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Poly Medicure Limited
(POLYMED)
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Rating:52Neutral
Price Target:
₹1,655.00
▼(-0.69% Downside)
Action:Downgraded
Date:10/03/26
The score is held back primarily by weak cash-flow quality (negative free cash flow and inconsistent cash conversion) and demanding valuation (high P/E with minimal yield). Technicals also lean bearish with negative momentum and price below key short/medium-term averages. These risks are partially offset by strong multi-year revenue growth, healthy profitability, and a conservatively levered balance sheet.
Positive Factors
Sustained Revenue Growth
Revenue increased from approximately ₹7.9B to ₹18.8B across the last five annual periods, with consistently strong growth rates. This scale-up indicates expanding demand and gives Poly Medicure a broader base over which to leverage its medical-device portfolio and manufacturing platform.
Negative Factors
Weak Cash Conversion
Free cash flow was negative in most years shown, including FY2026 and FY2025, while operating cash flow covered only about 0.54–0.76x of net income where provided. Persistent cash conversion weakness can constrain self-funded expansion and reduce flexibility despite reported profits.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth
Revenue increased from approximately ₹7.9B to ₹18.8B across the last five annual periods, with consistently strong growth rates. This scale-up indicates expanding demand and gives Poly Medicure a broader base over which to leverage its medical-device portfolio and manufacturing platform.
Read all positive factors
Poly Medicure Limited (POLYMED) vs. iShares MSCI India ETF (INDA)
Market Cap
₹166.07B
Dividend Yield0.21%
Average Volume (3M)9.03K
Price to Earnings (P/E)52.8
Beta (1Y)1.09
Revenue Growth18.31%
EPS Growth-12.86%
CountryIN
Employees2,614
SectorGeneral
Sector StrengthN/A
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)31.09
Shares Outstanding101,361,465
10 Day Avg. Volume9,305
30 Day Avg. Volume9,033
Financial Highlights & Ratios
PEG Ratio-5.93
Price to Book (P/B)4.19
Price to Sales (P/S)6.93
P/FCF Ratio-216.10
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)39.27
Revenue Forecast (FY)₹23.74B
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 cat...
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 sale...
Poly Medicure Limited Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
78
Positive
Cash Flow
46
Neutral
| 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 | 4.52B | 3.58B | 2.68B | 2.12B |
| Net Income | 3.15B | 3.22B | 3.39B | 2.58B | 1.79B | 1.47B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 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 | 0.00 | 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
Negative
1666.50
Price Trends
1721.29
Negative
1639.96
Negative
1572.24
Positive
Market Momentum
-18.34
Positive
39.80
Neutral
24.78
Neutral
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 1666.5 is below the 20-day moving average (MA) of 1705.96, below the 50-day MA of 1721.29, and above the 200-day MA of 1572.24, indicating a neutral trend. The MACD of -18.34 indicates Positive momentum. The RSI at 39.80 is Neutral, neither overbought nor oversold. The STOCH value of 24.78 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | ₹138.49B | 78.52 | ― | 0.10% | 19.97% | 51.18% | |
59 Neutral | ₹102.27B | 55.37 | ― | 0.22% | 96.48% | 251.87% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | ₹166.07B | 52.81 | ― | 0.21% | 18.31% | -12.86% | |
52 Neutral | ₹21.93B | 73.33 | ― | 0.15% | 195.95% | 1526.86% | |
47 Neutral | ₹17.48B | 158.52 | ― | 0.42% | 10.63% | -59.63% |
* General Sector Average
IN:POLYMED
Poly Medicure Limited
1,638.35
-253.62
-13.41%
IN:OPTOCIRCUI
Opto Circuits (India) Limited
―
―
―
IN:VIYASH
Viyash Scientific
231.80
29.70
14.70%
IN:SHAILY
Shaily Engineering Plastics Limited
3,010.95
861.01
40.05%
IN:TARSONS
Tarsons Products Limited
328.45
29.05
9.70%
IN:FISCHER
Fischer Medical Ventures Ltd
33.50
-70.84
-67.89%
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, ...
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 A...
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 aud...
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 ...
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.