Poly Medicure Limited (POLYMED)

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Poly Medicure Limited (POLYMED) · mywealthgrid

About

Poly Medicure manufactures medical equipment and supplies in healthcare. Market cap ₹18,112 Cr, quarterly revenues ₹416–534 Cr. Major player in India's medical equipment supplies segment.

Founded: 1995
Face value: ₹5

Market cap

₹16,610 Cr

P/E

52.7×

P/B

5.3×

Dividend yield

0.4%

ROE

11%

ROCE

14.5%

Debt / equity

0.11

OPM

23.6%

EPS (TTM)

₹31.1

Book value

₹306.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

PE 57.48 elevated; assess if earnings growth justifies multiple or if valuation reversion risk exists.

ROE 10.97% modest relative to 23.59% operating margins, suggesting capital deployment inefficiency; verify if asset turnover or capital structure is structural constraint.

Operating margins swing 20.65%–28.03% quarter-to-quarter, creating earnings volatility; verify if mix shifts or operational control issues drive swings.

Negative 1y return (-7.75%) despite regular dividends suggests market concern about growth or sector headwinds; verify what operational or market factors drove underperformance.

Generated analysis · source review pending

Growth drivers

Operating margin 23.59% average, recent peaks 28%, indicates operational efficiency; verify if management plans to leverage this into new products or geographies.

Quarterly profits ₹65–91 Cr with debt-to-equity 0.11 provide financial capacity for growth capex; verify if company allocating funds to capacity expansion or new markets.

Quarterly revenues ₹416–534 Cr show no clear growth trend; verify if healthcare equipment sector growth exceeds company growth and where market-share opportunities exist.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,638.1-0.4%1Y

Quick read

rule-based

Pros

+High return on capital employed of 20.3%
+Healthy operating margin of 23.6%
+Profit CAGR of 18.8% over the last 5 years
+Revenue CAGR of 19% over the last 5 years
+Comfortable interest coverage of 24.4×
+High promoter holding of 62.4% with no pledge

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

48/100

Business quality: 62
Growth: 62
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Molbio Diagnostics LimitedMOLBIOMOLBIO	₹17,431 Cr	₹17,844 Cr	₹1,020 Cr	₹262 Cr	25.7%	₹145 Cr	13.6%	23.7%	16.2%	—
Poly Medicure LimitedPOLYMEDPOLYMED	₹16,610 Cr	₹16,952 Cr	₹1,997 Cr	₹461 Cr	23.6%	₹315 Cr	17.1%	14.5%	11%	294
Fischer Medical Ventures LimitedFISCHERFISCHER	₹2,190 Cr	₹2,262 Cr	₹367 Cr	₹50 Cr	14%	₹30 Cr	10.1%	13.6%	8.6%	111
Tarsons Products LimitedTARSONSTARSONS	₹1,752 Cr	₹2,135 Cr	₹441 Cr	₹119 Cr	27.9%	₹11 Cr	3.4%	5%	2.3%	361
Laxmi Dental LimitedLAXMIDENTLLAXMIDENTL	₹1,066 Cr	₹1,066 Cr	₹287 Cr	₹46 Cr	15.6%	₹31 Cr	10.4%	14.7%	12.8%	109
Hemant Surgical Industries LtdHSILHSIL	₹885 Cr	—	₹232 Cr	₹23 Cr	10%	₹18 Cr	7.9%	—	—	—
Fabtech Technologies LimitedFABTECHFABTECH	₹632 Cr	₹675 Cr	₹418 Cr	₹45 Cr	8.5%	₹49 Cr	9.3%	15.5%	12.9%	55
Prevest Denpro LtdPREVESTPREVEST	₹452 Cr	—	₹72 Cr	₹25 Cr	34.4%	₹20 Cr	28.5%	—	—	—
Nureca LimitedNURECANURECA	₹332 Cr	₹333 Cr	₹153 Cr	₹4 Cr	0.1%	₹4 Cr	1.4%	3.3%	1.1%	186
Earkart LtdEARKARTEARKART	₹179 Cr	₹179 Cr	₹54 Cr	₹8 Cr	15.5%	₹5 Cr	9.1%	12.1%	7.7%	243
Choksi Asia LtdCHOKSICHOKSI	₹117 Cr	₹119 Cr	₹11 Cr	₹-2 Cr	13.8%	₹2 Cr	10.8%	18.9%	13.5%	142
Shree Pacetronix LtdSHREEPACSHREEPAC	₹68 Cr	₹71 Cr	₹8 Cr	₹1 Cr	23.5%	₹0 Cr	14%	27.4%	18.9%	385

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	687	786	923	1,115	1,376	1,670	1,875
COGS	217	262	348	406	483	555	597
Gross profit	470	525	575	709	893	1,115	1,278
	304	307	359	442	532	657	830
	166	218	216	267	361	458	448
OPM %	24.2%	27.7%	23.4%	24%	26.2%	27.4%	23.9%
Depreciation	41	48	54	57	64	83	116
Interest	18	9	4	9	11	12	18
	18	18	38	36	59	89	113
Profit before tax	126	180	195	237	344	453	427
Tax	30	44	49	58	86	114	107
Tax %	23.7%	24.5%	25%	24.5%	25%	25.2%	25%
	96	136	147	179	258	339	321
PAT margin %	14%	17.3%	15.9%	16.1%	18.8%	20.3%	17.1%
EPS (₹)	10.9	15.3	15.3	18.7	26.9	34.1	31.8
EPS adjusted (₹)	10.9	14.2	15.3	18.7	26.9	33.4	31.8
	18.4%	16.4%	16.4%	16.1%	11.1%	10.3%	11%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	44	48	48	48	48	51	51
Reserves	—	918	1,040	1,194	1,422	2,715	3,055
Minority interest	—	—	—	0	—	—	43
	—	134	125	146	170	178	342
	292	124	164	189	218	249	428
Total equity & liabilities	336	1,224	1,377	1,577	1,859	3,192	3,919
	331	421	484	632	863	1,082	1,686
CWIP	—	15	37	73	67	90	91
Investments	—	359	350	127	168	1,077	755
	5	429	505	746	761	944	1,387
Total assets	336	1,224	1,377	1,577	1,859	3,192	3,919

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	68.4%	66.7%	62.3%	63.6%	64.9%	66.8%	68.2%
EBITDA margin %	23.9%	27.3%	23.1%	23.8%	26%	27.1%	23.6%
EBIT margin %	18%	21.2%	17.2%	18.7%	21.4%	22.2%	17.4%
PAT margin %	14%	17.3%	15.9%	16.1%	18.8%	20.3%	17.1%
Working capital
Receivable days	—	72	82	77	72	76	103
Inventory days	—	176	177	188	167	188	265
Payable days	—	90	93	83	72	57	75
NWC days	—	159	165	182	166	207	294
Leverage
Current ratio	—	4.11	3.46	2.75	2.4	5.18	3.37
Debt to EBITDA	—	0.63	0.59	0.55	0.48	0.39	0.77
Debt to equity	—	0.14	0.12	0.12	0.12	0.06	0.11
Interest coverage	7.7	21.8	46.4	27.6	31.2	38.3	24.4
Asset turnover	2.05	0.64	0.67	0.71	0.74	0.52	0.48
Return ratios
Return on assets %	28.6%	11.1%	10.6%	11.4%	13.9%	10.6%	8.2%
Return on capital employed %	—	17.6%	17.9%	20.1%	25.3%	21.2%	14.5%
Return on equity %	—	14.1%	13.5%	14.4%	17.6%	12.2%	10.3%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	53.16%	53.16%	53.15%	66.03%	62.56%	62.44%	62.44%	62.44%	62.42%	62.42%	62.42%	62.42%
	14.49%	14.1%	12.38%	9.91%	11.87%	12.33%	11.46%	11.41%	9.77%	9.4%	5.91%	5.57%
	5.15%	5.45%	7.22%	9.35%	12.33%	11.66%	11.96%	11.72%	13.54%	13.84%	15.59%	16.08%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	27.2%	27.29%	27.25%	14.71%	13.24%	13.57%	14.14%	14.43%	14.27%	14.34%	16.08%	15.93%
No. of shareholders	—	—	—	—	—	—	—	—	64,400	67,750	73,414	73,643

Promoter holding up 9.26 percentage points since Sep 2023.

8 deals · 25 Jan 2024 – 16 Jan 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
16 Jan 2026	SMALLCAP WORLD FUND INC	Bulk	NSE	Sell	9,50,000	₹1,645.00	₹156.28 Cr
16 Jan 2026	SMALLCAP WORLD FUND INC	Bulk	BSE	Sell	8,87,064	₹1,645.00	₹145.92 Cr
9 Oct 2025	GOLDMAN SACHS (SINGAPORE) PTE - ODI	Block	NSE	Sell	2,64,142	₹1,902.00	₹50.24 Cr
9 Oct 2025	GOLDMAN SACHS BANK EUROPE SE - ODI	Block	NSE	Buy	2,64,142	₹1,902.00	₹50.24 Cr
21 Jun 2024	LIGHTHOUSE INDIA III EQUITY INVESTORS LIMITED	Bulk	NSE	Sell	22,76,269	₹1,950.03	₹443.88 Cr
21 Feb 2024	LIGHTHOUSE INDIA III EQUITY INVESTORSLIMITED	Bulk	BSE	Sell	12,90,939	₹1,550.06	₹200.10 Cr
25 Jan 2024	SOCIETE GENERALE	Block	BSE	Buy	1,01,686	₹1,450.70	₹14.75 Cr
25 Jan 2024	BNP PARIBAS ARBITRAGE	Block	BSE	Sell	1,01,686	₹1,450.70	₹14.75 Cr

1–8 of 8

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. DEVENDRA RAJ MEHTANon-Executive - Non Independent Director-Chairperson
Mr. HIMANSHU BAIDExecutive Director-MD
Mr. RISHI BAIDExecutive Director
Mr. JUGAL KISHORE BAIDNon-Executive - Non Independent Director
Mr. ALESSANDRO BALBONINon-Executive - Non Independent Director
Mr. AMIT KHOSLANon-Executive - Independent Director
Ms. SONAL MATTOONon-Executive - Independent Director
Mr. AMBRISH MITHALNon-Executive - Independent Director
Mr. VIMAL BHANDARINon-Executive - Independent Director
Mr. VISHAL GUPTANon-Executive - Independent Director
Mr. VISHAL BAIDExecutive Director

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F&O

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Not in the F&O segment

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 10 fund houses

Held by these funds

1.4%

of the company's equity

All mutual funds

9.61%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

31 schemes · 10 fund houses

		Shares
Healthcare Opportunities Fund	SBI Mutual Fund	6.4 L	112.61	1.94%	0.631%	-0
MNC Fund	SBI Mutual Fund	5.6 L	98.54	1.47%	0.552%	-0
Nifty Smallcap 250 Index Fund	Nippon India Mutual Fund	60,880	10.71	0.3%	0.06%	+744
Nifty Smallcap 250 Index Fund	SBI Mutual Fund	30,940	5.44	0.3%	0.031%	+345
Nifty Smallcap250 Quality 50 Index Fund	DSP Mutual Fund	28,596	5.03	1.59%	0.028%	-26
(LIVE SCHEMES)	ITI Mutual Fund	23,514	4.14	1.5%	0.023%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	22,429	3.95	0.3%	0.022%	+204
Nifty Smallcap 250 Index Fund	ICICI Prudential Mutual Fund	13,641	2.4	0.3%	0.013%	+271

1–8 of 31

1 / 4

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

33 announcementsExport CSV

28 Sept 2026, 6:27 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	68.4%	66.7%	62.3%	63.6%	64.9%	66.8%	68.2%
EBITDA margin %	23.9%	27.3%	23.1%	23.8%	26%	27.1%	23.6%
EBIT margin %	18%	21.2%	17.2%	18.7%	21.4%	22.2%	17.4%
PAT margin %	14%	17.3%	15.9%	16.1%	18.8%	20.3%	17.1%
Working capital
Receivable days	—	72	82	77	72	76	103
Inventory days	—	176	177	188	167	188	265
Payable days	—	90	93	83	72	57	75
NWC days	—	159	165	182	166	207	294
Leverage
Current ratio	—	4.11	3.46	2.75	2.4	5.18	3.37
Debt to EBITDA	—	0.63	0.59	0.55	0.48	0.39	0.77
Debt to equity	—	0.14	0.12	0.12	0.12	0.06	0.11
Interest coverage	7.7	21.8	46.4	27.6	31.2	38.3	24.4
Asset turnover	2.05	0.64	0.67	0.71	0.74	0.52	0.48
Return ratios
Return on assets %	28.6%	11.1%	10.6%	11.4%	13.9%	10.6%	8.2%
Return on capital employed %	—	17.6%	17.9%	20.1%	25.3%	21.2%	14.5%
Return on equity %	—	14.1%	13.5%	14.4%	17.6%	12.2%	10.3%

Date	Category	Subject	Filing
28 Sept 2026, 6:27 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
21 Sept 2026, 6:50 pm	Company Update General	Poly Medicure Ltd - 531768 - Intimation For The Schedule Of Investors/Analysts Call/Meet.	PDF
18 Sept 2026, 5:31 pm	Company Update General	Poly Medicure Ltd - 531768 - Intimation For The Schedule Of Investors/Analysts Call/Meet.	PDF
7 Sept 2026, 7:38 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
5 Sept 2026, 5:20 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
2 Sept 2026, 4:23 pm	Company Update General	Poly Medicure Ltd - 531768 - Intimation For The Schedule Of Investors/Analysts Call/Meet.	PDF
25 Aug 2026, 10:51 pm	Company Update General	Intimation On Rescheduling Of Investor/Analyst Meet.	PDF
22 Aug 2026, 3:37 pm	Company Update General	Intimation For The Schedule Of Investors/Analysts Call/Meet.	PDF

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	119	123	191	266	241	241
	-436	-85	-179	-241	-1,191	-225
	317	-35	-13	-20	953	20
Net cash flow	0	3	-1	5	3	35
Free cash flow	24	-32	-48	-11	-84	-68
CFO / Operating profit %	55.4%	57.9%	71.9%	74.3%	53.2%	54.4%

Poly Medicure Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

22

1

1

Compounded sales growth

Compounded profit growth

Return on equity

Poly Medicure Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends22

Board meetings1

Stock splits1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

22

1

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