Poly Medicure

POLYMED

NSE

BSE

SectorHealthcare

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Company insights, generated from the most recent coverage.

FY26 consolidated revenue grew 12.3% YoY to ₹1,875 Cr with EBITDA of ₹457.7 Cr, demonstrating consistent operational execution.
Acquisitions of Citieffe Group (Italy) and PendraCare (Netherlands) in FY26 signal aggressive global expansion strategy in medical devices.
Anti-dumping investigation initiated on dialyzer imports from China & Malaysia with 20% injury margin; resolution by year-end could protect Poly Medicure's Renal segment margins.

The Quarter story

The two most recent quarterly results, compared side-by-side.

Poly Medicure drives margin expansion and export-led growth while optimizing costs, though capital efficiency and foreign investor interest face headwinds.

Gross Profit Margin [Consolidated] expands from 68.4% in Q1 FY26 to 73.4% in Q1 FY27, driven by optimized product mix.

RoCE falls from 22% in Q1 FY26 to 17.4% in Q4 FY26, signaling capital efficiency pressures.

International Revenue Mix rises from 69% in Q1 FY26 to 72% in Q1 FY27, highlighting a stronger export focus.

FPI Shareholding drops from 11.4% in Q1 FY26 to 5.57% in Q1 FY27, indicating foreign capital exit.

Operating EBITDA [Consolidated] grows from ₹106.1 Cr in Q1 FY26 to ₹126.7 Cr in Q1 FY27, confirming consistent cash generation.

Renal Care Revenue Mix shrinks from 11% in Q1 FY26 to 8% in Q1 FY27, showing reduced segment contribution.

Mutual Fund Shareholding increases from 7.3% in Q1 FY26 to 9.61% in Q1 FY27, reflecting steady domestic institutional confidence.

Other Expenses rise from ₹99.1 Cr in Q3 FY26 to ₹125.7 Cr in Q1 FY27, pointing to rising operational overheads.

Total Expenses decline from ₹376.0 Cr in Q3 FY26 to ₹260.5 Cr in Q1 FY27, indicating effective cost optimization.

ROE declines from 17% in Q1 FY26 to 14% in Q3 FY26, reflecting reduced shareholder returns.

About the company

Poly Medicure Limited is an Indian medical device manufacturer founded in 1995. The company produces over 130 SKUs of medical devices across various product verticals including infusion therapy, oncology, anesthesia, respiratory care, urology, gastroenterology, blood management, surgery, and dialysis. Poly Medicure operates ten manufacturing facilities across India, China, Egypt, and Italy, with seven in India, one in China through a wholly-owned subsidiary, one in Egypt through an associate, and one in Italy through a step-down subsidiary. The company exports to over 110 countries through a network of more than 220 distributors. Poly Medicure's facilities are accredited with international quality certifications, including ISO 9001:2015 and EN ISO 13485:2016. The company has an R&D center in Faridabad, Haryana, approved by DSIR, focusing on developing new products and improving existing processes. Poly Medicure holds over 375 patents for its products in various therapeutic areas.

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