Poly Medicure Ltd Q2 FY26: ₹444 Cr Sales, ₹92 Cr PAT, Global Expansion Spree, and an R&D Frenzy in Medical Plastic Royalty

1. At a Glance

Welcome to the world ofPolymed, the silent doctor in your IV line and the overachieving cousin every FMCG company wishes it had. The stock is currently trading at ₹1,894 with amarket cap of ₹19,195 crore, a P/E of 53, and a ROCE of 20%. That’s right — it’s expensive, but like all good medical bills, it somehow feels justified.

InQ2 FY26, the company delivered₹444 crore in revenue, growing5.68% YoY, whilePAT stood at ₹92 crore, up5.02% YoY. The operating margin stayed a healthy26%, a figure that would make even top pharma players slightly envious.

Yet, the market hasn’t been too kind lately — the stock is down32% in the past year. But withzero promoter pledges, anROE of 15.8%, andalmost no debt (₹240 crore against ₹3,587 crore assets), Poly Medicure is clearly more doctor than patient.

And the company isn’t just content making IV sets anymore. It’s on anacquisition rampage— Citieffe, Medistream, PendraCare, Himalayan Water — if it moves, they’ll sterilize it, certify it, and maybe sell it in Europe.

2. Introduction

Poly Medicure Ltd, or as doctors and hospitals know it —that one brand that never stops making more SKUs than Netflix makes new shows. With aproduct portfolio of over 200+ medical disposablesacross12 specialties, the company is the manufacturing equivalent of a Swiss Army knife for hospitals.

Started from a small factory in Faridabad, Polymed has evolved into anexport powerhouse, shipping to over100 countries, while simultaneously maintaining dominance in India’s medical disposables space.

The stock might have underperformed recently, but the business sure hasn’t. The company sold₹1,229 crore worth of devices in 9MFY25, employs475 sales professionals, and runs12 plantswiththree more under construction— proving that their “make in India, sell everywhere” model is very much alive and injecting.

They’ve also launched18 new productsrecently across critical care and cardiology — because when margins tighten, innovation becomes the best painkiller.

So, while some peers play safe in one country or product category, Poly Medicure is operating acrossfive continents, 200+ SKUs, and 334 patents. If diversification were a medical procedure, this company would have already performed it laparoscopically.

3. Business Model – WTF Do They Even Do?

Imagine being the invisible hand that keeps hospitals alive — that’s Poly Medicure. The company manufacturesplastic-based medical disposables: IV cannulas, dialysis sets, infusion lines, catheters, syringes, blood bags — basically, everything a hospital needs except the doctor’s ego.

Theirthree big verticals:

• Infusion Therapy (68% of sales)– The star of the show. Tubes, drips, connectors — anything that moves fluid from bottle to body.
• Blood Transfusion (10%)– Blood bags, filters, and transfusion sets.
• Others (22%)– Dialysis, surgery, wound drainage, and devices that sound like a mix between engineering and Grey’s Anatomy.

Geography-wise, Polymed is evenly split:India (30%),Europe (32%), andRest of World (38%). It’s like a cricket team that doesn’t rely on one batsman — if Indian hospitals sneeze, European clinics keep them healthy.

They sell through600 distributors in Indiaand240 overseas, backed by a large sales force of475. Each product is CE and MDR certified, meaning even Europe’s bureaucratic regulators can’t find fault (and that’s saying something).

The magic, however, lies inbackward integration. The company produces molds, tubes, and even needles in-house — ensuring tight cost control and high quality.

And the kicker? A full-blownCAPEX cycleis on. With₹400–500 croreplanned investment acrossPalwal, Jaipur, and Haridwar, Polymed isn’t just making more plants; it’s laying pipelines for the next decade’s growth.

4. Financials Overview