Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,748.00 last close on 23 Oct 2026 −0.57%
Research updated
Poly Medicure Ltd.
NSE: POLYMEDHealthcareMedical Instruments & Supplies
- Last close
- ₹1,444.00
- Day change
- −₹4.90 (−0.34%)vs
- Market cap
- ₹16,155 crIndian rupees
- Research updated
- 1 report
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About Poly Medicure
Poly Medicure Ltd. is a leading manufacturer and exporter in the healthcare and medical equipment sector. Primarily focused on medical devices, its portfolio includes a wide range of products such as intravenous catheters, infusion systems, blood bags, and various surgical equipment. The company's innovative approach is reflected in its dedicated research and development, which supports the creation of products that cater to the needs of hospitals, healthcare providers, and patients globally. Poly Medicure Ltd. is instrumental in supplying high-quality medical devices, reinforcing its significant role in the healthcare infrastructure. With a commitment to adhering to stringent international standards, the company contributes critically to the evolving dynamics of the healthcare industry, enhancing medical treatment efficiency and patient care globally. It's recognized for its contributions toward improving health outcomes, making it a vital player in the medical equipment market.
- Sector
- Healthcare
- Industry
- Medical Instruments & Supplies
- Listing
- NSE: POLYMED
- Chief executive
- Mr. Himanshu Baid
- Employees
- 2,614
- Headquarters
- New Delhi, India
- ISIN
- INE205C01021
- Website
- polymedicure.com
Public research · Report of
Business model & financial foundation
Poly Medicure (NSE: POLYMED), Medical devices and consumables: revenue of ₹1,875 crore in FY26 (+12.3% on FY25), an EBITDA margin of 23.6%, net profit of ₹322.1 crore and net cash of ₹470.4 crore.
- Revenue, FY26 (₹ crore)
- 1,875
- consolidated
- Revenue growth, FY26
- +12.3%
- on FY25
- EBITDA margin, FY26
- 23.6%
- EBITDA (Cost-stack operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 322.1
- to owners
- Return on equity, FY26
- 11.0%
- on average equity
- Net debt, FY26 (₹ crore)
- -470.4
- Net debt including liquid investments
- Market capitalisation (₹ crore)
- 17,278
- at the close of 17 Oct 2026
Company profile
Manufacturer and exporter of single-use medical devices and consumables, with infusion/vascular access, renal and critical-care products. European acquisitions extend the group into cardiology catheters and orthopaedic trauma devices. The Indian peer set deliberately separates manufacturing adjacencies from direct medical-device comparables.
| Item | Value |
|---|---|
| Legal name | Poly Medicure Limited |
| Exchange and ticker | NSE: POLYMED; BSE: 531768 |
| ISIN | INE205C01021 |
| CIN | L40300DL1995PLC066923 |
| Sector | Healthcare |
| Industry | Medical devices and consumables |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Doogar & Associates (since 2024-09-26) |
| Market capitalisation | ₹17,278 crore (17 Oct 2026) |
| Shares outstanding | 10.14 crore shares (FY26) |
| Price | ₹1,584 (close, 17 Oct 2026) |
| 52-week range | ₹1,182 - ₹2,094 (to 17 Oct 2026) |
| Website | https://www.polymedicure.com/ |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Poly Medicure (Laiyang) Co Ltd | 100% | Medical-device manufacturing in China |
| Poly Medicure B.V. | 100% | Netherlands holding company |
| Plan 1 Health SRL | 100% | Italian medical devices |
| Risor Holding B.V. | 90% | Netherlands holding company for PendraCare cardiology devices |
| Medistream SA | 100% | Swiss holding company for Citieffe orthopaedic devices |
| Himalayan Mineral Waters | n.d. | Accounting control assumed Q1FY27; legal share transfer pending |
| Citieffe group | 100% | Orthopaedic trauma manufacturing Italy; USA/Mexico distribution |
| Wellinq Medical and Pendracare group | 90% | Indirect catheter/cardio manufacturing through Risor |
| Medyneo Brazil | 100% | Acquired April2026; Brazil market access |
Selected material subsidiary groups; Ultra Med Egypt is a 23% associate. AMPIN 26% captive solar stake is booked as an investment. HMW was unconsolidated FY26 and consolidated Q1FY27 on accounting control.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 62.42% | 62.42% | 62.40% | 62.42% |
| Foreign institutions | 9.77% | 9.41% | 5.91% | 5.57% |
| Domestic institutions | 13.53% | 13.84% | 15.56% | 16.08% |
| of which mutual funds | 8.80% | 9.61% | ||
| Other | 14.28% | 14.34% | 16.13% | 15.93% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Poly Medicure manufactures and exports single-use medical devices, traditionally infusion/vascular-access consumables. Renal consumables and machines, cardiology catheters/stents and acquired European orthopaedics extend its addressable portfolio. Domestic hospital/distributor demand and international regulated-market approvals drive sales. Subsidiaries in India, China and Europe form the consolidated perimeter; PendraCare consolidated September2025, Citieffe November2025, HMW accounting control Q1FY27 despite legal transfer pending. No reportable Ind AS108 segments; voluntary product/geography splits are not independently reported margin centres.
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Infusion Therapy (management product grouping) | 997.3 | 53.2% |
| Renal (management product grouping) | 187.6 | 10.0% |
| Others (scope changed in Q1FY27 deck) | 690.4 | 36.8% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Tarsons Products (TARSONS) | Listed polymer lab-consumables manufacturer; closest materials/process adjacency, but laboratory R&D/diagnostics demand differs from hospital disposables. |
| Nureca (NURECA) | Listed home-health devices with in-house manufacturing; D2C brand/distribution, sourcing mix and earnings volatility limit comparability to hospital consumables. |
| Shaily Engineering Plastics (SHAILY) | Drug-delivery/medical-device contract manufacturing and precision plastics; diversified consumer/industrial operations mean it is not a pure-play device peer. |
| Gland Pharma (GLAND) | Regulated sterile-injectables manufacturer/CDMO; export and sterile-process adjacency only. Pharmaceutical approvals/products differ from medical devices. |
| Venus Remedies (VENUSREM) | Critical-care/oncology injectable pharmaceutical manufacturer; hospital/export manufacturing adjacency only, not a medical-device company. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 916.9 | 1,109 | 1,376 | 1,670 | 1,875 |
| Cost of revenue (vendor classification) * | 433.2 | 509.3 | 604.3 | 706.4 | 596.8 |
| Other operating costs (vendor classification) * | 107.0 | 128.1 | 158.5 | 200.7 | 433.9 |
| EBITDA (vendor classification) * | 243.5 | 307.3 | 397.1 | 509.6 | 568.1 |
| Operating EBIT | 199.0 | 246.0 | 294.3 | 370.2 | 326.8 |
| Finance cost | 3.72 | 8.54 | 11.3 | 12.0 | 18.3 |
| PBT including associates and exceptional | 195.2 | 237.5 | 344.3 | 452.5 | 427.5 |
| Total tax expense | 48.7 | 58.2 | 86.0 | 114.0 | 106.7 |
| Group PAT before NCI | 146.5 | 179.3 | 258.3 | 338.6 | 320.7 |
| Diluted EPS (₹) | 15.27 | 18.67 | 26.90 | 34.11 | 31.75 |
| Materials purchases inventory change | 482.6 | 555.4 | 596.8 | ||
| Employee expense | 245.9 | 301.5 | 402.3 | ||
| Other expenses including R&D | 289.5 | 359.5 | 433.9 | ||
| Cost-stack operating EBITDA excluding other income | 357.7 | 453.4 | 442.3 | ||
| Other income | 58.7 | 89.1 | 120.1 | ||
| Depreciation amortisation | 63.4 | 83.2 | 115.5 | ||
| Exceptional signed PBT impact | 0.00 | 0.00 | -6.80 | ||
| PAT attributable NCI | 0.00 | 0.00 | -1.41 | ||
| Associate profit included in PBT | 2.53 | 5.18 | 5.68 | ||
| PAT to owners | 258.3 | 338.6 | 322.1 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable owners | 1,087 | 1,242 | 1,470 | 2,766 | 3,106 |
| Borrowings excluding leases | 126.7 | 149.0 | 170.0 | 177.6 | 341.6 |
| Cash equivalents | 7.76 | 7.06 | 12.1 | 8.70 | 51.2 |
| Trade receivables | 206.6 | 235.4 | 269.9 | 349.7 | 531.2 |
| Inventory | 168.4 | 208.7 | 221.0 | 285.6 | 433.8 |
| Trade payables | 89.0 | 92.3 | 95.6 | 86.3 | 122.7 |
| PPE excluding ROU | 1.15 | 2.47 | 818.5 | 1,038 | 1,255 |
| CWIP | 37.1 | 109.6 | 66.7 | 89.7 | 90.5 |
| Total assets | 1,377 | 1,577 | 1,859 | 3,192 | 3,919 |
| Total equity including NCI | 1,470 | 2,766 | 3,149 | ||
| Current and noncurrent leases | 3.94 | 2.60 | 12.0 | ||
| Current liquid MF and bonds | 139.5 | 1,052 | 736.6 | ||
| Net debt including liquid investments | -112.1 | -1,022 | -470.4 | ||
| Year-end issued fully paid shares | 9.60 | 10.13 | 10.14 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net CFO | 95.5 | 180.3 | 266.1 | 233.0 | 246.4 |
| Free cash flow (vendor definition) * | -32.1 | -48.2 | -10.9 | -90.6 | -62.0 |
| Cash dividend outflow positive | -23.9 | -24.0 | 28.7 | 30.3 | 35.4 |
| Gross cash fixed-asset spending including advances | -154.1 | -239.1 | 277.0 | 331.0 | 308.4 |
| Net acquisition cash spending | n.d. | n.d. | 386.0 | ||
| Net borrowing proceeds | 21.1 | 8.59 | 74.6 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Year-end issued fully paid shares | 9.59 | 9.59 | 9.60 | 10.13 | 10.14 |
| Directors operating EBITDA unreconciled | n.r. | 458.6 | 457.7 | ||
| MD&A EBITDA including other income | 416.5 | 542.0 | |||
| QIP cumulative issue expenses | 14.7 | ||||
| QIP cumulative capex use at year end | 62.0 | ||||
| QIP cumulative inorganic initiatives | 250.3 | ||||
| QIP cumulative general corporate use | 188.8 | ||||
| QIP funds temporarily invested pending use | 484.3 | ||||
| QIP account cash at year end | 0.04 | ||||
| Consolidated goodwill | 273.8 | ||||
| FX gains included in other income not proven oneoff | 38.6 | ||||
| Grants subsidies other income not proven oneoff | 6.73 | ||||
| Export other incentives revenue not proven oneoff | 13.3 | ||||
| Bad debts net of used provision not assumed oneoff | 2.10 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 420.0 | 424.2 | 440.8 | 403.2 | 443.9 | 493.7 | 534.5 | 525.4 |
| Cost of revenue (vendor classification) * | 132.5 | 146.5 | 299.1 | 127.2 | 135.7 | 312.5 | 178.2 | 139.8 |
| Other operating costs (vendor classification) * | 94.1 | 85.3 | -125.7 | 94.7 | 104.7 | 111.5 | 119.8 | 133.6 |
| EBITDA (vendor classification) * | 142.2 | 138.1 | 145.1 | 149.2 | 149.6 | 139.1 | 129.9 | 160.1 |
| Operating EBIT excluding other income and associates | 94.5 | 93.0 | 98.4 | 82.9 | 89.8 | 82.4 | 72.2 | 88.9 |
| Finance cost | 3.34 | 3.33 | 2.17 | 2.95 | 2.97 | 5.96 | 6.41 | 6.50 |
| Profit before tax | 118.0 | 113.2 | 122.9 | 123.0 | 121.7 | 97.6 | 85.2 | 117.3 |
| Total tax expense | 30.5 | 28.0 | 31.0 | 29.9 | 29.9 | 26.8 | 20.2 | 32.0 |
| Profit after tax (incl NCI) | 87.5 | 85.2 | 91.8 | 93.1 | 91.8 | 70.8 | 65.0 | 85.3 |
| Diluted EPS (₹) | 9.01 | 8.48 | 8.92 | 9.17 | 9.06 | 6.99 | 6.53 | 8.48 |
| COGS: materials + stock-in-trade purchases + inventory change | 132.5 | 146.5 | 148.2 | 127.2 | 135.7 | 155.8 | 178.2 | 139.8 |
| Employee benefits expense | 78.1 | 76.2 | 78.9 | 74.4 | 88.8 | 114.0 | 126.1 | 126.9 |
| Other expenses incl. R&D expenses | 94.2 | 87.1 | 94.2 | 95.3 | 104.7 | 112.6 | 119.8 | 133.6 |
| EBITDA (revenue less cogs, employee, other exp; excl associate, other income) | 115.2 | 114.4 | 119.6 | 106.3 | 114.7 | 111.3 | 110.4 | 125.1 |
| Other income | 26.1 | 21.8 | 24.3 | 41.7 | 33.9 | 26.3 | 17.8 | 33.4 |
| Depreciation and amortisation | 20.7 | 21.4 | 21.2 | 23.4 | 24.9 | 28.9 | 38.2 | 36.3 |
| Exceptional items (signed, negative = charge) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -6.80 | 0.00 | 0.00 |
| Share of profit of associate (UMIC Egypt, 23%) | 0.75 | 1.72 | 2.28 | 1.32 | 0.96 | 1.69 | 1.71 | 1.55 |
| Non-controlling interests share of profit (signed) | 0.00 | 0.00 | 0.00 | 0.00 | -0.04 | -0.12 | -1.25 | -0.75 |
| Profit attributable to owners | 87.5 | 85.2 | 91.8 | 93.1 | 91.8 | 70.9 | 66.3 | 86.0 |
| R&D expenses (memo; included in other_expenses) | 5.30 | 5.85 | 6.48 | 7.28 | 7.81 | 7.08 | 6.74 | 7.89 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 18.3% | 20.9% | 24.1% | 21.4% | 12.3% |
| EBITDA margin | 26.0% | 27.2% | 23.6% | ||
| Net margin | 18.8% | 20.3% | 17.2% | ||
| Return on equity | 19.0% | 16.0% | 11.0% | ||
| Return on capital employed | 17.2% | 18.9% | 19.4% | 16.2% | 10.2% |
| Return on assets | 15.0% | 13.4% | 9.1% | ||
| Net debt (₹ crore) | -112.1 | -1,022 | -470.4 | ||
| Net debt / EBITDA | -0.31x | -2.25x | -1.06x | ||
| Interest cover | 53.5x | 28.8x | 26.0x | 30.9x | 17.9x |
| Asset turnover | 0.71x | 0.75x | 0.80x | 0.66x | 0.53x |
| Receivable days | 82 | 78 | 72 | 76 | 103 |
| Inventory days (on revenue) | 67 | 69 | 59 | 62 | 84 |
| Payable days (on revenue) | 35 | 30 | 25 | 19 | 24 |
| Cash conversion | 1.03x | 0.69x | 0.76x | ||
| Capex intensity | 16.8% | 21.6% | 20.1% | 19.8% | 16.4% |
| Free cash flow (₹ crore) | -58.6 | -58.8 | -10.9 | -98.0 | -62.0 |
| Dividend payout | 11.1% | 9.0% | 11.0% | ||
| EPS, diluted (₹) | 15.27 | 18.67 | 26.90 | 34.11 | 31.75 |
| Book value per share (₹) | 113.4 | 129.4 | 153.2 | 272.9 | 306.5 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Cost-stack operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including liquid investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Cost-stack operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Poly Medicure includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Poly Medicure
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 25 Oct 2026.
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