Makes medical devices across infusion therapy, renal care and cardiology for hospitals in India and overseas markets. Infusion therapy accounts for 50% of revenue, with the rest coming from higher-technology segments such as renal dialysis machines and cardiology stents. It expanded internationally through European acquisitions PendraCare and Citieffe, and bought Medyneo for about USD 40,000 to use existing ANVISA licences and enter Brazil's USD 13-15 billion medical device market. FY26 stand-alone revenue was INR 1,662 crore (+4% year-on-year) with EBITDA margin of 26.8%; consolidated revenue including the acquired entities was INR 1,875 crore (+12.3%). Raw materials at 32% of revenue are the largest cost, with crude-linked inputs seeing 20% inflation in FY26 that shaved 200-300 basis points off gross margins. The Indian medical device market is 60-70% import-driven, with hospitals shifting to 60-65% insurance-based payments, creating room for domestic manufacturing. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Infusion Therapy (50%), Higher-technology segments, Acquired entities. Asset-light medical device manufacturer transitioning from low-technology to higher-technology product mix
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 923 | 1,115 | 1,376 | 1,670 | 1,875 |
| EBITDA (ex other income) | 213 | 265 | 358 | 453 | 436 |
| margin % | 23.1 | 23.8 | 26.0 | 27.1 | 23.2 |
| Owners' profit | 147 | 179 | 258 | 339 | 322 |
| EPS, as reported (₹) | 15.28 | 18.69 | 26.92 | 34.13 | 31.79 |
| ROE % · ROCE % | 13.5 · 17.1 | 14.4 · 19.0 | 17.6 · 23.4 | 12.2 · 16.3 | 10.2 · 13.2 |
| Debt / equity (x) | 0.12 | 0.12 | 0.12 | 0.06 | 0.11 |
| Cash from operations | 123 | 191 | 266 | 241 | 241 |
| Capex | (156) | (239) | (277) | (325) | (308) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 420 | 424 | 441 | 403 | 444 | 494 | 535 | 525 |
| Profit before tax | 117 | 112 | 121 | 122 | 121 | 96 | 84 | 116 |
| Net profit | 87 | 85 | 92 | 93 | 92 | 71 | 65 | 85 |
| EPS (₹) | 9.01 | 8.48 | 8.92 | 9.19 | 9.06 | 7.00 | 6.54 | 8.49 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| POLY MEDICURE LIMITED ◆ | 17,626 | 55.9 | 5.60 | 32.3 | 10.2 | 12.6 | 19.0 | 30.2 |
| FISCHER MEDICAL VENTURE L | 2,353 | 15.0 | 6.11 | 43.6 | 8.1 | 11.3 | — | 15.5 |
| TARSONS PRODUCTS LIMITED | 1,657 | 149.0 | 2.61 | 14.3 | 2.3 | 2.4 | — | 29.0 |
| LAXMI DENTAL LIMITED | 1,121 | 36.0 | 4.59 | 24.1 | 11.8 | 11.0 | — | 22.3 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Sept 2026 · 31st AGM: All 5 resolutions passed, dividend declared for FY26 | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Poly Medicure 31st AGM held on Sept 5; e-voting results awaited | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Poly Medicure schedules meet with Sumitomo Mitsui DS Asset Management | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Investor Meet Re-scheduled with Wasatch Global to August 27, 2026 | board shareholder meetings | low | — | — |
| 22 Aug 2026 · Poly Medicure schedules investor meetings with Bandhan AMC and Sparx Capital | board shareholder meetings | low | — | — |
| 20 Aug 2026 · Investor meeting with Wasatch Global cancelled | board shareholder meetings | low | — | — |
| 17 Aug 2026 · Intimation of Investor and Analyst Meeting Schedule on 20 August 2026 | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Notice of 31st AGM on September 5, 2026 with FY26 Annual Report | board shareholder meetings | medium | — | — |
| 10 Aug 2026 · Audio recording of Q1 FY27 earnings call now available on website | investor communications | low | — | — |
| 10 Aug 2026 · Poly Medicure QIP funds: No deviation in utilization for Q1 FY27 | compliance | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| FABTECH TECHNOLOGIES LTD | 650 | 10.6 | 1.55 | 10.6 | 9.1 | 10.7 | — | 9.9 |
| Hemant Surgical Industries Lim | 613 | 23.4 | — | — | — | 16.7 | — | — |
| Prevest Denpro Limited | 489 | 16.5 | — | — | — | 21.9 | — | — |
| NURECA LIMITED | 318 | 65.2 | 1.76 | 38.3 | 1.2 | 2.7 | (7.2) | 13.0 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 55.9 | 20.0 | 13 of 17 | 25% |
| P/B | 5.6 | 2.7 | 10 of 11 | 10% |
| ROCE | 12.6 | 11.3 | 7 of 17 | 63% |
| ROE | 10.2 | 8.1 | 4 of 11 | 70% |
| Debt / Equity | 0.1 | 0.1 | 6 of 11 | 50% |
| EBITDA margin | 30.2 | 16.7 | 2 of 11 | 90% |
| Revenue growth | 30.3 | 13.9 | 2 of 13 | 92% |
| Profit growth | (8.4) | 75.5 | 8 of 10 | 22% |
| Market cap | 17626 | 175 | 1 of 17 | 100% |
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| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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