaine...
Rashi Peripherals Ltd: Stellar quarter - Company Update
We retain "BUY" rating and raise our target price to Rs. 610 (vs Rs 505 earlier). Rashi reported topline growth of 42.6% YoY in a seasonally weak quarter, on the back of strong sales volume & prices across PES segment (56% of revenue) and LIT (44...
Triveni Turbine: Worst likely behind, recovery pending - Company update
We upgrade our rating on Triveni Turbine to BUY, supported by improving execution visibility and a gradual recovery in order inflows. While new applications such as CO₂-based energy storage, MVR, and turbine servicing are likely to be incrementally...
The Anup Engineering: Through the Trough, Recovery in the offing - Company Update
We upgrade our rating on The Anup Engineering to BUY (previously HOLD) and revise our target price to Rs 2,515. The company is not yet out of the woods, with the market awaiting clear signs of a recovery in order inflows. That said, we believe the wo...
Saksoft Ltd: Temporary headwinds, normalization in sight - Company Update
We maintain our "BUY" rating with a revised target price of Rs 285 (vs 325). Saksoft delivered weak results – a) topline growth saw a de-growth of 3% despite the favourable currency mix, b) Top 2 clients have cut spends in Q3, the pain co...
Mayur Uniquoters: Riding export momentum - Company Update
We maintain our BUY rating on Mayur Uniquoters with a revised target price of Rs. 825 (earlier Rs. 770), as we roll forward our valuation to Q3 FY28E and upgrade our FY27E/FY28E earnings estimates by ~4%. The company delivered a robust operating perf...
Scoda Tubes Ltd.: Slight miss; structural thesis intact - Company Update
We retain BUY rating on Scoda Tubes but upward revise target price of Rs 250 (previously Rs 240). Increase in target price is mainly due to valuation rollover. Q3FY26 was a strong performance on offtake, marginally offset by pricing weakness and dela...
TD Power Systems: Global demand fuelling growth visibility - Company Update
We upgrade TD Power to BUY / revise our target price upwards to Rs 875 (vs. Rs 840 earlier). Q3-FY26 results were a tad lower than our expectations and reflect timing issues rather than demand or competitive weakness. Going ahead, the Tumkur facility...
SJS Enterprises Ltd - Premiumisation and Export-led Outperformance - Company Update
We revise our target price on SJS Enterprises upwards to Rs2,190 to account for an increase in revenue/ margin estimates, and valuation roll-forward to Dec’27E. SJS delivered another quarter of strong industry outperformance, with record profitabil...
Sundram Fasteners Ltd.: Exports spoil the show - Company Update
We lower target price to Rs 1035 (previously Rs 1085) and maintain Accumulate rating for Sundram Fasteners Ltd. (SFL). We downward revise our multiple to account for extended weakness on exports including delay in EV order to North America, in turn l...
ASK Automotive Ltd. - Firing on all cylinders - Company Update
We upgrade ASK Automotive to BUY rating on attractive valuation and increase our TP to Rs590 (Rs525 previously). The increase in TP is largely driven by valuation rollover. ASK delivered a strong Q3, materially ahead of our expectations, led by broad...
Kirloskar Ferrous Ind. - Casting and tubes outperform, spreads spoil the show | Company Update
We lower our target price to Rs 620 (previously Rs690) and retain BUY rating for Kirloskar Ferrous Industries Ltd. (KFIL). The decrease in TP is mainly to account for weak commodity spreads and realization across end products . KFIL’s 2QFY26 perfor...
IFGL Refractories Ltd. - Domestic focus continues to payoff; overseas improving gradually | Company Update
We decrease target price to Rs 280 (previously Rs 300) but maintain BUY rating. The change in TP is mainly due to cut of earnings estimates. IFGL delivered another quarter of strong standalone growth as its domestic-focused strategy continues to gain...
Borosil Ltd. - Glassware ignites growth; levers to power margins | Company Update
We reiterate our BUY on Borosil Ltd and revise our target price upwards to Rs. 460 (vs. Rs. 420 earlier), driven by strong demand momentum and emerging structural growth and margin levers. The company continues to deliver robust growth in its glasswa...
Venus Pipes & Tubes Ltd. - Export and welded drives confidence | Company Update
We increase Target Price to Rs 2040 (previously Rs1,950) and retain BUY for Venus Pipes & Tubes (VENUS) due to attractive valuations. Increase in TP is primarily due to valuation roll forward. Revenue in 2QFY26 was strong, supported by a sharp re...
ESAB India - Encouraging quarter; growth in focus | Company Update
We retain Buy on ESAB India with TP revised upwards to Rs 6,850 (vs Rs 6,554 earlier) on valuation rollover. The company delivered a strong quarter, with overall growth hinting at signs of recovery supported by margin gains. ESAB continues to o...
The Anup Engineering - All eyes on cash conversion | Company Update
We maintain our HOLD rating on Anup Engineering but increase TP to Rs 2,475 (vs Rs 2,375 earlier) considering steady operational performance and an unchanged growth outlook coupled with valuation rollover. The impact from higher taxes was anticipated...
Rashi Peripherals Ltd – Turns cashflow positive
We retain "BUY" rating with a Target Price of Rs. 505 (vs Rs 525 earlier). Rashi Peripherals ltd reported decent topline growth, on the back of strong sales from the PES segment (PCs, Desktops). Our dealer checks suggest demand is improving for AI-en...
Wonderla Holidays - Chennai on Track; Expansion Visibility Low | MNCL Research Update
We reiterate our HOLD rating on Wonderla Holidays Ltd while revising our target multiple downwards to 18x (from ~20x) and rolling forward our valuation to Q2FY28E. In a seasonally weak quarter, the company delivered a better-than-expected topline, pr...
R Systems International - Strong growth tempered by higher SG&A & RSU costs | MNCL Research Update
We maintain our "BUY" and retain our target price to Rs 620. R Systems delivered higher than expected topline growth (7.9% vs our estimate of 3.5% in INR terms). EBITDA was in line with our estimates / margins dipped 70bps QoQ on the back of higher R...
SJS Enterprises Ltd - Designed to outperform | MNCL Research Update
We revise our target price on SJS Enterprises upwards to Rs1,930 to account for an increase in revenue/ margin estimates, valuation roll-forward to Sept’27E and target multiple expansion. SJS delivered another quarter of strong industry outperforma...
Channel checks - Opalware and Glassware - Borosil Sets the Benchmark in Opalware Retail
We conducted channel checks across key markets in Western and Northern India to gauge demand trends (qualitative aspects) in the Opalware and Glassware categories. We also analysed balance sheet / profitability trends (quantitative parts) across key ...
Goldiam International - LGD Momentum builds; ORIGEM scaling | Company Update
We reiterate our BUY rating on Goldiam International with a target price of Rs. Rs.470. Despite near-term uncertainty around U.S. tariff implications, the company has delivered an exemplary performance driven by robust topline growth and increasing w...
ASK Automotive Ltd – Meets Expectations; ALPS & Aftermarket to Drive Growth | MNCL Research Company Update
We retain ACCUMULATE on ASK Automotive while lowering our target price to Rs 525. The lowering of TP follows downward revision in our revenue and margin estimates, partially offset by valuation rollover. ASK delivered a strong Q2, broadly in line wit...
Sundram Fasteners Ltd. - Steady Domestic Momentum Offsets Export Weakness; upgrade to Accumulate - Company Update
We increase target price to Rs 1085 (previously Rs1030) and upgrade our rating to Accumulate for Sundram Fasteners Ltd. (SFL) due to steep correction in share price. Increase in TP is mainly due to valuation roll forward. SFL’s performance in 2QFY2...
JNK India Ltd – End of Overhang, Execution to Drive Growth | Q2FY26
Our interaction with JNK India led to the following conclusions: JNK India’s legacy low-margin orders (NRL, IOCL) delayed by site and client issues are expected to conclude largely by Q2FY26, with minor spillover into Q3FY26. From Q3FY26, high-marg...
Ratnamani Metals and Tubes Ltd. - Subsidiaries outperform | Company Update
We increase target price to Rs 2710 (previously 2690) and upgrade to Accumulate rating. Increase in target price is due to valuation roll forward. In 2QFY26, the core pipes business saw modest growth as strong offtake was offset by weak realizations....
