Poly Medicure Ltd logo

Poly Medicure Ltd

POLYMED NSE

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

AI Verdict: HOLD Confidence: 5%

Poly Medicure has delivered solid 19% sales CAGR over 5 years and 19.4% profit CAGR, but the stock trades at a demanding 49.7x PE while ROE has declined to 11% last year. Working capital deterioration (126 to 249 days) and a 24% stock price decline over the past year warrant caution despite the quality franchise.

Key Fundamentals

SmallcapMedical EquipmentHealthcare
Market Cap
₹16,629 Cr
Volatility
Moderate
P/E Ratio
51.91
EBITDA
₹436 Cr
Return on Equity
14.44%
Debt to Equity
0.08
Book Value
₹306.45
EPS
₹28.09
52W High
₹2,316.6
52W Low
₹1,182

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 3d ago
HOLD
Risk high

Poly Medicure has delivered solid 19% sales CAGR over 5 years and 19.4% profit CAGR, but the stock trades at a demanding 49.7x PE while ROE has declined to 11% last year. Working capital deterioration (126 to 249 days) and a 24% stock price decline over the past year warrant caution despite the quality franchise.

Bull Case 7
  • Strong 5-year compounded sales growth of 19% CAGR demonstrates consistent revenue scaling in the medical devices space
  • Compounded profit growth of 19% CAGR over 5 years shows ability to translate revenue into earnings
  • 10-year stock CAGR of 23% reflects long-term wealth creation track record
  • 10-year compounded sales growth of 16% CAGR indicates structural demand tailwind for disposable medical devices
  • 10-year ROE average of 16% indicates a fundamentally sound business model with reasonable capital efficiency
  • Market cap of Rs 15,984 Cr provides sufficient scale and liquidity for institutional participation
  • 40% of analysts have a Buy rating, indicating some institutional conviction at current levels
Bear Case 8
  • PE ratio of 49.7x is expensive relative to the current TTM profit growth of -2%, implying no earnings support for the valuation
  • Working capital days have ballooned from 126 to 249 days, signaling serious cash conversion cycle deterioration
  • Debtor days increased from 83.8 to 103 days, indicating weakening bargaining power or channel stuffing risk
  • ROE has declined from 14% (5-year average) to 11% last year, showing diminishing return on equity
  • Stock price has declined 24% over the past 1 year, reflecting negative market sentiment and possible derating
  • TTM profit growth is -2%, indicating margin pressure or cost headwinds in the near term
  • Dividend yield of just 0.22% offers negligible income support during a period of capital erosion
  • 20% of analysts rate the stock a Sell, and combined Hold plus Sell is 60%, reflecting cautious consensus

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

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Headwinds 6
  • Margin erosion from West Asia conflict May 27

    Q4FY26 EBITDA margin fell to 21% from 29.4% YoY, with management warning of 200-300 bps gross margin erosion from higher crude-linked raw material and packaging costs due to Strait of Hormuz disruptions.

  • Stock falls 15% in three sessions May 27

    Shares declined nearly 15% over three consecutive trading sessions amid investor concerns over margin pressure, geopolitical risks, and West Asia logistics disruptions affecting 6-8% of revenue.

  • Q4 net profit drops 27.8% YoY May 30

    Q4FY26 net profit fell 27.8% to Rs 66.3 crore from Rs 91.8 crore YoY, while FY26 full-year net profit declined 5.3% to Rs 320.7 crore despite revenue growth.

  • West Asia order deferrals continue May 30

    Orders worth Rs 20-30 crore were deferred in March due to elevated freight costs and shipment delays, with similar disruptions continuing into Q1 FY27.

  • Input costs up 20% across board May 28

    Polymer prices surged due to Strait of Hormuz blockage, forcing 3-5% domestic and 7-10% export price increases, with rupee depreciation compounding challenges.

  • Rs 2.5 Cr stamp duty order Jun 16

    Delhi Revenue Department issued an order demanding Rs 2.5 crore in stamp duty and penalty; company disputes jurisdiction and plans legal action.

Positives 6
  • FY27 revenue guided at Rs 2,300-2,400 Cr May 28

    Company targets 20-25% consolidated revenue growth in FY27 (up from 12% in FY26), driven by 20% domestic and 15% international growth plus full-year acquisition contributions.

  • Strategic shift to high-tech devices May 30

    Expanding into cardiology (IVL devices, drug-coated balloons) and orthopaedics, targeting Rs 150 crore revenue from high-end products over three years, with unit prices jumping from Rs 19-20 to Rs 10,000-50,000.

  • Strong domestic and Europe growth May 27

    Q4FY26 domestic revenue rose 25% YoY, European revenue increased 23%, and FY26 domestic revenue expanded nearly 20% with 35 new products launched during the year.

  • New CEO for Asia Pacific appointed Jun 1

    Indranil Mukherjee appointed as CEO for Asia Pacific and India Business effective June 1, 2026, strengthening leadership for key growth markets.

  • US market target $25M by FY30 May 28

    Company aims to grow US revenue from $6-7 million to $25 million by FY30, supported by potential India-US trade deal easing tariffs to 18%.

  • Strong cash position, active M&A May 27

    Ended FY26 with Rs 842 crore cash balance; completed acquisitions of Citieff (Italy), PendraCare (Netherlands), and Medyneo (South America) to expand global footprint.

Neutral 2
  • FY26 results: 12.3% revenue growth May 26

    FY26 consolidated revenue rose 12.3% to Rs 1,875.3 crore with standalone EBITDA margin at 26.8%; company completed key acquisitions during the year.

  • Multiple investor meets scheduled Jun 23

    Company hosted one-on-one meetings with Axis Max Life, Ikigai Asset, and Trust AMC through June 2026, including plant visits in Faridabad and meetings in Delhi/Mumbai.

TL;DR: Poly Medicure is executing a compelling long-term transformation from low-tech consumables to high-value cardiology and orthopaedic devices, with strong revenue guidance of 20-25% growth for FY27. However, near-term profitability is under significant pressure from West Asia geopolitical disruptions, crude-linked input cost inflation, and logistics challenges that compressed EBITDA margins from 29% to 21% in Q4. The 15% stock correction reflects these margin concerns. The trend should improve as price hikes take effect and European recovery materializes, but Q1-Q2 FY27 margins remain at risk from ongoing raw material headwinds.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
307
321
337
340
378
385
420
424
441
403
444
494
535
Expenses
224
234
253
249
282
281
305
310
321
298
329
382
424
Operating Profit
83
87
84
90
96
104
115
114
119
106
115
111
110
OPM %
27%
27%
25%
27%
26%
27%
27%
27%
27%
26%
26%
23%
21%
Other Income
9
14
15
17
15
17
27
24
27
43
35
21
19
Interest
2
2
2
3
3
3
3
3
2
3
3
6
6
Depreciation
15
16
16
16
16
20
21
21
21
23
25
29
38
PBT
75
83
81
88
92
98
118
113
123
123
122
98
85
Tax %
22%
24%
23%
26%
26%
25%
26%
25%
25%
24%
25%
27%
24%
Net Profit
59
63
62
65
68
74
87
85
92
93
92
71
65
EPS in Rs
6.13
6.54
6.48
6.78
7.12
7.71
8.63
8.41
9.06
9.19
9.06
7
6.54
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
390
411
454
519
610
687
785
922
1,115
1,375
1,669
1,875
Expenses
304
323
361
397
479
520
569
707
847
1,014
1,214
1,433
Operating Profit
86
88
93
122
131
166
216
215
267
361
455
442
OPM %
22%
21%
21%
23%
22%
24%
28%
23%
24%
26%
27%
24%
Other Income
28
8
14
16
20
21
22
40
38
60
94
119
Interest
10
10
8
12
14
20
11
6
11
14
14
18
Depreciation
19
21
24
29
37
41
48
54
57
63
83
116
PBT
85
65
75
97
100
126
180
195
237
344
453
427
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
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
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 Mar 2026
Promoters 62.42%
DIIs 15.59%
Public 12.61%
FIIs 5.91%
Others 3.47%
Total 100.00%
  Feb 2021Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Aug 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 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%
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%
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%
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%
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%
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%
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

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 Healthcare Equipment & Supplies 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 ₹16629.04 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 51.91. 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 ₹2,316.6. 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 0.21%. 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 14.44%. 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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