Poly Medicure (531768) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 revenue grew 4.8% year-over-year to ₹403.2 crores, with domestic revenue up 20.1% and international revenue slightly down 0.9%.

• Appointed Mr. Vishal Baid and Mr. P.K. Gupta as Executive Directors, and re-appointed two independent directors, strengthening leadership.

• Launched over 7 new products, signed two contract manufacturing agreements, and expanded direct presence in Brazil.

• Awarded Medical Device Provider of the Year 2025 by Financial Express and received multiple industry awards for innovation.

• Board approved unaudited financial results, ESOP grants, and cost auditor re-appointment.

Financial highlights

• Q1 FY26 consolidated revenue reached ₹403 crores, up 5% year-over-year, with gross profit margin at 68.4%.

• Operating EBITDA was ₹106 crores (margin 26.3%), and PAT rose 25.5% to ₹93 crores, with net margin at 21%.

• Other income surged 146.4% to ₹41.7 crores; EPS (basic and diluted) increased to ₹9.2.

• Net cash position at ₹1,249 crores as of June 30, 2025.

• Capex spend of ₹95 crores in Q1, on track for ₹250 crores FY26 budget.

Outlook and guidance

• Domestic revenue growth guidance for FY26 maintained at 30%; international revised to 5%-10%.

• EBITDA margin guidance remains at 25%-27%.

• Planned capex of over ₹250 crores for FY26, with two new plants under construction.

• Focus on R&D, AI integration, and sustainable practices to drive future growth.

• Targeting $15-$20 million in U.S. revenue over the next 2-3 years, with current U.S. revenue below $3.5 million.