Poly Medicure (531768) Q2 25/26 earnings summary

Executive summary

• Closed acquisitions of Citieffe Group (Italy, orthopedics) and PendraCare Group (Netherlands, cardiology), expanding the global footprint and addressable market by $70 billion.

• Achieved consolidated revenue of ₹444 crore in Q2 FY26, up 5.7% YoY and 10.1% QoQ; H1 FY26 revenue at ₹847 crore, up 5.3% YoY.

• Launched Poly Medic Academy of Clinical Excellence (PACE) and expanded AI-powered training programs.

• Domestic business saw strong double-digit growth; international business showed sequential recovery.

• Board approved unaudited standalone and consolidated financial results for Q2 and H1 ended 30th September 2025.

Financial highlights

• Q2 FY26 consolidated revenue: INR 444 crore, up 5.7% YoY and 10.1% QoQ; H1 FY26 revenue: INR 847 crore, up 5.3% YoY.

• Q2 gross profit: INR 308 crore (69.4% margin); operating EBITDA: INR 119 crore (26.8% margin, excluding INR 3.2 crore one-time acquisition cost).

• Q2 net profit: INR 92 crore (19.2% margin), up from INR 88 crore YoY; H1 net profit: INR 185 crore (20% margin), up 14.5% YoY.

• Basic EPS for Q2 FY26 was ₹9.17, up from ₹9.01 in Q2 FY25.

• ROCE at 19.9% (trailing 12 months, excluding QIP funds); ROE at 19%.

Outlook and guidance

• FY26 revenue growth guidance revised to 15%-16% (from 20% earlier); H2 revenue expected at INR 1,080-1,090 crore, a 25% increase over H1.

• Domestic business expected to grow 28%-30% for FY26; international business guided for ~10% growth including acquisitions.

• Operating EBITDA margin guidance maintained at 25%-27%, with H1 at upper end of range.

• Management expects to finalize fair value measurements for the Pendra Care Group acquisition within one year from acquisition date.