Poly Medicure has released the transcript of its earnings conference call held on May 25, 2026, discussing the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The company reported a consolidated revenue of INR1,875 crores for FY26, a growth of 12.3% year-on-year, and provided a revenue guidance of INR2,300 crores to INR2,400 crores for FY27. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance

For the full year FY26, standalone revenue was INR1,662 crores, up 4% compared to the previous year. Standalone EBITDA was INR446 crores with a margin of 26.8%, meeting the higher end of the guided range of 25% to 27%. Q4 standalone revenue reached INR443 crores, a 5.2% year-on-year increase, marking the highest ever standalone quarter with an EBITDA margin of 27.3%.

Consolidated revenue for Q4 was INR534 crores, up 21% year-on-year, driven by domestic growth of 25% and international business growth of 19%. The consolidated EBITDA for Q4 was INR112 crores, impacted by the consolidation of low-margin acquisitions and one-time regulatory and cost provisions of INR9 crores in an international subsidiary.

Strategic Guidance

Management provided a revenue guidance of INR2,300 crores to INR2,400 crores for FY27 on a consolidated basis, which includes the full-year consolidation of acquisitions PendraCare and Citieffe. On a standalone basis, revenue is guided between INR1,900 crores and INR1,950 crores. The company expects standalone EBITDA margins to remain in the 25% to 27% range, while consolidated EBITDA margins are projected between 23% and 25%.

Operational Highlights

The company launched approximately 35 new products across the group in FY26. On the Renal platform, around 450 dialysis machines were placed, taking the installed capacity to approximately 1,000 machines. The company also announced the acquisition of Medyneo in Brazil to fast-track entry into the South American market. Capex for FY26 was INR296 crores, with an expected spend of INR200 crores to INR225 crores in FY27.

Segment Performance

Infusion Therapy accounted for 50% of the revenue in Q4 FY26, down from 57% in Q4 FY25, while the Renal segment contributed 11%. The shift in revenue mix towards higher technology segments is expected to improve gross margins over time. The company holds a strong cash reserve of INR842 crores to fund strategic initiatives.

Poly Medicure reported a 12.3% increase in consolidated revenue to ₹1,995.3 crore for the financial year ended March 31, 2026, while net profit declined 5.3% to ₹320.7 crore. The company recorded an exceptional item of ₹6.80 lakh related to the impact of new Labour Codes. The Board of Directors recommended a dividend of ₹3.5 per share. Looking ahead, the company targets FY27 revenue of ₹2,300 crore.

Financial Performance

For the financial year 2025-26, consolidated revenue from operations rose to ₹1,995.3 crore, compared to ₹1,758.9 crore in the previous year. On a quarterly basis, revenue for the fourth quarter ended March 31, 2026, was ₹552.3 crore, up from ₹465.1 crore in the same quarter of the prior year. The company reported a consolidated net profit of ₹320.7 crore for the full year, a decrease from ₹338.6 crore in the previous year. For the fourth quarter, the net profit was ₹65.0 crore, a decline from ₹91.8 crore in the corresponding quarter of the previous year.

The following table summarizes the key financial metrics for the year and quarter ended March 31, 2026:

Operational Metrics and Margins

The consolidated operating EBITDA margin for FY26 stood at 24.4%, while the standalone operating EBITDA margin was 26.8%, near the upper end of the company's 25-27% guidance range. Gross profit margin expanded by 130 basis points in FY26 to 68.1%, led by an improving product mix and cost optimization initiatives. The company maintained adequate liquidity with cash and cash equivalents of ₹842.2 crore as of March 31, 2026, and incurred a capital expenditure of ₹296 crore during the year.

Segment and Geographic Performance

Infusion therapy remained the largest segment, contributing ₹1,012.4 crore to revenue, while the 'Others' segment, which includes critical care and cardiology, saw significant growth of 36.3% to ₹506.7 crore. Geographically, revenue from India grew 19.6% to ₹581.7 crore, Europe grew 7.1% to ₹597.0 crore, and the Rest of the World grew 11.4% to ₹683.2 crore.

Revenue Outlook

Poly Medicure expects its FY27 revenue to reach ₹2,300 crore, compared to ₹1,900 crore in FY26. The following table outlines the company's revenue guidance:

Dividend Declaration

The Board of Directors has recommended a dividend of ₹3.5 per equity share, which constitutes 70% of the face value of ₹5 each, for the financial year 2025-26. This dividend is subject to the approval of shareholders at the Annual General Meeting.

Corporate Developments

During the year, the Group completed the acquisition of 90% economic rights in the Pendracare Group and 100% economic rights in Medistream SA, Switzerland. The company also received approval from the National Company Law Tribunal (NCLT) for a resolution plan regarding Himalayan Mineral Water Private Limited, involving a payment of ₹33.16 crore. Additionally, the company acquired Medyneo, a Brazil-based medical device company, to commercialize operations in the region.