Poly Medicure Limited is an India-headquartered medical devices manufacturer supplying infusion therapy, renal/dialysis, cardiology, orthopedics and other fluid-management products to over 125 countries, operating multiple manufacturing sites across India, China, Egypt and Italy and selling through a global distributor network and recently acquired European businesses.

Q3 FY26 consolidated revenue rose 16.4% YoY to Rs.493.7 crore with gross margin expansion (~300 bps YoY) but reported PAT compression due to one-off labour-code provisioning and acquisition-related expenses; consolidated operating EBITDA margin remains within the 25–27% guidance band at 24.2% for the quarter and 25.8% for 9M.

Strategic inorganic moves are material: Poly Medicure completed acquisitions of PendraCare and Citieffe in FY26, adding immediate revenue (~Rs.48–49 crore in Q3) and EU/FDA-approved products, while management is integrating operations and aiming to leverage India cost base to scale European technologies globally.

Innovation momentum is significant: 19 new products launched in 9M FY26, ~100 R&D staff across India, Italy and the Netherlands, 394 patents reported, and DCGI approvals for high-ASP cardiology devices (IVL and DEB) that are expected to lift ASPs and open new value pools.

Balance-sheet strength and capex plan: cash & equivalents ~Rs.840 crore at Dec 31, 2025 with Rs.234 crore capex in 9M FY26, land acquisition at YEIDA for a medical device park, and three planned plants coming online in 18–24 months to support growth and product upshift.