Monitoring Agency Report for the Quarter ended on 31st December 2025
POLYMED · price
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Poly Medicure's CRISIL-issued Monitoring Agency Report covers use of funds raised through its August 2024 QIP of Rs 99,999.98 lakh (net proceeds Rs 98,534.37 lakh). During the October–December 2025 quarter, the company utilized Rs 18,674.94 lakh, taking cumulative deployment to Rs 47,431.17 lakh, leaving Rs 51,103.20 lakh unutilized. The major spend this quarter was the acquisition of Medistream SA (Switzerland) and its Citieffe Group subsidiaries (Italy, USA, Mexico) for ~Rs 24,071 lakh (~Euro 23 million) through its Dutch arm Poly Medicure B.V., of which Rs 18,071 lakh came from QIP proceeds. Capex on new manufacturing facilities in Rajasthan, Haryana and Uttarakhand saw only Rs 604 lakh of spending this quarter, while Rs 8,137 lakh from the General Corporate Purposes (GCP) bucket was routed toward the same acquisition. The remaining Rs 51,103 lakh is parked in mutual funds (Rs 50,299 lakh), fixed deposits and a small bank balance. No deviations from stated objects, no material delays and no unfavorable events were reported.
Shareholders get confirmation that QIP money is being deployed on track, with a sizeable chunk now tied to a completed European acquisition that should expand Poly Medicure's orthopedic product portfolio and geographic reach. The large unutilized balance sitting in mutual funds and FDs means future deployment (especially the Rs 46,446 lakh still pending for capex) will be the key thing to watch for incremental capacity-led growth.