Poly Medicure Limited — Investor Meet, 10-02-2025: Analysts/Institutional Investor Meet/Con. Call Updates

**Financial Performance:** Poly Medicure reported a strong consolidated revenue growth of 24.9%, rising from Rs. 339 Cr to Rs. 424 Cr year-over-year for Q3 FY25. Operating EBITDA improved from Rs. 91 Cr to Rs. 116 Cr, reflecting a 65 bps increase in margin, while PAT increased from Rs. 65 Cr to Rs. 85 Cr. Return on capital employed stands at 23.9%, despite excluding the recent QIP raised funds, and net cash reserves have reached approximately Rs. 1,074 Cr, bolstered by Rs. 900 Cr from the QIP.

**Future Outlook and Growth Drivers:** Management projects continued steady growth driven by increased sales team expansion (64 new hires) and regulatory approvals for new products, including drug-eluting stents and oncology devices. The company aims to deepen its market presence in India, targeting an increase in wallet share across existing hospitals and expanding to untapped facilities.

**Order Book and Operational Updates:** The company has launched a new plant in Palwal, Haryana, set to commence operations between July and August 2026. Current CAPEX amounts to Rs. 222 Cr out of the planned Rs. 300 Cr for FY25, with future projections indicating substantial investment for three new plants, amounting to Rs. 400-500 Cr over 18-20 months.

**Analyst Q&A Insights (Detailed):** Queries focused on product launches, competitive landscape, and operational efficiencies. Management reaffirmed the durability of their growth trajectory and underscored that recent product approvals will enhance market competitiveness, leveraging in-house manufacturing capabilities.

**Market or Regulatory Updates:** The regulatory approval for drug-eluting stents is anticipated to provide a significant revenue boost, despite the challenges of market entry competition from established players.

**Strategic Focus Areas:** Poly Medicure is emphasizing innovation in product categories, operational efficiency, and sustainability goals, including the use of green energy at manufacturing plants.

**Investor Insight:** Overall, Poly Medicure exhibits promising financial health and growth potential, suggesting a favorable outlook for retailers considering an entry position, supported by robust operational strategies and market expansion plans.