Poly Medicure Ltd. share price target

Poly Medicure’s (PolyMed) Q1FY25 performance was boosted by exports (~23% YoY) while domestic business growth (~12% YoY) took a pause on high base. The company has commissioned four new plants that may double its device manufacturing capacity to 1.8bn units p.a by FY25 end.

Poly Medicure reported its all-time high revenues and EBITDA in Q1FY24 driven by solid performance across India (30% YoY growth) and Europe (35%). Softening of raw material prices fuelled a 220bps jump in gross margin. Ahead EBITDA margin is likely to be between 25-27%. Company will commercialise 4 manufacturing facilities in FY24 and launch 10-12 products in critical care segment, which will also likely drive growth and aid margin expansion.

Poly Medicure’s (Polymed) Q3FY23 performance beats our estimates on all fronts. Revenue grew 23.7% YoY to Rs2.8bn (I-Sec: Rs2.7bn) led by strong demand across segments. EBITDA margin improved 270bps YoY and 140bps QoQ to 24.9%, supported by strong gross margin expansion.

Poly Medicure’s (Polymed) Q2FY23 performance beats our estimates on all fronts.
Revenue grew 23.0% YoY to Rs2.7bn (I-Sec: Rs2.6bn) led by strong demand across segments.

Poly Medicure’s (Polymed) Q1FY23 performance was a miss on the profitability front due to lower margins while revenues were on expected lines.