Poly Medicure Q4 FY26: Revenue Up 21%, Profit Down 29%

Stock reaction: shares end lower after results

Poly Medicure shares declined 3.78% to close at Rs 1,538.35 after the company reported its Q4 FY26 consolidated results. The move left the stock lower compared with its previous close of Rs 1,598.75. During the session, the stock traded between Rs 1,634.65 and Rs 1,514.00. Another data point in the provided market snapshot showed POLYMED at Rs 1,547.2, down 3.19%.

The broader price context in the same update indicated a 52-week high of Rs 2,529.90 and a 52-week low of Rs 1,182.00. The stock’s intraday movement was also cited between Rs 1,515.00 and Rs 1,634.20. Over the year to date, Poly Medicure has delivered -9.89%, while it gained 6.62% over the last five trading days, as per the figures shared.

Q4 FY26 headline numbers: revenue up, profit down

For Q4 FY26, Poly Medicure reported a 21.25% year-on-year increase in revenue from operations to Rs 534.51 crore. However, consolidated net profit fell 29.17% year-on-year to Rs 65.04 crore over Q4 FY25. The combination of higher revenue and lower profit was the key driver cited alongside the stock’s decline.

In the same result summary, profit before tax (PBT) rose 30.63% year-on-year to Rs 85.22 crore in Q4 FY26. This divergence between PBT growth and net profit decline was part of the overall earnings picture presented.

Board actions: dividend and audit appointments

The company’s board approved the Q4 FY26 consolidated results, including the revenue and profit figures cited in the update. It also recommended a dividend of Rs 3.50 per share for FY26. Along with the dividend recommendation, the board cleared the re-appointment of internal auditors.

These corporate actions were reported alongside the quarterly financials and were part of the disclosures highlighted in the market note.

Full-year FY26 snapshot: softer profit, higher revenue

On a full-year basis, Poly Medicure reported a 4.85% decline in consolidated net profit to Rs 322.13 crore in FY26. At the same time, revenue from operations increased 12.3% to Rs 1,875.25 crore in FY26 over FY25. This places FY26 as a year of topline expansion but a modest contraction in bottomline profit, based on the reported numbers.

Separately, the update also referenced operating cash flow of Rs 240.42 crore, described as 0.71 times compared to a reported net profit of Rs 338.56 crore. The note did not explain the difference between this net profit figure and the FY26 consolidated net profit figure quoted elsewhere, and both were presented as part of the provided text.

What the quarterly table showed: revenue, operating income, expenses

A quarterly table shared in the text (with figures in crores) listed “Total Revenue” for Mar 25 at Rs 440.83 crore, compared with Rs 493.66 crore in Dec 25 and Rs 378.07 crore in Mar 24. The same table listed “Operating Income” at Rs 98.43 crore for Mar 25 versus Rs 75.62 crore in Dec 25 and Rs 80.38 crore in Mar 24. “Total Operating Expense” was shown at Rs 342.40 crore for Mar 25.

The provided note attached to the table stated that the comparison is on a quarter-on-quarter basis, and it also included year-on-year comparisons. In addition to the table, another set of figures in the text stated that revenue stood at Rs 403.21 crore (down 8.53% QoQ from Rs 440.83 crore) with YoY growth of 4.79%, and that net profit stood at Rs 93.08 crore with YoY growth of 25.72%. These figures were included in the supplied content but were not explicitly tied to the same “Q4 FY26” headline set.

QIP utilisation: deviation and investment of unutilised funds

A key non-earnings disclosure highlighted in the update related to the utilisation of QIP proceeds. The utilisation report reportedly revealed a deviation from the offer document. It stated that unutilised funds of Rs 71.87 crore were invested in hybrid mutual funds, which exposes the funds to market risks.

The same disclosure also pointed to delays in capital expenditure projects. Implementation timelines were rescheduled, with targets shifted to FY27-FY28.

Company profile: medical devices, export footprint, product breadth

Poly Medicure Limited was described as an India-based medical device manufacturer and exporter. Its products are sold in over 125 countries. The company has a portfolio of over 200 medical devices and more than 330 patents.

The product set spans 12 medical therapies, including infusion therapy, vascular access, dialysis and renal care, critical care, cardiology, oncology, transfusion, diagnostics, gastroenterology, anesthesia and respiratory care, urology, and surgery and wound management.

Peer moves and market datapoints in the update

The update listed peers and their moves on the day, including Laxmi Dental (-0.74%), One Global Service Provider (-4.06%), and Hemant Surgical Industries (-1.77%). It also mentioned that “0.00 analysts have given the stock a sell rating” in the provided snapshot.

Another market snapshot included BSE and NSE ticks and an “Updated: Mon 25 May, 2026 | 09:28:31” timestamp, alongside the day’s trading ranges and last traded prices captured from different points during the session.

Key numbers at a glance

Market impact and why investors focused on more than one issue

The immediate market reaction tracked the headline mismatch between rising revenue and a sharp year-on-year decline in Q4 net profit. Alongside the earnings, the QIP utilisation disclosure drew attention because it referred to a deviation from the offer document and placed unutilised proceeds into hybrid mutual funds, which were noted as carrying market risk.

The update also flagged delays in capital expenditure execution, with timelines pushed to FY27-FY28. For investors, these operational and governance-related disclosures can sit alongside the quarterly numbers in shaping near-term sentiment, particularly when the stock is already reacting to profit volatility.

Conclusion

Poly Medicure’s Q4 FY26 update combined topline growth with a year-on-year drop in net profit, which was reflected in the stock’s 3.78% decline to Rs 1,538.35. The board’s dividend recommendation of Rs 3.50 per share added a shareholder-return data point, while the QIP proceeds utilisation deviation and capex timeline delays were additional focus areas. The next set of company updates will likely be watched for clarity on project execution timelines and further disclosures on the use of QIP funds.