Poly Medicure (531768) Q2 25/26 earnings summary

Executive summary

• Closed acquisitions of Citieffe Group (Italy, orthopedics) and PendraCare Group (Netherlands, cardiology), expanding the global footprint and addressable market by $70 billion.

• Launched Poly Medic/Polymed Academy of Clinical Excellence and expanded AI-powered training programs.

• Board approved unaudited standalone and consolidated financial results for Q2 and H1 ended 30th September 2025, with financials reviewed and unmodified by auditors.

• Domestic business saw strong growth, while international business is recovering, especially in Europe and ROW markets.

• Launched 8 new products in Q2 FY26 and initiated clinical studies for RisoR stent in India and Europe.

Financial highlights

• Q2 FY26 consolidated revenue: INR 444 crore (₹44,388.16 lacs), up 5.7% YoY and 10.1% QoQ; H1 FY26 revenue: INR 847 crore (₹92,315.46 lacs), up 5.3% YoY.

• Q2 gross profit: INR 308 crore, gross margin 69.4%; operating EBITDA: INR 119 crore, margin 26.8% (excluding INR 3.2 crore one-time acquisition cost).

• Q2 net profit: INR 92 crore (₹9,183.50 lacs), net margin 19.2%; H1 net profit: INR 185 crore (₹18,491.76 lacs), up 14.5% YoY, net margin 20%.

• H1 operating EBITDA: INR 226 crore, margin 26.7%; PAT up 14.5% YoY.

• Basic EPS for Q2 FY26 was ₹9.17, up 0.6% YoY.

Outlook and guidance

• FY26 revenue growth guidance revised to 15%-16% (from 20% earlier); H2 revenue guidance: INR 1,080-1,090 crore (25% increase over H1).

• Domestic business expected to grow 28%-30% in FY26; international business guided for ~10% growth including acquisitions.

• Operating EBITDA margin guidance maintained at 25%-27%, with H1 tracking near the higher end.

• CapEx for FY26: INR 250 crore; similar CapEx expected in FY27.

• Management expects to finalize fair value measurements for the Pendra Care Group acquisition within one year from acquisition date.