Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Poly Medicure Limited (POLYMED)
Large CapPharma stocks · Large cap · NSE
Poly Medicure Limited (POLYMED) is an Indian medical device manufacturer with 15 plants across 5 countries, offering 225+ medical devices across 13 specialties. It focuses on infusion therapy, renal care, critical care, cardiology, and orthopedics, serving 125+ countries with a strong R&D and distribution network.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 12:36 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
58NeutralSMA20 -5.3% / mo · MACD − · sector +3.8pp vs Nifty 500 (3M)
Stock trend: 30
Sector RS: 98
Sector 3M: -1.8% vs Nifty 500 -5.6%
Pharma FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
POLYMEDD candles · FIT view+9.7%Latest close ₹1550.70 on 2026-10-19
Bar
-2.8%
RSI
34
MACD hist
-5.64
52W pos
40%
2026-10-19O ₹1594.90H ₹1594.90L ₹1543.00C ₹1550.70Vol 55,799 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
POLYMEDNifty PharmaNifty 500
- POLYMED
- -9.9%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- -4.3 pp
Chart stats
19 Oct 2026- From 52W high
- -26.0%
- 52W range position
- 40%
- ATR (14)
- 3.1%
- Volume vs 20D
- 0.58x
- Avg traded value
- ₹14.9 Cr
- 20D price channel
- ₹1,543 - ₹1,772
₹2,094.3
₹1,182 - ₹2,094.3
₹48.6
Latest completed session
20-session average
29.5% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST32
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +30.3% · PAT -8.6% YoY
Technical
Neutral58
Price trend and sector-relative-strength timing.
Valuation
Legacy model-10.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Healthy Trust71
medium confidence · 3/4 claims checked
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -9% YoY · margin compression · Rev +30% YoY
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹525 Cr | +30.3% | -1.9% |
| EBITDA | ₹125 Cr | +17.9% | +13.6% |
| Operating margin | 24.0% | -200 bps | +300 bps |
| PAT | ₹85 Cr | -8.6% | +30.8% |
| PAT margin | 16.2% | -689 bps | +404 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 50.10
- P/B
- 5.16
- EV/EBITDA
- 27.80
- Market Cap
- 16022.00Cr
Profitability
- ROE
- 9.02%
- ROCE
- 12.50%
- ROA
- 8.11%
- Dividend Y
- 0.22%
Growth (CAGR)
- Revenue 5Y
- 19.00%
- EPS 5Y
- 14.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 15.00%
Balance Sheet
- Debt/Equity
- 0.11
- Interest Coverage
- 20.95×
- Altman Z
- 8.28
- Book Value
- 306.00
Cash Flow
- FCF Yield
- 0.14%
- FCF Positive Y
- 8/5
- OCF
- 246.00 Cr
- EPS TTM
- 31.09
Shareholding
- Promoter Hold
- 62.42%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 44%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 1,875+12.3% vs prev
Net Profit
₹ CrLatest: 321-5.3% vs prev
Return on Equity
%Latest: 10.3-15.7% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 34.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~5.6% over last month) — short-term momentum negative.
- RSI(14) at 34 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 26% off 52W high · 31% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
46
RS percentile
Stage 1 Base / Transition
1M return
-10.2%
3M return
-9.9%
6M return
+5.3%
1Y return
-18.6%
RS 1D
-2
RS 20D
-9
Sector rank
#1
Industry rank
-
Stage evidence
- Price is within 2.2% of the 30-week proxy.
- The 30-week proxy changed +3.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 82.72-1.70%
RS vs Nifty 50083
Valuation & peers
U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth13/25
Quality0/20
Balance Sheet10/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
32
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
32/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 10/15 to the score.
- Growth contributes 13/25 to the score.
Main drags
- Fair-value margin of safety is negative at -10.8%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
50.1
PB
5.2
EV/EBITDA
27.8
ROE
9.0%
ROCE
12.5%
FCF Yield
0.1%
Debt/Equity
0.1
MoS
-10.8%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
32
Previous: 32
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-10.8%
Previous: -10.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
32
32
32
32
32
32
32
32
32
32
32
32
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹462.66
-235.2% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹1,399.05
-10.8% MoS
PEG
3.48
Comparable companies
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
VILINBIO
SME
VILIN BIO MED LTD.
Medical Devices
match 156
31
44.6
7.5%
+7%
OVERVALUED
OSELDEVICE
SME
Osel Devices Ltd.
Medical Devices
match 154
60
21.1
18.7%
+53%
UNDERVALUED
ANONDITA
SME
Anondita Medicare Ltd.
Medical Devices
match 133
59
61.0
40.2%
-72%
FAIR VALUE
INFLUX
SME
Influx Healthtech Ltd.
Medical Devices
match 128
27
31.8
19.0%
-296%
OVERVALUED
NURECA
Small
Nureca Limited
Medical Devices
match 127
23
74.5
1.1%
-7759%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-13T07:56:11.545Z
Management commentary snapshot
Q4 & FY26 Consolidated Revenue up 21.3% and 12.3% YoY respectively, driven by domestic growth. However, consolidated operating EBITDA margin declined significantly due to acquisitions and one-time costs.
Consolidated results show revenue growth, but profitability is under pressure from recent acquisitions and one-time expenses. Standalone performance was more resilient, meeting EBITDA guidance. The short-term impact of integration on margins needs close monitoring.
Current business mix
Consolidated Revenue Mix FY26
Latest issuer-disclosed distribution across 3 reported categories.
Infusion Therapy53.0%
Renal10.0%
Others37.0%
Growth engines
Expansion into High-Tech Segments
Expanding into renal, critical care, orthopedics, and cardiology segments through greater investment in technology and product development.
Strategic Acquisitions
Acquisitions of Citieffe and Pendracare Group are creating a roadmap for future growth in high-end technology segments. Acquired Medyneo in Brazil.
Robust R&D and Product Pipeline
35 products launched in FY26, with 100+ products in pipeline for the next 3-4 years. R&D team strength of ~90 across India, Italy, and Netherlands.
Global Distribution and Direct Presence
Expanding direct presence in markets like Europe, US, and LATAM. Subsidiaries established in UK, US, Brazil to commercialize operations.
Capacity and execution
New Manufacturing Plants
2 upcoming plants in India are planned to scale manufacturing and implement automation.
Capex Spend
Capex spend of Rs. 296 Crs in FY 26.
Pendracare Capacity
Pendracare has a capacity of >1.5 million products per year; current production is 700-800k units per year.
Tailwinds
Large and Growing Global Medtech Market
US$650bn global Medtech market growing ~5% CAGR. APAC is growing fastest at ~8% CAGR.
India MedTech Market Growth
India MedTech market is a sunrise sector, expected to grow from $16 Bn (2025F) to $30 Bn (2030), driven by evolving disease patterns and government support.
High Prevalence of Non-Communicable Diseases
High prevalence of Non-Communicable diseases drives demand for medical devices, shaping Polymed's strategy.
Headwinds
Pressure on Healthcare Spend
Governments are under pressure to reduce healthcare spend, which Polymed aims to counter by providing products at lower pricing than global players.
Acquisition-Related Expenses
Consolidated FY26 Operating EBITDA excludes the impact of acquisition related expenses of Rs 9.7 cr.
One-Time Regulatory/Employee Costs
Q4 EBITDA was impacted by a one-time provision for certain regulatory and employee costs in a subsidiary.
Risk radar
Acquisition Integration Risk
Consolidated Q4 EBITDA was impacted by consolidation of acquisitions done during FY26, indicating potential integration challenges.
Execution Risk on New Product Pipeline
Success hinges on commercializing 100+ products in pipeline and achieving sales targets for new offerings like DES and dialysis machines.
Regulatory and Compliance Costs
A provision of Rs. 6.8 Cr for past service gratuity & compensated absences was recognized as an 'Extraordinary Expense' for FY26 due to Labour Codes notification.
Sustaining Profitability Amidst Investments
Returns ratios are lower in FY26 partly due to partial period consolidation of acquisitions and high capex intensity.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is essential for assessing overall annual growth and performance trends. QoQ is crucial for understanding sequential momentum, especially given the impact of recent acquisitions and management's focus on H1 to H2 revenue growth.
Sector KPIs management disclosed
Domestic Revenue Growth
Consolidated Domestic revenue grew 25.0% in Q4 FY26 YoY and 19.6% in FY26 YoY.
International Revenue Growth
Consolidated International revenue grew 19.4% in Q4 FY26 YoY and 9.3% in FY26 YoY. Europe grew 22.9% (Q4 YoY) and 7.1% (FY26 YoY).
Product Launches
35 products launched in FY26. 100+ products are in the pipeline to be launched in the next 3-4 years.
R&D Expenses
R&D expenses were Rs 29.9 Cr in FY26 (Consolidated). Management expects R&D expense (currently 1.7% of sales) to double in the next 3-5 years.
Management forward view
Focus on High-End Technology Segments
Management is expanding into renal, critical care, orthopedics, and cardiology segments through greater investment in technology and product development.
Scaling Manufacturing and Cost Optimization
Scaling manufacturing in India (2 new plants) and implementing automation and lean practices to reduce costs and sustain value-based pricing.
Increased R&D Investment
R&D expense, currently 1.7% of sales, is expected to double in the next 3-5 years.
Inorganic Growth and Market Access
Pursuing inorganic growth strategy to secure local manufacturing and market access, with subsidiaries established in UK, US, Brazil.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated Operating EBITDA Margin | 24.4% (FY26) | Improvement in margin as acquisitions are integrated and one-time costs subside. |
| Return on Invested Capital (Standalone) | 21.4% (FY26) | Sustained or improving ROIC as high capex and investments begin to yield returns. |
| New Product Pipeline Execution | 35 products launched in FY26 | Consistent launch cadence and successful commercialization of the 100+ products in pipeline. |
| International Revenue Growth | 9.3% (FY26 YoY) | Acceleration in international revenue growth from direct presence expansion and acquisition synergies. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
capex timelinenot yet verifiablequantified
CAPEX planned for the current financial year (FY '26) will be over Rs. 250 crores.
Timeframe: FY '26Direction: increaseConfidence: planned
"CAPEX planned for the current financial year will be over Rs. 250 crores."
margin outlookcontradictedquantified
The company maintains its operating EBITDA guidance in the range of 25%-27% for the year.
Timeframe: FY '26Direction: maintainConfidence: maintain guidance
"We maintain operating EBITDA guidance in the range of 25%-27% for the year."
Outcome check: OPM moved from 26.0% to average 23.0% (-3.0 pp).
revenue outlookdeliveredquantified
The company aims for an overall revenue growth of 15-16% when it ends the current Financial Year '26.
Timeframe: FY '26Direction: increaseConfidence: aim
"Overall, we aim to do a growth of close to 15-16% when we end the current Financial Year '26"
Outcome check: Revenue YoY averaged 16.5% across 1 later quarter(s).
revenue outlookdeliveredquantified
The domestic market is expected to end FY '26 with a growth of 28%-30%.
Timeframe: FY '26Direction: increaseConfidence: very bullish, reiterate guidance
"we will end almost with a growth of 28%-30% for FY '26. So, we currently reiterate our guidance."
Outcome check: Revenue YoY averaged 16.5% across 1 later quarter(s).
Trust Score
71Healthy Trust · medium confidenceClaim-tested Trust
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 67% delivered/partly-delivered outcomes on 3 checked claims, with 1 adverse claim outcome. It ranks around the 66th percentile of the scored universe and 54th percentile within Pharma. Main check: results consistency is weak at 46/100.
Healthy Trust: 3/4 extracted management claims have outcome checks; 67% were fully delivered and 0 were partially delivered. 1 claim(s) were contradicted or failed.
Computed 21 Oct 2026
management-trust-v1
38 extracted concalls · 3/4 claims matched
Score band
Healthy Trust
Generally investable credibility. Look for weak sub-scores before increasing position size.
Relative rank
66th percentile
overall median 67 · Pharma: 54th pctile, median 70 · Large: 42nd pctile, median 73
Evidence depth
Early sample
3/4 claims checked. Use as directional, not final.
Claim delivery
67% delivered or partly delivered
3/4 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Healthy Trust · medium confidenceWhat it measures
Reliability of management and financial delivery, using management claims matched with later outcomes.
Confidence
Useful directional evidence exists, but still verify the latest filings.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
58
watch · capital discipline
Results
46
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 62.4%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.1%.
- ▸8 years of positive FCF.
Trust risks
- ▸ROCE trend is -5.5%.
- ▸1/4 latest quarters had positive YoY PAT growth.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Continue researching Poly Medicure Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Aug
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 26 Jun - CRISIL revised Poly Medicure’s long-term outlook to Positive and reaffirmed AA-/A1+ ratings on Rs.500 crore facilities.
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.