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Poly Medicure Limited
(POLYMED)
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Rating:70Outperform
Price Target:
₹1,912.00
▲(10.93% Upside)
Action:Upgraded
Date:07/03/26
The score is driven primarily by solid financial fundamentals (growth and profitability with low leverage) but is held back by weak free-cash-flow generation and inconsistent cash conversion. Technicals are a meaningful positive with price in a clear uptrend and strong momentum. Valuation is the main headwind due to a high P/E and low dividend yield.
Positive Factors
Multi‑year Revenue Scaling
Sustained top‑line scaling over multiple years indicates durable market penetration and repeat demand for core consumables. Larger scale supports production leveraging, fixed‑cost absorption and reinvestment into capacity, enabling continued share gains in hospitals and export channels.
Negative Factors
Weak Free Cash Flow
Persistent negative free cash flow despite accounting profits signals working‑capital strain or heavy reinvestment, reducing financial flexibility. Over months this constrains dividend capacity, capital allocation options and raises reliance on external financing during growth or unexpected shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi‑year Revenue Scaling
Sustained top‑line scaling over multiple years indicates durable market penetration and repeat demand for core consumables. Larger scale supports production leveraging, fixed‑cost absorption and reinvestment into capacity, enabling continued share gains in hospitals and export channels.
Read all positive factors
Poly Medicure Limited (POLYMED) vs. iShares MSCI India ETF (INDA)
Market Cap
₹166.90B
Dividend Yield0.19%
Average Volume (3M)8.86K
Price to Earnings (P/E)52.5
Beta (1Y)1.03
Revenue Growth12.30%
EPS Growth-7.05%
CountryIN
Employees6,300
SectorGeneral
Sector StrengthN/A
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)31.79
Shares Outstanding101,359,490
10 Day Avg. Volume7,511
30 Day Avg. Volume8,860
Financial Highlights & Ratios
PEG Ratio-5.89
Price to Book (P/B)4.19
Price to Sales (P/S)6.93
P/FCF Ratio-216.10
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)37.88
Revenue Forecast (FY)₹23.35B
Poly Medicure Limited Business Overview & Revenue Model
Company Description
Poly Medicure Limited (PML) specializes in the production and distribution of a wide array of medical devices. Its extensive product portfolio encompasses a comprehensive range of infusion equipment, including IV cannulas, midline and arterial cat...
How the Company Makes Money
Poly Medicure primarily makes money by selling single-use (and short-use) medical consumables and device-based disposables to hospitals, healthcare providers, government/ institutional buyers, and distributors in India and overseas. Its revenue mo...
Poly Medicure Limited Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
78
Positive
Cash Flow
46
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 18.75B | 16.70B | 13.76B | 11.15B | 9.23B |
| Gross Profit | 7.61B | 11.11B | 8.89B | 7.06B | 5.72B |
| EBITDA | 5.61B | 4.52B | 3.58B | 2.68B | 2.12B |
| Net Income | 3.22B | 3.39B | 2.58B | 1.79B | 1.47B |
Balance Sheet | |||||
| Total Assets | 39.19B | 31.92B | 18.59B | 15.77B | 13.77B |
| Cash, Cash Equivalents and Short-Term Investments | 8.27B | 12.08B | 2.86B | 3.01B | 3.52B |
| Total Debt | 3.54B | 1.80B | 1.74B | 1.49B | 1.27B |
| Total Liabilities | 7.69B | 4.27B | 3.89B | 3.36B | 2.89B |
| Stockholders Equity | 31.06B | 27.66B | 14.70B | 12.42B | 10.87B |
Cash Flow | |||||
| Free Cash Flow | -601.71M | -906.06M | -109.34M | -484.49M | -321.05M |
| Operating Cash Flow | 2.48B | 2.40B | 2.66B | 1.91B | 1.23B |
| Investing Cash Flow | -2.43B | -11.94B | -2.41B | -1.79B | -853.32M |
| Financing Cash Flow | 361.45M | 9.51B | -201.53M | -125.05M | -353.38M |
Poly Medicure Limited Technical Analysis
Positive
1723.55
Price Trends
1544.35
Positive
1443.10
Positive
1637.83
Positive
Market Momentum
47.15
Positive
55.80
Neutral
21.89
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:POLYMED, the sentiment is Positive. The current price of 1723.55 is above the 20-day moving average (MA) of 1618.89, above the 50-day MA of 1544.35, and above the 200-day MA of 1637.83, indicating a bullish trend. The MACD of 47.15 indicates Positive momentum. The RSI at 55.80 is Neutral, neither overbought nor oversold. The STOCH value of 21.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:POLYMED.
Poly Medicure Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | ₹166.90B | 52.48 | ― | 0.19% | 12.30% | -7.05% | |
69 Neutral | ₹124.87B | 74.86 | ― | 0.08% | 25.91% | 82.23% | |
65 Neutral | ₹122.58B | 85.48 | ― | ― | 70.42% | 270.62% | |
56 Neutral | ₹24.71B | 94.55 | ― | 0.01% | 178.75% | 2120.65% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
49 Neutral | ₹15.33B | 112.33 | ― | 0.86% | 7.67% | -51.81% |
* General Sector Average
IN:POLYMED
Poly Medicure Limited
1,665.85
-547.51
-24.74%
IN:OPTOCIRCUI
Opto Circuits (India) Limited
―
―
―
IN:VIYASH
Viyash Scientific
278.35
94.00
50.99%
IN:SHAILY
Shaily Engineering Plastics Limited
2,769.45
1,158.81
71.95%
IN:TARSONS
Tarsons Products Limited
304.55
-77.00
-20.18%
IN:FISCHER
Fischer Medical Ventures Ltd
38.74
-45.56
-54.05%
Poly Medicure Limited Corporate Events
Poly Medicure Reschedules Investor Meet at New Delhi Headquarters
Jun 23, 2026
Poly Medicure Limited has notified stock exchanges that its previously announced investor and analyst call, initially scheduled for June 23, 2026, has been rescheduled to June 24, 2026 at 11:00 a.m. The meeting will be held in a physical format at...
Poly Medicure Files Q4 FY26 Earnings Call Transcript With Exchanges
May 29, 2026
Poly Medicure Limited notified the stock exchanges that it has submitted the transcript of its Q4 FY26 earnings conference call, held on May 25, 2026, to discuss the audited standalone and consolidated financial results for the quarter and year en...
Poly Medicure Schedules Series of One-on-One Investor Meetings in Late May 2026
May 21, 2026
Poly Medicure Limited has scheduled a series of one-on-one physical meetings with institutional investors and analysts, including Aberdeen, Trust AMC, Wellington Management, and Wasatch, between 26 and 29 May 2026. The meetings, to be held at the ...
Poly Medicure Expands Brazilian Footprint with Acquisition of Medyneo
Apr 30, 2026
Poly Medicure Limited, via its wholly owned subsidiary Polymed Brazil Ltda, has acquired 100% equity of Brazilian medical device firm Medyneo Comercio de Produtos para Saude Ltda. The transaction, completed on April 29, 2026, makes Medyneo a wholl...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.