Poly Medicure Ltd logo

Poly Medicure Ltd

POLYMED NSE

Key Fundamentals

SmallcapMedical EquipmentHealthcare
Market Cap
₹17,729 Cr
Volatility
Moderate
P/E Ratio
57.4
EBITDA
₹436 Cr
Return on Equity
12.24%
Debt to Equity
0.11
Book Value
₹306.44
EPS
₹28.09
52W High
₹2,144.9
52W Low
₹1,182

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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48 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

1
  • Company has delivered good profit growth of 19.4% CAGR over last 5 years

Weaknesses

2
  • Debtor days have increased from 83.8 to 103 days.
  • Working capital days have increased from 126 days to 249 days

Growth Rate

Revenue Growth
6.61% ↗
Net Income Growth
-3.72% ↘
Cash Flow Change
-9.64% ↘
ROE
-30.34% ↘
ROCE
-30.22% ↘
EBITDA Margin (Avg.)
-29.37% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk medium

Poly Medicure is an Rs 18,843 crore market-cap medical devices company trading at 60.5x PE, with a strong 19% compounded sales CAGR over 5 years and exports contributing ~68% of revenue. However, TTM profit has declined 11%, working capital days have nearly doubled to 249, and ROE has moderated to 11% in the last year from a 5-year average of 14%.

Bull Case 8
  • Consistent revenue compounder with 19% compounded sales CAGR over both 3-year and 5-year periods, and FY25 consolidated revenue reaching Rs 1,670 Cr (up 21.5% YoY)
  • Zero net debt balance sheet with net cash of Rs 1,220 Cr as of March 2025, providing significant firepower for expansion and M&A
  • Export-heavy revenue mix (~68% of FY26 revenue from international markets) provides geographic diversification and access to higher-margin developed markets
  • Standalone EBITDA margin of 28% in Q1 FY27 exceeded guided range of 25-27%, with gross profit margin expanding 495 bps to 73.4% in the same quarter
  • Rs 500 Cr capex planned over 2 years across three new facilities (Haryana, Uttarakhand, Rajasthan) to scale renal capacity and CDMO opportunities, with commercialization expected by CY26 end
  • Long-term profit growth of 19.4% CAGR over 5 years and 21% CAGR over 10 years demonstrates sustained earnings compounding
  • Strategic pivot to higher-complexity segments (cardiology, critical care) under PolyMed 3.0, targeting 100% revenue growth by FY30 from the Rs 1,875 Cr FY26 base
  • 10-year stock CAGR of 25% reflects long-term value creation through consistent execution
Bear Case 8
  • TTM profit growth has turned negative at -11%, a sharp reversal from the 24% three-year CAGR, indicating near-term earnings pressure
  • Valuation stretched at 60.5x PE despite ROE declining to 11% in the last year from a 5-year average of 14%, implying the market is pricing in future growth that is yet to materialize
  • Working capital days have nearly doubled from 126 to 249 days, signalling significant deterioration in cash conversion efficiency
  • Debtor days increased from 83.8 to 103 days, suggesting slower collections possibly from international or government clients
  • Q4 FY26 EBITDA declined 7.8% YoY to Rs 110.3 Cr with margins contracting sharply from 27.1% to 20.6%, indicating margin volatility
  • Renal business remains under pressure with management acknowledging a turnaround is only expected later in FY27
  • Dividend yield of just 0.19% (Rs 3.50 per share in FY25) provides minimal income return relative to the premium valuation
  • 1-year stock CAGR of only 1% versus 10-year CAGR of 25% suggests the market is already discounting growth, leaving limited near-term re-rating potential

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 19h ago
Headwinds 1
  • Net profit falls 8.4% YoY Aug 10

    Consolidated net profit declined 8.4% to ₹85.27 crore in Q1FY26, indicating margin pressure despite revenue growth.

Positives 2
  • Revenue up 25.6% YoY in Q1 Aug 10

    Consolidated revenue rose 25.6% YoY to ₹558.78 crore in Q1FY26, showing strong top-line momentum.

  • Active institutional investor engagement Aug 17

    Poly Medicure scheduled one-on-one meetings with Wasatch Global and Bajaj Alternative Investment on Aug 20, signaling sustained institutional interest.

Neutral 2
  • 31st AGM set for Sep 5 Aug 15

    Poly Medicure announced its 31st Annual General Meeting scheduled for September 5, 2026, per newspaper advertisement signed by Avinash Chandra.

  • Q1FY27 earnings call on Aug 10 Aug 5

    Company scheduled an earnings call on August 10, 2026 at 4:00 PM IST to discuss unaudited Q1FY27 results for quarter ended June 30, 2026.

TL;DR: Poly Medicure is delivering strong revenue growth of 25.6% YoY but facing profitability headwinds with net profit declining 8.4%. Institutional interest remains healthy with scheduled meetings with Wasatch Global and Bajaj. The key risk is margin compression; investors should watch whether the company can convert top-line growth into bottom-line improvement in coming quarters.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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
1,214
1,433
1,536
Operating Profit
86
88
93
122
131
166
216
215
267
361
455
442
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
18
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%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
459
Total Liabilities
364
387
457
565
654
767
1,224
1,377
1,577
1,859
3,192
3,919
Fixed Assets
165
182
207
265
306
363
426
488
635
867
1,084
1,702
CWIP
10
14
20
18
19
25
21
43
78
76
101
91
Investments
4
4
3
17
8
25
354
346
126
167
1,077
755
Other Assets
185
187
227
264
321
354
422
499
738
748
930
1,371
Total Assets
364
387
457
565
654
767
1,224
1,377
1,577
1,859
3,192
3,919
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
63
63
56
75
106
131
119
123
191
266
240
246
Investing
-59
-31
-56
-88
-101
-109
-436
-85
-179
-241
-1,194
-225
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
41
Free Cash Flow
13
31
0
-7
31
25
24
-31
-48
-9
-89
-59
CFO/OP
101
88
79
80
102
100
75
80
93
94
73
79
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
265
Days Payable
101
76
131
96
123
142
111
115
105
89
71
75
Cash Conversion Cycle
106
111
140
144
139
166
179
185
209
188
239
294
Working Capital Days
25
35
55
71
56
42
74
81
69
54
74
249
ROCE %
30%
26%
24%
26%
22%
25%
22%
17%
18%
24%
20%
14%

Shareholding Pattern

As of Jun 2026
Promoters 62.42%
DIIs 16.08%
Public 12.18%
FIIs 5.57%
Others 3.76%
Total 100.01%
  Feb 2021Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Aug 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
44.88%
44.88%
44.77%
44.77%
44.76%
44.66%
53.34%
53.33%
53.33%
53.31%
53.31%
53.16%
53.16%
53.15%
66.03%
62.56%
62.56%
62.44%
62.44%
62.44%
62.42%
62.42%
62.42%
62.42%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
14.49%
0.00%
12.38%
9.91%
11.10%
11.87%
12.33%
11.46%
11.41%
9.77%
9.40%
5.91%
5.57%
DIIs
1.83%
1.92%
2.68%
2.73%
2.86%
3.18%
3.10%
3.20%
3.38%
3.68%
4.25%
5.15%
5.28%
7.22%
9.35%
12.48%
12.33%
11.66%
11.96%
11.72%
13.54%
13.84%
15.59%
16.08%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
16.24%
15.11%
14.24%
13.69%
13.24%
12.32%
11.93%
11.20%
11.18%
11.12%
11.10%
11.35%
11.38%
11.34%
11.37%
10.70%
10.14%
10.55%
11.08%
11.37%
11.25%
11.30%
12.61%
12.18%
Others
37.06%
38.10%
38.30%
38.81%
39.14%
39.84%
31.63%
32.27%
32.11%
31.90%
31.34%
15.85%
30.17%
15.92%
3.36%
3.16%
3.10%
3.03%
3.07%
3.07%
3.02%
3.04%
3.47%
3.76%
No. of Shareholders
0
19,187
21,531
35,922
33,678
35,166
33,831
33,296
34,239
35,393
36,141
34,649
36,053
36,712
36,852
40,516
38,352
60,686
65,583
71,142
64,400
67,750
73,414
73,643

Documents

Frequently Asked Questions about Poly Medicure Ltd

What does Poly Medicure Ltd do?
Poly Medicure Limited is an India-based manufacturer and exporter of medical devices. The Company exports plastic medical disposables/surgical devices.[1]
Where is Poly Medicure Ltd (POLYMED) listed?
Poly Medicure Ltd is listed on the Indian stock exchanges. It is listed on NSE: POLYMED and BSE: 531768. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Poly Medicure Ltd belong to?
Poly Medicure Ltd operates in the Healthcare sector within the Medical Equipment industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Poly Medicure Ltd?
Poly Medicure Ltd has a market capitalisation of approximately ₹17728.79 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Poly Medicure Ltd?
The Price-to-Earnings (PE) ratio of Poly Medicure Ltd is 57.40. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Poly Medicure Ltd?
Over the past 52 weeks, Poly Medicure Ltd has traded between a low of ₹1,182 and a high of ₹2,144.9. This range helps investors understand the stock's price volatility and recent trading levels.
Does Poly Medicure Ltd pay dividends?
Yes, Poly Medicure Ltd has a dividend yield of 0.20%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Poly Medicure Ltd?
Poly Medicure Ltd has a Return on Equity (ROE) of 12.24%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Poly Medicure Ltd on Tapetide?
On Tapetide, you can view Poly Medicure Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Poly Medicure Limited is an India-based manufacturer and exporter of medical devices. The Company exports plastic medical disposables/surgical devices.[1]

Website polymedicure.com
CEO Mr. Himanshu Baid
Employees 3,082
Listed 2011-12-07
Face Value ₹ 5
Issued Size 10,13,59,490

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