Medical Equipment & Supplies industry

25 companies · ₹37,884 cr · 12 with AI deep dives · Q1FY27 report

Gulf shipping delays shift revenue across quarters; input and import costs split margins

Mid cyclemargin range-bound near 22.6%

Revenue YoY: +38.6%
EBITDA margin: 22.6%; -350bps YoY
Price, 1 year: -33.0%; 25% of names up
P/E vs own 5y: -25.5%; 46.0x now

Exhibit 1The quarter in numbers

constant panel of 3 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	718 cr	753 cr	-4.6%	518 cr	+38.6%	753 cr	-4.6%
EBITDA margin	22.6%	19.3%	+330bps	26.1%	-350bps	27.2%	-460bps

Revenue

Jun 26: 718 cr
Mar 26: 753 cr
QoQ: -4.6%
Jun 25: 518 cr
YoY: +38.6%
Peak: 753 cr
vs peak: -4.6%

EBITDA margin

Jun 26: 22.6%
Mar 26: 19.3%
QoQ: +330bps
Jun 25: 26.1%

Sept 26: 0 of 9 reported so far, so it is not in the trend above.

Breadth: 100% of 5 companies grew revenue year on year (was 100% a quarter earlier) and 40% expanded margin (was 25%).

Exhibit 2What it costs

27.88x - 59.33x across the panel today

The median name trades at 46.0x, -25.5% against this industry's own 5-year median of 61.8x, and -35.9% against its own peak of 71.8x.

Exhibit 3Structure

₹37,884 cr

Molbio Diagnostics Ltd is 38.7% of this industry by market cap. The top 5 are 87.7% and the top 10 are 96.2%.

mid 2small 2micro 219 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 46.05x, 5y ROCE above its median of 12.54%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (25 of 25)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Molbio Diagnostics Ltd	₹14,820 cr	-	-	-	-	-	Unlock
Poly Medicure Ltd	₹14,701 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

headwindWest Asia shipping disruption shifts export revenue between quarters5 managements

Five managements said the Gulf conflict and shipping disruption pushed export revenue from one quarter into another. Q1 numbers were helped by catch-up from Q4: Molbio recognised…

MOLBIO (Q1FY27): “certain export orders pertaining to Q4 FY 26, amounting to approximately ₹57 crore, were…”

mixed5 managements headwind4 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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