NSE: POLYMED · BSE: 531768
POLY MEDICURE LIMITED
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| POLY MEDICURE LIMITED ◆ | 14,930 | 47.4 | 4.74 | 27.4 | 10.2 | 12.6 | 19.0 | 30.2 |
| FISCHER MEDICAL VENTURE L | 1,651 | 10.5 | 4.29 | 30.9 | 8.1 | 11.3 | — | 15.5 |
| TARSONS PRODUCTS LIMITED | 1,593 | 143.3 | 2.51 | 13.8 | 2.3 | 2.4 | — | 29.0 |
| LAXMI DENTAL LIMITED | 996 | 32.0 | 4.08 | 21.4 | 11.8 | 11.0 | — | 22.3 |
| Hemant Surgical Industries Lim | 743 | 28.4 | — | — | — | 16.7 | — | — |
| FABTECH TECHNOLOGIES LTD | 566 | 9.2 | 1.35 | 9.1 | 9.1 | 10.7 | — | 9.9 |
| Prevest Denpro Limited | 455 | 15.4 | — | — | — | 21.9 | — | — |
| NURECA LIMITED | 296 | 60.7 | 1.64 | 35.6 | 1.2 | 2.7 | (7.2) | 13.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 47.4 | 21.0 | 12 of 16 | 27% |
| P/B | 4.7 | 2.5 | 11 of 11 | 0% |
| 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 | 14930 | 164 | 1 of 17 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · RTA compliance certificate under SEBI Reg 74(5) filed for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closure from October 1, 2026 for Q2 Results | compliance | minimal | — | — |
| 24 Sept 2026 · Poly Medicure schedules one-on-one investor meet with Avendus Spark on Sep 30 | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Investor meeting with DAM Capital on 25 Sep 2026 | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Poly Medicure schedules investor meet with ICICI Securities PMS on 24 Sep | board shareholder meetings | low | — | — |
| 18 Sept 2026 · Poly Medicure investor meet with Axis Max Life on 23 Sept | board shareholder meetings | low | — | — |
| 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 | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | 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 |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.