Poly Medicure Limited

Financial Performance Highlights

Standalone Financials (Q1 FY27 vs Q1 FY26):

  • Revenue from Operations: ₹431.1 Cr (vs ₹384.0 Cr), up 12.3% YoY
  • Domestic Revenue: ₹146.0 Cr (vs ₹125.7 Cr), up 16.2% YoY
  • International Revenue: ₹281.8 Cr (vs ₹256.0 Cr), up 10.1% YoY
  • Other Operating Revenue: ₹3.3 Cr (vs ₹2.4 Cr), up 34.6% YoY
  • Gross Profit: ₹308.3 Cr (vs ₹262.0 Cr), up 17.7% YoY
  • Gross Profit Margin: 71.5% (vs 68.2%), improvement of 330 bps
  • Employee Benefit Expenses: ₹88.9 Cr (vs ₹69.2 Cr), up 28.5% YoY
  • R&D Expenses: ₹7.9 Cr (vs ₹7.3 Cr), up 8.5% YoY
  • Operating EBITDA: ₹120.8 Cr (vs ₹101.7 Cr), up 18.8% YoY
  • EBITDA Margin: 28.0% (vs 26.5%), improvement of 154 bps
  • PAT: ₹88.1 Cr (vs ₹87.9 Cr), up 0.2% YoY
  • PAT Margin: 19.2% (vs 20.7%)
  • EPS (Basic & Diluted): ₹8.7 (vs ₹8.7)

Consolidated Financials (Q1 FY27 vs Q1 FY26):

  • Total Operating Revenue: ₹525.4 Cr (vs ₹403.2 Cr), up 30.3% YoY
  • Gross Profit: ₹385.6 Cr (vs ₹276.0 Cr), up 39.7% YoY
  • Gross Profit Margin: 73.4% (vs 68.4%), improvement of 495 bps
  • Employee Benefit Expenses: ₹126.9 Cr (vs ₹74.4 Cr), up 70.6% YoY
  • Operating EBITDA: ₹126.7 Cr (vs ₹107.6 Cr), up 17.7% YoY
  • EBITDA Margin: 24.1% (vs 26.7%)
  • PAT: ₹85.3 Cr (vs ₹93.1 Cr), down 8.4% YoY
  • PAT Margin: 15.3% (vs 20.9%)
  • EPS (Basic & Diluted): ₹8.5 (vs ₹9.2)

Consolidated Sales Analysis:

  • Domestic Revenue: ₹146.0 Cr (vs ₹125.7 Cr), up 16.2% YoY
  • International Revenue: ₹376.1 Cr (vs ₹275.1 Cr), up 36.7% YoY
  • Organic International Revenue: ₹303.8 Cr, up 10.4% YoY
  • Geographical Revenue Mix:
  • India: ₹146.0 Cr (16.2% YoY growth)
  • Europe: ₹187.3 Cr (43.8% YoY growth)
  • RoW: ₹188.8 Cr (30.3% YoY growth)
  • Middle East market de-grew by ~32% YoY due to regional crisis

Segment-wise Performance (Q1 FY27):

  • Infusion Therapy: ₹259.2 Cr (11.1% YoY growth)
  • Orthopaedics: ₹49.2 Cr (new segment from Citieffe acquisition)
  • Renal: ₹43.2 Cr (3.8% YoY decline)
  • Cardiology: ₹28.6 Cr (897.0% YoY growth)
  • Others: ₹141.9 Cr (18.5% YoY growth)
  • Export Incentive: ₹3.3 Cr
  • Infusion Therapy now accounts for 50% of consolidated revenue

Business Updates and Strategic Initiatives

Leadership Appointments:

  • Mr. Indranil Mukherjee appointed as CEO – India & APAC (effective Q1 FY27)
  • Mr. Renato Rocha appointed as CEO of Polymed Brazil (effective August 2026)
  • Mr. Abhimanyu Hooda appointed as Head of Renal Business in India

Product and Clinical Developments:

  • 6 new products launched in Q1 FY27 across Infusion Therapy and Critical Care
  • Cumulative stent deployments surpassed ~13,000 units (as of July 2026)
  • DEB-Ex-Vivo preclinical data obtained with encouraging results
  • PACIFIER clinical registry: 840+ patients enrolled (target: 2,000 patients by end FY27)
  • Cumulative dialysis machine installations reached ~1,100 units
  • R&D team strength: 90+ professionals across India, Italy, and Netherlands

M&A Integration Updates:

  • Plan1Health acquisition (2019, EV: ~€4.2 Mn): Accelerated product launches, leveraged India manufacturing
  • PendraCare acquisition (2025, 90% stake, EV: €18.8 Mn): Cardiology catheter platform
  • Citieffe acquisition (2025, 100% stake, EV: ~€31.0 Mn): Trauma implants specialist

Market Expansion:

  • 15 US market approvals obtained, 11-13 more in pipeline
  • GPO contracts signed across multiple accounts
  • 30+ new products under registration in Europe

Capital Structure and Liquidity

  • Liquidity position: ₹854.7 Cr in Cash & Cash Equivalents as of June 30, 2026
  • Reserve allocated for strategic initiatives

ESG Initiatives

  • ~18% reduction in scope 2 emissions through increased solar and renewable energy utilization
  • 6x growth in solar power generation compared to Q1 FY24-25
  • ~70% facilities certified under ISO 14001:2015
  • 9.9 MWp Solar Energy Plant generated approximately 3,214 MWh units
  • Reduced Scope-2 emission by approximately 2,281 tCO2
  • Annual health check-ups for employees
  • BRSR Report assessment in progress
  • Sustainability Report in progress

Awards and Recognition

  • Received "Custodian Award for Best CSR Initiative in Healthcare, Education and Social Welfare" by Medgate Today
  • Awarded "500 Most Valuable Companies List 2025" by Hurun India
  • Top 75 Industrial Innovative Company of the Year 2024 by CII
  • Top Exporter of Plastic Medical Disposables from India for 10 Years by Plexconcil

Guidance and Outlook

  • Standalone Operating EBITDA margin guidance: 25%-27% (Q1 FY27 actual: 28.0%)
  • Consolidated Operating EBITDA margin guidance: 23%-25% (Q1 FY27 actual: 24.1%)
  • Vision 2030: 2.0x Revenue growth, industry-leading margins, globalization of business model
  • Double R&D spend planned
  • 100+ new sales associates to be hired annually
  • Organic & inorganic expansion planned in Brazil, SEA, and Europe

Regulatory and Market Actions

  • Government initiated anti-dumping investigation on imports of Dialyzers from China PR and Malaysia based on company application
  • Average price increase of ~4-5% across the business in Q1 FY27 vs Q4 FY26

Shareholding Pattern

As of June 30, 2026, top institutional shareholders include:

  • Quant Mutual Fund: 4.6%
  • Lighthouse: 2.3%
  • Axis Max Life Insurance: 2.1%
  • UTI Asset Management: 2.0%
  • WhiteOak Capital: 1.5%