Synopsis: Poly Medicure Limited reported its audited standalone and consolidated financial results for FY26 on May 25, 2026. While standalone earnings remained largely flat, the consolidated picture reveals a company in aggressive transformation with two European acquisitions completed during the year and consolidated revenue surging to nearly Rs. 1,995 crore, with a Rs. 3.5 per share dividend declared.
In a regulatory filing submitted on May 25, 2026, Poly Medicure Limited disclosed its audited standalone and consolidated financial results for the fourth quarter and full financial year ended March 31, 2026. The statutory audit was conducted by M/s Doogar & Associates, who issued an unmodified opinion on both standalone and consolidated financial statements, a clean audit for a company that has significantly expanded its corporate structure over the past year.
Shares of Poly Medicure Limited fell sharply over 6% in Tuesday’s trade to Rs. 1,451.30, emerging among the notable losers in the healthcare space. The stock opened lower at Rs. 1,500 and slipped to an intraday low of Rs. 1,428 amid heavy selling pressure, while trading turnover crossed Rs. 42 crore by late morning. Despite the recent correction, the company remains a key player in India’s medical devices segment, although the stock is still down more than 40% over the past one year after coming off its 52-week high of Rs. 2,444.
On a standalone basis, Poly Medicure’s revenue from operations for FY26 stood at Rs. 1,667 crore, compared to Rs. 1,692 crore in FY25, a slight decline of about 1.4% year-on-year. Total standalone income for the year was Rs. 1,782 crore versus Rs. 1,692 crore in FY25, with the increase largely attributable to other income rather than core operational growth.
Profit after tax on a standalone basis (after exceptional items) came in at Rs. 336 crore for FY26, marginally higher than Rs. 331 crore in FY25 a thin 1.4% improvement. Standalone basic EPS was Rs. 33.15 for FY26 versus Rs. 33.40 in FY25, essentially flat. The exceptional item for the year relates to the impact of the New Labour Codes notified by the Government of India in November 2025 an incremental provision on employee benefits that the company has presented under exceptional items given its non-recurring, regulatory-driven nature. The standalone picture, while steady, doesn’t capture where the real action at Poly Medicure is happening.
The consolidated financials tell a dramatically different story. Consolidated revenue from operations for FY26 surged to Rs. 1,995 crore, up sharply from Rs. 1,759 crore in FY25 a year-on-year increase of approximately 11.2%. This growth is substantially driven by the consolidation of two major European acquisitions completed during the year.
Consolidated PAT for FY26 stood at Rs. 321 crore slightly lower than the Rs. 339 crore reported in FY25, reflecting acquisition-related costs, increased depreciation and amortisation from newly consolidated entities, and the drag from subsidiaries still in early-stage or ramp-up phases. Consolidated basic EPS was Rs. 31.79 versus Rs. 34.13 in FY25. The slight profit dip in the context of a nearly 11% revenue increase is entirely consistent with a company absorbing the upfront costs of international acquisitions.
Two European Acquisitions That Expand the Global Footprint
During FY26, Poly Medicure executed two significant cross-border acquisitions that materially expanded its international presence and product capability. The first was the acquisition of 90% economic rights in Pendracare Group comprising Pendracare Holdings BV and Welling Medical BV through RISOR Holding BV, a company in which the group’s Dutch subsidiary holds 90% equity.
Pendracare is a Netherlands-based medical devices group with a focus on vascular and interventional products. The total acquisition cost stood at Rs. 224 crore, generating goodwill of Rs. 161 crore in the consolidated financial statements. Fair value of identifiable net assets acquired was Rs. 63 crore, and a contingent consideration of Rs. 31 crore was also recognized.
The second was the completion of acquisition accounting for Medistream SA, Switzerland which operates the Citieffe group, a Swiss-based medical devices company with manufacturing and distribution capabilities across Italy, the US, and Mexico. The total acquisition cost was Rs. 251 crore, with goodwill of Rs. 63 crore and identifiable net assets of Rs. 189 crore. The net cash outflow on this acquisition was approximately Rs. 238 crore.
Together, these two transactions add a multi-country manufacturing and distribution platform in Europe spanning vascular devices, orthopaedic products, and specialised interventional solutions meaningfully diversifying Poly Medicure beyond its historical India-centric business model.
Company Overview
Poly Medicure Limited, incorporated in 1995 and headquartered in New Delhi, is one of India’s leading medical devices manufacturers. The company designs, manufactures, and exports a wide range of disposable medical devices including IV cannulas, blood collection systems, infusion sets, catheters, and dialysis products. With manufacturing facilities in Faridabad, Haryana, the company serves customers across over 100 countries.
Through a rapidly expanding global subsidiary network now spanning the Netherlands, Switzerland, Italy, the US, the UK, China, Egypt, and Brazil Poly Medicure is actively building an integrated global medtech platform under the leadership of Managing Director Himanshu Baid.
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