Poly Medicure Limited (POLYMED) AI Stock Analysis

• Market Cap: ₹128.36B
• Dividend Yield: 0.19%
• Average Volume (3M): 8.86K
• Price to Earnings (P/E): 36.9
• Beta (1Y): 0.92
• Revenue Growth: 12.46%
• EPS Growth: 16.66%
• Country: IN
• Employees: 6,300
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Instruments & Supplies
• EPS (TTM): 7.70
• Shares Outstanding: 101,359,490
• 10 Day Avg. Volume: 7,511
• 30 Day Avg. Volume: 8,860
• PEG Ratio: 2.36
• Price to Book (P/B): 7.72
• Price to Sales (P/S): 12.79
• P/FCF Ratio: -235.75
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 36.03
• Revenue Forecast (FY): ₹18.77B

• Rating: 67 Neutral
• Price Target: ₹1,507.00 ▼(-12.56% Downside)
• Action: Downgraded Date: 02/07/26
• Date: Action: Downgraded 02/07/26

The score is supported primarily by strong underlying financial performance (growth, profitability, and low leverage), but is held back by a pronounced technical downtrend and an expensive valuation with a minimal dividend yield.

Positive Factors

Recurring consumables portfolio

Single‑use medical devices generate recurring, hygiene-driven demand and frequent reorder cycles. Poly Medicure’s wide SKU catalog and established hospital/distributor channels support cross‑selling across departments and export markets, creating durable repeat revenue and lowering customer concentration risk.

Consistent revenue and improving margins

Consistent top-line growth with strong gross margins and improving net margins suggests sustained pricing power and effective cost management. This trend implies scalable economics: as volumes grow, operating leverage can strengthen long-term profitability and fund reinvestment in products and market expansion.

Low leverage and rising equity

A conservative leverage profile and rising shareholders’ equity provide financial flexibility to invest in capacity, R&D, or geographic expansion without immediate reliance on costly external financing. This balance-sheet strength lowers solvency risk and supports multi-year strategic initiatives.

Negative Factors

Negative free cash flow from heavy capex

Sustained negative free cash flow driven by heavy capex reduces internally available funds for dividends, debt reduction, or M&A. If new capacity or investments do not yield timely returns, the company may need external financing, which could raise leverage or constrain strategic flexibility.

EBIT margin variability

Fluctuating EBIT margins indicate operating profitability is sensitive to cost, mix, or pricing shifts. This variability undermines earnings predictability and complicates capital allocation and forecasting, increasing execution risk when scaling operations or entering new markets over the medium term.

Rapid asset growth, potential capital inefficiency

A rapidly expanding asset base without matching returns can signal capital inefficiency, tying up funds and depressing ROIC. Prolonged inefficiencies would lengthen payback periods on investments, reduce cash conversion, and pressure long-term return metrics unless addressed.

Poly Medicure Limited Business Overview & Revenue Model

Company Description

Poly Medicure Limited manufactures and sells medical devices. It offers infusion devices, such as I.V. cannulas, mid line catheters, arterial cannula, three way stop cocks, I.V. infusion sets, manifolds, safety winged infusion sets, T-type extension sets, stylet/mandrin with luer locks, vial access spikes, measured volume fluid administration sets, extension lines, central venous catheters, CVP manometers, needle free connectors, pre filled syringes, vascular accesses, and blood administration sets. The company also provides nasogastric and infant feeding tubes, gastro-duodenal feeding tubes, and umbilical catheters; urine collection bags, foley balloon catheters, irrigation sets, urine drainage catheters, and urine collection bags with measured volume meters; and endotracheal tubes, tracheostomy tubes, mucus extractors, ventilator circuits, bain circuits, catheter mounts, spinal needles, HME filters, and laryngeal mask airways. In addition, it offers oncology products; endo bronchial suction catheters, oxygen catheters, respiratory exercisers, nasal oxygen cannulas, oro-pharyngeal airways, variable concentration masks, oxygen mask with reservoirs, fixed concentration masks, and aerosol therapy masks; and dialyzers, blood lines, dialysis systems, fistula needles, haemodialysis catheters, and peritoneal dialysis and transfusion sets. Further, it provides closed wound suction units, under water seal drainage systems, high pressure vacuum bottles, yankauer suction sets, and thoracic drainage catheters; blood collection tubes, safety blood collection sets, blood collection needles, erythrocyte sedimentation rate pipettes, and luer adaptors; blood bag systems; face protective shields, polymasks, and viral transport medium kits; and insulin syringes, sputum collectors, dry brushes, umbilical cord clamps, luer locks, cannula fixators, injection stoppers, luer lock injection sites, and universal caps. The company was incorporated in 1995 and is based in New Delhi, India.

How the Company Makes Money

Poly Medicure Limited generates revenue through the sale of its medical devices and consumables, which are distributed to hospitals, clinics, and healthcare providers both domestically and internationally. The company's revenue model is primarily based on direct sales and distribution agreements. Key revenue streams include the sale of intravenous sets, catheters, and other disposable medical products. POLYMED also engages in strategic partnerships with healthcare institutions and distributors, which help expand its market reach and enhance brand visibility. The company's focus on research and development fosters innovation, enabling it to introduce new products that meet evolving healthcare needs, thereby driving additional revenue growth.

Poly Medicure Limited Financial Statement Overview

Summary

Strong and consistent revenue growth with healthy gross and improving net margins. Balance sheet is stable with low leverage and rising equity, but recent negative free cash flow from heavy capex and some EBIT margin variability temper the score.

Income Statement

Poly Medicure Limited's income statement reveals impressive revenue growth, with a consistent upward trajectory from 2020 to 2025. The gross profit margin remains strong, reflecting efficient cost management and a solid market position. The net profit margin has also improved, indicating enhanced profitability. However, the EBIT margin shows some fluctuation, suggesting variability in operational efficiency.

Balance Sheet

The balance sheet of Poly Medicure Limited indicates solid financial stability, with a low debt-to-equity ratio that underscores prudent financial management. The company has consistently increased its stockholders' equity, supporting a strong equity ratio. However, despite these strengths, the company's asset base has grown significantly, which could suggest potential capital inefficiencies.

Cash Flow

Poly Medicure Limited's cash flow statements demonstrate a robust operating cash flow, which is a positive indicator of the company's ability to generate cash from its core operations. However, the free cash flow has been negative in recent years due to high capital expenditures, which could pose a risk if not managed carefully. The cash flow from investing activities suggests significant reinvestment into the business, which may drive future growth.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	16.88B	16.70B	13.76B	11.15B	9.23B	7.86B
Gross Profit	11.30B	11.11B	8.89B	7.06B	5.72B	5.23B
EBITDA	4.47B	4.52B	3.58B	2.68B	2.12B	2.13B
Net Income	3.58B	3.39B	2.58B	1.79B	1.47B	1.36B
Balance Sheet
Total Assets	0.00	31.92B	18.59B	15.77B	13.77B	12.24B
Cash, Cash Equivalents and Short-Term Investments	12.08B	12.08B	2.86B	3.01B	3.52B	3.74B
Total Debt	0.00	1.80B	1.74B	1.49B	1.27B	1.37B
Total Liabilities	-27.66B	4.27B	3.89B	3.36B	2.89B	2.58B
Stockholders Equity	27.66B	27.66B	14.70B	12.42B	10.87B	9.66B
Cash Flow
Free Cash Flow	0.00	-906.06M	-109.34M	-484.49M	-321.05M	236.01M
Operating Cash Flow	0.00	2.40B	2.66B	1.91B	1.23B	1.19B
Investing Cash Flow	0.00	-11.94B	-2.41B	-1.79B	-853.32M	-4.36B
Financing Cash Flow	0.00	9.51B	-201.53M	-125.05M	-353.38M	3.17B

Poly Medicure Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1723.55
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:POLYMED, the sentiment is Negative. The current price of 1723.55 is above the 20-day moving average (MA) of 1361.80, above the 50-day MA of 1561.09, and below the 200-day MA of 1923.16, indicating a bearish trend. The MACD of -89.43 indicates Negative momentum. The RSI at 33.53 is Neutral, neither overbought nor oversold. The STOCH value of 34.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:POLYMED.

Poly Medicure Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ERIS	70 Outperform	₹185.15B	42.88	―	0.47%	20.02%	19.17%
POLYMED	67 Neutral	₹128.36B	36.91	―	0.19%	12.46%	16.66%
GLAND	63 Neutral	₹300.35B	35.45	―	1.07%	-1.51%	14.27%
GLAXO	63 Neutral	₹435.37B	42.64	―	2.16%	4.17%	41.51%
APLLTD	60 Neutral	₹139.86B	22.24	―	1.28%	11.42%	-1.91%
GLENMARK	53 Neutral	₹603.26B	56.64	―	0.24%	30.27%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Poly Medicure Limited Corporate Events

Poly Medicure Schedules Investor Meetings for November 2025

Poly Medicure Limited announced the schedule for upcoming one-on-one meetings with investors and analysts, set to take place virtually on November 25 and 26, 2025. These meetings, which are part of the company’s regulatory obligations, aim to engage stakeholders without sharing any unpublished price-sensitive information, reflecting the company’s commitment to transparency and investor relations.