Poly Medicure (531768) Q4 24/25 earnings summary

Executive summary

• FY25 consolidated revenue reached ₹1,669.8 Cr, up 21.5% year-over-year, with Q4 revenue at ₹440.8 Cr, EBITDA at ₹452.8 Cr, and PAT at ₹338.6 Cr, reflecting margin improvements and strong performance in both domestic and export markets.

• Retail business surged 60% and exceeded ₹150 Cr, while the renal segment grew 60.1% year-over-year; commercial launch of drug-eluting stent and over 30 new products introduced in FY25.

• Maintained a zero net debt balance sheet, strong cash reserves (net cash at ₹1,219.6 Cr as of March 31, 2025), and recommended a dividend of ₹3.50 per share for FY25.

• QIP raised ₹1,000 Cr, with proceeds allocated for CapEx, working capital, and temporary investment in mutual funds.

• Board changes included the appointment of Mr. Vishal Baid as Executive Director and resignation of Mrs. Mukulika Baid as Non-Executive Director.

Financial highlights

• FY25 consolidated revenue: ₹1,669.8 Cr (up 21.5% YoY); Q4 FY25: ₹440.8 Cr (up 16.6% YoY); EBITDA margin at 27.1%; PAT at ₹338.6 Cr (up 31.1% YoY).

• Gross profit margin improved to 66.8% in FY25 (up 190bps YoY); standalone EBITDA margin at 27.8%.

• Standalone and consolidated EPS for FY25 at ₹33.40 and ₹34.13, respectively.

• Net cash from operating activities (standalone): ₹23,664.72 lacs for FY25.

• QIP of 5,319,148 shares at ₹1,880 per share raised ₹99,999.98 lacs.

Outlook and guidance

• FY26 revenue growth guided at 20%, with domestic growth targeted at 30%-32% and export growth at 12%-15%.

• EBITDA margin guidance for FY26 is 25%-27%, with potential upside if export growth exceeds 15%.

• Retail and renal businesses expected to grow 50% in FY26; critical care segment projected to grow 2.5x.

• Strategic focus on inorganic growth, international expansion, R&D, and sustainable practices.

• Dividend of ₹3.50 per share recommended for FY25, pending shareholder approval.