Poly Medicure Limited (POLYMED) AI Stock Analysis

Poly Medicure Limited

(NSE:POLYMED)

Select Model

Rating:59Neutral

Price Target:INR 1,513.00▲(1.76% Upside)

Action:downgraded

Date:10/03/26

The overall score of 59 is anchored by the company's robust historical revenue growth and exceptional balance sheet health. However, these strong fundamentals are heavily counterbalanced by a steep premium valuation and weak short-term technical momentum, with the stock struggling below key moving averages. Future upside depends significantly on the company's ability to translate extensive capital investments into positive free cash flows and stabilize profit margins to justify its high market multiples.

Positive Factors

Sustained Revenue GrowthSteady revenue scaling indicates expanding demand for Poly Medicure’s medical disposables across hospital and clinical applications. Continued growth across several years can support operating scale, broaden customer penetration, and create a durable base for future earnings if profitability remains controlled.

Negative Factors

Weak Free Cash Flow ConversionPersistent negative free cash flow means reported profitability is not translating fully into cash available for reinvestment, debt reduction, or shareholder returns. Continued working-capital needs or heavy reinvestment could constrain financial flexibility even while revenue and accounting earnings remain strong.

Poly Medicure Limited (POLYMED) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 151.96B
Dividend Yield: 0.23%
Average Volume (3M): 11.24K
Price to Earnings (P/E): 47.5
Beta (1Y): 1.23
Revenue Growth: 18.31%
EPS Growth: -12.86%
Country: India
Employees: 2,614
Sector: General
Sector Strength: 55
Industry: Medical - Instruments & Supplies

Poly Medicure Limited Business Overview & Revenue Model

Company Description

Poly Medicure Limited (PML) specializes in the production and distribution of a wide array of medical devices. Its extensive product portfolio encompasses a comprehensive range of infusion equipment, including IV cannulas, midline and arterial cathet...

How the Company Makes Money

Poly Medicure makes money primarily by manufacturing medical devices and consumables and selling them to healthcare providers and distributors in India and overseas. Its revenue model is largely product-sales driven: (1) Recurring consumables sales:...

Poly Medicure Limited Financial Statement Overview

Summary

Poly Medicure exhibits strong top-line expansion and a pristine balance sheet with extremely low leverage (debt-to-equity of 0.11). However, heavy capital reinvestment has resulted in persistently negative free cash flows, and recent margin pressures present moderate near-term risks.

Income Statement

75Positive

Balance Sheet

90Very Positive

Cash Flow

60Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	19.97B	18.75B	16.70B	13.76B	11.15B	9.23B
Gross Profit	9.17B	7.61B	11.11B	8.89B	7.06B	5.72B
EBITDA	5.35B	5.61B	4.55B	3.60B	2.70B	2.14B
Net Income	3.15B	3.22B	3.39B	2.58B	1.79B	1.47B
Balance Sheet
Total Assets	0	39.19B	31.92B	18.59B	15.77B	13.77B
Cash, Cash Equivalents and Short-Term Investments	8.27B	8.27B	12.08B	2.86B	3.01B	3.52B
Total Debt	0	3.54B	1.80B	1.74B	1.49B	1.27B
Total Liabilities	-31.49B	7.69B	4.27B	3.89B	3.36B	2.89B
Stockholders Equity	31.49B	31.06B	27.66B	14.70B	12.42B	10.87B
Cash Flow
Free Cash Flow	-658.89M	-601.71M	-906.06M	-109.34M	-484.49M	-321.05M
Operating Cash Flow	914.43M	2.48B	2.40B	2.66B	1.91B	1.23B
Investing Cash Flow	-1.23B	-2.43B	-11.94B	-2.41B	-1.79B	-853.32M
Financing Cash Flow	492.71M	361.45M	9.51B	-201.53M	-125.05M	-353.38M

Poly Medicure Limited Technical Analysis

Technical Analysis SentimentNegative

Last Price1486.90

Price Trends

50DMA1645.34Negative

100DMA1656.94Negative

200DMA1546.33Negative

Market Momentum

MACD-56.57Positive

RSI39.09Neutral

STOCH35.68Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:POLYMED, the sentiment is Negative. The current price of 1486.90 is below the 20-day moving average (MA) of 1537.91, below the 50-day MA of 1645.34, and below the 200-day MA of 1546.33, indicating a bearish trend. The MACD of -56.57 indicates Positive momentum. The RSI at 39.09 is Neutral, neither overbought nor oversold. The STOCH value of 35.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:POLYMED.

Poly Medicure Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:POLYMED against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:SHAILY	79Outperform	INR 145.54B	74.13	―	0.10%	18.37%	27.72%
IN:VIYASH	65Neutral	INR 96.44B	52.68	―	―	96.48%	251.87%
IN:POLYMED	59Neutral	INR 146.76B	47.51	―	0.23%	18.31%	-12.86%
IN:FISCHER	58Neutral	INR 16.20B	53.85	―	0.20%	195.95%	1526.86%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:TARSONS	54Neutral	INR 15.52B	136.48	―	―	10.63%	-59.63%

* General Sector Average

Performance Comparison

IN:POLYMED and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:POLYMED	Poly Medicure Limited	1488.60	-460.31	-23.62%
IN:VIYASH	Viyash Scientific Limited	220.40	1.35	0.62%
IN:SHAILY	Shaily Engineering Plastics Limited	3014.25	649.76	27.48%
IN:TARSONS	Tarsons Products Limited	288.95	1.20	0.42%
IN:FISCHER	Fischer Medical Ventures Ltd	24.65	-68.86	-73.64%

Poly Medicure Limited Corporate Events

Poly Medicure Schedules One-on-One Investor Meet with ICICI Securities PMS

Sep 21, 2026

Poly Medicure Limited has scheduled an investor and analyst engagement as part of its ongoing market communications. Company officials will hold a one-on-one meeting with ICICI Securities PMS at its registered office in New Delhi on September 24, 202...

Poly Medicure Reschedules Investor Meeting With Wasatch Global

Aug 25, 2026

Poly Medicure Limited has informed the stock exchanges that its planned one-on-one virtual meeting with analysts and investors has been rescheduled. The engagement, originally set for 20 August 2026 with Wasatch Global, will now take place on 27 Augu...

Poly Medicure Publishes AGM Notice, Confirms Virtual Meeting and E-Voting

Aug 15, 2026

Poly Medicure Limited has announced that it has published statutory newspaper advertisements regarding its upcoming 31st Annual General Meeting. The AGM is scheduled for September 5, 2026, and will be conducted via video conferencing and other audio-...

Poly Medicure Board Clears Q1 Results, ESOP Actions and Key Compliance Resignation

Aug 7, 2026

Poly Medicure Limited’s board, meeting in Jaipur on August 7, 2026, approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, signalling continued regulatory compliance and financial disclosure to the...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 03, 2026

Poly Medicure Limited AI Stock Analysis