Poly Medicure (531768) Q2 26/27 earnings summary

Executive summary

• Consolidated revenue grew 30.8% in Q2 and 30.6% in H1; organic growth was 16.3% and 14.4%. Acquisitions supported reported growth, while consolidated EBITDA margins and H1 PAT declined YoY.

• FY27 revenue guidance was reaffirmed and standalone EBITDA margin guidance raised; European demand recovered amid West Asia logistics disruption.

Financial highlights

• Consolidated revenue from operations was ₹58,052.56 lakh in Q2 and ₹1,10,590.11 lakh in H1.

• Consolidated Operating EBITDA increased 20.1% to ₹139.1 Cr in Q2 and 19.2% to ₹265.7 Cr in H1; margins were 24.0% in both periods, down YoY.

• Consolidated PAT was ₹95.1 Cr in Q2, up 3.6%, and ₹180.4 Cr in H1, down 2.4%; H1 profit attributable to parent equity holders was ₹18,115.46 lakh.

• Standalone revenue was ₹48,827.62 lakh in Q2 and ₹91,937.57 lakh in H1, up 17.2% and 14.8%; H1 PAT was ₹18,014.83 lakh.

• Consolidated gross margin was 70.1% in Q2, up 65 bps, and 71.7% in H1, up 270 bps; standalone H1 gross margin rose 111 bps to 70.1%.

Outlook and guidance

• FY27 revenue guidance: consolidated ₹2,300–2,400 Cr and standalone ₹1,900–1,950 Cr; domestic growth target 20% and international growth target 15%.

• Standalone FY27 EBITDA margin guidance raised to 26%–27.5% from 25%–27%; consolidated guidance remains 23%–25%.

• FY27 gross margin outlook is 68%–69% standalone and above 70% consolidated; CapEx guidance is ₹200–225 Cr.

• U.S. sales target is $7–8 million in FY27 and $15–25 million over 3–4 years, subject to approvals and market developments.

• Longer-term priorities include doubling revenue by FY30, doubling R&D spend, launching 25–30 products annually, and expanding high-complexity cardiology and critical care globally.