Poly Medicure Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Poly Medicure Ltd filed with BSE on 14 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Poly Medicure reported standalone Q1 FY27 revenue of INR431 crores, up 12.3%, with consolidated revenue at INR525 crores, up 30.3% including contributions from the PendraCare and Citieffe acquisitions. Standalone EBITDA margin came in at 28%, above the guided range of 25% to 27%, while consolidated EBITDA margin was 24.1%, within the guided 23% to 25% range. Management outlined a five-year strategic plan called PolyMed 3.0 targeting a doubling of revenue by FY30, alongside commentary on Middle East logistics disruptions, renal segment pricing pressure from Chinese imports, and new leadership appointments.
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Numbers mentioned
Standalone revenue: INR431 crores (Q1 FY27)
p. 4
“Stand-alone revenue for Q1 was INR431 crores, up 12.3% with domestic at INR146 crores, giving a growth of 16.2% and international at INR281.8 crores, giving a growth of 10%.”
Himanshu Baid, page 4 of the filed PDF · View the filing
Standalone gross profit margin: 71.5% (Q1 FY27)
p. 4
“Gross profit for Q1 was 71.5%, showing significant improvement due to better product mix and impact of price hikes implemented in Q1 and inventory gain.”
Himanshu Baid, page 4 of the filed PDF · View the filing
Standalone operating EBITDA: INR120.8 crores (Q1 FY27)
p. 4
“Absolute operating EBITDA was INR120.8 crores, up 18.8% on a year-on-year basis.”
Himanshu Baid, page 4 of the filed PDF · View the filing
Consolidated revenue: INR525 crores (Q1 FY27)
p. 4
“Now on the consolidated picture, consolidated revenue was INR525 crores, up 30.3%.”
Himanshu Baid, page 4 of the filed PDF · View the filing
Consolidated organic revenue: INR453.1 crores (Q1 FY27)
p. 4
“So on organic basis, revenue was INR453.1 crores, up 12.4%.”
Himanshu Baid, page 4 of the filed PDF · View the filing
Europe revenue growth: 43.8% reported, 17.6% organic (Q1 FY27)
p. 4
“Within International, Europe grew 43.8% to INR187.3 crores. And importantly, it grew 17.6% organically, reflecting improvement in the performance in the region.”
Himanshu Baid, page 4 of the filed PDF · View the filing
Rest of World growth: 30.3% reported, 4.0% organic (Q1 FY27)
p. 4
“Rest of the World grew at 30.3% on a reported basis, but only 4.0% organically.”
Himanshu Baid, page 4 of the filed PDF · View the filing
Middle East de-growth: 32% (Q1 FY27)
p. 4
“The reason for low growth was 32% de-growth in the Middle East due to ongoing West Asia crisis.”
Himanshu Baid, page 4 of the filed PDF · View the filing
Consolidated gross profit margin: 73.4% (Q1 FY27)
p. 4
“Consolidated gross profit was INR385.6 crores at a margin of 73.4% margin, up 495 basis points.”
Himanshu Baid, page 4 of the filed PDF · View the filing
Consolidated operating EBITDA: INR126.7 crores, 24.1% margin (Q1 FY27)
p. 4
“Consolidated operating EBITDA was INR126.7 crores, up 17.7% at a margin of 24.1% with our guided range -- within our guided range of 23% to 25% for the year.”
Himanshu Baid, page 4 of the filed PDF · View the filing
Infusion Therapy revenue: INR259.2 crores, up 11.1% (Q1 FY27)
p. 4
“Infusion Therapy grew by 11.1% to INR259.2 crores, led by strong domestic growth on back of rising share of higher value-added products and price increases.”
Himanshu Baid, page 4 of the filed PDF · View the filing
Orthopedic revenue: INR49.2 crores (Q1 FY27)
p. 4
“Orthopedic contributed INR49.2 crores, which reflects the consolidation of Citieffe.”
Himanshu Baid, page 4 of the filed PDF · View the filing
Cardiology revenue: INR28.6 crores (Q1 FY27)
p. 4
“Cardiology grew from INR2.9 crores to INR28.6 crores led by PendraCare acquisition together with genuine scale up of domestic business.”
Himanshu Baid, page 4 of the filed PDF · View the filing
Renal revenue: INR43.2 crores, down 3.8% (Q1 FY27)
p. 4
“The one soft spot was renal. It degrew by 3.8% to INR43.2 crores.”
Himanshu Baid, page 4 of the filed PDF · View the filing
Cash balance: INR855 crores (as of Q1 FY27)
p. 5
“On the balance sheet front, the liquidity remains strong and with a cash of about INR855 crores, which is the reserve we have set aside the strategic initiatives.”
Himanshu Baid, page 5 of the filed PDF · View the filing
Government grant for clinical studies: INR3.3 crores
p. 5
“government of India has also granted an aid of around INR3.3 crores for undertaking clinical studies of some new critical devices which we have just recently developed.”
Himanshu Baid, page 5 of the filed PDF · View the filing
India domestic infusion growth: 20% plus (Q1 FY27)
p. 7
“On the domestic side, infusion business has actually grown 20% plus for us in this quarter.”
Rahul Gautam, page 7 of the filed PDF · View the filing
Working capital debt: INR250 crores
p. 12
“So that amount is about INR250 crores, which is a revolving credit.”
Rahul Gautam, page 12 of the filed PDF · View the filing
Citieffe total loan: EUR 9 million
p. 12
“For Citieffe, the total loan is about EUR 9 million, of which about 1.5 million to 2 million has to be repaid every year.”
Rahul Gautam, page 12 of the filed PDF · View the filing
Cash conversion cycle: 140 days (Q1 FY27)
p. 15
“In March, it was 140 days. Currently, it's also in a similar range of 140 days.”
Himanshu Baid, page 15 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Consolidated revenue — INR2,300 crores to INR2,400 crores · FY27
stated firmly by Himanshu Baid
p. 5
“On the guidance front, on the consolidated basis, we are guiding for revenue of INR2,300 crores to INR2,400 crores, including the full year consolidation of PendraCare and Citieffe.”
Himanshu Baid, page 5 of the filed PDF · View the filing
Standalone revenue — INR1,900 crores to INR2,000 crores · FY27
stated firmly by Himanshu Baid
p. 5
“On a stand-alone basis, we maintained revenue guidance of INR1,900 crores to INR2,000 crores with the domestic business expected to grow over 20% and international business growing by over 15%.”
Himanshu Baid, page 5 of the filed PDF · View the filing
Standalone EBITDA margin — 25% to 27% · FY27
stated firmly by Himanshu Baid
p. 5
“Stand-alone EBITDA margin is expected to be between 25% to 27%.”
Himanshu Baid, page 5 of the filed PDF · View the filing
Consolidated EBITDA margin — 23% to 25% · FY27
stated firmly by Himanshu Baid
p. 5
“The consolidated EBITDA margin expected to be in the range between 23% and 25%.”
Himanshu Baid, page 5 of the filed PDF · View the filing
Capex — INR200 crores to INR225 crores · FY27
stated firmly by Himanshu Baid
p. 5
“We expect to spend between INR200 crores to INR225 crores in the capex for FY27.”
Himanshu Baid, page 5 of the filed PDF · View the filing
Consolidated revenue — double revenue · by FY30
stated as an aspiration by Himanshu Baid
p. 3
“we have set a goal to double our revenue by FY30 by unlocking value by organic and inorganic expansion, leveraging technology to scale high complexity verticals globally and deepening direct customer access, especially in international markets”
Himanshu Baid, page 3 of the filed PDF · View the filing
Standalone gross margin — 68% to 69% · near term
stated conditionally by Himanshu Baid
p. 4
“I expect that our gross margin should continue to reflect on historic margin trend of 68% to 69% in the near term.”
Himanshu Baid, page 4 of the filed PDF · View the filing
Renal segment growth — 15% to 18%, maybe close to 20% · FY27 year-end
stated conditionally by Himanshu Baid
p. 11
“hopefully, year-end, we should end with a growth of around 15% to 18% in the business, maybe close to 20%, depending on how it goes, but we are pretty confident of this growth even in spite of all the challenges we face today”
Himanshu Baid, page 11 of the filed PDF · View the filing
Middle East export growth — more than 20%, 25%
stated conditionally by Himanshu Baid
p. 10
“once the situation in Middle East improves, I think we will see probably maybe more than -- maybe more than 20%, 25% growth from Middle East”
Himanshu Baid, page 10 of the filed PDF · View the filing
Acquired companies revenue growth — mid-teens
stated as an aspiration by Rahul Gautam
p. 12
“we want this to go into the mid-teens as an aspiration basis, assuming the current geopolitical situation resolves itself over the course of next few quarters”
Rahul Gautam, page 12 of the filed PDF · View the filing
Faridabad Palwal facility commissioning — by March '27
stated firmly by Himanshu Baid
p. 17
“The Faridabad Palwal facility should come online by March '27, most probably, that's the time line we are looking at, so first quarter of next year.”
Himanshu Baid, page 17 of the filed PDF · View the filing
Noida facility commissioning — Q1 FY28
stated firmly by Himanshu Baid
p. 17
“And the Noida facility will come live in quarter -- first -- maybe commercially quarter 1 of FY28.”
Himanshu Baid, page 17 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said Q1 is seasonally the lowest quarter and growth accelerates through the year, aided by price hikes taken early in the year.
Answered by Himanshu Baid
Asked by Bhavya Gandhi: How will standalone revenue reach the incremental INR350-400 crore range given Q1 growth of only 12%?
p. 6
“This year, because we've also taken a price hike, right, at the beginning of the financial year to account for the increase in raw material prices, the beginning of the year was slightly slow, and we recovered some of the revenue in later part of the quarter.”
Himanshu Baid, page 6 of the filed PDF · View the filing
Management said shipping to the Middle East remains disrupted, demand is intact but logistics are blocking deliveries.
Answered by Himanshu Baid
Asked by Sidharth Negandhi: Have Middle East exports resumed given the essential nature of the product?
p. 7
“If you look at the shipping schedule, shipping schedule is still disrupted for Middle East, and it's still hard to find containers which can go to Middle East ports.”
Himanshu Baid, page 7 of the filed PDF · View the filing
Management pointed to Europe and Southeast Asia as growth markets and cited new CE-marked products in the pipeline, while flagging renal pricing competition from Chinese dumping.
Answered by Himanshu Baid
Asked by Deepak: What will drive organic export growth in the remaining nine months of the year and what is the renal segment outlook?
p. 10
“I think for us, Europe, again, because we have done some new customer acquisitions. So that seems to be the growth market for us this year. And Southeast Asia is also doing very well.”
Himanshu Baid, page 10 of the filed PDF · View the filing
Management said the cycle remains at around 140 days, similar to March, citing global logistics and currency issues.
Answered by Himanshu Baid
Asked by Girish Jain: Has the cash conversion cycle improved?
p. 15
“In March, it was 140 days. Currently, it's also in a similar range of 140 days.”
Himanshu Baid, page 15 of the filed PDF · View the filing
Management said current US duty is 10% and exposure is small, so impact would be limited even if tariffs change.
Answered by Himanshu Baid
Asked by Bhafna: What is the estimated US tariff impact for FY27?
p. 13
“So currently, the duty is only 10%. So if it remains where it is today, then I think we still have a good pathway, but if any changes happen, then it may impact the business.”
Himanshu Baid, page 13 of the filed PDF · View the filing
Risks flagged
Middle East logistics and shipping disruption affecting exports
p. 4
“Customer demand in the region is intact, but given the current logistics and infrastructure bottlenecks, we are unable to meet that demand.”
Himanshu Baid, page 4 of the filed PDF · View the filing
Renal segment pricing pressure from Chinese imports
p. 4
“The renal business was impacted by continued pricing pressure from Chinese players in India, but we made a conscious choice to raise prices to push the raw material price increase rather than defend volume at any cost.”
Himanshu Baid, page 4 of the filed PDF · View the filing
Geopolitical uncertainty including US tariffs and Middle East conflict
p. 9
“U.S., uncertain because of every day, there is a new situation which is coming up. Middle East, hopefully, the war kind of settles down so that the markets resume, and we are able to resume the flow.”
Himanshu Baid, page 9 of the filed PDF · View the filing
Rising logistics costs impacting export competitiveness
p. 9
“the logistic costs, which have actually gone up substantially 2, 3 times in the last 6 months, I think they will have to come down for India to remain competitive in exports.”
Himanshu Baid, page 9 of the filed PDF · View the filing
Rising employee costs from minimum wage increases
p. 4
“This was despite employee cost rising almost by 29%, driven by 35% increase in minimum wages in Haryana with effect from 1st April 2026, increase in headcount impacting increment for FY27.”
Himanshu Baid, page 4 of the filed PDF · View the filing
Hard currency availability delays in export markets
p. 15
“most of the export markets are a little choppy because of hard currency are not available in time in many markets where we operate.”
Himanshu Baid, page 15 of the filed PDF · View the filing
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