Poly Medicure (531768) Q4 25/26 earnings summary

Executive summary

• FY 2026 marked a strategic transition to high-tech, high-complexity, and high-growth medical device segments, with significant investments in R&D and clinical teams.

• Integration of recent acquisitions (PendraCare, Citieffe, and MEDYNEO in Brazil) is underway, expanding the global footprint and presence in high-end technology segments.

• 35 new products launched across the group, with strong R&D and clinical engagement; commercial sales of DEB and over 11,000 stent deployments achieved.

• Highest ever standalone quarterly revenue achieved in Q4 FY26, with strong momentum in U.S. and European markets.

• Audited standalone and consolidated financial results for Q4 and FY ended March 31, 2026 were approved, with an unmodified audit opinion from statutory auditors.

Financial highlights

• Standalone FY 2026 revenue: ₹1,662.5 Cr (up 3.8% YoY); consolidated FY 2026 revenue: ₹1,99,534.14 lacs (up from ₹1,75,895.92 lacs YoY); Q4 consolidated revenue grew 21.3% YoY.

• Standalone FY 2026 EBITDA margin: 26.8%; consolidated FY 2026 EBITDA margin: 24.4%.

• Standalone FY 2026 PAT: ₹336.0 Cr (up 1.4% YoY); consolidated FY 2026 PAT: ₹320.7 Cr (down 5.3% YoY).

• Gross margin expanded by 130 bps in FY26 due to improved product mix and cost optimization; Q4 margin dipped to 66.7% due to product mix and raw material cost headwinds.

• Cash & cash equivalents at ₹842.2 Cr as of March 31, 2026.

Outlook and guidance

• FY 2027 consolidated revenue guidance: INR 2,300–2,400 crore; standalone: INR 1,900–1,950 crore.

• Domestic business expected to grow over 20%, international over 15%; renal segment targeted for 20%+ growth.

• Standalone EBITDA margin guidance: 25–27%; consolidated EBITDA margin: 23–25%.

• CapEx planned at INR 200–225 crore for FY 2027, lower than previous year as major projects near completion.

• R&D expense expected to double in the next 3-5 years to support innovation.