Poly Medicure Limited, a leading medical device manufacturer, has reported a 5.7% year-on-year growth in consolidated revenue for Q2, reaching Rs 444.00 crores. The company has also successfully completed two strategic acquisitions worth Rs 280.00 crores, positioning itself for future growth in the global medical device market.

Financial Performance

Poly Medicure achieved a consolidated revenue of Rs 444.00 crores in Q2, marking a 5.7% year-on-year growth and a 10.1% quarter-on-quarter increase. The company's gross profit for the quarter stood at Rs 308.00 crores, reflecting a margin of 69.4%, an improvement of 99 basis points compared to the same quarter last year.

The operating EBITDA for Q2 was Rs 119.00 crores, with a margin of 26.8%, slightly lower than the 26.76% reported in the previous year. This figure excludes one-time acquisition costs of Rs 3.20 crores related to the PendraCare Group acquisition.

Strategic Acquisitions

Poly Medicure has completed two significant acquisitions:

1. Italy-based Citieffe Group: A leading player in the orthopedic trauma space and extremities business, expanding Poly Medicure's total addressable market by approximately $70.00 billion globally.

2. Netherlands-based PendraCare Group: A specialist in interventional cardiology solution catheters, strengthening Poly Medicure's Cardiology segment and providing manufacturing and distribution footprint in Europe.

These acquisitions are expected to add around Rs 280.00 crores of annual revenue to Poly Medicure's existing business.

Market Challenges and Growth Strategies

While facing headwinds in European markets and US tariff challenges, Poly Medicure has maintained a positive outlook. The company has guided for H2 revenue of Rs 1,080.00-1,090.00 crores, representing a 25% increase over H1. The management has also maintained its operating EBITDA margin guidance of 25-27%.

Domestic Market Performance

The domestic revenue for Q2 and H1 grew by 17-18% year-on-year, reflecting effective strategy execution and rising demand for Poly Medicure's offerings locally. The private business segment showed strong growth of 22.3% year-on-year in Q2, while the government business experienced a 14% decline.

International Business

The international business segment is showing signs of recovery, with Q2 revenue of around Rs 300.00 crores, representing a 9.1% quarter-on-quarter growth. The company is witnessing green shoots in recovering international markets and remains cautiously optimistic for H2 of the current financial year.

Future Outlook

Poly Medicure is focusing on several growth initiatives:

1. Expanding its product portfolio with 20 new products expected to receive CE certification.
2. Investing in new manufacturing facilities in India, including expansions in Faridabad, Haridwar, and a new facility near Jewar airport.
3. Continuing to invest in the US market despite current tariff challenges, with new product launches planned.
4. Strengthening its presence in Cardiology and Critical Care segments, with ongoing clinical trials for products like the RisoR stent.

Poly Medicure's management remains confident in the company's growth trajectory, expecting to return to its original growth target of 20% in the coming years, supported by new product launches and increased manufacturing capacity.

As Poly Medicure navigates through market challenges and capitalizes on strategic acquisitions, the company appears well-positioned to strengthen its presence in both domestic and international medical device markets.

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.