POLYMED

Poly Medicure share price & financials

Price
₹1,563.3
Market cap
₹18.1k Cr
Sector
Healthcare
Calls analysed
7
Latest concall · Q1 FY27 · call held 10 Aug 2026

Poly Medicure Limited Q1 FY27

Standalone Revenue ₹431 cr +12%

What went well

  • Consolidated revenue increased by 30.3% YoY to INR525 crores, with organic growth at 12.4%.
  • Standalone revenue grew 12.3% YoY to INR431 crores, driven by 16.2% domestic and 10% international growth.
  • Standalone operating EBITDA grew 18.8% YoY to INR120.8 crores, with a margin of 28%, exceeding the guided range of 25-27%.

What to watch

  • Middle East region experienced 32% de-growth due to ongoing West Asia crisis, logistics, and infrastructure bottlenecks.
  • Renal business degrew by 3.8% to INR43.2 crores, impacted by pricing pressure from Chinese players in India.
Read the full call →

What Poly Medicure Limited does

Poly Medicure (Polymed) manufactures and exports disposable and durable medical devices — IV cannulas and infusion sets, dialysis products and machines, critical-care/ICU consumables, cardiology catheters and stents, and orthopaedic fixation systems — across therapeutic areas including anaesthesia, oncology, urology and gastroenterology. It earns revenue by selling these devices through its own direct sales force and a global distributor network, with in-house tooling, automation and sterilization built into its manufacturing base. The company has moved up the technology curve over time, adding Renal Care (2018), Critical Care (2019), Cardiology (2024) and Orthopaedics (2025) on top of its founding Infusion Therapy business, the last two built via the acquisitions of PendraCare (Netherlands, cardiology catheters), Citieffe (Italy, orthopaedic fixation) and Medyneo (Brazil).

Segments

  • Infusion Therapy
  • Renal
  • Others
Manufacturing plants
15 plants across 5 countries (2 more under construction in India)
Countries with sales presence
125+
Installed device manufacturing capacity
1.8 billion+ devices per year
Product portfolio
225+ medical devices across 13 clinical specialities
Distributor network
1,000+ distributors across India and globally
Direct sales force
570+ sales associates in India, the US, Italy and Mexico
Founded 1995Headquarters New Delhi, India Company website

Guidance record · Q1 FY27

what the last two calls moved 30 tracked 5 delivered 5 missed 20 open
  • H2 FY26 Revenue delivered, diluted said Q2 FY26 Promised: ₹1,080 - ₹1,090 crores Q1 FY27: Promise pertains to FY26 and is complete.
  • Consolidated Revenue Growth FY26 missed said Q4 FY25 Promised: 20% Q1 FY27: Promise pertains to FY26 and is complete.
  • Long-term Revenue Growth at risk said Q3 FY25 Promised: new normal for this Company should be 20% plus growth Q1 FY27: Q1 consolidated organic growth was 12.4%. While management maintains its ~25% FY27 growth guidance, the quarterly performance is well below the 'new normal' run-rate.

All 30 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 30.3%, net profit down 8.6% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue420 424 441 403 444 +6%494 +17%535 +21%525 +30%
EBITDA115 114 119 106 115 +0%111 −3%110 −8%125 +18%
Net profit87 85 92 93 92 +6%71 −16%65 −29%85 −9%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −10.7% 1Y

₹1.2k₹1.4k₹1.6k₹1.8k₹2.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q1 FY26 — 25 Sept 2025Q2 FY26 — 10 Nov 2025Q3 FY26 — 6 Feb 2026Q4 FY26 — 25 May 2026Q1 FY27 — 10 Aug 2026

1Y: ₹1,947.6 on 10 Sept 2025 → ₹1,738.5. High ₹2,065.4 (18 Sept 2025), low ₹1,191.1 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+4.6%
10 Aug
Q4 FY26
−3.2%
25 May
Q3 FY26
−7.5%
6 Feb
Q2 FY26
−1.7%
10 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 18.9% a year over 3 years, FY23 to FY26. Operating margin held at 23.6%.

Year endingFY23FY24FY25FY26
Revenue₹1.1k Cr₹1.4k Cr₹1.7k Cr₹1.9k Cr
Operating profit₹265 Cr₹357 Cr₹452 Cr₹442 Cr
Operating margin23.7%25.9%27.1%23.6%
Interest₹8 Cr₹10 Cr₹11 Cr₹18 Cr
Depreciation₹57 Cr₹64 Cr₹83 Cr₹115 Cr
Net profit₹180 Cr₹258 Cr₹338 Cr₹321 Cr
Net margin16.1%18.8%20.2%17.1%
Cash from operations₹191 Cr₹266 Cr₹240 Cr₹246 Cr
Free cash flow₹-48 Cr₹-9 Cr₹-89 Cr₹-59 Cr
ROCE18.0%24.0%18.0%12.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹48 Cr₹48 Cr₹48 Cr₹48 Cr₹51 Cr₹51 Cr
Reserves₹918 Cr₹1.0k Cr₹1.2k Cr₹1.4k Cr₹2.9k Cr₹3.1k Cr
Borrowings₹137 Cr₹127 Cr₹149 Cr₹174 Cr₹240 Cr₹354 Cr
Other liabilities₹121 Cr₹163 Cr₹187 Cr₹215 Cr₹429 Cr₹401 Cr
Total liabilities₹1.2k Cr₹1.4k Cr₹1.6k Cr₹1.9k Cr₹3.6k Cr₹3.9k Cr
Fixed assets₹426 Cr₹488 Cr₹635 Cr₹867 Cr₹1.4k Cr₹1.7k Cr
Capital work in progress₹21 Cr₹43 Cr₹78 Cr₹76 Cr₹83 Cr₹99 Cr
Investments₹354 Cr₹346 Cr₹126 Cr₹167 Cr₹930 Cr₹755 Cr
Other assets₹422 Cr₹499 Cr₹738 Cr₹748 Cr₹1.1k Cr₹1.3k Cr
Total assets₹1.2k Cr₹1.4k Cr₹1.6k Cr₹1.9k Cr₹3.6k Cr₹3.9k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −5.85 pp while DIIs added +4.36 pp. The shareholder count grew 4% to 73,643.

Promoters
62.4%
FIIs
5.6%
DIIs
16.1%
Public
15.9%

Since Jun 2025

  • FIIs −5.85 pp
  • DIIs +4.36 pp
  • Public +1.51 pp

How it drifted, 12 quarters

Over this window the public fell from 27.2% to 15.9% — −11.3 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 53.2%, FIIs 14.5%, DIIs 5.2%, Public 27.2%.Dec '23: Promoters 53.2%, FIIs 14.1%, DIIs 5.5%, Public 27.3%.Mar '24: Promoters 53.1%, FIIs 12.4%, DIIs 7.2%, Public 27.3%.Jun '24: Promoters 66.0%, FIIs 9.9%, DIIs 9.3%, Public 14.7%.Sep '24: Promoters 62.6%, FIIs 11.9%, DIIs 12.3%, Public 13.2%.Dec '24: Promoters 62.4%, FIIs 12.3%, DIIs 11.7%, Public 13.6%.Mar '25: Promoters 62.4%, FIIs 11.5%, DIIs 12.0%, Public 14.1%.Jun '25: Promoters 62.4%, FIIs 11.4%, DIIs 11.7%, Public 14.4%.Sep '25: Promoters 62.4%, FIIs 9.8%, DIIs 13.5%, Public 14.3%.Dec '25: Promoters 62.4%, FIIs 9.4%, DIIs 13.8%, Public 14.3%.Mar '26: Promoters 62.4%, FIIs 5.9%, DIIs 15.6%, Public 16.1%.Jun '26: Promoters 62.4%, FIIs 5.6%, DIIs 16.1%, Public 15.9%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 2 holders trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Poly Medicure Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Ezekiel Global Business Solutions Llp 12.20%unchanged
Rishi Baid 9.59%unchanged
Zetta Matrix Consulting Llp 8.21%unchanged
Himanshu Baid 7.80%unchanged
Quant Mutual Fund - Qsif Hybrid Long-Short Fund Mutual fund4.61%unchanged
Himanshu Baid (Huf) 3.79%unchanged
Vcb Trading Llp 3.49%unchanged
Jai Polypan Pvt. Ltd. 3.26%unchanged
Smt.Mukulika Baid 3.02%unchanged
Rishi Baid (Huf) 2.74%unchanged
Lighthouse India Fund Iv AIF AIF2.33%unchanged
Jugal Kishore Baid 2.25%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in POLYMED

Filings to Aug 2026

0 new, 4 added, 1 trimmed, 0 sold out — net +0.01 L shares (+0.1%).

Held by funds
₹229 Cr
7 schemes
Biggest holder
SBI Healthcare Opportunities Fund
₹113 Cr · 1.9% of that fund
SchemeHoldingLast month
SBI Healthcare Opportunities Fund SBI Mutual Fund₹113 Crheld
SBI MNC Fund SBI Mutual Fund₹99 Crheld
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹11 Cr+0.01 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹5 Cr+0.00 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹0 Cr−0.00 L
SBI Nifty Small Cap 250 ETF SBI Mutual Fund₹0 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

4 added, 1 trimmed — net +1,091 shares (+0.1%)

Funds are sitting on
-24%
vs est. average cost
Held by funds
₹229 Cr
7 schemes · ≈ 1.1% of the company
Biggest holder
SBI Healthcare Opportunities Fund
₹113 Cr · 1.9% of that fund
Longest holder
Nippon India Nifty Smallcap 250 Index Fund
5y 11m · since Oct '20

Shares held by these funds +3511%

Aug '23 12.99 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹1738, this stock must grow earnings at 37% every year for 7 years. Our analysis caps realistic growth at ~19%. At that growth it is worth ₹744 — downside of 57%.

Growth the price implies
36.5% a year
for 7 years, fading to 4%
It has actually compounded at
21.3% a year
net profit, FY23–FY26 · EPS 19.4%
The gap
0.2 pp
-57% downside if it only repeats history
Price today ₹1,738.5 Value at the reference growth ₹744.01

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Poly Medicure Limited

Guides on how to read this kind of business and the numbers that matter.