Poly Medicure
Poly Medicure
HealthcareKey Fundamentals
SmallcapMedical EquipmentHealthcareTapetide Score
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Key Insights
Weaknesses
2- Company has a low return on equity of 12.6% over last 3 years.
- Debtor days have increased from 83.9 to 103 days.
Growth Rate
AI Analysis — Bull vs Bear
Poly Medicure has a market capitalisation of about Rs 17,421 crore and trades at 55.5x earnings and 5.59x book value. Sales have grown at a steady 18-19% CAGR over 3 years, 5 years and TTM, but TTM profit fell 11% and ROE dropped to 9% last year from a 13% 3-year average. The stock has returned -12% over one year against a 24% 10-year CAGR.
- Sales growth has been consistent: 19% compounded over both 3 and 5 years, 18% TTM and 16% over 10 years, which suggests the demand base has held up through different cycles.
- Over the long run, profit growth has beaten sales growth: 19% 10-year profit CAGR against 16% for sales, which points to operating leverage and better margins over time.
- The stock has compounded at 24% a year over 10 years and 13% over 5 years, a long record of creating shareholder value.
- Medium-term profit growth is still double-digit, with a 15% 3-year and 14% 5-year CAGR, even after the TTM decline.
- The 10-year average ROE of 15% shows the business can earn better returns than the current 9%, so the recent dip may be cyclical or due to a larger capital base rather than structural.
- Growth has cooled the valuation: the stock is down 12% over one year while TTM sales grew 18%, so it trades lower relative to revenue than it did a year ago.
- The 0.2% dividend yield means most earnings are kept in the business, which could fund capacity expansion if the 18-19% sales growth continues.
- TTM profit fell 11% even though sales grew 18%. That gap points to margin pressure, higher costs or lower other income, and it breaks from the 14-19% long-term profit growth trend.
- At 55.5x P/E the earnings yield is about 1.8%, a high price for a company whose profit is shrinking TTM and whose 3-year profit CAGR is 15%.
- ROE has fallen to 9% last year from 13% (3-year and 5-year) and 15% (10-year). A 5.59x P/B is hard to support at single-digit ROE, since P/B divided by P/E implies only about 10% ROE.
- Debtor days rose from 83.9 to 103, so more working capital is tied up in receivables. That can weaken cash conversion and may suggest looser credit terms to support sales.
- The 3-year average ROE of 12.6% is low for a company valued at over 5x book, and it is below the 15% the company has delivered over 10 years.
- The stock has lost momentum: -12% over one year and only 8% CAGR over 3 years, far below its 24% 10-year CAGR. The market appears to be pricing in slower returns ahead.
- The 0.2% dividend yield gives almost no income cushion if the valuation multiple shrinks from 55.5x.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Heavy institutional investor engagement Sep 24
Poly Medicure scheduled four one-on-one investor meetings in September 2026: Sumitomo Mitsui DS Asset Management on Sep 8 (New Delhi), Axis Max Life on Sep 23 (virtual, 4:00 pm), ICICI Securities PMS on Sep 24 (New Delhi) and Avendus Spark on Sep 30 (Ballabgarh plant, Faridabad). Hosting a plant visit suggests the company is showcasing its manufacturing capacity to investors.
- Trading window closed for Q2FY27 Sep 28
The trading window closes on October 1, 2026 and stays shut until 48 hours after the Q2FY27 results are declared. This is a routine compliance step that signals the earnings announcement is near.
- All AGM resolutions approved Sep 7
Shareholders approved all five resolutions at the 31st AGM on September 5, 2026. These covered adopting the FY26 financial statements, declaring dividends and reappointing directors, so governance continuity is intact.
TL;DR: All news for Poly Medicure this period is procedural, with no new financial, operational or regulatory developments, so there are no clear headwinds or positives. The run of meetings with domestic and foreign institutions, including Sumitomo Mitsui DS AM, Axis Max Life, ICICI Securities PMS and Avendus Spark, shows steady investor interest. Smooth approval of all five AGM resolutions points to stable governance. The Q2FY27 results, due after the trading window closes on October 1, 2026, will be the next real catalyst for judging whether the trend is improving or getting worse.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 321 | 337 | 340 | 378 | 385 | 420 | 424 | 441 | 403 | 444 | 494 | 535 | 525 |
| Expenses | 234 | 253 | 249 | 282 | 281 | 305 | 310 | 321 | 298 | 329 | 382 | 424 | 400 |
| Operating Profit | 87 | 84 | 90 | 96 | 104 | 115 | 114 | 119 | 106 | 115 | 111 | 110 | 125 |
| OPM % | 27% | 25% | 27% | 26% | 27% | 27% | 27% | 27% | 26% | 26% | 23% | 21% | 24% |
| Other Income | 14 | 15 | 17 | 15 | 17 | 27 | 24 | 27 | 43 | 35 | 21 | 19 | 35 |
| Interest | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 2 | 3 | 3 | 6 | 6 | 6 |
| Depreciation | 16 | 16 | 16 | 16 | 20 | 21 | 21 | 21 | 23 | 25 | 29 | 38 | 36 |
| PBT | 83 | 81 | 88 | 92 | 98 | 118 | 113 | 123 | 123 | 122 | 98 | 85 | 117 |
| Tax % | 24% | 23% | 26% | 26% | 25% | 26% | 25% | 25% | 24% | 25% | 27% | 24% | 27% |
| Net Profit | 63 | 62 | 65 | 68 | 74 | 87 | 85 | 92 | 93 | 92 | 71 | 65 | 85 |
| EPS in Rs | 6.54 | 6.48 | 6.78 | 7.12 | 7.71 | 8.63 | 8.41 | 9.06 | 9.19 | 9.06 | 7 | 6.54 | 8.49 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 390 | 411 | 454 | 519 | 610 | 687 | 785 | 922 | 1,115 | 1,375 | 1,669 | 1,875 | 1,997 |
| Expenses | 304 | 323 | 361 | 397 | 479 | 520 | 569 | 707 | 847 | 1,014 | 1,213 | 1,429 | 1,536 |
| Operating Profit | 86 | 88 | 93 | 122 | 131 | 166 | 216 | 215 | 267 | 361 | 456 | 446 | 461 |
| OPM % | 22% | 21% | 21% | 23% | 22% | 24% | 28% | 23% | 24% | 26% | 27% | 24% | 23% |
| Other Income | 28 | 8 | 14 | 16 | 20 | 21 | 22 | 40 | 38 | 60 | 94 | 119 | 110 |
| Interest | 10 | 10 | 8 | 12 | 14 | 20 | 11 | 6 | 11 | 14 | 14 | 21 | 22 |
| Depreciation | 19 | 21 | 24 | 29 | 37 | 41 | 48 | 54 | 57 | 63 | 83 | 116 | 128 |
| PBT | 85 | 65 | 75 | 97 | 100 | 126 | 180 | 195 | 237 | 344 | 453 | 427 | 422 |
| Tax % | 27% | 27% | 27% | 27% | 35% | 24% | 25% | 25% | 25% | 25% | 25% | 25% | — |
| Net Profit | 62 | 48 | 55 | 71 | 65 | 96 | 136 | 147 | 179 | 258 | 339 | 321 | 313 |
| EPS in Rs | 7.07 | 5.47 | 6.25 | 8 | 7.41 | 10.86 | 14.17 | 15.28 | 18.69 | 26.91 | 33.41 | 31.78 | 31.09 |
| Div. Payout % | 18% | 27% | 40% | 25% | 27% | 18% | 18% | 16% | 16% | 11% | 10% | 11% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 22 | 22 | 44 | 44 | 44 | 44 | 48 | 48 | 48 | 48 | 51 | 51 |
| Reserves | 174 | 207 | 227 | 294 | 337 | 391 | 918 | 1,040 | 1,194 | 1,422 | 2,715 | 3,055 |
| Borrowings | 79 | 82 | 101 | 133 | 161 | 207 | 137 | 127 | 149 | 174 | 180 | 354 |
| Other Liabilities | 89 | 76 | 85 | 94 | 112 | 126 | 121 | 163 | 187 | 215 | 246 | 401 |
| Total Liabilities | 364 | 387 | 457 | 565 | 654 | 767 | 1,224 | 1,377 | 1,577 | 1,859 | 3,192 | 3,861 |
| Fixed Assets | 165 | 182 | 207 | 265 | 306 | 363 | 426 | 488 | 635 | 867 | 1,084 | 1,694 |
| CWIP | 10 | 14 | 20 | 18 | 19 | 25 | 21 | 43 | 78 | 76 | 101 | 99 |
| Investments | 4 | 4 | 3 | 17 | 8 | 25 | 354 | 346 | 126 | 167 | 1,076 | 755 |
| Other Assets | 185 | 187 | 227 | 264 | 321 | 354 | 422 | 499 | 738 | 748 | 930 | 1,313 |
| Total Assets | 364 | 387 | 457 | 565 | 654 | 767 | 1,224 | 1,377 | 1,577 | 1,859 | 3,192 | 3,861 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 63 | 63 | 56 | 75 | 106 | 131 | 119 | 123 | 191 | 266 | 233 | 246 |
| Investing | -59 | -31 | -56 | -88 | -101 | -109 | -436 | -85 | -179 | -241 | -1,187 | -224 |
| Financing | -6 | -31 | 0 | 16 | -5 | -21 | 317 | -35 | -13 | -20 | 951 | 20 |
| Net Cash Flow | -2 | 1 | 0 | 3 | 1 | 1 | 0 | 3 | -1 | 5 | -3 | 43 |
| Free Cash Flow | 13 | 31 | 0 | -7 | 31 | 25 | 24 | -31 | -48 | -9 | -97 | -59 |
| CFO/OP | 101 | 88 | 79 | 80 | 102 | 100 | 75 | 80 | 93 | 94 | 71 | 78 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 59 | 74 | 77 | 79 | 77 | 68 | 72 | 82 | 77 | 72 | 76 | 103 |
| Inventory Days | 148 | 114 | 194 | 161 | 186 | 241 | 217 | 218 | 237 | 205 | 233 | 323 |
| Days Payable | 101 | 76 | 131 | 96 | 123 | 142 | 111 | 115 | 105 | 89 | 70 | 91 |
| Cash Conversion Cycle | 106 | 111 | 140 | 144 | 139 | 166 | 179 | 185 | 209 | 188 | 239 | 335 |
| Working Capital Days | 25 | 35 | 55 | 71 | 56 | 42 | 74 | 81 | 69 | 54 | 75 | 105 |
| ROCE % | 30% | 26% | 24% | 26% | 22% | 25% | 22% | 17% | 18% | 24% | 18% | 12% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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64 extracted metrics + investor summaries across FY00–FY27.
Documents
Frequently Asked Questions about Poly Medicure
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Company Information
Poly Medicure Limited is an India-based manufacturer and exporter of medical devices. The Company exports plastic medical disposables/surgical devices.[1]
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