POLYMED - Poly Medicure
📢 Recent Corporate Announcements
Poly Medicure Limited has scheduled a virtual one-on-one meeting with Avendus Spark on March 19, 2026, at 05:00 P.M. This interaction is part of the company's regular engagement with institutional investors and analysts. The meeting will be conducted virtually and follows the disclosure requirements under Regulation 30 of SEBI (LODR) Regulations, 2015. The company has clarified that no unpublished price-sensitive information (UPSI) will be shared during this session.
- One-on-one meeting scheduled with Avendus Spark on March 19, 2026
- The meeting is set to take place at 05:00 P.M. in a virtual format
- Compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- Company confirms no Unpublished Price Sensitive Information (UPSI) will be disclosed
Poly Medicure Limited has scheduled a virtual one-on-one meeting with Ellerston Capital on March 18, 2026, at 11:00 A.M. This interaction is part of the company's regular investor relations program under SEBI (LODR) Regulations. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during the call. Such meetings typically focus on discussing publicly available financial data and general business outlook.
- One-on-one virtual meeting scheduled with Ellerston Capital for March 18, 2026
- Meeting is set to commence at 11:00 A.M. IST
- Compliance disclosure made under Regulation 30 of SEBI (LODR) Regulations, 2015
- Company confirmed that no Unpublished Price Sensitive Information (UPSI) will be disclosed
Poly Medicure Limited has officially notified the exchanges regarding scheduled meetings with investors and analysts on March 9 and March 10, 2026. These interactions are part of the company's routine engagement with the investment community to discuss business operations and strategy. No specific financial data or material non-public information was disclosed in the announcement. Investors should look for subsequent filings containing presentation materials or meeting transcripts for more detailed insights.
- Investor and Analyst meetings scheduled for March 9, 2026.
- Follow-up meetings and interactions scheduled for March 10, 2026.
- Notification issued in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations.
- The meetings aim to provide a platform for management to interact with institutional stakeholders.
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.
- 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.
Poly Medicure Limited has announced its participation in the 'Investec India Promoter & Founder Conference 2026' scheduled for March 9th and 10th, 2026. The event will take place in Mumbai and involve in-person one-on-one and group meetings with institutional investors and analysts. The company has clarified that no unpublished price sensitive information (UPSI) will be shared during these interactions. This is a routine engagement aimed at maintaining investor relations and discussing the company's general business environment.
- Participation in Investec India Promoter & Founder Conference 2026 in Mumbai
- Meetings scheduled for two consecutive days: March 9 and March 10, 2026
- Format includes both one-on-one and group meetings with analysts and institutional investors
- Compliance disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015
- Company confirms no unpublished price sensitive information will be disclosed
Poly Medicure Limited has scheduled a virtual one-on-one meeting with Grandeur Peak Funds on March 6, 2026, at 09:30 A.M. The meeting is being conducted under Regulation 30 of SEBI (LODR) Regulations, 2015. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during this interaction. This event represents a routine engagement between the company management and institutional investors.
- One-on-one virtual meeting scheduled for March 6, 2026, at 09:30 A.M.
- Participant identified as Grandeur Peak Funds.
- Company confirmed that no Unpublished Price Sensitive Information (UPSI) will be shared.
- Disclosure made in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Poly Medicure Limited has scheduled a virtual one-on-one meeting with Kotak Life Insurance on March 2, 2026, at 4:00 PM. The meeting is being conducted under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has explicitly stated that no Unpublished Price Sensitive Information (UPSI) will be shared during this interaction. This is a routine engagement with a major institutional investor to discuss publicly available information.
- One-on-one virtual meeting scheduled with Kotak Life Insurance.
- Interaction date set for March 2, 2026, starting at 4:00 PM.
- Compliance disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015.
- Company confirmed that no Unpublished Price Sensitive Information (UPSI) will be shared.
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.
- 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.
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.
- 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.
Poly Medicure Limited has released the audio recording of its earnings conference call held on February 6, 2026. The call discussed the unaudited standalone and consolidated financial results for the third quarter ended December 31, 2025. This disclosure is a routine regulatory requirement under SEBI LODR Regulations to ensure transparency for all shareholders. Investors can access the recording via the company's website to hear management's detailed commentary on performance and future outlook.
- Earnings conference call held on February 6, 2026, at 16:00 P.M. IST
- Discussion focused on unaudited financial results for the quarter ended December 31, 2025
- Recording made available in compliance with SEBI Regulation 30 and 46(2)(oa)
- Link to the audio file provided for public access on the company's official website
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.
- 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.
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.
- 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.
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.
- 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.
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.
- 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.
Poly Medicure Limited has announced its earnings conference call to discuss the unaudited financial results for the quarter and nine months ended December 31, 2025 (Q3FY26). The call is scheduled for Friday, February 6, 2026, at 4:00 PM IST. Senior management, including the Managing Director and CFO, will be present to provide insights into the company's performance and strategic outlook. This is a routine but essential event for shareholders to understand the company's growth trajectory in the medical devices sector.
- Earnings call scheduled for February 6, 2026, at 16:00 IST to discuss Q3 and 9M FY26 results.
- Management representation includes MD Himanshu Baid, CFO Naresh Vijayvergiya, and President Rahul Gautam.
- The call will focus on the unaudited financial performance for the period ended December 31, 2025.
- Diamond Pass registration is available for institutional investors and analysts for priority access.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 5.3% YoY to INR 847.1 Cr in H1 FY26. Domestic revenue showed strong momentum, growing 17-18% YoY in Q2 and H1 FY26. Within the domestic market, the private business segment grew 22.3% YoY in Q2 FY26, while the government business segment experienced a 14% YoY degrowth. The international business segment grew 9.1% QoQ in Q2 FY26, reaching approximately INR 300 Cr, signaling a recovery from the Q1 bottom.
Geographic Revenue Split
The domestic market contribution to overall consolidated revenue increased to 32% in H1 FY26. International markets account for the remaining 68% of revenue. Europe, a key international market, saw a 9.6% YoY degrowth in Q2 FY26 due to high inventory levels at customer sites, though it showed a sequential recovery of 5% QoQ.
Profitability Margins
Gross margins improved to 69% in H1 FY26, an increase of 137 bps YoY, driven by better product mix and cost efficiencies. Net profit margin stood at 20% for H1 FY26, up from 19.2% in the previous year. Profit After Tax (PAT) for H1 FY26 was INR 185 Cr, reflecting a 14.5% YoY growth.
EBITDA Margin
Operating EBITDA margin for H1 FY26 was 26.7%, slightly down from 27.4% in H1 FY25. For Q2 FY26, the EBITDA margin was 26.8% (excluding one-time acquisition costs of INR 3.2 Cr). The company maintains a full-year guidance of 25-27%, supported by gross margin improvements of 125 bps.
Capital Expenditure
The company raised INR 1,100 Cr through a Qualified Institutional Placement (QIP) in August 2024 to fund expansion. Expected cash accruals of INR 320-330 Cr are projected to cover term debt obligations of INR 18-20 Cr. Net worth is projected to reach INR 2,600-2,700 Cr by March 31, 2025.
Credit Rating & Borrowing
CRISIL has assigned a long-term rating of 'CRISIL AA-/Stable' and a short-term rating of 'CRISIL A1+'. Borrowing costs are minimized by a strong capital structure with a gearing ratio and Total Outside Liabilities to Tangible Net Worth (TOL/TNW) expected to remain below 0.3 times.
Operational Drivers
Raw Materials
Plastic (medical grade) is the primary raw material, which is directly linked to crude oil prices. Plastic procurement forms the bulk of production expenses, making profitability highly sensitive to petrochemical price volatility.
Import Sources
Not explicitly disclosed in the documents, but the company operates globally with a representative office in the UK and USA, suggesting global sourcing for specialized components.
Capacity Expansion
The company is undergoing continuous capacity addition and modernization of facilities to support a targeted revenue CAGR of 18-20%. Specific unit capacities were not disclosed, but expansion is funded by the INR 1,100 Cr QIP.
Raw Material Costs
Raw material costs (Cost of Goods Sold) were INR 262.9 Cr in H1 FY26, representing 31% of revenue. This reflects a marginal YoY increase of 0.8% despite a 5.3% revenue growth, indicating improved procurement efficiency.
Manufacturing Efficiency
Efficiency is driven by steady capacity utilization and cost-cutting initiatives. The company maintains a healthy operating margin of 26-28% through these efficiencies.
Logistics & Distribution
Exports account for nearly 67% of total sales, making the company highly dependent on international logistics and exposed to fluctuations in global freight costs and forex rates.
Strategic Growth
Expected Growth Rate
15%
Growth Strategy
Growth will be achieved by hiring 100+ sales associates in FY26 (35+ already hired in H1) to deepen domestic market penetration. Additionally, the company is pursuing inorganic growth through acquisitions like the PendraCare Group, which is expected to contribute INR 120 Cr to revenue. The strategy also includes leveraging 300+ patents to launch new products in infusion therapy and dialysis.
Products & Services
IV cannulas, blood bags, blood collection tubes, infusion sets, transfusion sets, surgery disposables, and dialysis products.
Brand Portfolio
PolyMed.
New Products/Services
New product launches in the dialysis and oncology segments are expected to gradually reduce revenue concentration in core IV cannula products, which currently represent 67% of sales.
Market Expansion
Targeting increased domestic market share (currently 32% of revenue) and recovering European market share as customer inventory levels normalize.
Market Share & Ranking
PolyMed holds a strong market position in the organized medical disposable devices market, particularly in the IV cannula segment.
Strategic Alliances
The company has a joint venture, Ultra for Medical Products Co, in Egypt.
External Factors
Industry Trends
The medical device industry is shifting toward high-quality, patent-protected organized players. PolyMed is positioning itself by investing in R&D (up 51.8% YoY) and expanding its sales force to capture the 18-20% projected industry growth.
Competitive Landscape
Key competitors include global giants such as Baxter, Becton Dickinson, B Braun, and Boston Scientific, as well as various unorganized local manufacturers.
Competitive Moat
The moat is sustained by over 300 registered patents and a significant labor-cost advantage. These factors provide a barrier against both unorganized local players and high-cost global competitors like Becton Dickinson.
Macro Economic Sensitivity
Highly sensitive to global crude oil prices due to plastic-intensive manufacturing and sensitive to European economic health which impacts 2/3 of export sales.
Consumer Behavior
Rising demand for organized and high-quality medical disposables in the domestic private healthcare sector, which grew 22.3% for the company.
Geopolitical Risks
Geopolitical instability and changing medical device regulations in export markets like Europe and the USA pose risks to the implementation of the global growth strategy.
Regulatory & Governance
Industry Regulations
Operations are subject to US FDA audits (Unit-II Faridabad) and CE certifications for European exports. Compliance with diverse and evolving medical device regulations in each country of operation is mandatory.
Legal Contingencies
The company underwent a Secretarial Audit for FY25 as per Section 204(1) of the Companies Act, 2013. No specific pending court case values were disclosed.
Risk Analysis
Key Uncertainties
Revenue concentration in core products (67% of sales) and the impact of volatile crude oil prices on plastic costs are the primary uncertainties.
Geographic Concentration Risk
67% of revenue is concentrated in international markets, with a significant portion coming from Europe, which is currently facing economic headwinds.
Technology Obsolescence Risk
The company mitigates technology risk through continuous R&D investment (INR 14.5 Cr in H1 FY26) and holding 300+ patents.
Credit & Counterparty Risk
The company faces longer accounts receivable cycles in certain international markets, though liquidity remains 'Superior' with a current ratio of 4-5 times.