POLYMED
Large CapPoly Medicure Limited
Pharma
Poly Medicure Ltd. (POLYMED) is an Indian medical device manufacturer with 15 plants across 5 countries, serving 125+ countries. It offers 225+ medical devices across 13 specialties, including Infusion Therapy, Renal Care, Critical Care, Cardiology, and Orthopaedics, driven by in-house R&D and strategic acquisitions.
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 argues for patience, and recent execution is mixed.
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 31 Mar 2026
Bad · 2/100PAT -29% YoY · margin compression · Rev +21% YoY · +8% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹535 Cr | +21.3% | +8.3% |
| EBITDA | ₹110 Cr | -7.6% | -0.9% |
| Operating margin | 21.0% | -600 bps | -200 bps |
| PAT | ₹65 Cr | -29.4% | -8.4% |
| PAT margin | 12.2% | -871 bps | -222 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Consolidated Q4 FY26 revenue grew 21.3% YoY to Rs 534.5 Cr, with FY26 revenue up 12.3% YoY to Rs 1,875.3 Cr, driven by acquisitions. However, consolidated Q4 Operating EBITDA margin declined significantly to 21.0% from 27.6% YoY, impacted by acquisition costs and one-time provisions.
While consolidated revenue growth is robust, fueled by recent acquisitions, the significant decline in Q4 consolidated EBITDA margin raises concerns about integration costs and profitability. Standalone performance shows modest growth and stable margins, but the acquired entities are currently diluting overall profitability.
Consolidated FY26 Revenue by Segment
Latest issuer-disclosed distribution across 3 reported categories.
Expansion into high-end technology segments
Expanding into renal, critical care, orthopedics, and cardiology segments through greater investment in technology and product development.
Scaling manufacturing and automation
Scaling manufacturing in India (2 new plants) and implementing automation and lean practices to reduce costs and sustain value-based pricing.
Increased R&D Investments
R&D expense, currently 1.7% of sales, is expected to double in next 3-5 years, supporting a 100+ product pipeline.
Inorganic growth and market access
Pursuing inorganic growth strategy to secure local manufacturing and market access. Acquisitions of Citieffe and Pendracare Group are creating a roadmap for future growth.
New plants in India
Scaling manufacturing in India with 2 upcoming plants.
Capex spend
Capex spend of Rs. 296 Crs in FY26.
Pendracare capacity
Pendracare has a capacity of >1.5 million products per year.
Large and growing global Medtech market
US$ 650bn global Medtech market growing ~5%; India market growing ~13%. APAC is the fastest growing region (~8% CAGR).
India MedTech as a sunrise sector
India MedTech market expected to grow from $16 Bn (2025F) to $30 Bn (2030), driven by evolving disease patterns, ecosystem, cost advantage, demographics, and government support.
ESG as a differentiator
Achieved ~8% reduction in Scope 2 emissions compared to FY24-25 through increased utilization of onsite solar and renewable energy PPA.
Acquisition integration and one-time costs
Consolidated Q4 EBITDA was impacted by consolidation of acquisitions done during FY26 and one-time provision impact of certain regulatory and employee costs in the subsidiary.
Pressure on healthcare spend
Pressure on Governments to reduce healthcare spend is a macro trend shaping Polymed's strategy to provide products at lower pricing.
Integration risk of acquisitions
Consolidated Q4 EBITDA was impacted by consolidation of acquisitions done during FY26, suggesting potential integration challenges affecting profitability.
Margin pressure from new ventures
Returns ratios are lower in FY26 partly due to partial period consolidation of acquisitions and high capex intensity.
Execution risk of R&D and product pipeline
100+ products in pipeline to be launched in next 3-4 years and R&D expense expected to double, requiring successful execution for returns.
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 crucial for assessing overall growth and annual trends, especially for a business with potential seasonality. QoQ comparison is vital to track sequential momentum, particularly given the impact of acquisitions consolidated during H2 FY26.
Domestic Revenue Growth
Consolidated Q4 FY26 Domestic revenue grew 25.0% YoY and FY26 Domestic revenue grew 19.6% YoY.
International Revenue Growth
Consolidated Q4 FY26 International revenue grew 19.4% YoY and FY26 International revenue grew 9.3% YoY.
Product Launch Pipeline
35 products launched in FY26; 100+ products are in pipeline to be launched in next 3-4 years.
R&D Spend & Team
Standalone R&D Expenses were Rs 29.8 Cr in FY26, up 24.2% YoY. R&D team strength is ~90 across India, Italy and Netherlands. R&D expense is expected to double in next 3-5 years.
International expansion strategy
International strategy includes building direct presence in large European markets, expanding sales through Polymed network, and evaluating product submissions for FDA approvals in the US.
India growth strategy
India strategy focuses on import substitution in Infusion, Renal, Cardiology, Critical Care, clinical-led engagements, 25-30 new products/year, and expanding footprint with 100+ new sales hires.
Focus on high-end technology
Moving up the technology curve and increasing Total Addressable Market (TAM) in high growth areas like Cardiology and Orthopaedics through acquisitions and product development.
ESG commitment
Advancing ESG with ~70% facilities ISO 14001:2015-certified, growing solar power capacity, and ZEMBA membership.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated Operating EBITDA Margin | 21.0% (Q4 FY26) | Improvement in margins as acquisition integration progresses and one-time costs subside. |
| Return on Invested Capital (ROIC) | 21.4% (FY26 Standalone) | Maintenance or improvement of ROIC despite high capex and investment phase. |
| New Product Launches | 35 in FY26 | Consistent delivery of 25-30 new products per year from the 100+ product pipeline. |
| Sales Associate Hiring (India) | 570+ sales associates globally | Successful hiring and integration of 100+ new sales associates in India in FY27 to expand footprint. |
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
44NeutralSMA20 -6.5% / mo
Technical chart
POLYMEDweekly · 1Y-34.3%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 49. Wait for confirmation.
- SMA20 falling (~6.9% over last month) — short-term momentum negative.
- RSI(14) at 49 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 36% off 52W high · 23% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
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 14/25 to the score.
Main drags
- Fair-value margin of safety is negative at -9.3%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 1/30; 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: +1 points.
Factor attribution
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 70th percentile of the scored universe and 61st percentile within Pharma. Main check: financial discipline is weak at 58/100.
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: 61st pctile, median 70 · Large: 47th pctile, median 74
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 0.2%.
- ▸8 years of positive FCF.
Trust risks
- ▸ROCE trend is -5.3%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Intrinsic value
Fundamentals
Valuation
- P/E
- 42.80
- P/B
- 4.52
- EV/EBITDA
- 25.75
- Market Cap
- 14016.00Cr
Profitability
- ROE
- 11.20%
- ROCE
- 14.00%
- ROA
- 8.19%
- Dividend Y
- 0.25%
Growth (CAGR)
- Revenue 5Y
- 19.00%
- EPS 5Y
- 19.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 24.00%
Balance Sheet
- Debt/Equity
- 0.11
- Interest Coverage
- 24.56×
- Altman Z
- 8.23
- Book Value
- 306.00
Cash Flow
- FCF Yield
- 0.15%
- FCF Positive Y
- 8/5
- OCF
- 246.00 Cr
- EPS TTM
- 31.78
Shareholding
- Promoter Hold
- 62.42%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 18%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.