Poly Medicure logo

Poly Medicure

POLYMED NSE

Key Fundamentals

SmallcapMedical EquipmentHealthcare
Market Cap
₹17,425 Cr
Volatility
Moderate
P/E Ratio
55.92
EBITDA
₹562 Cr
Return on Equity
10.18%
Debt to Equity
0.11
Book Value
₹306.45
EPS
₹28.09
52W High
₹2,107.8
52W Low
₹1,182

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Weaknesses

2
  • Company has a low return on equity of 12.6% over last 3 years.
  • Debtor days have increased from 83.9 to 103 days.

Growth Rate

Revenue Growth
13.43% lower than 3Y
Net Income Growth
-5.29% lower than 3Y
Cash Flow Change
5.72% higher than 3Y
ROE
-16.83% lower than 3Y
ROCE
-19.02% higher than 3Y
EBITDA Margin (Avg.)
-8.59% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Poly Medicure Ltd is a mid-cap medical devices company with a market cap of ₹17,425 Cr trading at a PE of 56.6x. The company has delivered consistent sales growth of 19% CAGR over 3 and 5 years, but TTM profit has declined 11% and ROE has dropped to 9% in the last year from a 10-year average of 15%.

Bull Case 7
  • Consistent top-line growth with compounded sales CAGR of 19% over both 3-year and 5-year periods, indicating durable demand for its medical disposables portfolio
  • Long-term wealth creation track record with 10-year stock CAGR of 25%, reflecting sustained business compounding over a decade
  • TTM revenue growth of 18% shows the sales momentum remains intact even in the most recent period
  • Compounded profit CAGR of 19% over 10 years demonstrates the company has historically been able to convert revenue growth into earnings growth
  • 5-year profit CAGR of 14% remains healthy despite near-term margin pressures, suggesting underlying business economics are sound
  • Low dividend yield of 0.2% indicates the company is reinvesting most of its earnings back into the business to fund growth
  • Operating in the healthcare/medical devices sector which benefits from structural tailwinds such as rising healthcare penetration in India and global demand for affordable medical disposables
Bear Case 7
  • TTM compounded profit has declined 11%, a sharp reversal from the 15% 3-year CAGR, signalling significant margin compression or one-off cost pressures
  • PE ratio of 56.6x is elevated and leaves little room for execution misses — any further earnings decline could trigger a derating
  • ROE has deteriorated sharply to 9% in the last year versus 13% over 3 and 5 years and 15% over 10 years, indicating declining capital efficiency
  • Debtor days have increased from 83.9 to 103 days, pointing to a worsening working capital cycle and potential collection challenges
  • 3-year average ROE of only 12.6% is modest for a company commanding a price-to-book of 5.7x, suggesting the valuation premium may not be fully justified by returns on capital
  • 1-year stock return of -12% indicates the market has already begun repricing the stock lower amid the earnings slowdown
  • Price-to-book ratio of 5.7x is rich and implies the market is pricing in substantial future growth that must materialise to sustain current levels

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Neutral 3
  • AGM approves all five resolutions Sep 7

    Shareholders approved all 5 resolutions at the 31st AGM on Sep 5, 2026, covering financial statements, dividend declaration, and director reappointments.

  • Active investor engagement schedule Sep 2

    Poly Medicure scheduled multiple one-on-one meetings with institutional investors including Sumitomo Mitsui DS (Sep 8), Wasatch Global, Bajaj Alternative (Aug 20), Bandhan AMC, and Sparx Capital in late Aug 2026.

  • 31st AGM set for Sep 5 Aug 15

    Company published newspaper notice for its 31st AGM on Sep 5, 2026, signed by Avinash Chandra, outlining the shareholder agenda.

TL;DR: Recent newsflow for Poly Medicure is entirely procedural, covering AGM proceedings and routine investor meetings with firms like Sumitomo Mitsui DS and Wasatch Global. No material headwinds or positive catalysts emerged in this batch. The steady cadence of institutional one-on-ones suggests sustained investor interest, but the absence of operational or financial updates leaves the near-term outlook data-light.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
321
337
340
378
385
420
424
441
403
444
494
535
525
Expenses
234
253
249
282
281
305
310
321
298
329
382
424
400
Operating Profit
87
84
90
96
104
115
114
119
106
115
111
110
125
OPM %
27%
25%
27%
26%
27%
27%
27%
27%
26%
26%
23%
21%
24%
Other Income
14
15
17
15
17
27
24
27
43
35
21
19
35
Interest
2
2
3
3
3
3
3
2
3
3
6
6
6
Depreciation
16
16
16
16
20
21
21
21
23
25
29
38
36
PBT
83
81
88
92
98
118
113
123
123
122
98
85
117
Tax %
24%
23%
26%
26%
25%
26%
25%
25%
24%
25%
27%
24%
27%
Net Profit
63
62
65
68
74
87
85
92
93
92
71
65
85
EPS in Rs
6.54
6.48
6.78
7.12
7.71
8.63
8.41
9.06
9.19
9.06
7
6.54
8.49
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
390
411
454
519
610
687
785
922
1,115
1,375
1,669
1,875
1,997
Expenses
304
323
361
397
479
520
569
707
847
1,014
1,213
1,429
1,536
Operating Profit
86
88
93
122
131
166
216
215
267
361
456
446
461
OPM %
22%
21%
21%
23%
22%
24%
28%
23%
24%
26%
27%
24%
23%
Other Income
28
8
14
16
20
21
22
40
38
60
94
119
110
Interest
10
10
8
12
14
20
11
6
11
14
14
21
22
Depreciation
19
21
24
29
37
41
48
54
57
63
83
116
128
PBT
85
65
75
97
100
126
180
195
237
344
453
427
422
Tax %
27%
27%
27%
27%
35%
24%
25%
25%
25%
25%
25%
25%
—
Net Profit
62
48
55
71
65
96
136
147
179
258
339
321
313
EPS in Rs
7.07
5.47
6.25
8
7.41
10.86
14.17
15.28
18.69
26.91
33.41
31.78
31.09
Div. Payout %
18%
27%
40%
25%
27%
18%
18%
16%
16%
11%
10%
11%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
22
22
44
44
44
44
48
48
48
48
51
51
Reserves
174
207
227
294
337
391
918
1,040
1,194
1,422
2,715
3,055
Borrowings
79
82
101
133
161
207
137
127
149
174
180
354
Other Liabilities
89
76
85
94
112
126
121
163
187
215
246
401
Total Liabilities
364
387
457
565
654
767
1,224
1,377
1,577
1,859
3,192
3,861
Fixed Assets
165
182
207
265
306
363
426
488
635
867
1,084
1,694
CWIP
10
14
20
18
19
25
21
43
78
76
101
99
Investments
4
4
3
17
8
25
354
346
126
167
1,076
755
Other Assets
185
187
227
264
321
354
422
499
738
748
930
1,313
Total Assets
364
387
457
565
654
767
1,224
1,377
1,577
1,859
3,192
3,861
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
63
63
56
75
106
131
119
123
191
266
233
246
Investing
-59
-31
-56
-88
-101
-109
-436
-85
-179
-241
-1,187
-224
Financing
-6
-31
0
16
-5
-21
317
-35
-13
-20
951
20
Net Cash Flow
-2
1
0
3
1
1
0
3
-1
5
-3
43
Free Cash Flow
13
31
0
-7
31
25
24
-31
-48
-9
-97
-59
CFO/OP
101
88
79
80
102
100
75
80
93
94
71
78
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
59
74
77
79
77
68
72
82
77
72
76
103
Inventory Days
148
114
194
161
186
241
217
218
237
205
233
323
Days Payable
101
76
131
96
123
142
111
115
105
89
70
91
Cash Conversion Cycle
106
111
140
144
139
166
179
185
209
188
239
335
Working Capital Days
25
35
55
71
56
42
74
81
69
54
75
105
ROCE %
30%
26%
24%
26%
22%
25%
22%
17%
18%
24%
18%
12%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others3.76%Promot.62.42%FIIs5.57%Public12.18%DIIs16.08%As ofJun 2026

Documents

Frequently Asked Questions about Poly Medicure

What does Poly Medicure Ltd do?
Poly Medicure Limited is an India-based manufacturer and exporter of medical devices. The Company exports plastic medical disposables/surgical devices.[1]
Where is Poly Medicure Ltd (POLYMED) listed?
Poly Medicure Ltd trades as POLYMED on the NSE and under code 531768 on the BSE.
Which sector does Poly Medicure Ltd belong to?
Poly Medicure Ltd is classified under the Healthcare sector, in the Medical Equipment industry.
What is the market capitalisation of Poly Medicure Ltd?
Poly Medicure Ltd has a market capitalisation of ₹17,425 Cr, which places it in the Mid Cap band.
What is the PE ratio of Poly Medicure Ltd?
Poly Medicure Ltd trades at a PE ratio of 55.92, on earnings per share of ₹28.09, against a book value of ₹306.45 per share.
What is the 52-week high and low of Poly Medicure Ltd?
Over the last 52 weeks Poly Medicure Ltd has traded between ₹1,182 and ₹2,107.8.
Does Poly Medicure Ltd pay dividends?
Poly Medicure Ltd has a dividend yield of 0.20%.
What is the Return on Equity (ROE) of Poly Medicure Ltd?
Poly Medicure Ltd reported a return on equity of 10.18%. Its debt-to-equity ratio is 0.11.

Company Information

Poly Medicure Limited is an India-based manufacturer and exporter of medical devices. The Company exports plastic medical disposables/surgical devices.[1]

Website polymedicure.com
CEO Mr. Himanshu Baid
Employees 3,082
Listed 2011-12-07
Face Value ₹ 5
Issued Size 10,13,59,490

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