Poly Medicure (531768) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 revenue grew 4.8% year-over-year to INR 403.2 crores, with domestic revenue up 20.1% and international revenue slightly down 0.9%.

• Recognized as Medical Device Provider of the Year 2025, reflecting industry leadership and innovation.

• Appointed Mr. Vishal Baid and Mr. P.K. Gupta as Executive Directors, strengthening leadership for strategic growth.

• Signed two contract manufacturing (CDMO) agreements with U.S. and Hong Kong-based companies for vascular and pain management products.

• Launched over 7 new products, expanded presence in Brazil, and enhanced use of AI in manufacturing.

Financial highlights

• Q1 FY26 consolidated revenue reached INR 403 crores, up 5% year-over-year.

• Gross profit margin improved to 68.4% from 66.7% year-over-year.

• Operating EBITDA stood at INR 106 crores (26.3% margin), slightly down from 27% last year.

• PAT was INR 93 crores, up from INR 74 crores, with net margin at 21%, up 50 bps.

• Other income surged 146.4% to INR 41.7 crores.

Outlook and guidance

• Domestic revenue growth guidance maintained at 30% for FY26.

• International revenue growth guidance revised to 5%-10% for FY26, down from 12%-15%.

• EBITDA margin guidance remains at 25%-27%.

• Capex guidance of INR 250+ crores for FY26, with two new plants under construction.

• Focus on R&D, AI integration, and sustainable practices to drive future growth.