Poly Medicure Q4 FY26 profit falls 29%, revenue up 21%

What Poly Medicure reported for Q4 FY26

Poly Medicure Ltd reported a mixed set of numbers for the quarter ended Q4 FY26, with strong revenue growth but a sharp decline in profitability. Consolidated revenue from operations rose 21.25% year-on-year to ₹534.51 crore, but consolidated net profit fell 29.17% to ₹65.04 crore. Another figure in the update also referenced net profit of ₹66.29 crore for Q4 FY26, indicating the quarter’s profit was in the mid-₹60 crore range. The company’s operating performance also softened, with consolidated EBITDA lower than last year. The market reaction reflected the margin pressure, even as the topline expanded.

Stock reaction and the immediate market read-through

Poly Medicure shares declined 3.78% to close at ₹1,538.35 after the Q4 FY26 consolidated results were reported. A separate trading snapshot in the provided data showed ₹1,451.15 down ₹87.20 (5.67%), suggesting volatility around the result period across different market checks. Commentary embedded in the data also noted the stock being down about 38% over the last year, and down about 27% year-to-date, indicating weaker sentiment in the broader period. The key trigger in Q4 appeared to be the gap between revenue growth and profit conversion, primarily through margin compression and expenses.

Revenue grew, but operating profitability weakened

Despite a 21% jump in consolidated revenue, operating earnings did not keep pace. Consolidated operating EBITDA fell 8% year-on-year to ₹112.1 crore in Q4 FY26 from ₹121.9 crore in Q4 FY25. EBITDA margin contracted by 667 basis points to 21% in Q4 FY26 versus 27.6% in Q4 FY25. Profit before tax (PBT) increased 30.63% year-on-year to ₹85.22 crore in Q4 FY26, as cited in the update, even as reported PAT declined. The provided management commentary also pointed to one-time regulatory and cost provisions in an international subsidiary affecting the consolidated margin profile.

Standalone performance: record quarter with higher margins

The company’s standalone numbers were presented as a stronger picture of the operating quarter. Standalone revenue for Q4 was ₹443 crore, up 5.2% year-on-year and 6% sequentially. The quarter was described as the “highest ever standalone quarter” with gross profit of around ₹295 crore. Standalone EBITDA was cited at ₹121 crore with a margin of 27.3%, materially higher than the consolidated margin, which was impacted by the consolidation of a low-margin acquisition and one-time provisions.

Segment mix and what changed in Q4

The update provided segment-level revenue data that shows where growth was concentrated. Revenue from the infusion therapy segment rose 1.9% year-on-year to ₹256.1 crore. The renal segment climbed 21.3% year-on-year to ₹56.2 crore. The “others” segment stood at ₹222.1 crore, up 55.2% year-on-year.

Management commentary also stated infusion therapy now accounts for 50% of revenue, down from 57% in Q4 FY25. Renal was described at around 11% and steadily rising, with increasing share from cardiology, critical care, and acquisitions. This mix shift matters because it can change both growth rates and margin behaviour, particularly if newer or acquired businesses carry different profitability profiles.

Key Q4 FY26 numbers at a glance

Dividend: board recommendation and earlier dividend reference

The company’s board recommended a dividend of ₹3.50 per equity share (face value ₹5 each) for FY 2025-26, subject to shareholder approval. The data also states the Board of Directors met on 25 May 2026 and recommended the final dividend of ₹3.5 per equity share (70%). Separately, an earlier reference noted that for the quarter ending March 2025, Poly Medicure declared a dividend of ₹3.50 per share on 06 May 2025, translating to a dividend yield of 0.42%. These references indicate the ₹3.50 per share dividend level has been used in different periods mentioned in the combined update.

FY26 full-year performance: revenue up, profit down

On a full-year basis, the company’s consolidated net profit fell 4.85% to ₹322.13 crore in FY26. Revenue from operations increased 12.3% to ₹1,875.25 crore in FY26 over FY25. This pattern broadly mirrors the Q4 theme: revenue growth accompanied by pressure on profitability.

The company also disclosed that unutilised funds of ₹71.87 crore were invested in hybrid mutual funds, with a note that such investments expose the funds to market risks.

Outlook and growth guidance shared by management

Management provided explicit standalone and consolidated revenue guidance ranges. On a standalone basis, guidance was ₹1,900 crore to ₹1,950 crore, with domestic business growing upwards of 20% and international business growing upwards of 15%. On a consolidated basis, the guidance range shared was between ₹2,300 crore to ₹2,400 crore.

A management commentary line also referenced the expected standalone scale-up from a current base of around ₹1,662 crore to ₹1,665 crore to the guided ₹1,900 crore to ₹1,950 crore. Another business update in the data highlighted a strategic shift in focus from government contracts to the private sector, and cited expectations of 25% domestic growth and 12-15% international growth in that context.

Why the Q4 result mattered for investors

For investors tracking Poly Medicure, the Q4 FY26 outcome highlighted a key issue: earnings sensitivity to costs, mix, and consolidation effects. The company delivered strong year-on-year revenue growth at the consolidated level, but EBITDA margin fell sharply from last year’s level and PAT declined by about 29%. The update explicitly linked the consolidated EBITDA gap versus standalone to a low-margin acquisition and one-time regulatory and cost provisions of about ₹9 crore in an international subsidiary. That helps explain why the standalone quarter looked healthier than the consolidated quarter on margins.

At the same time, the segment data showed the “others” bucket growing quickly, while infusion therapy growth was modest year-on-year and its share fell to 50% from 57% in Q4 FY25. If the company continues to broaden revenue sources through cardiology, critical care, and acquisitions, investors typically watch whether margins stabilise as the mix changes.

Conclusion

Poly Medicure’s Q4 FY26 results combined 21% consolidated revenue growth with a near-29% drop in consolidated net profit, alongside a meaningful EBITDA margin contraction to 21%. The board’s ₹3.50 per share dividend recommendation and the management revenue guidance for the next period provide clear near-term signposts for shareholders. The next updates to track will be how the company executes on its standalone revenue guidance of ₹1,900 to ₹1,950 crore and whether consolidated margins recover after acquisition integration and one-time provisions normalise.