Docmode Health TechnologiesShare price, financial results, shareholding and management

NSE Emerge · DHTLMedical education servicesListed 2 Feb 2024IPO ₹79
docmode.org ↗Live price on NSE ↗ISIN INE0OGG01015 · Lot 800 shares · ₹16,960
₹21.20
-3.90% on the day
Close · 4 Nov 2026
Valuation
Market cap
₹7 cr
Stock P/E
-peers 22.4
Book value
₹26.1
Price to book
0.81
EV / operating profit
-
Market cap to sales
0.26
Returns and growth
ROCE · FY26
6.0%
ROE · FY26
-1.7%
ROE, 3-year average
-6.9%
Operating margin · FY26
-1.3%peers 27.7%
Sales growth, 3 years
-8.1%
Profit growth, 3 years
-
Safety
Debt to equity
0.45peers 0.15
Borrowings
₹3.7 cr
Interest cover
0.9×
Cash from business / op. profit
-1265%
Debtor days
106
Pledged
22.05%
Ownership and share
Promoter holding
29.50%
Change in promoter holding
-1.36 pts
Shareholders
195
52-week high / low
₹121 / ₹21
Dividend yield
0.00%
Face value
₹10

Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.

Docmode Health Technologies share price chart

₹21.20-82.02% 1 year

Close on 4 Nov 2026 · -3.85% on the day · Vol 5,600

Daily prices to 4 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.

Share price returns

To the close of 4 Nov 2026

1 month
-14.3%
3 months
-34.3%
6 months
-51.9%
1 year
-82.0%
Since IPO
-73.2%
Traded a day, 20 days
₹0.08 cr
Taken for delivery
84%

Business growth

Sales and net profit, from the reported results

SalesProfit
FY26 on FY25-39%-
3 years, a year-8%-
Latest half, H2 FY26-64%-

About Docmode Health Technologies: business, products and customers

Docmode Health Technologies, now renamed Doctrack Solutions, runs online and in-person courses, surveys and research programmes for doctors, paid for mostly by drug and healthcare companies. Its shares trade on NSE Emerge.

The company runs continuing medical education courses and conferences for doctors, online and in person, along with paid surveys and studies in which registered doctors take part, medical writing and promotional literature for pharmaceutical marketers, clinical research support under its own ethics committee, and an online store of books and event passes. Its main asset, the company says, is its verified network of registered healthcare professionals.

Most of what it bills is bought in: purchases of goods and services were close to two thirds of FY26 revenue, so margins are thin and revenue swings with the size of the programmes it runs. In FY26 it handed most of its selling to resellers and distributors; on business sold through a partner it books only its own share, so reported revenue falls even when the work is the same, while fixed selling costs come down. Management also stopped taking engagements below its margin thresholds and is reviewing the online portal business, including selling parts of it.

Read more about the business

The year also brought strain on the balance sheet: the company defaulted on non-convertible debentures, the lenders enforced shares the promoters had pledged, and the auditors qualified their opinion on the FY26 accounts. Most of the money customers owe is more than two years old.

From the Annual Reports 2025-26 and 2024-25 and the company's announcements of April and October 2026. No offer document text was on file to read.

Read the deeper study ↓

In its favour

  • Nothing stands out on these rules this year.

To watch

  • Confirmation from the debenture trustee or holders that the enforced shares settle the debenture default (Annual Report 2025-26, p.26).
  • Collection of the receivables that are two to three years old (Annual Report 2025-26, p.81).
  • Any sale or partner deal for the online portal business, which the company says is under review (Annual Report 2025-26, p.5).
  • Whether the company returns to an operating profit, which the Chairman calls the measure the board expects to be judged by (Annual Report 2025-26, p.9).
  • Customers take longer to pay than before: 106 days in FY26, against 1 in FY20.

From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.

Docmode Health Technologies revenue and profit growth

Half-yearly results · Profit and loss

Sales have fallen.

Sales and net profit, every year, ₹ crore
SalesNet profit
-200204060Sales, FY20: 6.9 ₹ cr6.9Net profit, FY20: 0.3 ₹ cr0.3FY20Sales, FY21: 7.1 ₹ cr7.1Net profit, FY21: 0.6 ₹ cr0.6FY21Sales, FY22: 12.4 ₹ cr12.4Net profit, FY22: 0.9 ₹ cr0.9FY22Sales, FY23: 32.9 ₹ cr32.9Net profit, FY23: 2 ₹ cr2FY23Sales, FY24: 39.9 ₹ cr39.9Net profit, FY24: 0.2 ₹ cr0.2FY24Sales, FY25: 41.8 ₹ cr41.8Net profit, FY25: -2 ₹ cr-2FY25Sales, FY26: 25.5 ₹ cr25.5Net profit, FY26: -0.1 ₹ cr-0.1FY26
The latest halves, ₹ crore
SalesNet profit
-100102030Sales, H2FY23: 20 ₹ cr20Net profit, H2FY23: 0.6 ₹ cr0.6H2FY23Sales, H1FY24: 23.6 ₹ cr23.6Net profit, H1FY24: 1.4 ₹ cr1.4H1FY24Sales, H2FY24: 16.4 ₹ cr16.4Net profit, H2FY24: -1.2 ₹ cr-1.2H2FY24Sales, H1FY25: 20.4 ₹ cr20.4Net profit, H1FY25: -0.5 ₹ cr-0.5H1FY25Sales, H2FY25: 21.4 ₹ cr21.4Net profit, H2FY25: -1.4 ₹ cr-1.4H2FY25Sales, H1FY26: 17.9 ₹ cr17.9Net profit, H1FY26: -0.1 ₹ cr-0.1H1FY26Sales, H2FY26: 7.7 ₹ cr7.7Net profit, H2FY26: -0.1 ₹ cr-0.1H2FY26

SME companies report every six months. In the latest half, sales were lower than in the same half a year before.

Docmode Health Technologies half-yearly results

SME companies report every six months · ₹ crore

₹ crore · growth on the same half a year before
H2FY23H1FY24H2FY24H1FY25H2FY25H1FY26H2FY26
Sales20.0223.6016.4020.4221.3517.857.67
Expenses18.5820.8817.2320.5421.9117.058.82
Operating profit1.442.72-0.83-0.12-0.550.80-1.16
OPM7.2%11.5%-5.1%-0.6%-2.6%4.5%-15.1%
Interest0.720.840.821.090.830.850.11
Depreciation0.010.020.010.140.160.110.12
Profit before tax0.761.92-1.59-0.51-1.45-0.09-0.07
Net profit0.611.36-1.17-0.52-1.38-0.09-0.07

Docmode Health Technologies profit and loss

Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported

₹ crore
FY20FY21FY22FY23FY24FY25FY26
Sales6.947.1012.4232.8839.9341.7725.52
Expenses6.556.2310.5329.1438.0542.4525.85
Operating profit0.390.871.893.741.88-0.68-0.34
OPM5.6%12.3%15.2%11.4%4.7%-1.6%-1.3%
Other income000.010.100.140.931.40
Interest0.010.190.381.131.661.920.96
Depreciation0.050.040.020.020.020.300.23
Profit before tax0.330.641.502.690.34-1.97-0.14
Tax rate-6.1%14.1%38.7%27.5%44.1%-3.1%0.0%
Net profit0.340.550.921.950.19-2.03-0.14
EPS ₹···8.500.60-6.45-0.43
Dividend payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%

A tax rate above 60% or below zero (FY20, FY25) comes from tax charged on a small or negative profit, as reported.

Earnings per share before FY24 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.

Docmode Health Technologies profitability

Margins and returns on capital

Last year the company kept about as much from each rupee of sales as the year before. Its costs were more than its sales. It earns a low return on the money it uses.

Operating margin, every year

Per cent of sales kept before interest, depreciation and tax

-5%0%5%10%15%20%FY20: 5.6%5.6%FY20FY21: 12.3%12.3%FY21FY22: 15.2%15.2%FY22FY23: 11.4%11.4%FY23FY24: 4.7%4.7%FY24FY25: -1.6%-1.6%FY25FY26: -1.3%-1.3%FY26
Per cent
FY20FY21FY22FY23FY24FY25FY26
Operating margin5.6%12.3%15.2%11.4%4.7%-1.6%-1.3%
Tax rate-6.1%14.1%38.7%27.5%44.1%-3.1%0.0%
ROCE·113.7%48.5%42.0%12.7%-0.3%6.0%
ROE··98.9%80.2%2.7%-21.7%-1.7%
Dividend payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Docmode Health Technologies debt and cash flow

Balance sheet · Cash flow · Working capital

The company's own money, its net worth, has shrunk. It cut its borrowings last year. Its loans are smaller than its own money. Last year the business brought in more cash than it showed as profit. Customers take about as long to pay as they did in FY24.

Its own money and its borrowings, ₹ crore
Net worthBorrowings
-5051015Net worth, FY20: -0.1 ₹ cr-0.1Borrowings, FY20: 0 ₹ cr0FY20Net worth, FY21: 0.5 ₹ cr0.5Borrowings, FY21: 1.1 ₹ cr1.1FY21Net worth, FY22: 1.4 ₹ cr1.4Borrowings, FY22: 4.8 ₹ cr4.8FY22Net worth, FY23: 3.5 ₹ cr3.5Borrowings, FY23: 8.5 ₹ cr8.5FY23Net worth, FY24: 10.4 ₹ cr10.4Borrowings, FY24: 9.2 ₹ cr9.2FY24Net worth, FY25: 8.4 ₹ cr8.4Borrowings, FY25: 6.8 ₹ cr6.8FY25Net worth, FY26: 8.2 ₹ cr8.2Borrowings, FY26: 3.7 ₹ cr3.7FY26
Cash from the business against net profit, ₹ crore
Cash from the businessNet profit
-30358Cash from the business, FY20: 0.2 ₹ cr0.2Net profit, FY20: 0.3 ₹ cr0.3FY20Cash from the business, FY21: -0.5 ₹ cr-0.5Net profit, FY21: 0.6 ₹ cr0.6FY21Cash from the business, FY22: -2.1 ₹ cr-2.1Net profit, FY22: 0.9 ₹ cr0.9FY22Cash from the business, FY23: -0.8 ₹ cr-0.8Net profit, FY23: 2 ₹ cr2FY23Cash from the business, FY24: 4.5 ₹ cr4.5Net profit, FY24: 0.2 ₹ cr0.2FY24Cash from the business, FY25: 6.7 ₹ cr6.7Net profit, FY25: -2 ₹ cr-2FY25Cash from the business, FY26: 4.3 ₹ cr4.3Net profit, FY26: -0.1 ₹ cr-0.1FY26

Bars below the line are cash going out.

Docmode Health Technologies balance sheet

At each 31 March · ₹ crore

₹ crore
FY20FY21FY22FY23FY24FY25FY26
Equity capital0.010.010.012.293.143.143.14
Reserves-0.100.461.381.187.235.215.07
Net worth-0.090.471.393.4710.378.358.21
Borrowings0.021.064.848.489.186.823.73
Other liabilities1.964.143.855.0610.6024.1421.56
Total liabilities1.895.6710.0817.0130.1539.3133.50
Fixed assets0.150.160.502.070.971.220.98
Capital work in progress00008.5011.6013.48
Investments00.101.251.201.261.291.30
Other assets1.745.418.3313.7419.4225.2017.74
Receivables·····9.247.44
Inventory·····11.177.75
Cash·····1.840.18
Trade payables·····5.343.52

Docmode Health Technologies cash flow

₹ crore

₹ crore
FY20FY21FY22FY23FY24FY25FY26
Cash from operations0.17-0.50-2.05-0.834.516.684.30
Cash from investing-0.20-0.13-1.52-1.57-7.55-3.67-1.89
Cash from financing0.010.843.412.655.76-4.28-4.06
Net cash flow-0.020.21-0.160.252.72-1.27-1.65
Capital spending·····00

Working capital

Days

Days
FY20FY21FY22FY23FY24FY25FY26
Debtor days1701129210581106
Inventory days121669501···634
Days payable60512323···288
Cash conversion cycle612272919210581453
Working capital days-2330925012-54-96

Docmode Health Technologies peers and competitors

Listed SME companies in the same industry

By sales, Docmode Health Technologies is number 14 of the 22 listed SME companies in other consumer services.

Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.

CompanyMarket cap ₹ crP/ESales ₹ crProfit ₹ crOp. marginDebt/equity
Mopshop Distribution--44.15.218.1%1.02
Drone Destination7967.835.11.227.7%0.39
Docmode Health Technologies7-25.5-0.1-1.3%0.45
Flywings Simulator Training Centre26823.024.511.664.2%0.12
Thinking Hats Entertainment Solutions1612.723.51.29.9%0.37
Fusion Klassroom Edutech15520.4237.656.4%0.19
Blue Pebble2653.221.60.54.5%0.00
Moxsh Overseas Educon10244.412.92.337.7%0.24
Humming Bird Education1721.37.90.85.4%0.00
Sodhani Academy of Fintech Enablers7521.73.73.555.1%0.00
Kuberan Global Edu Solutions7-0-0.4-0.05
Median of the 10 others7522.422.31.827.7%0.15

Docmode Health Technologies shareholding pattern

Promoters, FIIs, DIIs, HNIs and small holders

The promoters own less than half the company, a little less than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders has come down.

Promoters
29.50%
-17.94 pts since Feb 24
Foreign investors (FIIs)
0.00%
at Mar 25; not in the latest pattern
Indian institutions (DIIs)
0.00%
at Mar 25; not in the latest pattern
HNIs (over ₹2 lakh each)
53.45%
+27.95 pts since Feb 24
Small holders (up to ₹2 lakh)
11.86%
-10.46 pts since Feb 24
Companies and others
5.19%
+0.70 pts since Feb 24
Number of shareholders
195
483 in Feb 24

Docmode Health Technologies shareholding pattern

Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.

Feb 24Mar 24Sep 24Dec 24Mar 25Sep 25Mar 26
Promoters47.44%47.44%47.44%47.44%47.44%30.86%29.50%
Foreign investors (FIIs)0.05%0.00%0.00%0.00%0.00%--
Indian institutions (DIIs)0.20%0.00%0.00%0.00%0.00%--
HNIs (over ₹2 lakh each)25.50%28.35%34.69%35.86%34.33%51.93%53.45%
Small holders (up to ₹2 lakh)22.32%15.65%14.56%14.20%14.64%12.78%11.86%
Companies and others4.49%8.56%3.31%2.50%3.59%4.43%5.19%
Number of shareholders483238259262246221195

The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.

Docmode Health Technologies study: the business from its own documents

Read from 2 of the company's own documents

Docmode Health Technologies so far

From the company's own record

  1. 2 Feb 2024Listed on NSE Emerge at ₹79
  2. 31 March 2026Promoters at 29.50%
  3. 29 April 2024Highest close since listing, ₹264.80

Docmode Health Technologies key facts from the filings

Each figure with the document it comes from

FY26 revenue
₹25.5 cr
Down from ₹41.8 cr in FY25, after the move to partner-led selling and the dropping of low-margin work.Annual Report 2025-26, p.4 to 5 and p.67
Bought-in costs
₹16.5 cr
Purchases of goods and services in FY26, against ₹44.8 cr in FY25, the largest cost by far.Annual Report 2025-26, p.67
Loss before tax
₹0.14 cr
FY26, narrower than ₹1.97 cr in FY25 after cost cuts.Annual Report 2025-26, p.67
Debenture default
₹2.25 cr
Non-convertible debentures not repaid; interest of ₹0.30 cr was left out of the accounts, which the auditors qualified.Annual Report 2025-26, p.26
Promoter shares enforced
17.98%
Pledged shares taken by debenture holders in 2025: 16.57% of the company in June and 1.41% in August.Annual Report 2025-26, p.20; our arithmetic
Show 4 more facts
Old receivables
₹6.7 cr
Owed for two to three years, out of ₹7.4 cr due from customers at March 2026, with no provision made.Annual Report 2025-26, p.81
Short-term borrowings
₹2.6 cr
At March 2026, down from ₹5.7 cr; finance costs halved to ₹1.0 cr but management still calls them too high.Annual Report 2025-26, p.66, p.67 and p.10
Staff costs
₹2.7 cr
FY26 employee costs, down from ₹3.8 cr, as delivery was folded into fewer teams.Annual Report 2025-26, p.67 and p.5
New name
Doctrack Solutions
Approved by shareholders on 8 July 2026 and by the Registrar of Companies on 28 July 2026.Annual Report 2025-26, p.4 and p.21

What the company said, and what happened

The company's own statements, attributed, set against what it later reported; not newboard's estimates

The company says it will add no new products or lines in FY27, will widen partner coverage, keep its lower cost base and margin thresholds, grow repeat directly billed work with drug companies, and turn margins into cash. It says reported revenue may fall further as more work goes through partners, that cutting finance costs is an explicit aim, and that options for the online portal include selling parts of it, with no commitment made.

None plannedNew products or lines in FY27Annual Report 2025-26
What management saidWhenWhat happened
Sustained growth through FY26 from a strong first quarterAnnual Report 2024-25FY26 revenue fell to ₹25.5 cr from ₹41.8 cr

Is it a good business? Six questions

Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.

The company earns a thin cut on medical education and research programmes that drug companies pay for, much of it passed through to outside suppliers.

Its weak spots are falling sales, a debt default that cost the founders a large part of their shares, and very old money owed by customers.

WatchCan it set its own prices?It is now turning away work below its margin thresholds, but most of its costs are bought in and its own margin is thin.
The evidence. Purchases of goods and services were ₹16.5 cr against revenue of ₹25.5 cr in FY26; the company says it applied pricing discipline on renewals.Annual Report 2025-26, p.5 and p.67
AverageHow strong is it against rivals?A verified doctor network and compliance credentials help it stay on drug companies' approved lists, though no rivals are named.
The evidence. The company cites its ISO 27001 certification, a CDSCO-registered ethics committee and tighter pharmaceutical marketing rules that push clients to fewer providers.Annual Report 2025-26, p.6 to 7
AverageWho are its customers?Repeat drug and healthcare companies pay for most of the work, now partly reached through resellers.
The evidence. The company says repeat mandates from long-standing pharmaceutical and healthcare clients remain its main source of revenue; it gives no customer shares.Annual Report 2025-26, p.5 and p.38
WatchDoes it need a lot of money?It needs little plant, but slow collections and costly borrowing have strained it, ending in a debenture default.
The evidence. ₹6.7 cr of ₹7.4 cr receivables were two to three years old at March 2026; the company defaulted on ₹2.25 cr of debentures.Annual Report 2025-26, p.26 and p.81
WatchCan it keep finding new work?It has stopped adding products and is leaning on partners and existing clients, while sales fell sharply in the latest year.
The evidence. No new business lines or products were added in FY26 and none are planned for FY27; revenue fell from ₹41.8 cr to ₹25.5 cr.Annual Report 2025-26, p.4 and p.37
WatchDo good and bad years swing a lot?Revenue depends on the number and size of programmes clients fund, and it has swung widely from half to half.
The evidence. The company itself refers to the revenue volatility it has experienced and says partner selling makes its costs more variable.Annual Report 2025-26, p.6

Who runs Docmode Health Technologies?

Promoters, directors and officers; tap a name for the background

PPPaulson Paul ThazhathedathFounder, Promoter, Chairman and Whole-Time Director · holds 16.37%

Has more than fifteen years in mass media and advertising and has shaped the company's strategic direction. Lost part of the pledged shareholding when debenture holders enforced their pledge in 2025.

Annual Report 2025-26, p.13, p.14 and p.20
HAHans Albert LewisFounder, Promoter, Whole-Time Director and Chief Financial Officer · holds 13.07%

A graduate in mass media and advertising from Wilson College, Mumbai (2004), with more than fifteen years in mass media and advertising; runs financial management and operations.

Annual Report 2025-26, p.13 and p.14
PJParesh Jaysih SampatManaging Director

A cost accountant (FCMA), Fellow Company Secretary and CIMA (London) qualified management accountant with law and commerce degrees from Mumbai University; experienced in fund raising, public issues, capital structuring and compliance. Managing Director since 30 September 2024 and a common director in related companies Aumen Healthcare, Augmentors Healthcare and Chemolec Enterprises.

Annual Report 2025-26, p.13 and p.133; Annual Report 2024-25, p.19
MEMonina Elizabeth LewisNon-Executive Director

Holds a Bachelor of Science from Mumbai University (2001) and has six years as a coordination and training officer with a foreign airline; on the board since March 2023.

Annual Report 2025-26, p.13
SNSujit Nityanand ChakrabortyIndependent Director

Holds a Master of Computer Applications from IGNOU and an executive MBA in project management, with more than 25 years in information technology; chairs the board committees.

Annual Report 2025-26, p.13 and p.14
NSNilay Shivnarayan SharmaIndependent Director

An engineering graduate of Shivaji University, Kolhapur, with more than 30 years in information technology.

Annual Report 2025-26, p.13

Docmode Health Technologies latest news and announcements

Announcements · Documents · Corporate actions

What changed recently

Each half-year is set against the same half a year earlier

  • H2 FY26: sales ₹7.7 cr (-64%), net profit -₹0.1 cr (-) on H2 FY25.
  • Shareholding, 31 March 2026: promoters 30.86% to 29.50%.

Docmode Health Technologies announcements

68 on record, latest first; each opens the filing on the exchange

Docmode Health Technologies annual reports, earnings calls and documents

Every document links to its source; “read” marks those this page is built from

Docmode Health Technologies share split, bonus and dividends

From the corporate actions the company announces on the exchange

No share split, bonus issue or dividend is on record since listing.

Checks we ran on Docmode Health Technologies' data · 9

Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.

  • ✓Balance sheet totals add up for FY25 and FY26.
  • ✓Market cap uses the share count in the latest shareholding pattern (31,42,800 shares).
  • ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
  • ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
  • ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
  • ✓The two half-years of FY26 add up to the full-year sales.
  • ✓Earnings per share moves in line with profit across the years shown.
  • ✓Revenue and profit are reported for every year shown, FY20 to FY26.
  • iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.

Questions people ask about Docmode Health Technologies

What does Docmode Health Technologies do?

Docmode Health Technologies, now renamed Doctrack Solutions, runs online and in-person courses, surveys and research programmes for doctors, paid for mostly by drug and healthcare companies. Its shares trade on NSE Emerge.

What is the share price of Docmode Health Technologies?

₹21.2 at the close on 4 Nov 2026, from the exchange's daily figures.

What is the market cap of Docmode Health Technologies?

₹7 cr at the close on 4 Nov 2026, on 31,42,800 shares.

What are Docmode Health Technologies' revenue and profit?

Revenue ₹26 cr and profit after tax -₹0 cr in FY26.

Who are the promoters of Docmode Health Technologies?

Paulson Paul Thazhathedath, Hans Albert Lewis; promoters held 29.50% at 31 March 2026.

What was the IPO price of Docmode Health Technologies?

₹79 a share; it listed on 2 Feb 2024.

What is Docmode Health Technologies' website?

www.docmode.org

More SME companies like Docmode Health Technologies

Other listed SME companies in other consumer services, the closest in size first, each read from its own documents.

Every listed SME company in Other Consumer Services → · SME companies listed in 2024 →

Built from 2 annual reports, 68 exchange announcements, 7 shareholding patterns and 7 years of reported results. Every figure carries its source; where the documents are silent, the page says so.