Poly Medicure Q4 FY26: Profit down 28%, sales up 21% YoY

What Poly Medicure reported for March 2026 quarter

Poly Medicure reported a sharp year-on-year drop in consolidated profit for the quarter ended March 2026, even as revenue grew at a strong pace. Data carried by Capital Market showed consolidated net profit fell 27.81% to ₹66.29 crore in Q4 FY26, compared with ₹91.83 crore in Q4 FY25. Over the same period, sales rose 21.25% to ₹534.51 crore from ₹440.83 crore.

The numbers underline a familiar pattern seen across several quarters for the company: top-line growth has continued, but profitability has weakened. The March quarter update was published on May 25, 2026, with subsequent market coverage later the same day.

Revenue growth stays strong in Q4 FY26

On the revenue line, Poly Medicure’s March quarter performance remained healthy. Sales for Q4 FY26 were reported at ₹534.51 crore, up from ₹440.83 crore a year earlier. This translates into 21.25% year-on-year growth.

The same set of reports also described the quarter as one where revenue from operations jumped 21.25% year-on-year to ₹534.51 crore. In short, the company continued to expand its operating scale, but the incremental revenue did not translate into higher earnings.

Profit drops despite higher sales

While sales rose, profits contracted sharply. Capital Market data put Q4 FY26 net profit at ₹66.29 crore, down 27.81% from ₹91.83 crore in Q4 FY25. A separate market report on the stock’s reaction stated consolidated net profit dropped 29.17% to ₹65.04 crore for Q4 FY26.

The quarter’s profitability pressure also showed up in other profit measures published in the Capital Market table. Profit before depreciation and tax (PBDT) was reported at ₹123.45 crore in Q4 FY26 versus ₹143.88 crore in Q4 FY25, a decline of about 14%. Profit before tax (PBT) in the same table was ₹85.22 crore in Q4 FY26 compared with ₹122.85 crore in Q4 FY25, indicating a decline of about 31%.

Margins weaken as operating performance softens

The operating profit margin (OPM) shown in the Capital Market table fell to 20.65% in Q4 FY26 from 27.10% in Q4 FY25, pointing to margin compression.

The market report added more detail on operating profitability through EBITDA. It said operating EBITDA declined 8% to ₹112.1 crore in Q4 FY26 from ₹121.9 crore in Q4 FY25. EBITDA margin was reported at 21% in Q4 FY26 versus 27.6% in Q4 FY25, a contraction of 667 basis points.

Taken together, these metrics indicate that costs rose faster than revenue in the March quarter. The reports did not attribute the margin movement to specific cost lines, but the impact is visible across operating margin, EBITDA, and net profit.

Segment revenue: infusion therapy steady, “others” grows faster

The market coverage broke out revenue performance by segments for the quarter. Revenue from the infusion therapy segment was reported at ₹256.1 crore, up 1.9% year-on-year. The renal segment revenue was ₹56.2 crore, up 21.3% year-on-year.

The largest percentage growth in the disclosed split came from the “others” segment. Revenue from others was reported at ₹222.1 crore, up 55.2% year-on-year. These segment disclosures help explain how the company is achieving headline revenue growth, even as margin pressures persist.

FY26 full-year performance: revenue up, profit down

For the full year ended March 2026, Poly Medicure reported revenue growth but a slight decline in profit. Capital Market data showed net profit declined 4.85% to ₹322.14 crore in FY26, compared with ₹338.56 crore in FY25. Sales rose 12.30% to ₹1,875.26 crore in FY26 from ₹1,669.83 crore in FY25.

On annual operating metrics, the Capital Market table showed OPM at 23.59% in FY26 versus 27.12% in FY25, indicating a year-on-year margin decline as well. Annual PBDT was reported at ₹549.79 crore in FY26 versus ₹535.15 crore in FY25, while PBT was ₹434.27 crore in FY26 versus ₹452.52 crore in FY25.

Another results summary in the provided text stated consolidated revenue from operations rose to ₹1,875.3 crore in FY26 from ₹1,669.8 crore in FY25, while net profit was ₹320.7 crore for FY26 versus ₹338.6 crore for FY25. It also reported basic EPS at ₹31.8 for FY26 compared with ₹34.1 for FY25.

Stock reaction: shares end lower after results

Poly Medicure’s share price fell after the results were in focus. The market report stated the stock declined 3.78% to close at ₹1,538.35. The fall followed the reported drop in consolidated profit for the March quarter, despite the strong rise in revenue.

The same report framed the move as a response to a “PAT slump” in Q4 FY26, alongside the disclosed margin contraction. No additional corporate actions were detailed in the Business Standard market piece beyond the results-related metrics.

Key financial snapshot (as reported)

What investors may track from here

The March quarter numbers keep attention on one central issue: profitability has not kept pace with revenue growth. Q4 FY26 showed strong sales growth of over 21% year-on-year, but net profit fell by roughly 28% to 29% depending on the reported figure. Operating profitability also weakened, with both OPM and EBITDA margin lower than the year-ago quarter.

For FY26, the headline picture is similar: revenue rose 12.3%, while net profit fell about 5%. Investors typically look for signs of stabilisation in operating margins and profit conversion when revenue continues to expand.

Conclusion

Poly Medicure closed FY26 with higher consolidated revenue but lower profitability, and the Q4 FY26 margin contraction drew a negative stock market reaction on May 25, 2026. The next set of quarterly disclosures will be key to assessing whether operating margins and profit growth start aligning again with the company’s revenue trajectory.