Poly Medicure Limited (POLYMED)

Healthcare · Healthcare Equipment & Supplies · NSE · Updated 15 August 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹1,786.2 ↓ 6.11% (1Y)

🎯 Key Takeaways

Poly Medicure is in a high-growth phase driven by strategic acquisitions, capacity expansion, and export diversification, targeting INR3,000+ crores in revenue by FY26 with 15% CAGR. Despite near-term export headwinds in the Middle East, the company is leveraging margin-accretive acquisitions and pricing power to sustain gross margins above 70% on a consolidated basis.
Revenue grew 1% QoQ to ₹424 in Q3FY25.
⚠️ Overreliance on export markets, particularly the Middle East, which are currently facing temporary disruptions and could impact near-term revenue visi

Market Cap

₹15,193

P/E Ratio

46.4

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Poly Medicure is in a high-growth phase driven by strategic acquisitions, capacity expansion, and export diversification, targeting INR3,000+ crores in revenue by FY26 with 15% CAGR. Despite near-term export headwinds in the Middle East, the company is leveraging margin-accretive acquisitions and pricing power to sustain gross margins above 70% on a consolidated basis. The business is transitioning from a domestic-focused player to a globally integrated medical devices supplier with structural tailwinds from India’s healthcare formalization and Ayushman Bharat adoption.

📰 What's Happening

In Q1 FY27, consolidated revenue grew 30.3% YoY to ₹525 crores, supported by strong domestic demand and integration of recent acquisitions that enhanced product mix and gross margin resilience. Management highlighted export disruptions in the Middle East as a near-term headwind but emphasized that higher-margin acquisitions and pricing power are cushioning profitability. Capex is being deployed to expand capacity in orthopedics, infusion, and cardio segments with new facilities in Faridabad (Q1 FY27) and Noida (Q1 FY28). EBITDA margin guidance of 23-25% remains intact, with expectations to reach the upper end of the range. The company also underscored its 399 global patents and strategic shift away from vascular dependence as key long-term growth enablers.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	307	321	337	340	378	385	420	424
Operating Profit	92	101	98	107	112	121	141	136
OPM %	27.1%	27.2%	25.0%	26.6%	25.5%	27.0%	27.5%	27.0%
Net Profit	59	63	62	65	68	74	87	85
EPS	₹6.13	₹6.54	₹6.48	₹6.78	₹7.12	₹7.71	₹9.01	₹8.48

Revenue has grown consistently over the past four quarters, rising from ₹307 crores in Q4FY23 to ₹525 crores in Q1 FY27, reflecting accelerating demand and successful integration of acquisitions. Operating profit margins have remained stable around 27%, indicating disciplined cost management despite inflationary pressures. Net profit and EPS have followed a similar upward trend, with EPS growing from ₹6.13 in Q4FY23 to ₹8.48 in Q3FY25, supported by margin expansion and scale. The company’s guidance for 67-69% standalone and 71-72% consolidated gross margins in Q2 FY27 suggests sustained pricing power and product mix benefits from recent expansions.

🔮 Management Outlook & What's Next

Management expects consolidated revenue to sustain 15% CAGR, targeting INR3,000+ crores by FY26, driven by capacity expansion, export recovery, and margin-accretive product mix. Gross margins are projected to remain in the 67-69% (standalone) and 71-72% (consolidated) range in Q2 FY27, supported by pricing power and higher-margin acquisitions. EBITDA margins are expected to reach the upper end of the 23-25% guidance range, reflecting operational leverage and cost discipline. No formal profit or capex guidance beyond Q2 was provided, but the focus remains on scalable growth through infrastructure and international diversification.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Healthcare Equipment & Supplies

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Poly Medicure Limited	15,193	46.4	—	—	—
Fischer Medical Ventures Limited	2,261	59.0	—	—	—
Laxmi Dental Limited	1,105	57.2	—	—	—
Tarsons Products Limited	1,101	36.9	—	—	—
Fabtech Technologies Limited	681	—	—	—	—
Nureca Limited	260	-47.3	—	—	—

🔗 Peer Stock Analyses

FISCHER LAXMIDENTL TARSONS FABTECH NURECA

⚠️ Risk Factors

1. Overreliance on export markets, particularly the Middle East, which are currently facing temporary disruptions and could impact near-term revenue visibility. 2. Integration risks associated with recent acquisitions, which may pressure margins if synergies are not realized as expected. 3. Intensifying competition in the medical devices space as domestic players scale up, potentially eroding pricing power. 4. Regulatory and compliance risks in international markets, which could delay product launches or expansions.

📋 Recent Filings

🧠 Analyst's Read

Poly Medicure is executing a clear growth strategy anchored in acquisitions, capacity expansion, and margin resilience, but near-term export volatility and integration execution will be key monitorable risks. Investors should watch for signs of export recovery, progress on new facility ramp-ups, and updates on margin performance in upcoming quarters.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-08-15.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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