Poly Medicure reported consolidated revenue of ₹444 crore for Q2 FY26, a 5.7% year-over-year increase. Domestic revenue grew by 17%-18%, offsetting a 9.6% decline in European revenue. The company completed acquisitions of Citieffe Group and PendraCare Group, expanding into orthopedics and cardiology solutions. Poly Medicure is guiding for 15%-16% overall revenue growth for the full fiscal year. Planned CAPEX for the year is over ₹250 crore.
Financial Performance
Poly Medicure achieved consolidated revenue of ₹444 crore in Q2 FY26, representing a 5.7% year-on-year growth and a 10.1% quarter-on-quarter growth. The gross profit for Q2 FY26 reached ₹308 crore, with a gross margin of 69.4%, up 99 bps compared to the previous year. Operating EBITDA stood at ₹119 crore, resulting in an operating EBITDA margin of 26.8%. Profit after tax (PAT) totaled ₹92 crore, yielding a net margin of 19.2%.
Segment Highlights
Domestic revenue grew by 17%-18% year-over-year in both Q2 FY26 and H1 FY26, driven by increased demand. The private sector business grew by 22.3%, while government business decreased by 14%. Domestic revenue accounted for 32% of the overall consolidated revenue. International business showed signs of recovery, with revenues of approximately ₹300 crore in Q2 FY26, demonstrating a 9.1% quarter-on-quarter growth. Europe experienced a 9.6% year-on-year revenue decline but sequentially grew by around 5% from Q1 FY26 to Q2 FY26. Rest of World (ROW) region experienced revenue growth of approximately 13% sequentially.
Business Updates
The Renal business reported revenues of ₹44 crore, an 18.1% year-on-year increase. The company sold over 200 dialysis machines in H1 and expects to sell another 300 in H2. Poly Medicure was honored as the Emerging Medical Device Company of the Year in Cardiology segment at the VOH Voice of Healthcare Awards 2025. The company also employs around 4,000 plus stents in H1, signaling growing traction. The company launched over 20 new products in the Critical Care segment, establishing a presence in 500 hospitals.
Acquisitions and Expansion
Poly Medicure completed the acquisition of Citieffe Group and PendraCare Group adding approximately ₹280 crore in annual revenue. The company launched Polymed Academy of Clinical Excellence (PACE) to deepen engagement with KOLs. The SARATHI program, an AI-powered initiative, is being expanded to improve performance efficiency across divisions.
Guidance
The company anticipates domestic business to grow by 28%-30% for FY26. International business is now projected to grow by approximately 10%, including revenue from acquisitions. Operating EBITDA margin is maintained at 25%-27% for the year. CAPEX for the current financial year is planned to exceed ₹250 crore.
Source: BSE