# Poly Medicure (POLYMED) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/polymed

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹1,619.9
- Change: +1.10%
- As of: 2026-11-06
- 1D return: +1.10%
- 5D return: +11.76%
- 1M return: +0.92%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

POLYMED is trading at ₹1619.90, positioned near the upper end of its 20-day range (+84.3%) but in the middle of its 50-day and 252-day ranges. The daily trend is established (ADX 30.89) with price holding above the 20-period EMA, 50-period EMA, 20-period SMA, and Supertrend, indicating short-term bullish momentum. However, this contradicts the longer-term view: on the monthly horizon, price remains below all supplied moving averages despite a bullish Supertrend signal, and the monthly ADX is weak (18.3). Participation spiked recently with an extreme anomaly on November 5 characterized by high volume (3.85x ratio) but no clear directional follow-through, followed by a wide intraday range on November 4. Volatility remains elevated at +40.7% annualized, and the stock is still down -43.0% from its available high. Key resistance sits at ₹1646.30 (1.63% above), while immediate support is at ₹1609.63 (0.63% below).

- Daily trend is bullish with price above key EMAs and Supertrend, supported by strong ADX (30.89), but monthly structure remains bearish as price stays below major moving averages.
- Recent participation was extreme on Nov 5 (+1.0% return, 3.85x volume ratio) without clear direction, suggesting indecision or distribution rather than sustained buying.
- Price is near the top of its 20-day range (+84.3%) but mid-range over 50-day (+47.8%) and 252-day (+48.0%) periods, limiting upside proximity to historical highs.
- Immediate resistance is at ₹1646.30; a break above could test ₹1653.27, while failure to hold above ₹1609.63 support may expose downside toward ₹1558.57.

- Doji
- Harami

### News Context

Poly Medicure reported unaudited financial results for the quarter and half-year ended September 30, 2026, following Board approval on November 5, 2026. Consolidated revenue from operations rose 30.8% year-over-year to ₹52,537.55 lakh, driven by a 22.0% increase in domestic sales and a 35.0% rise in international revenue. Standalone profit after tax was ₹9,202.50 lakh, with consolidated PAT at ₹9,527.43 lakh. The company maintains a strong liquidity position with ₹839.1 crore in cash and cash equivalents as of September 30, 2026.

Operational expansion continues with the operationalization of Medyneo in Brazil, where first shipments were dispatched in October 2026. Additionally, the company established a direct presence in the UK and advanced clinical trials for its PACIFIER DES device, enrolling over 1,150 patients. Poly Medicure also classified its wholly owned subsidiary, Poly Medicure B.V., Netherlands, as a material subsidiary due to its net worth exceeding 10% of the Company’s consolidated net worth.

On the corporate governance front, the Board approved revisions to five key policies, including those related to material subsidiaries, related party transactions, and fair disclosure. The company confirmed no deviations in the utilization of proceeds from its Qualified Institutions Placement (QIP), which raised approximately ₹99,999.98 lakh. A minor surplus of ₹34.39 lakh from lower-than-estimated issue expenses was adjusted against General Corporate Purposes.

Market data as of November 6, 2026, shows the stock trading at ₹1,619.9, with a market capitalization of approximately ₹16,240.13 crore. Technical indicators suggest a bullish trend on both daily and monthly timeframes, though the stock has experienced a significant drawdown of -43.0% from its peak.

- Consolidated Q2 FY27 revenue grew 30.8% YoY to ₹52,537.55 lakh, with standalone PAT at ₹9,202.50 lakh and consolidated PAT at ₹9,527.43 lakh.
- International revenue surged 35.0% YoY, while domestic revenue increased 22.0%, contributing to consolidated operating EBITDA margin of 24.0%.
- Medyneo (Brazil) is now operational with initial shipments in October 2026; UK direct presence established; PACIFIER DES trials enrolled 1,150 patients.
- Board approved revisions to five corporate governance policies and confirmed zero deviations in QIP fund utilization (~₹99,999.98 lakh raised).
- Stock closed at ₹1,619.9 on Nov 6, 2026, with ₹839.1 Cr cash reserves; technicals show bullish supertrend but -43.0% current drawdown.

- Poly Medicure Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication
- Poly Medicure Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting
- Poly Medicure Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation
- Poly Medicure Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32 |SUBJECT: Statement of deviation(s) or variation(s) under Reg. 32
- Poly Medicure Limited has informed the Exchange regarding 'Intimation of revision of policies and/or code of conduct of Company'. |SUBJECT: Updates

### What Changed

Poly Medicure (listed on the NSE) has materially updated its corporate governance framework and reported financial results for the quarter ended September 30, 2026. On November 5, 2026, the Board of Directors approved revisions to five key policies: Material Subsidiaries, Materiality of Events/Information, Related Party Transactions, Fair Disclosure of Unpublished Price Sensitive Information, and Trading by Designated Persons. These updates align with SEBI Listing Regulations and were filed with the NSE and BSE. Concurrently, the company released unaudited standalone and consolidated financial results for the half-year and quarter ended September 30, 2026. The results were reviewed by the Audit Committee, approved by the Board on November 5, 2026, and subject to limited review by statutory auditors. A press release was published in Financial Express and Jansatta on November 6, 2026. An earnings conference call discussing these results was held on November 5, 2026, at 05:00 PM IST, with the audio recording made available on the company's website.

- Corporate Governance Update: On November 5, 2026, the Board approved revisions to five key policies including Related Party Transactions, Fair Disclosure, and Trading by Designated Persons, filed with NSE/BSE per SEBI regulations.
- Financial Results Release: Unaudited standalone and consolidated results for Q2 and H1 FY2027 (ended Sept 30, 2026) were approved by the Board on November 5, 2026, and published in newspapers on November 6, 2026.
- Audit Status: The released financial results are subject to a limited review by the company’s statutory auditors.
- Investor Communication: An earnings conference call was held on November 5, 2026, at 05:00 PM IST, with the audio recording accessible via the company's website.

- [Poly Medicure Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/POLYMED_06112026101940_Newspaper_advertisement_signed.pdf)
- [Poly Medicure Limited has informed the Exchange regarding 'Intimation of revision of policies and/or code of conduct of Company'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/POLYMED_05112026171522_Intimation_of_update_in_Policies_Signed.pdf)
- [Poly Medicure Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/POLYMED_05112026192215_Intimation_under_regulation_30_and_46_2__Signed.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1754324_05112026095629_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1754325_05112026095634_WEB.xml)

### Official Filings

Poly Medicure Limited reported strong financial performance for the quarter and half-year ended September 30, 2026, with consolidated revenue from operations rising to ₹52,537.55 lakh and profit after tax reaching ₹9,527.43 lakh. The company also announced that its wholly owned subsidiary in the Netherlands, Poly Medicure B.V., has been classified as a material subsidiary due to its net worth exceeding 10% of the Company’s consolidated net worth. Additionally, the Board approved revisions to five key corporate governance policies, including those related to material subsidiaries, related party transactions, and fair disclosure practices.

- {'metric': 'Consolidated Revenue (Q2 FY27)', 'significance': 'Reflects top-line growth driven by domestic (+22.0%) and international (+35.0%) segments.', 'value': '₹52,537.55 lakh'}
- {'metric': 'Profit After Tax (Q2 FY27)', 'significance': 'Indicates profitability levels for the period under review.', 'value': '₹9,527.43 lakh'}
- {'metric': 'Material Subsidiary Classification', 'significance': 'Net worth exceeds 10% of consolidated net worth, impacting reporting scope.', 'value': 'Poly Medicure B.V., Netherlands'}
- {'metric': 'Governance Policy Updates', 'significance': 'Updates include Material Subsidiaries, Related Party Transactions, and Fair Disclosure codes.', 'value': 'Five policies revised'}

- [Poly Medicure Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/POLYMED_06112026101940_Newspaper_advertisement_signed.pdf)
- [Poly Medicure Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/POLYMED_05112026140848_FINAL_OUTCOME_SIGNED.pdf)
- [Poly Medicure Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/POLYMED_05112026145136_INVESTOR_PRESENTATION_SIGNED.pdf)
- [Poly Medicure Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32 |SUBJECT: Statement of deviation(s) or variation(s) under Reg. 32](https://nsearchives.nseindia.com/corporate/POLYMED_05112026152133_STATMENT_OF_DEVIATION_AND_VARIATION_SIGNED.pdf)
- [Poly Medicure Limited has informed the Exchange regarding 'Intimation of revision of policies and/or code of conduct of Company'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/POLYMED_05112026171522_Intimation_of_update_in_Policies_Signed.pdf)
- [Poly Medicure Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/POLYMED_05112026192215_Intimation_under_regulation_30_and_46_2__Signed.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1754324_05112026095629_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1754325_05112026095634_WEB.xml)
- [Poly Medicure Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/POLYMED_31102026183525_Intimation_on_Earning_call_Signed.pdf)
- [POLY MEDICURE LIMITED has informed the Exchange about Board Meeting to be held on 05-Nov-2026 to inter-alia consider and approve the Unaudited Financial results of the Company for the Quarterly ended September 2026 . |SUBJECT: Board Meeting Intimation](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_5391_WebXMLFile_20261029_172848862.xml)

### Fundamentals

Poly Medicure’s FY2026-27 trajectory shows robust top-line growth offset by margin compression and deteriorating working capital efficiency. Revenue from operations rose sequentially to ₹581 crore in Q2, with net profit increasing to ₹95.1 crore and EPS rising to ₹9.38 per share. However, Profit Before Tax (₹124 crore) grew faster than Pre-Tax Profit (₹114 crore), indicating that non-operating income or exceptional items are currently supporting bottom-line performance while core operating margins face pressure.

The balance sheet reflects an aggressive expansion phase: Fixed Assets surged to ₹1,694 crore by Mar 2026, funded partly by a sharp rise in borrowings to ₹354 crore and significant investment activity. This asset-heavy strategy has strained liquidity metrics; the Cash Conversion Cycle widened to 335 days in Mar 2026, driven primarily by Inventory Days jumping to 323 days and Debtor Days extending to 103 days. While Return on Capital Employed (ROCE) declined from 24% to 12% over three years, recent quarterly cash flow remains positive at ₹246 crore. Institutional ownership is shifting, with DIIs increasing their stake to 15.9% while FIIs reduced theirs to 5.36% as of Sep 2026.

- Q2 FY2026-27 revenue reached ₹581 crore with net profit of ₹95.1 crore (EPS ₹9.38), but operating profitability faced headwinds as expenses rose to ₹485 crore.
- Working capital efficiency deteriorated significantly: Cash Conversion Cycle expanded to 335 days in Mar 2026, with Inventory Days hitting 323 days and Debtor Days at 103 days.
- Balance sheet leverage increased as borrowings rose to ₹354 crore and Fixed Assets grew to ₹1,694 crore, coinciding with a drop in ROCE to 12% from 24% in Mar 2024.
- Shareholding pattern shifted toward domestic institutions (DIIs at 15.9%) while foreign holdings (FIIs) contracted to 5.36% in Sep 2026.

### Bear Case

Poly Medicure faces significant downside pressure, evidenced by a current drawdown of -43.0% and a maximum drawdown of -58.1%. The stock has declined 14.6% over the past year and is down 7.0% year-to-date as of November 6, 2026. Technical indicators show mixed signals with a bullish Supertrend on daily and monthly timeframes, but negative slopes in both the 20-day and 50-day Simple Moving Averages on the daily chart (-15.98 and -18.72 respectively) suggest underlying weakness. High annualized volatility of 40.7% and an Average True Range percentage of 3.76% indicate substantial price fluctuation risk. Immediate support lies at ₹1609.63, while resistance is near ₹1646.3.

- Current drawdown stands at -43.0%, with a historical maximum drawdown of -58.1%, indicating severe recent underperformance.
- One-year return is -14.6% and YTD return is -7.0%, reflecting sustained downward pressure.
- Daily SMA 20-day slope is -15.98 and SMA 50-day slope is -18.72, signaling bearish momentum despite bullish Supertrend direction.
- Annualized volatility is +40.7% with an ATR% of 3.76%, highlighting high price instability.

- [Poly Medicure Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/POLYMED_06112026101940_Newspaper_advertisement_signed.pdf)
- [Poly Medicure Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/POLYMED_05112026140848_FINAL_OUTCOME_SIGNED.pdf)
- [Poly Medicure Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/POLYMED_05112026145136_INVESTOR_PRESENTATION_SIGNED.pdf)
- [Poly Medicure Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32 |SUBJECT: Statement of deviation(s) or variation(s) under Reg. 32](https://nsearchives.nseindia.com/corporate/POLYMED_05112026152133_STATMENT_OF_DEVIATION_AND_VARIATION_SIGNED.pdf)
- [Poly Medicure Limited has informed the Exchange regarding 'Intimation of revision of policies and/or code of conduct of Company'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/POLYMED_05112026171522_Intimation_of_update_in_Policies_Signed.pdf)
- [Poly Medicure Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/POLYMED_05112026192215_Intimation_under_regulation_30_and_46_2__Signed.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1754324_05112026095629_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1754325_05112026095634_WEB.xml)
- [Poly Medicure Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/POLYMED_31102026183525_Intimation_on_Earning_call_Signed.pdf)
- [POLY MEDICURE LIMITED has informed the Exchange about Board Meeting to be held on 05-Nov-2026 to inter-alia consider and approve the Unaudited Financial results of the Company for the Quarterly ended September 2026 . |SUBJECT: Board Meeting Intimation](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_5391_WebXMLFile_20261029_172848862.xml)

### FAQs

**What were Poly Medicure's key financial results for Q2 FY27, and how did the business perform?**

For the quarter ended September 30, 2026, consolidated revenue from operations was ₹52,537.55 lakh with a profit after tax of ₹9,527.43 lakh. Consolidated revenue grew 30.8% year-over-year, driven by domestic growth of 22.0% and international growth of 35.0%. Standalone operating EBITDA margin reached 27.4%, while the consolidated margin was 24.0%.

**How has the company utilized funds raised via its Qualified Institutions Placement (QIP)?**

The company raised approximately Rs 99,999.98 lakh through the allotment of 53,19,148 equity shares at Rs 1,880 per share. As of November 5, 2026, there were no deviations in the utilization of these proceeds. A minor surplus of Rs 34.39 lakh from lower-than-estimated issue expenses was adjusted against General Corporate Purposes, revising that allocation to Rs 23,534.37 lakh.

**What strategic developments and operational updates have been reported recently?**

Key updates include the operationalization of Medyneo in Brazil with first shipments dispatched in October 2026, the establishment of a direct UK presence, and clinical trial progress for the PACIFIER DES device, which has enrolled over 1,150 patients. The Board also classified its wholly owned subsidiary, Poly Medicure B.V., Netherlands, as a material subsidiary due to its net worth exceeding 10% of the Company’s consolidated net worth.

**What is the current market valuation and recent price performance of the stock?**

As of November 6, 2026, the stock closed at ₹1,619.90 with a market capitalization of approximately ₹16,240 crore. Over the past year, the stock has returned -14.6%, while it is down -7.0% year-to-date. Technical indicators show a bullish Supertrend direction on both daily and monthly timeframes, though the stock is trading near resistance levels around ₹1,646.

- [Poly Medicure Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/POLYMED_06112026101940_Newspaper_advertisement_signed.pdf)
- [Poly Medicure Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/POLYMED_05112026140848_FINAL_OUTCOME_SIGNED.pdf)
- [Poly Medicure Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/POLYMED_05112026145136_INVESTOR_PRESENTATION_SIGNED.pdf)
- [Poly Medicure Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32 |SUBJECT: Statement of deviation(s) or variation(s) under Reg. 32](https://nsearchives.nseindia.com/corporate/POLYMED_05112026152133_STATMENT_OF_DEVIATION_AND_VARIATION_SIGNED.pdf)
- [Poly Medicure Limited has informed the Exchange regarding 'Intimation of revision of policies and/or code of conduct of Company'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/POLYMED_05112026171522_Intimation_of_update_in_Policies_Signed.pdf)
- [Poly Medicure Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/POLYMED_05112026192215_Intimation_under_regulation_30_and_46_2__Signed.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1754324_05112026095629_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1754325_05112026095634_WEB.xml)
- [Poly Medicure Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/POLYMED_31102026183525_Intimation_on_Earning_call_Signed.pdf)
- [POLY MEDICURE LIMITED has informed the Exchange about Board Meeting to be held on 05-Nov-2026 to inter-alia consider and approve the Unaudited Financial results of the Company for the Quarterly ended September 2026 . |SUBJECT: Board Meeting Intimation](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_5391_WebXMLFile_20261029_172848862.xml)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Weak Downtrend
- Pivot point: ₹1,609.63
- Risk regime: Higher Price Risk

### Support levels
- 1545.6
- 1427.4499999999998
- 1403.3

### Resistance levels
- 1646.3000000000002
- 1719.2
- 1749

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +1.10% |
| return_10 | +12.18% |
| return_1m | -0.85% |
| return_1y | -14.60% |
| return_20 | +0.92% |
| return_3m | -5.23% |
| return_5 | +11.76% |
| return_6m | -2.16% |
| return_since_start | -39.55% |
| return_ytd | -7.04% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | high_risk |
| label | Higher price risk |
| summary | Recent drawdown or price variability is materially high and may lead to larger short-term outcomes. |
| maximum_drawdown | -58.10% |
| annualized_volatility | +40.73% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Poly Medicure Limited Q2 FY2026-27: Revenue rises 31% year on year

Revenue from operations reached ₹581 crore in Q2 FY2026-27, up 31% year on year and 10.5% from Q1 FY27. Profit before exceptional items and tax was ₹114 crore, down 5.3% year on year, while reported profit for the period rose 3.6% to ₹95 crore.

## Revenue growth accompanied by faster expense growth

Revenue from operations increased to ₹580.5 crore from ₹525.4 crore in Q1 FY27 and ₹443.9 crore in Q2 FY26. Total income, including ₹19.0 crore of other income, was ₹599.5 crore, up 7.3% sequentially and 25.5% year on year.

Total expenses rose 9.5% sequentially to ₹485.2 crore. They included ₹201.6 crore of materials consumed, ₹130.4 crore of employee benefit expense and ₹35.0 crore of depreciation and amortisation. Changes in inventories of finished goods, work in progress and stock in trade were a negative ₹29.5 crore in the expense presentation.

## Pre-exceptional profit eased year on year; reported profit increased

Profit before exceptional items and tax was ₹114.4 crore, 1.2% below Q1 FY27 and 5.3% below Q2 FY26. The ₹9.6 crore exceptional item brought profit before tax to ₹123.9 crore, up 7.1% from Q1 FY27 and 2.7% year on year.

Tax expense was ₹30.3 crore, down from ₹32.0 crore in Q1 FY27. Profit for the period was ₹95.1 crore, compared with ₹85.3 crore in Q1 FY27 and ₹91.8 crore in Q2 FY26. Basic and diluted earnings per share from continuing operations were ₹9.38 and ₹9.37, respectively; trailing twelve-month EPS was ₹31.41.

## Operating cash flow exceeded investing outflow

Cash flow from operating activities was ₹109.0 crore in the quarter, against an investing outflow of ₹88.1 crore and a financing outflow of ₹14.2 crore. Reported free cash flow was ₹20.9 crore.

Cash and cash equivalents stood at ₹58.2 crore on 30 September 2026, compared with ₹51.2 crore on 31 March 2026. Current investments were ₹718.1 crore, down from ₹739.2 crore at the previous financial year-end.

## Receivables, inventories and assets increased

Trade receivables were ₹558.9 crore at 30 September 2026, up from ₹531.2 crore at 31 March 2026 and ₹425.7 crore at 30 September 2025. Inventories rose to ₹512.2 crore from ₹433.8 crore at March-end and ₹346.5 crore a year earlier.

Total assets increased to ₹4,155.3 crore from ₹3,918.6 crore at 31 March 2026. Property, plant and equipment stood at ₹1,350.0 crore, capital work in progress at ₹109.7 crore and goodwill at ₹315.7 crore. Equity attributable to owners of the parent was ₹3,265.3 crore at quarter-end.

## Key Takeaway

Revenue growth was strong year on year, but faster expense growth coincided with lower pre-exceptional profit. The exceptional item lifted profit before tax, while lower sequential tax expense helped reported profit rise quarter on quarter. Operating cash flow exceeded investing outflows, alongside increases in receivables, inventories and the overall asset base.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q2
- As of: 2026-09-30
- Promoter holding: +62.42%
- FII holding: +5.36%
- DII holding: +15.90%
- Mutual fund holding: +9.77%
- Retail holding: +7.71%
- Promoter pledged: +0.00%

### Major reported shareholders

- EZEKIEL GLOBAL BUSINESS SOLUTIONS LLP — +12.20% (Bodies Corporate)
- RISHI BAID — +9.59%
- ZETTA MATRIX CONSULTING LLP — +8.21% (Bodies Corporate)
- HIMANSHU BAID — +7.80%
- QUANT MUTUAL FUND - QUANT SMALL CAP FUND — +4.56%
- HIMANSHU BAID (HUF) — +3.79%
- VCB TRADING LLP — +3.49% (Bodies Corporate)
- JAI POLYPAN PRIVATE LIMITED — +3.26% (Bodies Corporate)
- SMT.MUKULIKA BAID — +3.02%
- RISHI BAID (HUF) — +2.74%

## Official filings

- 2026-11-07 — Generic Announcement: Poly Medicure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/POLYMED_07112026143213_MONITORING_REPORT_FINAL_SIGNED.pdf)
- 2026-11-06 — Generic Announcement: Poly Medicure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/POLYMED_06112026101940_Newspaper_advertisement_signed.pdf)
- 2026-11-05 — Generic Announcement: Poly Medicure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/POLYMED_05112026140848_FINAL_OUTCOME_SIGNED.pdf)
- 2026-11-05 — Earnings Presentation: Poly Medicure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/POLYMED_05112026145136_INVESTOR_PRESENTATION_SIGNED.pdf)
- 2026-11-05 — Generic Announcement: Poly Medicure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/POLYMED_05112026152133_STATMENT_OF_DEVIATION_AND_VARIATION_SIGNED.pdf)
- 2026-11-05 — Generic Announcement: Poly Medicure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/POLYMED_05112026171522_Intimation_of_update_in_Policies_Signed.pdf)
- 2026-11-05 — Generic Announcement: Poly Medicure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/POLYMED_05112026192215_Intimation_under_regulation_30_and_46_2__Signed.pdf)
- 2026-11-05 — Financial Results Filing: Poly Medicure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1754324_05112026095629_WEB.xml)
- 2026-11-05 — Financial Results Filing: Poly Medicure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1754325_05112026095634_WEB.xml)
- 2026-10-31 — Generic Announcement: Poly Medicure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/POLYMED_31102026183525_Intimation_on_Earning_call_Signed.pdf)
- 2026-10-29 — Generic Announcement: Poly Medicure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_5391_WebXMLFile_20261029_172848862.xml)
- 2026-10-29 — Board Meeting Notice: Poly Medicure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_5391_WebXMLFile_20261029_172848862.xml)
- 2026-10-29 — Board Meeting Notice: Poly Medicure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/POLYMED_29102026173411_INTIMATION_SIGNED.pdf)
- 2026-10-29 — Generic Announcement: Poly Medicure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_5391_WebXMLFile_20261029_173804808.xml)
- 2026-10-29 — Board Meeting Notice: Poly Medicure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_5391_WebXMLFile_20261029_173804808.xml)
- 2026-10-19 — Shareholding Disclosure: Poly Medicure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1741316_19102026015553_WEB.xml)
- 2026-10-13 — Generic Announcement: Poly Medicure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/POLYMED_13102026142436_Certificate_74_5_Signed.pdf)
- 2026-09-28 — Generic Announcement: Poly Medicure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_5391_WebXMLFile_20260928_184324180.xml)
- 2026-09-28 — Generic Announcement: Poly Medicure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/POLYMED_28092026185041_Closure_of_Trading_window_signed.pdf)
- 2026-09-24 — Generic Announcement: Poly Medicure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/POLYMED_24092026171548_Intimation_Investors_call_Signed.pdf)
- 2026-09-23 — Generic Announcement: Poly Medicure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/POLYMED_23092026191038_Intimation_Investors_call_signed.pdf)
- 2026-09-21 — Generic Announcement: Poly Medicure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/POLYMED_21092026185640_Intimation_Investors_call_signed.pdf)
- 2026-09-18 — Generic Announcement: Poly Medicure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/POLYMED_18092026173534_Intimation_Investors_call_.pdf)
- 2026-09-07 — Generic Announcement: Poly Medicure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/POLYMED_07092026193747_Covering_Merge_Final_Report_Signed_.pdf)
- 2026-09-05 — Generic Announcement: Poly Medicure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/POLYMED_05092026173651_Outcome_Signed.pdf)

## News and market events

- 2026-09-28 — BUSINESS: **Paisalo Digital Ltd leads losers in 'A' group** — Jana Small Finance Bank Ltd, Manappuram Finance Ltd, Poly Medicure Ltd and Yes Bank Ltd are among the other losers in the BSE's 'A' group today, 28 September 2026. — [Source](https://www.business-standard.com/markets/capital-market-news/paisalo-digital-ltd-leads-losers-in-a-group-126092800635_1.html)
- 2026-09-06 — Economic Times: **Ahead of Market: 10 things that will decide stock market action on Monday** — Indian benchmark indices ended slightly higher on Friday, with the Sensex rising 363 points and Nifty closing below 23,898. Investors monitored global market cues, US economic data, and inflation reports, while stock-specific action drove intraday activity across major sectors in a sideways-moving market environment. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/ahead-of-market-10-things-that-will-decide-stock-market-action-on-monday/articleshow/133834844.cms)
- 2026-09-02 — News18: **Market Crash Today: 10 Stocks Defy Selloff, Rally Up To 8% on September 2** — IFCI is among the biggest gainers, surging 8.02% to Rs 94.26, followed by The New India Assurance Company, up 5.67% at Rs 196.3, and Poly Medicure, which gains 5.48% to Rs 1,852.6. — [Source](https://www.news18.com/business/markets/market-crash-today-10-stocks-defy-selloff-rally-up-to-8-on-september-2-ws-l-10305500.html)
- 2026-08-10 — CNBC-TV18: **Sensex Today | Stock Market LIVE Updates: Nifty rises above 24,600 again; Poly Medicure up over 7%** — Sensex Today | Stock Market LIVE Updates: We are at the halfway mark of the first day of trade, and the markets are trading in a volatile space, as the Nifty index remains cautious. The index is looking to hold onto the 24,500 mark. The Nifty Bank is also under pressure, down 100 points. SBI, Adani Ports and HDFC Life are the top laggards. — [Source](https://www.cnbctv18.com/market/stock-market-live-updates-sensex-nifty-50-today-oil-banks-midcaps-bajaj-fin-pfc-kaynes-ola-bharat-forge-share-price-liveblog-19965161.htm)
- 2026-08-07 — CNBC-TV18: **Sensex Today | Stock Market Live Updates: Sensex falls over 450 points; Nifty slips below 24,600** — Sensex Today | Stock Market Live Updates: We are halfway through the day's trade and the market is moving on a cautious note, but now has extended the cuts, while holding key levels, as the Nifty remains above 24,600 as it looks to move ahead. The Nifty Bank is down close to 300 points, falling below the 57,900 mark. Tech Mahindra, TCS and HCLTech are the top gainers. — [Source](https://www.cnbctv18.com/market/stock-market-live-updates-sensex-nifty-50-today-cas-tata-hero-pgel-lic-sci-sbi-ncc-premier-crompton-midcaps-share-price-liveblog-19963799.htm)
- 2026-08-07 — CNBC-TV18: **Q1 Results LIVE Updates: Hindalco reports earnings; SBI tops profit, NII estimates** — Q1 Results LIVE Updates: Three Nifty 50 companies, SBI, Hindalco and Titan, as well as Kaynes Tech, BEML, Aarti Pharmalabs, Azad Engineering, Godrej Consumer, JK Tyre, Jubilant Pharmova, Maharashtra Seamless, Lemon Tree Hotels, Oil India, PFC, ABB India, Poly Medicure, Ramco Cements, Prism Johnson, Raymond, Raymond Realty, Ratnamani Metals & Tubes, among other companies are reporting their earnings today. Earnings reactions come from LIC, Hero MotoCorp, PG Electroplast, Britannia, Sonata Software and other companies. Watch this space for all the LIVE result updates for Q1. — [Source](https://www.cnbctv18.com/market/q1-results-live-updates-sbi-hindalco-titan-lic-pg-electroplast-hero-britannia-pfc-abb-beml-kaynes-fortis-azad-engg-share-price-liveblog-19963817.htm)

## Business profile

**Strategic vision:** Manufactures and distributes medical devices and consumables globally.

### Business segments
- **Medical Devices and Consumables:** Manufactures and distributes a diverse range of medical devices and consumables across various medical specialties. Products include anesthesia disposables, infusion sets, catheters, and diagnostics disposables.

### Competitive strengths
- First Indian medical devices company to establish manufacturing operations outside India.

## Related stocks

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/polymed
Markdown representation: https://faxioms.com/stocks/polymed?render=md