Poly Medicure Ltd(POLYMED)

NSE: POLYMEDBSE: 531768

₹ 1,446.8-0.03%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 14,665 crWebsite: www.polymedicure.comUpdated: 24 Oct 2026

About

Poly Medicure Ltd is an Indian medical devices manufacturer selling across infusion therapy, renal care, cardiology, critical care, and orthopedics in over 100 countries. Consolidated revenue was ₹1,875 cr in FY26, growing to ₹525.4 cr in Q1 FY27 (+30.3% YoY). The company manufactures primarily in India and has expanded into Europe through acquisitions of PendraCare (Netherlands, cardiology) and Citieffe (Italy, orthopedics).^[1][2][3]

Business segments

Infusion Therapy accounted for ~48% of consolidated Q4 FY26 revenue, down from 57% in Q4 FY25, as higher-technology segments gained share.^[1]
Renal segment revenue was ₹187.6 cr in FY26 (+24.5% YoY), representing ~11% of consolidated revenue; declined 3.8% to ₹43.2 cr in Q1 FY27 due to pricing discipline against Chinese competition.^[1][2]
Cardiology revenue jumped from ₹2.9 cr to ₹28.6 cr in Q1 FY27 (+897% YoY), driven by the PendraCare acquisition and domestic DES and interventional cardiology scale-up.^[2]
High-technology segments (Renal, Cardiology, Critical Care, and acquisitions) together exceeded 50% of consolidated revenue as of Q4 FY26, up from below 50% in Q4 FY25.^[1]

Products and portfolio

Core portfolio covers infusion therapy, renal dialysis (machines and disposables), interventional cardiology (DES, DEB, IVL, PTCA catheters), critical care, and orthopedic implants via Citieffe.^[4][5]
DCGI granted full approval for Intravenous Lithotripsy System (IVL) and Drug-Eluting Balloon (DEB) in Q3 FY26; both carry an ASP in excess of ₹1,15,000 each and address markets currently >90% import-dependent in India.^[5]
Critical care franchise launched 20+ new products in the 12 months to Q2 FY26, establishing presence in 500 hospitals including Tier-1 chains.^[4]
6 new products launched in Q1 FY27; ~25 products in the CE marking pipeline expected to receive approval by Q2/Q3 FY27; target is 25 - 30 new products per year over the next 3 - 4 years.^[2][1]
Standalone R&D expense was ₹7.9 cr in Q1 FY27 (+8.5% YoY); R&D was 1.7% of sales in FY26 with a plan to double that share over 3 - 5 years.^[2][1]

Manufacturing and capacity

Second plant at Haridwar became commercially operational during FY26, augmenting domestic manufacturing capacity.^[5]
Faridabad/Mitrol facility includes a gamma sterilization unit (Phase 1 CDSCO-licensed and partially operational as of Q2 FY26); the Faridabad/Palwal plant for orthopedics, transfusion, and infusion is targeted to go live by March 2027.^[4][2]
PendraCare (Netherlands) and Citieffe (Italy) were running at 50 - 60% of current capacity as of Q3 FY26, offering near-term headroom for growth.^[5]
FY27 capex is guided at ₹200 - 225 cr, down from ₹296 cr spent in FY26, as new plants near completion with remaining spend focused on automation.^[2][1]

Key operating numbers

Cumulative dialysis machine installed base reached ~1,000 units at end-FY26 (450 machines sold in FY26); rose to ~1,100 units by Q1 FY27.^[1][2]
Cumulative DES stent deployments surpassed ~11,000 units at Q4 FY26 and ~13,000 units by Q1 FY27 (as of July 2026).^[1][2]
PACIFIER DES clinical registry (2,000-patient target): 650+ patients enrolled as of Q4 FY26, rising to 840+ patients by Q1 FY27.^[1][2]
Standalone gross margin was 68.1% in FY26 (+128 bps YoY) and 71.5% in Q1 FY27 (+330 bps YoY); consolidated gross margin was 73.4% in Q1 FY27 (+495 bps YoY).^[1][2]
Standalone ROIC was 21.4% in FY26; cash conversion cycle was ~140 days in Q1 FY27.^[1][2]

Customers and distribution

Domestic business is split ~88 - 90% private hospitals and ~10 - 12% government in Q3 FY26; management is deliberately reducing government exposure (lower-margin L1 tenders) targeting private at 92 - 93%.^[5]
Domestic distribution network covers 650+ distributors; 100+ additional domestic sales associates are being hired in FY27.^[1]
Europe contributed ₹187.3 cr in Q1 FY27 (+43.8% reported, +17.6% organic) after being a laggard in FY26; new distributors were added in UK, Germany, and northern Europe.^[2][1]
Middle East (part of RoW) saw 32% degrowth in Q1 FY27 due to the West Asia crisis and container/shipping disruptions; orders are accumulating at ports with demand intact.^[2]
US exports are targeted at $3.5 - 4M in FY27 (10% tariff currently applicable) with a long-term target of $15 - 20M maintained.^[2]
25+ clinical staff deployed globally to engage hospital KOLs directly; early wins include new NHS contracts in UK and new contracts in Germany.^[5]

Acquisitions and inorganic expansion

PendraCare (Netherlands, cardiology) closed September 23, 2025 for EUR 9.9M revenue and EUR 1.4M EBITDA in CY24; adds cardiology distribution footprint in Europe.^[4]
Citieffe (Italy, orthopedics) closed November 6, 2025 at EUR 31M enterprise value (~10x EV/EBITDA); CY24 revenue EUR 17.3M, EBITDA EUR 3.1M; orthopedics is a new vertical for Polymed.^[4]
Medyneo (Brazil) acquired for ~$40,000 in Q4 FY26; comes with ANVISA and import licences, saving 18 - 24 months of regulatory lead time for entry into Brazil's ~USD 13 - 15 bn medtech market.^[1]
PendraCare and Citieffe cross-sell and partial manufacturing shift to India expected to become visible from FY28; CDSCO and regulatory approvals currently in progress.^[2]

Expansion targets and PolyMed 3.0

Management launched 'PolyMed 3.0: Ascent' targeting ~2x consolidated revenue by FY30 from the FY26 base of ₹1,875 cr (implied ~₹3,750 cr), ~80% organic (~14 - 15% CAGR) and ~20% inorganic.^[2]
FY27 consolidated revenue guided at ₹2,300 - 2,400 cr (including full-year consolidation of PendraCare and Citieffe); standalone guided at ₹1,900 - 2,000 cr.^[2]
Renal segment FY27 growth guided at 15 - 18%, possibly up to 20%, despite Q1 FY27 degrowth of 3.8%; government has initiated an antidumping investigation into dialyzer imports from China and Malaysia with a claimed injury margin of 20%.^[2]

Recent developments

Indranil Mukherjee (ex-B.Braun/Translumina) appointed CEO India & APAC, joining June 2026; Renato Rocha (ex-Descarpack/B.Braun/GE Healthcare) appointed CEO Brazil, joining August 2026; Abhimanyu Hooda appointed Head of Renal India.^[2]
Standalone Q1 FY27 EBITDA margin came in at 28.0%, 100 bps above the guided 25 - 27% ceiling, driven by ~4 - 5% average price hikes, better product mix, and inventory gains.^[2]
Commercial sales of drug-eluting balloons (DEB) initiated as of April 2026 with positive clinician feedback.^[1]

Market Cap

₹14,665 Cr

High / Low

₹2,094 / 1,184

Stock P/E

49.9

Price / Book

5.1

Book Value

₹306

EPS

₹31.8

No. of Shares

10.14 Cr

ROCE

14.0%

ROE

11.0%

OPM

22.4%

Debt / Equity

0.11

Sales

₹1,875 Cr

Net Profit

₹321 Cr

Promoter holding

62.4%

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