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Poly Medicure 9M FY26 Revenue Up 9.1% to ₹1,341 Cr; Domestic Sales Grow 17.6%
Poly Medicure reported a 9.1% YoY increase in consolidated revenue to ₹1,340.7 crore for 9M FY26, driven by strong domestic growth of 17.6%. While Gross Profit margins improved to 68.8%, Operating EBITDA margins contracted slightly to 25.8% due to higher employee and acquisition-related expenses. The company is aggressively expanding into high-growth areas like Cardiology and Orthopaedics through recent acquisitions of Pendracare and Citieffe. With 15 manufacturing plants and a pipeline of 100+ products, the company aims to maintain its leadership as India's largest medical device exporter.
Key Highlights
Consolidated 9M FY26 revenue reached ₹1,340.7 crore, a 9.1% increase over the previous year.
Domestic revenue showed robust growth of 17.6%, while international revenue grew by 5.8%.
Gross Profit margin improved by 192 bps to 68.8%, though EBITDA margin dipped to 25.8%.
Strategic expansion into Cardiology and Orthopaedics via acquisitions of Pendracare (Netherlands) and Citieffe (Italy).
Manufacturing capacity stands at 1.8 billion+ devices per year across 15 global plants.
💼 Action for Investors
Investors should monitor the integration of recent European acquisitions and the ramp-up of the new Haridwar and upcoming Palwal plants. The shift towards high-complexity segments like Cardiology and Orthopaedics suggests potential for long-term margin expansion.
Poly Medicure Reports Zero Deviation in Utilization of Rs 1,000 Crore QIP Proceeds
Poly Medicure Limited has confirmed that there are no deviations in the utilization of the Rs 99,999.98 lakh raised through its August 2024 QIP. As of December 31, 2025, the company has utilized Rs 47,431.17 lakh of the total net proceeds. Notably, the company has fully utilized the Rs 25,026.84 lakh allocated for inorganic initiatives, while the majority of the capital expenditure for manufacturing facilities (Rs 46,446.30 lakh) remains unspent.
Key Highlights
Total funds raised via QIP in August 2024 amounted to Rs 99,999.98 lakh at an issue price of Rs 1,880 per share.
Inorganic growth initiatives allocation of Rs 25,026.84 lakh has been 100% utilized as of December 31, 2025.
Capital expenditure for manufacturing facilities shows slow deployment with only Rs 3,526.86 lakh spent out of Rs 49,973.16 lakh allocated.
Actual issue expenses were Rs 1,465.61 lakh, which was lower than the estimated Rs 1,500 lakh, with the surplus moved to General Corporate Purposes.
Total unutilized funds remaining in the monitoring account stand at approximately Rs 51,103 lakh.
💼 Action for Investors
Investors should track the timeline for the remaining Rs 464 crore capex deployment, as this will drive future capacity and revenue growth. The full utilization of inorganic funds indicates that the company has already committed capital toward strategic acquisitions or partnerships.
Poly Medicure Q3 FY26: Revenue Up 16.4% to ₹494 Cr; Strategic Shift to High-Tech MedTech
Poly Medicure reported a 16.4% YoY revenue growth in Q3 FY26, reaching ₹494 crores, with gross margins expanding by 300 bps to 68.4%. The company is successfully transitioning from low-tech products to high-complexity segments like cardiology and orthopedics, bolstered by the acquisitions of PendraCare and Citieffe. Domestic private market growth remains strong at 22.5%, while the company is deliberately reducing lower-margin government business. With ₹840 crores in liquidity, management expects H2 FY26 revenue to be 20% higher than H1.
Key Highlights
Consolidated Q3 revenue grew 16.4% YoY to ₹494 crores with a strong gross margin of 68.4%.
Received DCGI approvals for high-end IVL and DEB products with ASPs exceeding ₹1,15,000.
Completed acquisitions of PendraCare and Citieffe, expanding footprint in European and US markets.
Domestic private business grew 22.5% YoY, while government business was reduced by 18% to improve margins.
Maintains strong liquidity of ₹840 crores to fund future organic and inorganic growth strategies.
💼 Action for Investors
Investors should favor the company's strategic pivot toward high-margin, high-complexity medical devices which creates higher entry barriers. Monitor the integration of European acquisitions and the scaling of the US business as key catalysts for future growth.
Poly Medicure Q3 FY26 Revenue Up 16.4% to ₹493.7 Cr; PAT Dips 16.9% on One-time Costs
Poly Medicure reported a 16.4% YoY growth in consolidated revenue to ₹493.7 Cr for Q3 FY26, driven by strong performance in European markets and the 'Others' segment. However, PAT declined by 16.9% YoY to ₹70.8 Cr, primarily due to ₹6.5 Cr in acquisition-related expenses and a ₹6.8 Cr one-time provision for the Revised Labour Code. The quarter saw the consolidation of PendraCare and Citieffe groups, which contributed to a 25.7% surge in European revenue. While operating EBITDA margins contracted to 24.2%, the 9M FY26 margin of 25.8% remains within the management's guidance range.
Key Highlights
Consolidated Revenue grew 16.4% YoY to ₹493.7 Cr, with Domestic revenue increasing 16.2%.
PAT fell 16.9% YoY to ₹70.8 Cr, impacted by ₹13.3 Cr in combined one-time acquisition and labor code expenses.
European revenue surged 25.7% YoY to ₹162.2 Cr following the integration of PendraCare and Citieffe.
Received DCGI regulatory approvals for Intravenous Lithotripsy System (IVL) and Drug Eluting Balloon (DEB).
Maintained a strong balance sheet with cash and equivalents of ₹839.8 Cr and 9M FY26 capex of ₹234 Cr.
💼 Action for Investors
Investors should look past the one-time acquisition costs and focus on the successful integration of European subsidiaries and the rollout of high-value products like IVL. Monitor if EBITDA margins return to the 26-27% range in the coming quarters as synergies materialize.
Poly Medicure Q3 Consolidated PAT at ₹91.55 Cr; Grants 2,000 ESOPs
Poly Medicure reported a consolidated total income of ₹452.51 crore for Q3 FY26, showing steady performance. The company's Net Profit for the quarter stood at ₹91.55 crore, despite a one-time exceptional provision of ₹6.80 crore related to new Labour Code requirements. The company is actively integrating its recent acquisitions of Pendracare and Citieffe Group, which are now reflected in the consolidated financials. Additionally, the board approved 2,000 new stock options and provided an update on the utilization of the ₹1,000 crore QIP proceeds.
Key Highlights
Consolidated Total Income for Q3 FY26 reached ₹452.51 crore, up from ₹442.89 crore in the preceding quarter.
Consolidated Net Profit for the quarter was ₹91.55 crore with a Diluted EPS of ₹9.06.
Recognized an exceptional item of ₹680.40 lacs (₹6.80 crore) as provision for past service costs under new Labour Codes.
Utilized ₹250.26 crore of QIP proceeds for inorganic initiatives and ₹35.26 crore for capital expenditure.
Maintains a strong liquidity position with ₹510.99 crore of QIP funds still invested in liquid mutual funds and FDs.
💼 Action for Investors
Investors should focus on the successful integration of the European acquisitions which are expected to drive future growth. The significant unutilized QIP capital suggests further expansion or inorganic opportunities are likely in the near term.
Poly Medicure Q3 Consolidated PAT up 7.7% YoY to ₹91.8 Cr; Completes Swiss Acquisition
Poly Medicure Limited reported a strong 36% YoY growth in consolidated revenue to ₹448.41 crore for Q3 FY26. Net profit grew by 7.7% YoY to ₹91.80 crore, impacted slightly by a one-time exceptional charge of ₹6.80 crore related to new labour code provisions. The company successfully completed the acquisition of Swiss-based Medistream SA (Citieffe group) for ₹248 crore, marking a significant step in its international expansion. Furthermore, the company continues to deploy its ₹1,000 crore QIP proceeds, with over ₹250 crore already spent on inorganic growth initiatives.
Key Highlights
Consolidated Revenue from operations increased 36% YoY to ₹448.41 crore from ₹329.29 crore.
Net Profit for the quarter stood at ₹91.80 crore, up from ₹85.23 crore in the corresponding quarter last year.
Completed 100% acquisition of Medistream SA, Switzerland, for a total acquisition cost of ₹248.01 crore.
Recognized an exceptional item of ₹6.80 crore as provision for past service costs under the new Labour Codes.
Utilized ₹250.27 crore of QIP proceeds for inorganic initiatives and ₹35.27 crore for capital expenditure as of Dec 31, 2025.
💼 Action for Investors
Investors should view the strong revenue growth and strategic European acquisitions as long-term value drivers. Monitor the integration of the Swiss and Dutch entities for margin improvements in upcoming quarters.
Poly Medicure Q3 Consolidated PAT Rises 30% YoY to ₹91.8 Cr; Major European Acquisitions Completed
Poly Medicure reported a strong year-on-year performance for Q3 FY26, with consolidated total income reaching ₹448.41 crore compared to ₹329.67 crore in the previous year. Net profit for the quarter stood at ₹91.80 crore, up from ₹70.81 crore YoY, despite a one-time exceptional charge of ₹6.80 crore for Labour Code provisions. The company is executing an aggressive inorganic growth strategy, completing the acquisition of Medistream SA (Citieffe group) for ₹248 crore and Pendracare group. With over ₹510 crore in QIP proceeds still unutilized, the company remains well-positioned for further expansion.
Key Highlights
Consolidated Total Income grew 36% YoY to ₹448.41 crore in Q3 FY26.
Net Profit (PAT) increased to ₹91.80 crore from ₹70.81 crore in the same quarter last year.
Completed 100% acquisition of Medistream SA (Citieffe group) for a total cost of ₹248.01 crore.
Recognized an exceptional expense of ₹6.80 crore due to the notification of new Labour Codes.
Unutilized QIP proceeds of ₹510.99 crore remain available for future inorganic initiatives.
💼 Action for Investors
Investors should take note of the robust YoY growth and the company's successful deployment of capital into high-value European medical device acquisitions. The stock remains a strong watch as the company integrates these new businesses and utilizes its remaining cash reserves for further growth.