Poly Medicure Ltd. – Investor Presentation Summary

Scrip Code/Symbol: POLYMED

Key Operational Highlights

  • Cumulative stent deployments surpassed ~11,000 units as of 30th April 2026; commercial sales of Drug Eluting Balloon (DEB) initiated.
  • Sold 450 dialysis machines during FY26; total installed base of ~1000 machines.
  • Patient enrollment for the DES clinical registry reached 650+ patients out of a target of 2000; completion expected in FY27.
  • 35 new products launched in FY26.
  • R&D team strength of ~90 professionals across India, Italy, and Netherlands.

Key drivers of operational performance:

New product launches, acquisitions (PendraCare and Citieffe), and clinical engagement initiatives.

Segment-wise Performance

  • Infusion Therapy: FY26 Revenue of ₹1,012.4 Cr, showing a YoY decline of -1.5%.
  • Renal: FY26 Revenue of ₹150.7 Cr, showing a YoY growth of 24.5%.
  • Others: FY26 Revenue of ₹506.7 Cr, showing a YoY growth of 36.3%.
  • Total Operating Revenue: FY26 ₹1,669.8 Cr, showing a YoY growth of 12.3%.

Explanation of significant changes in segment performance:

Growth in the Renal and Others segments was driven by new product introductions and expanded commercial efforts, while the Infusion Therapy segment saw a slight contraction.

Financial Highlights

  • Revenue: Consolidated FY26 Revenue from Operations: ₹1,875.3 Cr (Standalone not fully specified in summary tables).
  • EBITDA: Consolidated FY26 Operating EBITDA: ₹457.7 Cr (excluding acquisition-related expenses of ₹9.7 Cr). Standalone FY26 Operating EBITDA margin: 26.8%.
  • PAT: Consolidated FY26 PAT: ₹320.7 Cr. Standalone FY26 PAT: ₹336.0 Cr.
  • EPS: Consolidated FY26 EPS (Basic & Diluted): ₹31.8.
  • Margins: Consolidated FY26 Gross Profit Margin: 68.2% (143 bps YoY expansion). Consolidated FY26 Operating EBITDA Margin: 24.4%. Standalone FY26 Operating EBITDA Margin: 26.8%.
  • YoY/QoQ comparison: Consolidated Q4 FY26 Revenue grew 21.3% YoY; Consolidated Q4 FY26 PAT declined 29.2% YoY.

Drivers of financial performance:

Gross margin expansion led by improving product mix and cost optimization initiatives. Increased expenses related to recent acquisitions and employee costs impacted bottom-line growth in the consolidated entity.

Key Risks:

Disclosed risks include raw material price fluctuations, regulatory changes, and the impact of macroeconomic conditions on healthcare spending. Specific risks not quantified in presentation.

Geographical Revenue Split

  • Domestic vs Export/Regional Revenue:
  • Domestic: FY26 Revenue: ₹581.7 Cr, 19.6% YoY growth, 31% of Total Consolidated Revenue.
  • Export/International: FY26 Revenue: ₹1,280.2 Cr, 9.3% YoY growth, 69% of Total Consolidated Revenue.
  • Regional Breakdown:
  • Europe: FY26 Revenue: ₹683.2 Cr, 7.1% YoY growth.
  • Rest of World (RoW): FY26 Revenue: ₹597.0 Cr, 11.4% YoY growth.

Balance Sheet Snapshot

  • Net Debt/Equity: Not directly specified. Total Standalone Debt: ₹248.4 Cr; Total Consolidated Debt: ₹341.6 Cr.
  • Reserves: Standalone Other Equity: ₹3,002.0 Cr; Consolidated Other Equity: ₹3,055.5 Cr.
  • Current Assets/Liabilities: Standalone Net Current Assets: ₹681.2 Cr; Consolidated Net Current Assets: ₹830.0 Cr.
  • Working Capital/Leverage Metrics: Cash Conversion Cycle increased to 215 days in FY26 from 183 days in FY25, driven by higher Debtor Days (98 vs 78) and Inventory Days (152 vs 136).

Financial Health Insights:

Strong liquidity position with Cash & Cash Equivalents of ₹842.2 Cr (Consolidated) as of Mar 31, 2026. Shareholders' Funds stood at ₹3,149.2 Cr (Consolidated).

Capex & Cash Flow Health

  • Capital Expenditure: Actual Capex spend of ₹296 Cr in FY26 (₹308.4 Cr per cash flow statement).
  • Free Cash Flow: Not explicitly stated. Operating Cash Flow (Consolidated) was ₹249.5 Cr for FY26.
  • Operating Cash Flow: Consolidated Operating Cash Flow: ₹249.5 Cr for FY26.
  • Net Debt Movement: Net Cash Flow Generated was negative ₹437.5 Cr (Consolidated) for FY26, primarily due to investing activities (acquisitions and capex).

Investment Rationale:

Focus on capacity expansion (2 new plants in India), technology upgrades, and strategic acquisitions to secure manufacturing and market access.

Strategic & R&D Initiatives

  • Investments in Innovation: R&D expense is 1.7% of sales; expected to double in the next 3-5 years. 100+ products in the pipeline for launch in the next 3-4 years.
  • Expected impact on growth: Expansion into renal, critical care, orthopedics, and cardiology segments to increase Total Addressable Market (TAM).
  • Strategic Rationale: Scaling manufacturing in India, implementing automation and lean practices to reduce costs, and pursuing inorganic growth for market access.

Industry Trends & Business Environment

  • Macro/Industry Trends: High prevalence of non-communicable diseases, pressure on governments to reduce healthcare spend, and localization of MedTech manufacturing.
  • Impact on Company: Creating opportunities for import substitution in India and value-based pricing in international markets like the US.

Management Commentary & Growth Outlook

  • Strategic Outlook: Focus on expanding footprint across India (100+ new sales hires in FY27), deepening clinical engagements, and portfolio expansion.
  • FY Guidance: Not explicitly provided for FY27. Previous standalone EBITDA margin guidance of 25-27% was met (26.8% in FY26).
  • Market Share Targets: Not specified.
  • Risks and Opportunities: Highlighted the need to navigate a challenging external environment and the opportunity presented by India's growing MedTech sector.

ESG Updates

  • Achieved ~8% reduction in Scope 2 emissions compared to FY24-25 through increased utilization of solar and renewable energy.
  • ~70% of facilities are certified under ISO 14001:2015.
  • Commissioned 9.9 MWp solar energy generation from 9th Nov 2025, generating approx. 3297 MWh units.