India's largest medical equipment exporter Poly Medicure expects to more than double its growth rate to 25% in FY27, up from 12% in FY26, according to managing director Himanshu Baid. The company's consolidated revenue grew 12.3% year-on-year to ₹1,875.3 crore in FY26, with significant contributions from two strategic acquisitions made in September 2025: Italian orthopaedic device maker Citieff and Dutch medical devices company PendraCare Group, which specialises in cardiology catheters. As reported by Mint, Baid attributed the accelerated growth trajectory to the full-year impact of these acquisitions, faster growth in India and international businesses. The recent acquisitions are part of Poly Medicure's strategy to move up the technology value chain not just to boost growth, but also hedge against macroeconomic risks.
The company is strategically moving up the technology value chain from traditional consumables manufacturing to higher-value medical equipment sectors. According to Baid's interview with Mint, the company has expanded into cardiology, orthopaedics, oncology and renal care, which account for at least half the patient pool in hospitals. The price transformation is dramatic: products previously costing ₹19-20 per unit are now being sold for ₹10,000-50,000 or more. This shift enables Poly Medicure to compete with multinational products by offering better value, agility and flexibility in the Indian and global markets. As Baid explained, "As we pitch ourselves in a higher product segment, I think we are able to replace multinational products, because there is huge room available in India and also globally. We are cheaper, we are more agile and flexible."
The company is targeting significant growth in the US market through the proposed India-US trade deal, which could ease tariffs to 18%. Currently, the US market accounts for $6-7 million of overall sales, but the company aims to grow this to $25 million by FY30. In India, which represents 31% of sales, expansion of corporate chains and better insurance penetration are driving growth. The company is also focusing on high-tech equipment in Europe, its second-largest market accounting for half of revenues, to counter Chinese competitors who undercut prices aggressively. As Baid noted, "We are trying to innovate there, to create stickiness for the products. Dumping is there, especially in low-technology products. But when you move from low to medium technology, people are looking at performance, quality, all those parameters, apart from price."
The ongoing West Asia conflict has created significant cost pressures for the company. As reported by Mint, Poly Medicure has experienced a 20% increase in input costs across the board, primarily due to the blockage of the Strait of Hormuz affecting polymer prices. To mitigate these impacts, the company has implemented a 3-5% price increase for customers and a 7-10% overall price increase for exports, which has helped reduce some of the risk. However, Baid expects the war's impact to continue in the second quarter with potential 200-300 basis points hit to gross margin for the full year. The rupee depreciation has compounded these challenges, making exports more expensive and requiring additional price adjustments.
