Poly Medicure Limited , a leading medical device manufacturer, has reported substantial progress in utilizing the funds raised through its Qualified Institutional Placement (QIP) conducted in August 2024. The company's monitoring agency report for the quarter ended September 30, 2025, reveals strategic investments and acquisitions aligned with its growth objectives.

Key Highlights of Fund Utilization

Total Funds Raised

Poly Medicure successfully raised Rs 99,999.98 lakh through the QIP, with net proceeds of Rs 98,534.37 lakh after accounting for issue expenses.

Major Acquisition

The company completed a significant acquisition through its step-down subsidiary, RisoR Holdings B.V., acquiring the entire share capital of Pendra Care Group for approximately Rs 15,163.32 lakh. This acquisition was primarily funded using Rs 15,093.34 lakh from the QIP proceeds.

Fund Allocation

The QIP proceeds were allocated across three main objectives:

Unutilized Funds

As of September 30, 2025, the company has Rs 69,778.14 lakh in unutilized funds, which are primarily invested in mutual funds and fixed deposits to ensure optimal returns while maintaining liquidity.

Progress in Key Areas

Manufacturing Facilities

The company has utilized Rs 2,922.78 lakh towards setting up new manufacturing facilities, demonstrating progress in expanding its production capabilities.

Inorganic Growth

The acquisition of Pendra Care Group marks a significant step in Poly Medicure's inorganic growth strategy, utilizing a substantial portion of the allocated funds for this purpose.

General Corporate Purposes

The company has used Rs 10,740.11 lakh for general corporate purposes, which may include working capital requirements, business development activities, and other strategic initiatives.

Monitoring Agency's Comments

CRISIL Ratings Limited, the appointed monitoring agency, reported no deviations from the stated objectives and confirmed that all utilization was as per the placement document. The agency noted that the proceeds were utilized towards working capital, capital expenditures, and acquisition, aligning with the company's disclosed plans.

Management's Perspective

While specific comments from the Board of Directors were not provided in the monitoring report, the systematic utilization of funds across the stated objectives indicates a focused approach towards achieving the company's growth and expansion plans.

Poly Medicure's strategic use of the QIP proceeds, particularly in completing a major acquisition and investing in manufacturing capabilities, demonstrates the company's commitment to strengthening its market position in the medical devices sector. As the company continues to deploy the remaining funds, investors and stakeholders will likely keep a close watch on the impact of these investments on Poly Medicure's future growth and operational performance.

Poly Medicure Limited , a leading medical device manufacturer, has announced a revision in its revenue growth forecast for the fiscal year 2026 (FY26). The company has lowered its target from the previously projected 20% to a more conservative range of 15-16%.

Revised Growth Expectations

The company has adjusted its growth expectations downward by approximately 4-5 percentage points. This revision reflects a more cautious outlook on the part of Poly Medicure's management regarding the company's future performance.

Financial Performance

While the revised forecast indicates a moderation in growth expectations, it's important to note that Poly Medicure continues to show strong financial performance. According to the company's recent financial results:

These figures demonstrate that despite the revised growth forecast, Poly Medicure maintains a robust financial position.

Market Implications

The revision in growth targets may lead to a reassessment of the company's valuation by market analysts and investors. However, it's crucial to consider that a 15-16% growth rate still represents significant expansion in the competitive medical device industry.

Company's Perspective

While Poly Medicure has not provided specific reasons for the revised forecast in the available information, such adjustments are often made in response to changing market conditions, competitive landscapes, or internal factors affecting growth projections.

Investor Communication

In line with its commitment to transparency, Poly Medicure held an Earnings Conference Call on November 10, 2025, to discuss its financial results for the quarter ended September 30, 2025. The audio recording of this call has been made available on the company's website, allowing investors and analysts to gain further insights into the company's performance and future outlook.

As the medical device industry continues to evolve, Poly Medicure's revised growth target reflects a pragmatic approach to future planning. Investors and stakeholders will likely be watching closely to see how the company executes its strategies to achieve this new target in the coming fiscal year.