Poly Medicure LimitedPharmaceuticals & HealthcarePOLYMED
Q1 FY27 concall · earnings callPoly Medicure Limited
PolyMed reported a strong start to its 'PolyMed 3.0 Ascent' phase with Q1 FY27 delivering revenue and EBITDA growth above guidance, driven by strategic acquisitions and a recovery in core segments.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Consolidated Revenue | ₹525 Cr | 30.3% | |
| Consolidated Operating EBITDA | ₹126.7 Cr | 17.7% | |
| Stand-alone Revenue | ₹431 Cr | 12.3% | |
| Stand-alone Operating EBITDA | ₹120.8 Cr | 18.8% | |
| Domestic Revenue Growth (Stand-alone) | 16.2% | — | |
| International Revenue Growth (Stand-alone) | 10% | — | |
| Europe Growth (Consol) | 43.8% | — | |
| Consolidated Gross Margin | 73.4% | 495 basis points |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹424.21 Cr+24.9% YoY+1% QoQ | ₹85.23 Cr+31.1% YoY-2.5% QoQ | ₹8.48+25.1% YoY-5.9% QoQ |
| Q2 FY25 | ₹420.02 Cr+24.5% YoY+9.2% QoQ | ₹87.45 Cr+40.6% YoY+18.1% QoQ | ₹9.01+39% YoY+16.9% QoQ |
| Q1 FY25 | ₹384.78 Cr+19.9% YoY+1.8% QoQ | ₹74.04 Cr+18.1% YoY+8.3% QoQ | ₹7.71+17.9% YoY+8.3% QoQ |
| Q4 FY24 | ₹378.07 Cr+23.2% YoY+11.3% QoQ | ₹68.36 Cr+16.2% YoY+5.1% QoQ | ₹7.12+16.2% YoY+5% QoQ |
| Q3 FY24 | ₹339.60 Cr+19.2% YoY+0.7% QoQ | ₹65.02 Cr+30% YoY+4.6% QoQ | ₹6.78+30.1% YoY+4.6% QoQ |
TL;DR
- Consolidated revenue grew 30.3% to INR525 crores, with organic growth at 12.4%.
- Stand-alone EBITDA margin of 28% exceeded the full-year guidance range of 25%-27%.
- High-technology segments like cardiology and orthopedics are scaling as planned.
- Middle East exports fell 32% due to logistics disruptions, but order book remains strong.
- Renal business declined 3.8% due to Chinese pricing pressure; an antidumping probe has been initiated.
- Company maintains FY27 guidance for INR2,300-2,400 crores revenue and 23%-25% consolidated EBITDA margin.
Said on the call
“This is a quarter where the strategy started converting into numbers.”
From the Q&A
| Topic | What management said |
|---|---|
| Stand-alone Growth Trajectory | Management clarified that Q1 is seasonally the weakest quarter and expects growth to pick up in Q2 to meet the full-year guidance, aided by price hikes taken in Q1. |
| Acquisition and Capex Plans | The cash reserve of INR855 crores is earmarked for organic expansion, inorganic opportunities in cardiology/oncology/orthopedics, and capex for two new plants. Asset turnover is expected to remain between 1.2 and 1.4. |
| Middle East Disruption | Logistics bottlenecks continue to prevent shipments to the Middle East despite strong customer demand. The situation is expected to ease in the coming weeks. |
| Gross Margin Outlook | Q1's high gross margin benefited from price hikes, product mix, and inventory gains. On a stand-alone basis, margins are expected to normalize to the historic 68%-69% range for the remainder of the year. |
| Renal Business Outlook | While facing pricing pressure from Chinese imports, management expects a 15%-20% growth for the full year, aided by a new business head and a potential antidumping duty following a government probe. |
| Growth Ambition (Vision 2030) | The goal to double revenue by FY2030 is expected to be driven 80% organically and 20% inorganically, with margins expected to remain in the guided range as the company reinvests for growth. |
Guidance
- FY27 Consolidated Revenue: INR2,300-2,400 crores (includes full-year consolidation of PendraCare and Citieffe).
- FY27 Stand-alone Revenue: INR1,900-2,000 crores (Domestic growth >20%, International growth >15%).
- FY27 Stand-alone EBITDA Margin: 25%-27%.
- FY27 Consolidated EBITDA Margin: 23%-25%.
- FY27 Capex: INR200-225 crores.
Source
Summary written from the transcript filed by Poly Medicure Limited for the call held on 10 Aug 2026; published 18 Aug 2026, 20:55 IST.
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