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Poly Medicure

Q2 FY26

Poly Medicure Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹1,594

Market cap₹16.2K Cr

P/E50.5

Updated16 Oct 2026

Read4 min read

The short version

H2 FY '26 revenue guidance is Rs. Full-year revenue growth for FY '26 expected around 15%-16%, slightly lower than initial 20% guidance. - H2 FY '26 revenue guidance between Rs.

From Poly Medicure's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

H2 FY '26 revenue guidance is Rs. 1,080 - Rs. 1,090 crores, representing over 25% growth compared to H1 (Rs. 850 crores).
Full-year FY '26 revenue growth expected around 15-16%, slightly below initial 20% guidance.
Domestic business expected to grow 28%-30% for FY '26.
International business projected to grow around 10%, including acquisitions.
Around 10% of H2 revenue to come from recent acquisitions.
New product launches, especially in Cardiology and Critical Care, will drive organic growth.
Plans to launch 50-80 new products over next 3-4 years.
Expansion and new plants expected to enhance capacity within 12-18 months.

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Profitability & Margins

Full-year revenue growth for FY '26 expected around 15%-16%, slightly lower than initial 20% guidance.
H2 FY '26 revenue guidance between Rs. 1,080 and Rs. 1,090 crores, a 25%+ increase over H1.
Domestic business projected to grow 28%-30% for FY '26.
International business expected to grow around 10%, including acquisitions.
Operating EBITDA margin guidance maintained at 25%-27%, with current margin around 26.5%.
Acquisitions contribute roughly 10% of H2 revenue but may be margin dilutive initially.
Long-term aims to return to original 20% revenue growth.

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Capital Expenditure Plans

Current FY '26 CAPEX guidance is over Rs. 250 crores.
Rs. 150 crores of CAPEX already spent in H1 FY '26; Rs. 100 crores planned for H2.
Organic CAPEX allocation from QIP fund of Rs. 500 crores, planned to be spent across FY '26 and FY '27.
Major investments directed towards new plants under construction at Mitral (Faridabad) and Haridwar, expected to be fully operational in 12-18 months.
Expansion capacity planned at existing plants.
Strategic acquisitions include:
Citieffe acquisition completed by Nov 6, 2025.
Additional acquisition via NCLT of a company with adjacent land in Haridwar to expand Phase-II facility.

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Fundraising & Capital Structure

As of the dated call, Poly Medicure Limited has not announced any current or immediate future plans for fundraising through debt or equity.
The company completed a QIP in August 2024, raising Rs. 500 crores allocated for organic CAPEX.
Current cash position is strong with Rs. 800 crores cash on hand and borrowings close to Rs. 200 crores.
The company is focusing on backing their growth strategy with existing liquidity, without immediate plans to raise new funds.

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Order Book & Pipeline

The transcript does not explicitly mention the current or expected order book or pending orders in a quantified manner. However, the following insights relate to order flow and business outlook: - Domestic market is robust with a growth of 28%-30% expected for FY '26. - International business recovering with 10% revenue growth guidance including new acquisitions. - New product launches and acquisitions are expected to contribute about 10% to H2 revenue of Rs. 1,080-1,090 crores. - The company continues to receive new regulatory approvals and is expanding product pipelines (20 new CE marks expected for Europe and multiple new product launches planned).

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Poly Medicure — Quarterly revenue & net profit

Revenue Net profit

Dec 2024Q3 FY25

Mar 2025Q4 FY25

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹535 Cr, net profit ₹65 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Poly Medicure Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Poly Medicure Q2 FY26 results?

H2 FY '26 revenue guidance is Rs. Full-year revenue growth for FY '26 expected around 15%-16%, slightly lower than initial 20% guidance. - H2 FY '26 revenue guidance between Rs.

What is Poly Medicure share price analysis?

Poly Medicure currently shows a neutral. The stock trades at a P/E of 50.5 with a market cap of ₹16,155 Cr. Investors should review the full earnings analysis for detailed insights.

Is Poly Medicure planning capital expenditure?

Current FY '26 CAPEX guidance is over Rs.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.