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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
medium confidence · 3/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -9% YoY · margin compression · Rev +30% YoY
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Consolidated Revenue Mix FY26
Latest issuer-disclosed distribution across 3 reported categories.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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 planned for the current financial year (FY '26) will be over Rs. 250 crores.
"CAPEX planned for the current financial year will be over Rs. 250 crores."
The company maintains its operating EBITDA guidance in the range of 25%-27% for the year.
"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).
The company aims for an overall revenue growth of 15-16% when it ends the current Financial Year '26.
"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).
The domestic market is expected to end FY '26 with a growth of 28%-30%.
"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).
Trend score and candlestick chart
60BullishSMA20 +4.5% / mo · MACD − · sector +2.2pp vs Nifty (3M)
Technical chart
POLYMEDdaily · 1Y · AUTO+25.2%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 45. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~4.3% over last month) — short-term momentum positive.
- RSI(14) at 45 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 19% off 52W high · 44% 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.
Relative Strength & Trend Stage
- Price is 12.2% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +1.7%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 32 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 32 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -21.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 54th pctile, median 70 · Large: 43rd pctile, median 73
3/4 claims checked. Use as directional, not final.
3/4 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Healthy Trust · medium confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 53.90
- P/B
- 5.56
- EV/EBITDA
- 29.90
- Market Cap
- 17257.00Cr
Profitability
- ROE
- 9.02%
- ROCE
- 12.50%
- ROA
- 8.11%
- Dividend Y
- 0.21%
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
- 0.13%
- FCF Positive Y
- 8/5
- OCF
- 246.00 Cr
- EPS TTM
- 31.09
Shareholding
- Promoter Hold
- 62.42%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 56%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
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