Poly Medicure Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2023 • Medical Devices: 100.0%
AI Sector View
AI GENERATEDHealthcare
This stance relies on proxies and positioning because no direct pharma-export or healthcare operating series exists in the dataset. The depreciated currency at 95.23 (Sep/26) can support export earnings, inflation at 4.45% (Jul/26) is manageable for a defensive sector, and consumer spending remains large at INR 44743 billion (Jun/26). Strong FPI inflow of INR 10620 crore over 3 months to 2026-08-31 from INR -11381 crore in the prior 3 months adds a real sector-specific tailwind, but confidence stays capped because the fundamental drivers are indirect proxies.
PROS
- Company has delivered good profit growth of 21.0% CAGR over last 5 years
- Company is almost debt free
- Company has delivered good sales growth of 17.3% CAGR over last 5 years
- Company comfortably covers its interest (29.9x coverage)
- Working capital cycle has improved - days down from 346 to 266
- Company has a consistent dividend-paying track record
CONS
- Receivables are growing faster than sales - a possible quality concern
- A large part of profit comes from other income (27.9% of PBT)
- Promoter holding has decreased over last 2 years: -3.6pp
- Total debt has risen sharply - up 46.3% year on year
- Though reporting repeated profits, the company pays out little dividend (10.6%)
- Expensive relative to growth - PEG of 2.2
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LENSKART | 694.05 | 184.20 | 120716.54 | 0.00 | 2284.30 | 3634.35 | 27141.80 | 1332.69 | 12.55 | 21.70 |
| POLYMED | 1723.80 | 55.45 | 17472.69 | 0.20 | 85.27 | -8.39 | 525.38 | 30.30 | 14.05 | 24.11 |
| MOLBIO | 1258.10 | 87.03 | 14498.34 | 0.00 | 527.44 | — | 4083.76 | — | 19.79 | 24.63 |
| 3BBLACKBIO | 1472.10 | 22.75 | 1263.45 | 0.34 | 8.98 | -28.99 | 33.49 | 50.59 | 26.03 | 25.45 |
| LAXMIDENTL | 200.40 | 35.70 | 1102.79 | 0.00 | 10.32 | 23.83 | 74.70 | 16.13 | 24.96 | 20.26 |
| GKB | 66.13 | 10.28 | 33.33 | 0.00 | 1.85 | 387.99 | 33.04 | 2.26 | 8.82 | 7.97 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 306 | 320 | 321 | 361 | 367 | 402 | 411 | 421 | 384 | 417 | 419 | 443 | 431 | |
| 220 | 237 | 236 | 264 | 266 | 290 | 295 | 305 | 282 | 305 | 307 | 322 | 341 | |
| Operating Profit | 85 | 83 | 84 | 97 | 101 | 113 | 115 | 116 | 102 | 111 | 112 | 121 | 90 |
| OPM % | 27.85% | 25.82% | 26.30% | 26.96% | 27.51% | 28.02% | 28.10% | 27.60% | 26.46% | 26.70% | 26.80% | 27.33% | 20.87% |
| 13 | 13 | 17 | 16 | 17 | 27 | 22 | 24 | 41 | 34 | 23 | 15 | 29 | |
| Interest | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 2 | 3 | 3 | 4 | 4 | 4 |
| Depreciation | 15 | 15 | 16 | 16 | 19 | 20 | 21 | 21 | 23 | 24 | 25 | 26 | 26 |
| Profit before Tax | 81 | 78 | 82 | 94 | 96 | 117 | 113 | 116 | 117 | 118 | 106 | 107 | 119 |
| Tax % | 25.15% | 24.06% | 25.13% | 24.94% | 24.74% | 25.41% | 24.91% | 25.61% | 24.89% | 24.54% | 26.06% | 24.51% | 25.72% |
| Net Profit | 61 | 59 | 61 | 71 | 72 | 87 | 85 | 87 | 88 | 89 | 78 | 81 | 88 |
| 6.31 | 6.17 | 6.41 | 7.35 | 7.53 | 8.99 | 8.48 | 8.40 | 8.68 | 8.79 | 7.73 | 7.95 | 8.69 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 439 | 508 | 587 | 646 | 747 | 879 | 1,068 | 1,307 | 1,602 | 1,662 | 1,710 | |
| 345 | 387 | 453 | 484 | 537 | 665 | 802 | 956 | 1,154 | 1,219 | 1,275 | |
| Operating Profit | 94 | 122 | 134 | 162 | 210 | 214 | 266 | 351 | 448 | 443 | 435 |
| OPM % | 21.41% | 23.90% | 22.84% | 25.11% | 28.15% | 24.32% | 24.94% | 26.86% | 27.97% | 26.66% | 25.42% |
| 14 | 14 | 16 | 19 | 19 | 39 | 36 | 58 | 90 | 118 | 100 | |
| Interest | 8 | 11 | 13 | 20 | 10 | 5 | 10 | 13 | 14 | 16 | 15 |
| Depreciation | 23 | 28 | 36 | 39 | 46 | 53 | 56 | 62 | 81 | 98 | 101 |
| Profit before Tax | 76 | 96 | 100 | 122 | 173 | 195 | 237 | 335 | 443 | 448 | 449 |
| Tax % | 26.31% | 27.15% | 34.04% | 24.14% | 25.30% | 25.01% | 24.40% | 24.83% | 25.19% | 24.99% | 25.20% |
| Net Profit | 56 | 70 | 66 | 92 | 130 | 146 | 179 | 252 | 331 | 336 | 336 |
| EPS | 6.37 | 7.95 | 7.51 | 10.46 | 14.53 | 15.22 | 18.65 | 26.23 | 32.70 | 33.15 | — |
| Dividend Payout % | 39.25% | 25.14% | 26.62% | 19.10% | 18.51% | 16.42% | 16.08% | 11.44% | 10.70% | 10.56% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 15%
- 5 Years:
- 17%
- 3 Years:
- 16%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 22%
- 5 Years:
- 21%
- 3 Years:
- 23%
STOCK PRICE CAGR
- 10 Years:
- 25%
- 5 Years:
- 12%
- 3 Years:
- 8%
- 1 Year:
- -10%
RETURN ON EQUITY
- 10 Years:
- 18%
- 5 Years:
- 15%
- 3 Years:
- 15%
- Last Year:
- 12%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 44 | 44 | 44 | 44 | 48 | 48 | 48 | 48 | 51 | 51 |
| 225 | 290 | 335 | 385 | 905 | 1,027 | 1,184 | 1,407 | 2,691 | 2,995 | |
| 103 | 134 | 156 | 196 | 129 | 113 | 139 | 152 | 171 | 248 | |
| Trade Payables | 41 | 43 | 50 | 60 | 56 | 78 | 78 | 89 | 77 | 85 |
| 36 | 43 | 75 | 86 | 93 | 67 | 147 | 199 | 238 | 262 | |
| Total Liabilities | 449 | 555 | 661 | 772 | 1,231 | 1,334 | 1,596 | 1,894 | 3,228 | 3,641 |
| 200 | 256 | 269 | 324 | 385 | 447 | 597 | 831 | 1,047 | 1,217 | |
| Capital Work in Progress | 12 | 10 | 9 | 17 | 15 | 37 | 73 | 67 | 89 | 90 |
| 6 | 18 | 42 | 58 | 385 | 384 | 181 | 221 | 1,126 | 1,243 | |
| 58 | 69 | 74 | 101 | 109 | 150 | 183 | 193 | 250 | 281 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 259 | 340 | 442 | |
| Cash & Bank | 22 | 20 | 53 | 22 | 27 | 8 | 171 | 137 | 143 | 43 |
| 151 | 182 | 213 | 250 | 310 | 307 | 391 | 187 | 232 | 324 | |
| Total Assets | 449 | 555 | 661 | 772 | 1,231 | 1,334 | 1,596 | 1,894 | 3,228 | 3,641 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 73 | 99 | 141 | 162 | 161 | 173 | 255 | 256 | 230 | 245 | |
| Cash from Investing | -54 | -87 | -104 | -106 | -434 | -89 | -189 | -237 | -1,184 | -268 |
| Cash from Financing | -1 | 14 | -10 | -22 | 319 | -40 | -8 | -17 | 953 | 28 |
| 0 | 3 | -1 | -1 | 1 | -2 | -0 | 2 | -2 | 5 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Poly Medicure Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on September 05, 2026. Further, the company has informed the Exchange regarding voting results.
2026-09-05 - Poly Medicure Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 05, 2026
2026-09-02 - Poly Medicure Limited has informed the Exchange about General Updates
2026-08-25 - POLYMED: Intimation On Rescheduling Of Investor/Analyst Meet
2026-08-22 - Intimation for the schedule of Investors/Analyst Call/ Meet.
2026-08-20 - Investor Call Scheedule to be held on 20th August, 2026 is Cancelled
2026-08-17 - Poly Medicure Limited has informed the Exchange about the schedule of Investors/Analysts Call/Meet
2026-08-15 - Poly Medicure Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-14 - Poly Medicure Limited has informed the Exchange about Transcript
News
Recent coverage and analyst commentary for POLYMED
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Poly Medicure Ltd.
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