Financial Performance Highlights

Consolidated Performance (Q4 FY26 vs Q4 FY25)

  • Revenue from Operations: ₹534.5 Cr vs ₹440.8 Cr, growth of 21.3%
  • Gross Profit: ₹356.3 Cr vs ₹292.7 Cr, growth of 21.8%
  • Gross Profit Margin: 66.7% vs 66.4%, expansion of 27 bps
  • Operating EBITDA: ₹112.1 Cr vs ₹121.9 Cr, decline of 8.0%
  • Operating EBITDA Margin: 21.0% vs 27.6%, contraction of 667 bps
  • PAT: ₹65.0 Cr vs ₹91.8 Cr, decline of 29.2%
  • PAT Margin: 11.8% vs 19.7%, contraction of 796 bps
  • EPS (Basic): ₹6.5 vs ₹8.9, decline of 26.7%
  • EPS (Diluted): ₹6.5 vs ₹8.9, decline of 26.8%

Consolidated Performance (FY26 vs FY25)

  • Revenue from Operations: ₹1,875.3 Cr vs ₹1,669.8 Cr, growth of 12.3%
  • Gross Profit: ₹1,278.4 Cr vs ₹1,114.4 Cr, growth of 14.7%
  • Gross Profit Margin: 68.2% vs 66.7%, expansion of 143 bps
  • Operating EBITDA: ₹457.7 Cr vs ₹458.6 Cr, decline of 0.2%
  • Operating EBITDA Margin: 24.4% vs 27.5%, contraction of 305 bps
  • PAT: ₹320.7 Cr vs ₹338.6 Cr, decline of 5.3%
  • PAT Margin: 16.1% vs 19.2%, contraction of 317 bps
  • EPS (Basic): ₹31.8 vs ₹34.1, decline of 6.9%
  • EPS (Diluted): ₹31.8 vs ₹34.1, decline of 6.9%

Standalone Performance (FY26 vs FY25)

  • Operating EBITDA: ₹446.1 Cr vs ₹445.9 Cr, growth of 0.04%
  • Operating EBITDA Margin: 26.8% vs 27.8%, contraction of 100 bps
  • PAT: ₹336.0 Cr vs ₹331.3 Cr, growth of 1.4%
  • PAT Margin: 18.9% vs 19.6%, contraction of 73 bps
  • EPS (Basic): ₹33.2 vs ₹33.4, decline of 0.7%
  • EPS (Diluted): ₹33.1 vs ₹33.4, decline of 0.8%

Geographical Revenue Performance

Q4 FY26 Growth

  • Domestic Revenue: ₹168.7 Cr vs ₹135.0 Cr, growth of 25.0%
  • International Revenue: ₹361.9 Cr vs ₹303.0 Cr, growth of 19.4%
  • Europe: ₹170.1 Cr vs ₹138.4 Cr, growth of 22.9%
  • RoW: ₹191.8 Cr vs ₹164.6 Cr, growth of 16.5%

FY26 Growth

  • Domestic Revenue: ₹581.7 Cr vs ₹486.3 Cr, growth of 19.6%
  • International Revenue: ₹1,280.2 Cr vs ₹1,170.9 Cr, growth of 9.3%
  • Europe: ₹597.0 Cr vs ₹557.4 Cr, growth of 7.1%
  • RoW: ₹683.2 Cr vs ₹613.5 Cr, growth of 11.4%

Segment-wise Revenue Performance

Q4 FY26 Growth

  • Infusion Therapy: ₹256.1 Cr vs ₹251.4 Cr, growth of 1.9%
  • Renal: ₹56.2 Cr vs ₹46.4 Cr, growth of 21.3%
  • Others: ₹222.1 Cr vs ₹143.1 Cr, growth of 55.2%

FY26 Growth

  • Infusion Therapy: ₹997.3 Cr vs ₹1,012.4 Cr, decline of 1.5%
  • Renal: ₹187.6 Cr vs ₹150.7 Cr, growth of 24.5%
  • Others: ₹690.4 Cr vs ₹506.7 Cr, growth of 36.3%

Key Business Updates and Operational Highlights

Acquisitions and Consolidation

  • PendraCare Group acquisition consolidated from 23rd September 2025 onwards
  • Citieffe Group acquisition consolidated from 7th November 2025 onwards
  • Acquired Medyneo, a Brazil-based medical device company with necessary registrations and operating licenses

Product and Clinical Milestones

  • Cumulative stent deployments surpassed ~11,000 units as of 30th April 2026
  • Commercial sales of DEB (Drug Eluting Balloon) initiated with positive clinician feedback
  • Successfully sold 450 dialysis machines during FY26; total installed base of ~1,000 machines
  • PACIFIER DES Clinical Registry: 650+ patients enrolled out of targeted 2,000 patients; completion expected in FY27
  • 35 new products launched in FY26

Manufacturing and R&D Capabilities

  • R&D team strength of ~90 professionals across India, Italy, and Netherlands
  • 15 manufacturing facilities across 5 countries
  • 400+ moulding machines and 1,800+ molds & dies
  • 530+ automatic assembly machines
  • 130+ robots employed in manufacturing processes
  • 1.8 Billion+ devices manufacturing capacity per year

Financial Position and Capital Allocation

  • Adequate liquidity of ₹842.2 Cr as at March 31, 2026
  • Capex spend of ₹296 Cr in FY26
  • Total debt: ₹248.4 Cr (Standalone), ₹341.6 Cr (Consolidated)
  • Cash conversion cycle: 215 days (FY26) vs 183 days (FY25)
  • Return on Invested Capital (Standalone): 21.4% (FY26) vs 25.6% (FY25)

ESG Achievements

  • Achieved ~8% reduction in Scope 2 emissions compared to FY24-25 through increased utilization of solar and renewable energy PPA
  • ~70% facilities certified under ISO 14001:2015
  • 9.9 MWp solar energy commissioned from 9th November 2025, generating approximately 3,297 MWh units
  • Reduced Scope 2 emissions by approximately 2,341 tCO2
  • 2.39x growth in solar power generation compared to FY24-25

Awards and Recognition

  • Custodian Award for Best CSR Initiative in Healthcare, Education and Social Welfare by Medgate Today
  • Emerging Medical Devices Company of the Year in Cardiology at VOH BEAT 2025
  • EY Entrepreneur of the Year Award 2024 - Lifesciences & Healthcare Category (Mr. Himanshu Baid)
  • Several other industry awards and recognitions

Management and Governance

  • Experienced leadership team with Mr. Himanshu Baid as Managing Director
  • Robust governance framework with non-executive board members including former SEBI Chairman Mr. Devendra Raj Mehta
  • Promoter holding pattern and experienced management team detailed in presentation

Forward-looking Strategy

  • Expanding into renal, critical care, orthopedics, and cardiology segments
  • Scaling manufacturing in India with 2 new plants
  • Implementing automation and lean practices to reduce costs
  • Expanding into US market with products at lower pricing than global players
  • R&D expense expected to double in next 3-5 years from current 1.7% of sales
  • Pursuing inorganic growth strategy to secure local manufacturing and market access
  • Subsidiaries established in UK, US, Brazil to commercialize operations
  • Advancing ESG initiatives with growing solar power capacity