Poly Medicure is a medical devices maker spanning infusion therapy, renal, cardiology and orthopaedics, with over two-thirds of revenue coming from international markets. This quarter's print will speak to whether standalone margins normalise from Q1's 28% into the guided 25-27% band amid freight costs running 2-3x prior levels, and how much of the 32% Middle East de-growth flows back after the partial Hormuz recovery.
| Results date | November 05, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 525.38 Cr (consolidated, Q1 FY27) |
| Previous quarter PAT | Rs. 85.27 Cr (consolidated, Q1 FY27) |
| Previous quarter EBITDA margin | 24.1% (consolidated operating EBITDA margin, Q1 FY27) |
| Market cap | Rs. 15,165.7 Cr |
| CMP | Rs. 1,496.2 |
The board meeting is scheduled on 5 November 2026 to approve the Q2 and H1 FY27 unaudited financial results. The trading window remains closed till 7 November 2026.
An earnings call for Q2/H1 FY27 is scheduled for 5 November 2026, 5:00-6:00 PM IST. MD Himanshu Baid and CFO Naresh Vijayvergiya are slated to speak.
The company had declared a final dividend of Rs. 3.50 per share (70% on Rs. 5 face value) for FY26, with a record date of 29 August 2026 and book closure from 30 August to 5 September 2026, totalling about Rs. 3,547.58 lacs.
The quarter tests whether Q1's standalone EBITDA margin of 28% — which management itself attributed to price increases and inventory correction — normalises into the guided 25-27% band, with consolidated margin at 24.1% already inside the 23-25% range.
Cost signals point that way: the Drewry World Container Index held above $4,374/40ft through the quarter (130% above the pre-war $1,899 level), Maersk raised its India-North Europe surcharge to $3,800/TEU effective 1 August, and the rupee ended the period roughly 1.5-2% stronger than its mid-July lows, fading the currency tailwind behind the 3-5% price hikes.
On demand, Hormuz vessel flows recovered through September-October after a deeply disrupted July, so some of Q1's 32% Middle East de-growth should flow back, though the conflict was unresolved at quarter-end and PendraCare — with about 20% Middle East exposure — still has restricted guidance.
The renal drag persists: the DGTR anti-dumping investigation into dialyzer imports from China and Malaysia (initiated 25 June 2026 with a 20% injury margin claim) showed no duty as of early November, leaving renal's >20% FY27 growth target against a Q1 print of -3.8% as a key open item. The call is also expected to cover organic versus acquisition-aided growth against the restated Q2 FY26 base of Rs. 443.9 Cr, and capex phasing within the Rs. 200-225 Cr FY27 guidance.
Performance vs FY27 guidance tracking: FY27 guidance was reaffirmed at the Q1 call on 10 August 2026; Q1 delivered the following starting points.
Middle East flows and logistics costs
Renal anti-dumping investigation
Capex execution and new facilities
Management declined to guide on this when asked at the Q1 FY27 call, saying no such guidance had been given. The stated target for acquired assets (Citieffe/PendraCare) remains EBITDA margins of 18-20% over the next 2-3 years.
Management confirmed PendraCare is currently not growing due to its over-indexed Middle East exposure of about 20%, while Citieffe is growing mid-to-high single digits. Inorganic sales contributed about Rs. 73 Cr in the export business for the quarter.
Renal de-grew 3.8% YoY in Q1 FY27 against the FY27 target of over 20% growth over the FY26 number, pressured by Chinese pricing and zero-duty imports via the ASEAN FTA. An anti-dumping investigation into dialyzer imports from China and Malaysia is ongoing with no duty notified as of early November 2026.
The reported 90% gross margin is based on material cost, with operating costs taking EBITDA margin down to 17-18%. Management expects operating leverage as sales scale from the current EUR 17-18 Mn revenue base but said it was early to guide on blended margins.
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