Poly Medicure Ltd's Q2 FY27 numbers came in mixed, with revenue of Rs. 580.53 Cr (+30.78% YoY) and PAT growth of +3.63% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 05, 2026 |
|---|---|
| Revenue (Q2) | Rs. 580.53 Cr (+30.78% YoY) |
| PAT (Q2) | Rs. 95.13 Cr (+3.63% YoY) |
| EBITDA margin | 23.96% (-212 bps YoY) |
| EPS (Q2) | Rs. 9.38 (+3.53% YoY) |
Consolidated revenue grew 30.78% YoY to Rs.580.53 Cr, largely acquisition-aided, while normalized PAT fell 4.27% YoY and consolidated EBITDA margin compressed 212 bps to 23.96%. Management's FY27 guidance is broadly on track — standalone EBITDA margin of 27.42% exceeded the 25-27% band, though consolidated gross margin breached its 71-72% target at 70.09%. Working capital build (inventories +18.06% since March) and a shrinking treasury-income base are the key watch items into H2.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Consolidated revenue | "in-line to ahead on carry-over, with the Middle East drag partially unwinding" | +30.78% YoY (acquisition-aided; organic split not in filing) | Played out |
| Standalone EBITDA margin | "compressing from Q1's high base into the guided band" | 27.42% vs Q1 28.03% — compressed modestly but stayed above the 25–27% band | Partially |
| Consolidated EBITDA margin | same normalization thesis | 23.96% vs 24.11% — within 23–25% band | Played out |
| Consolidated gross margin | "71–72% … challenged by freight at 2–3x prior levels" | Q2 70.09% (below band); H1 71.66% (within) | Played out |
| Renal / anti-dumping | "no duty by quarter-end; renal drag persists" | Not derivable — single reportable segment in filing | Not observable |
| Middle East flow-back | "recovery is partial and back-loaded" | Not derivable — no geographic split | Not observable |
| FX tailwind fading | "rupee ~2% appreciation off mid-July lows reverses part of the tailwind" | Not directly observable; other income −44.00% YoY consistent with a fading treasury/currency tailwind | Partially |
| One-time items | none pre-registered | NEW item not pre-registered: PendraCare earn-out gain Rs.9.56 Cr, confirmed from the filing's own note and locked | New, confirmed from filing |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| "A quarter where the strategy started converting into numbers" | Q1 FY27 earnings call | Consolidated revenue +30.78% YoY, standalone +17.22%; EBITDA +20.15% consolidated — reported basis; organic split not disclosed in filing | Confirmed |
| Margin guidance 25–27% standalone "at the higher end" | Management commentary in prior-quarter calls | 27.42% in Q2, above band top | Confirmed |
| "Higher-than-guided" Q1 margins would normalize | Q1 FY27 earnings call | Standalone margin eased 28.03% → 27.42%; consolidated 24.11% → 23.96% | Confirmed |
| Acquisitions "slightly margin dilutive but manageable within guidance" | Prior-quarter management commentary | Consolidated margin within band but gross margin (70.09%) broke the 71–72% band in Q2 | Partially Confirmed |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.