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Poly Medicure Q2 FY27 results: net profit up 3.6% to ₹95.13 crore, revenue up 30.8%
Poly Medicure Limited reported consolidated revenue of ₹580.53 crore for Q2 FY27, up 30.8% from Q2 FY26, while EBITDA rose 20.0% and profit after tax rose 3.6%. The quarter included an exceptional gain of ₹9.56 crore, while the EBITDA margin declined to 23.7% from 25.8% a year earlier.
Key points
- Consolidated revenue was ₹580.53 crore in Q2 FY27, up ₹136.65 crore or 30.8% from Q2 FY26 and ₹55.15 crore or 10.5% from Q1 FY27.
- EBITDA was ₹137.57 crore, up ₹22.89 crore or 20.0% year on year, while the margin declined by 2.1 percentage points to 23.7%.
- Profit after tax was ₹95.13 crore, up ₹3.33 crore or 3.6% from Q2 FY26 and ₹9.86 crore or 11.6% from Q1 FY27; basic EPS was ₹9.38.
- The quarter recorded an exceptional gain of ₹9.56 crore, compared with no exceptional item in Q2 FY26 and Q1 FY27.
- For H1 FY27, revenue rose 30.6% to ₹1,105.90 crore, but profit after tax fell 2.4% to ₹180.40 crore.
How did Poly Medicure perform in Q2 FY27?
Poly Medicure reported consolidated revenue of ₹580.53 crore in Q2 FY27, up ₹136.65 crore or 30.8% from Q2 FY26. EBITDA rose ₹22.89 crore or 20.0% to ₹137.57 crore, but its margin declined by 2.1 percentage points to 23.7%. Profit before tax increased ₹3.21 crore or 2.7% to ₹123.94 crore.
Profit after tax was ₹95.13 crore, up ₹3.33 crore or 3.6% from Q2 FY26, and basic EPS increased ₹0.32 or 3.5% to ₹9.38. Against Q1 FY27, revenue rose ₹55.15 crore or 10.5%, EBITDA increased ₹12.47 crore or 10.0%, and profit after tax rose ₹9.86 crore or 11.6%.
On the standalone basis, Q2 FY27 revenue was ₹488.28 crore, up 17.2%, while profit after tax was ₹92.03 crore compared with ₹89.05 crore in the year-ago quarter. The board approved the unaudited consolidated and standalone results for the quarter and first half ended 30 September 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 580.53 | 525.38 | 443.88 | +30.8% | +10.5% |
| Other income | 19.01 | 33.41 | 33.94 | −44.0% | −43.1% |
| Total expenses | 485.16 | 443.03 | 357.10 | +35.9% | +9.5% |
| EBITDA | 137.57 | 125.10 | 114.68 | +20.0% | +10.0% |
| EBITDA margin | 23.7% | 23.8% | 25.8% | −2.1 pp | −0.1 pp |
| Profit before tax | 123.94 | 115.75 | 120.73 | +2.7% | +7.1% |
| Tax | 30.33 | 32.03 | 29.89 | +1.5% | −5.3% |
| Net profit | 95.13 | 85.27 | 91.80 | +3.6% | +11.6% |
| EPS (₹) | 9.38 | 8.49 | 9.06 | +3.5% | +10.5% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Poly Medicure's costs and profit?
Total expenses rose ₹128.06 crore or 35.9% from Q2 FY26 to ₹485.16 crore, outpacing the increase in revenue. Cost of materials increased ₹44.50 crore or 28.3% to ₹201.57 crore, employee cost rose ₹41.54 crore or 46.8% to ₹130.37 crore, and other expenses increased ₹34.25 crore or 32.7% to ₹138.96 crore.
Finance costs rose ₹4.18 crore or 140.7% to ₹7.15 crore and depreciation increased ₹10.12 crore or 40.6% to ₹35.05 crore. Other income fell ₹14.93 crore or 44.0% to ₹19.01 crore. The company recorded an exceptional gain of ₹9.56 crore, while there was no exceptional item in the year-ago quarter.
Tax expense increased ₹0.44 crore or 1.5% to ₹30.33 crore. Despite the higher revenue, the EBITDA margin fell to 23.7% from 25.8%, while the profit after tax margin declined to 16.4% from 20.7%. The filing provides the cost-line changes but does not state reasons for them.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 201.57 | 157.07 | +44.50 | +28.3% |
| Employee cost | 130.37 | 88.83 | +41.54 | +46.8% |
| Finance costs | 7.15 | 2.97 | +4.18 | +140.7% |
| Depreciation | 35.05 | 24.93 | +10.12 | +40.6% |
| Other expenses | 138.96 | 104.71 | +34.25 | +32.7% |
| Total expenses | 485.16 | 357.10 | +128.06 | +35.9% |
| Other income | 19.01 | 33.94 | −14.93 | −44.0% |
| Tax | 30.33 | 29.89 | +0.44 | +1.5% |
| Exceptional items | +9.56 (gain) | none |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, consolidated revenue rose ₹258.81 crore or 30.6% to ₹1,105.90 crore from ₹847.09 crore in H1 FY26. Total income increased ₹235.16 crore or 25.5% to ₹1,158.31 crore from ₹923.15 crore.
Profit before tax fell ₹2.66 crore or 1.1% to ₹239.69 crore, while profit after tax declined ₹4.48 crore or 2.4% to ₹180.40 crore. Basic EPS decreased ₹0.38 or 2.1% to ₹17.87 from ₹18.25 in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,106 | 847.09 | +30.6% |
| Profit before tax | 239.69 | 242.35 | −1.1% |
| Net profit | 180.40 | 184.88 | −2.4% |
| EPS (₹) | 17.87 | 18.25 | −2.1% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹4,155.30 crore, compared with ₹3,918.57 crore on 31 March 2026, while total equity was ₹3,307.66 crore against ₹3,149.24 crore. Borrowings increased to ₹385.56 crore from ₹341.62 crore, and cash and cash equivalents rose to ₹58.21 crore from ₹51.23 crore.
Inventories increased to ₹512.18 crore from ₹433.84 crore, trade receivables to ₹558.88 crore from ₹531.17 crore, and trade payables to ₹132.69 crore from ₹122.67 crore. In H1 FY27, operating cash flow was ₹109.01 crore, compared with ₹89.15 crore in H1 FY26.
Investing cash flow was an outflow of ₹88.12 crore in H1 FY27, compared with an outflow of ₹122.97 crore in H1 FY26. Financing cash flow was an outflow of ₹14.16 crore, compared with an inflow of ₹49.27 crore, while capital expenditure was ₹124.29 crore against ₹157.33 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 4,155 | 3,919 |
| Total equity | 3,308 | 3,149 |
| Borrowings | 385.56 | 341.62 |
| Cash and equivalents | 58.21 | 51.23 |
| Inventories | 512.18 | 433.84 |
| Trade receivables | 558.88 | 531.17 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 109.01 | 89.15 |
| Cash from investing | −88.12 | −122.97 |
| Cash from financing | −14.16 | 49.27 |
| Capital expenditure | 124.29 | 157.33 |
Source: Company's results filing (XBRL).
How has Poly Medicure done over the last 8 quarters?
Revenue rose in each of the last eight quarters on a year-on-year basis. It reached ₹580.53 crore in Q2 FY27, above ₹534.51 crore in Q4 FY26, while profit after tax was ₹95.13 crore against its recent low of ₹65.04 crore in Q4 FY26.
The EBITDA margin declined from 27.1% in Q4 FY25 to 20.7% in Q4 FY26 before recovering to 23.8% in Q1 FY27 and 23.7% in Q2 FY27. Revenue has continued rising, while profit after tax recovered from ₹65.04 crore in Q4 FY26 to ₹95.13 crore in the latest quarter.
What else did the company announce?
The board approved the unaudited consolidated and standalone financial results for the quarter and half year ended 30 September 2026, along with the auditors’ review reports. It also classified Poly Medicure B.V., Netherlands, a wholly owned subsidiary, as a material subsidiary because its net worth exceeded 10% of the company’s consolidated net worth.
The same-day investor communication reported that Q2 revenue rose 30.8% and set out a 2030 revenue ambition of twice FY26 revenue. The filings did not announce a dividend, fund raise or appointment on 5 November 2026.
What did Poly Medicure's management say?
Management said reported Q2 and H1 FY27 consolidated revenue growth was 30.8% and 30.6%, while organic growth was 16.3% in Q2 and 14.4% in H1. Management said international revenue and acquisitions through PendraCare, Citieffe and Medyneo contributed to the reported increase.
Management said FY27 standalone operating EBITDA margin was above the 25%-27% guidance range, while consolidated operating EBITDA margin was within the 23%-25% guidance range. The company presented a “Polymed 3.0” strategy under which management expects double R&D spend from FY2027 onwards, two upcoming plants and revenue of 2x by 2030.
Management said full enrolment of 2,000 patients in the PACIFIER DES clinical registry was targeted by the end of FY27. Management also identified continuous dumping from China as a risk to Renal, working-capital absorption and geopolitical challenges in international business.
Management said operating cash flow was ₹109.1 crore in H1 FY27 against ₹252.3 crore before working-capital changes, while the cash conversion cycle rose to 136 days from 135. The presentation also cited an exceptional gain of ₹9.6 crore from reversing PendraCare contingent consideration after an agreed milestone was not achieved.
How did Poly Medicure shares react?
After the filing appeared, the stock fell 1.6% in five minutes, 1.9% after 15 minutes and 1.9% after 30 minutes. On the reaction day, it closed 0.9% above its previous close of ₹1,600.00, against a 2.1% median rise for the other Medical Equipment & Supplies stocks in the industry group.
The reaction-day move was 1.1 percentage points below the industry median. Data for the next day and five days were not available. Earlier reaction-day moves included falls of 0.8% on 7 August 2026, 5.0% on 25 May 2026 and 0.9% on 5 February 2026.
| After the filing | Stock | Medical Equipment & Supplies median |
|---|---|---|
| 5 minutes | −1.6% | |
| 15 minutes | −1.9% | |
| 30 minutes | −1.9% | |
| Reaction day | +0.9% | +2.1% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 7 August 2026 | −0.8% |
| 25 May 2026 | −5.0% |
| 5 February 2026 | −0.9% |
| 8 November 2025 | −1.8% |
| 8 August 2025 | −0.4% |
| 6 May 2025 | +3.1% |
| 3 February 2025 | −2.2% |
| 22 July 2024 | −2.1% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Poly Medicure's revenue in Q2 FY27?
Revenue from operations was ₹580.53 crore, up 30.8% from ₹443.88 crore in Q2 FY26 (consolidated).
Did Poly Medicure make a profit in Q2 FY27?
Yes. Net profit was ₹95.13 crore, against a net profit of ₹91.80 crore in Q2 FY26.
What was Poly Medicure's EPS in Q2 FY27?
Basic earnings per share were ₹9.38, against ₹9.06 in Q2 FY26.
How did Poly Medicure shares react to the Q2 FY27 results?
On the reaction day the stock moved +0.9% from the previous close; the median Medical Equipment & Supplies stock moved +2.1%.
When did Poly Medicure announce its Q2 FY27 results?
On 5 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Intimation Of Notice Of Board Meeting To Be Held On 05Th November, 2026 (BSE, 29 October 2026) · PDF
- Outcome of Board Meeting (NSE, 5 November 2026) · PDF
- The investor presentation (5 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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