Poly Medicure Limited announced its financial results for the second quarter and half-year ended September 30, 2026. The company reported a revenue of INR488 crores for Q2 FY27, marking a 17% increase year-on-year. For the half-year, revenue stood at INR919 crores, up 15%. The company also reaffirmed its full-year guidance and highlighted strategic initiatives including expansion in Brazil and the UK.
Poly Medicure Reports Strong Q2 and H1 FY27 Performance
Poly Medicure Limited has announced robust financial results for the second quarter (Q2) and the first half (H1) of the financial year 2027 (FY27), ending September 30, 2026. The company showcased significant growth across key financial metrics, underscoring its strategic initiatives and market resilience.
Standalone Financial Highlights
Q2 FY27 Performance
For the second quarter of FY27, Poly Medicure reported revenue of INR488 crores, a substantial increase of 17% compared to the same period in the previous year. Domestic revenue grew by 22% to INR172 crores, while international revenue saw a 15% rise to INR313 crores. Gross profit for the quarter was INR136 crores, reflecting a gross margin of 68.9%, and operating EBITDA stood at INR134 crores with a margin of 27.4%. Profit After Tax (PAT) for the quarter was INR92 crores.
H1 FY27 Performance
In the first half of FY27, the company’s revenue reached INR919 crores, an increase of 15% over the corresponding period last year. Domestic revenue grew by approximately 20% to INR318 crores, and international revenue increased by around 12.5% to INR595 crores. Gross profit for H1 FY27 was INR645 crores, up 17%, with a margin expansion of 111 basis points to 70.1%. Operating EBITDA increased by 20% to INR255 crores, and Profit After Tax was INR180 crores.
Consolidated Financial Performance
H1 FY27 Consolidated
On a consolidated basis, Poly Medicure’s revenue for H1 FY27 was INR1,106 crores, up 31%. Excluding acquisition impacts, organic revenue grew by 14%, driven by strong performance in India (19%) and Europe (29%). Gross profit rose by 36% to INR793 crores, with margins improving by 270 basis points to 71.7%. Operating EBITDA was INR266 crores, up 19%, and PAT stood at INR180 crores.
Q2 FY27 Consolidated
For Q2 FY27, consolidated revenue increased by 31% to INR581 crores. Gross profit grew by 32% to INR407 crores, and operating EBITDA was up 20% at INR139 crores. Consolidated PAT for the quarter was INR95 crores.
Strategic Updates and Business Segments
Key Initiatives
The company is actively optimizing its Brazilian subsidiary, Medyneo, and has commenced product dispatches to Brazil. A direct presence has also been established in the U.K. to leverage the India-UK FTA. Poly Medicure is working on three key projects, with the first expected to go live in Q1 FY27, and others in Q4 FY27 and Q3 of the next financial year.
Segment Performance
Infusion therapy revenue grew 11% to INR542 crores in H1 and 12% to INR284 crores in Q2. Orthopaedics contributed INR92 crores in H1 and INR43 crores in Q2. The Renal business saw a recovery, growing 7.5% to INR94 crores in H1 and 20% to INR51 crores in Q2. The dialysis machine business continues to scale, with approximately 1250 machines sold to date. Cardiology revenue was INR56 crores in H1 and INR27 crores in Q2, driven by the PendraCare acquisition. Other segments grew 23% to INR317 crores in H1 and 26% to INR173 crores in Q2.
Financial Position and Guidance
Liquidity and Capex
As of September 30, 2026, the company maintained strong liquidity with INR839 crores in cash and cash equivalents against consolidated debt of INR377 crores, resulting in a net cash position of INR460 crores. Capex for the first half of the year was INR124 crores, against an annual guidance of INR200-INR225 crores.
Forward-Looking Guidance
Poly Medicure is reaffirming its guidance for FY27. On a consolidated basis, revenue is projected to be between INR2,300 crore and INR2,400 crores. Standalone revenue is expected to be INR1,900 crore-INR1,950 crores, with domestic growth at 20% and international at 15%. Standalone EBITDA margin guidance has been increased from 25%-27% to 26%-27.5%. The consolidated EBITDA margin guidance remains between 23%-25%. Capex guidance is maintained at INR200-INR225 crores.
Outlook
The company expressed confidence in its business model and its ability to navigate geopolitical challenges. The strong performance in the European business reflects its brand presence in a core market. Poly Medicure is aggressively working towards doubling its revenue under its Polymed 3.0 vision.
Source: BSE
