Poly Medicure

What Poly Medicure does

Poly Medicure Limited is an Indian medical device manufacturer founded in 1995 and publicly listed on the BSE and NSE under the POLYMED ticker. The company designs and manufactures a portfolio of interventional medical devices spanning cardiovascular and renal care product lines. Core products include coronary stents (with cumulative deployments exceeding 11,000 units), drug-eluting balloons (commercially launched in FY26), dialysis machines (with an installed base of approximately 1,000 units), prefilled syringes, and vascular access catheters. Manufacturing operations include facilities in Faridabad, with a registered office in New Delhi, and a workforce of 1,001-5,000 employees.

The business model is direct enterprise hardware sales to healthcare providers — hospitals, dialysis centers, and medical facilities — across both domestic and international markets. Exports account for 65%+ of revenue, with the United States, Europe, and other international markets as key destinations. Government policy support, including India's Production Linked Incentive (PLI) scheme and the National Medical Devices Policy, combined with US tariff reductions (from 50% to 18%), creates a structural cost advantage versus Chinese manufacturers facing 30-34% tariffs. FY26 revenue reached Rs 1,875.26 crore (12.3% year-over-year growth), with management guiding FY27 revenue to Rs 2,300-2,400 crore on 20% domestic and 15% international growth targets.

Poly Medicure combines organic expansion with M&A and capital markets activity. The company acquired Pendracare in September 2025 and raised Rs 1,000 crore through a Qualified Institutional Placement in August 2024, with participation from Lighthouse India Fund IV AIF and other institutional funds. Managing Director Himanshu Baid was appointed Senior Vice President of NATHEALTH (Healthcare Federation of India) for FY 2026-27, positioning the company within industry advocacy. Recent performance shows revenue acceleration but compressed profitability — EBITDA margin contracted to 20.6-21% in FY26 from 27.1% the prior year, and net profit declined 4.85% to Rs 322.14 crore — reflecting rising input costs and operating expense investment to support growth.

Name

Poly Medicure

Legal name

Poly Medicure Limited

Website

https://polymedicure.com

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Poly Medicure is an Indian medical device manufacturer producing coronary stents, drug-eluting balloons, dialysis machines, and prefilled syringes. It serves hospitals and healthcare providers domestically and across 65%+ export markets, with FY26 revenue of Rs 1,875 crore.

Ownership category

akta.pro rank

Product category

Medical Devices

NAICS

Surgical and Medical Instrument Manufacturing (339112), Surgical Appliance and Supplies Manufacturing (339113)

SIC

Surgical & Medical Instruments & Apparatus (3841), Orthopedic, Prosthetic & Surgical Appliances & Supplies (3842)

akta.pro primary industry

Single-Use Medical Disposables & Procedure Kits (Drapes, Tubing, Catheters, Syringes, Custom Packs) (HLAHANAG)

akta.pro secondary industry

Medical Supplies & Consumables Wholesale (Non-Device) (CRAOAHAE)

Keywords

• Medical device manufacturing
• Cardiac intervention devices
• Dialysis equipment
• Vascular access devices
• Prefilled syringes

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Medical Device Manufacturing and Sales: Poly Medicure generates revenue through the manufacture and sale of medical devices including stents, prefilled syringes, vascular catheters, dialysis equipment, and related consumables. Revenue grew 12.30% year-over-year to Rs 1,875.26 crore in FY26, with Q4 FY26 revenue at Rs 534.51 crore representing 21.25% growth.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels2 records

Core offering

Poly Medicure manufactures and sells a diversified portfolio of medical devices for hospitals, dialysis centers, and international healthcare buyers. Core products include coronary stents, drug-eluting balloons, dialysis machines and consumables, prefilled syringes, and vascular access devices and catheters. The company reports FY26 revenue of Rs 1,875.26 crore with 65%+ derived from international export markets and 35% from the domestic Indian healthcare sector.

Product overview

Poly Medicure is a medical device manufacturer offering a portfolio of interventional cardiac and renal care products. The core offerings include coronary stents (with over 11,000 cumulative deployments), drug-eluting balloons (newly launched in FY26), and dialysis machines for end-stage renal disease treatment. The company operates primarily in the healthcare/medical technology sector, serving domestic and international markets with medical devices that address cardiovascular and renal care needs.

Differentiator

Problem solved

Functional benefit

Products and services

• Coronary Stents Coronary stents used in cardiac interventions by hospitals and interventional cardiology departments, forming part of Poly Medicure's established interventional cardiology portfolio.
• Drug-Eluting Balloons Drug-eluting balloons used in cardiac and vascular interventions for hospitals and interventional cardiology specialists, representing a new product line in Poly Medicure's vascular intervention portfolio.
• Dialysis Machines Dialysis machines for renal care sold to hospitals and dialysis centers for end-stage renal disease treatment, forming part of Poly Medicure's renal therapy portfolio.
• Prefilled Syringes Prefilled syringes sold to hospitals and healthcare providers for general medical procedures, included in Poly Medicure's diversified medical device portfolio.
• Vascular Access Devices and Catheters Vascular access devices and catheters for vascular interventions and general medical procedures, sold to hospitals and healthcare providers.

Quantifiable outcome

• Revenue growth of 12.3% to ₹1,875 crore in FY26
• +2 more outcomes

Segments2 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• NATHEALTH (Healthcare Federation of India)coreStrategic or Co-development PartnerPoly Medicure's Managing Director Himanshu Baid serves as Senior Vice President of NATHEALTH for FY 2026-27, actively participating in healthcare policy advocacy and industry leadership alongside Dr. Sangita Reddy (President) and Varun Khanna (Vice President).

Scale indicators7 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Hindustan Syringes & Medical Devices: India-based manufacturer of disposable syringes, needles, and medical devices with overlapping product lines and similar hospital customer base. HMD is a direct competitor in prefilled syringes and disposable medical devices, with comparable export-driven business model.
• Terumo Corporation: Japanese global medical device manufacturer with strong franchises in prefilled syringes, drug-eluting stents, and cardiovascular intervention products. Directly comparable product portfolio and similar hospital/cardiologist end-market.
• Becton Dickinson (BD): Global leader in prefilled syringes, drug delivery systems, and vascular access devices — directly competing with Poly Medicure's syringe and vascular catheter franchises, with shared hospital customers worldwide.
• Nipro Corporation: Japanese medical device manufacturer with strong franchises in dialysis machines and consumables, syringes, and vascular devices. Highly comparable product overlap in renal care and prefilled syringes.

Broad incumbents

• B. Braun Melsungen: German multinational with broad medical device portfolio spanning infusion therapy, syringes, surgical instruments, and dialysis. Overlaps with Poly Medicure across multiple product lines but operates as a much larger incumbent.
• Fresenius Medical Care: Global dialysis market leader providing dialysis machines, dialyzers, and renal care services. Directly comparable to Poly Medicure's ~1,000-machine installed base, but operating at vastly larger scale and with vertically integrated services.
• Medtronic: World's largest medical device company with dominant franchises in coronary stents, drug-eluting stents, and cardiac intervention. Directly comparable to Poly Medicure's stent portfolio but vastly larger scale and global reach.
• Abbott Laboratories: Global medical device leader with major franchises in vascular intervention, drug-eluting stents, and cardiac devices. Comparable product overlap in coronary stents and vascular access, operating at multinational scale.

Emerging players

• Meril Life Sciences: India-based medical device company developing and manufacturing cardiovascular devices including stents and heart valves. Direct domestic peer competing in similar Indian hospital channels with comparable product focus.
• Healthium Medtech: India-based medical devices company focused on surgical consumables, wound closure, and orthopedics. Comparable India-based manufacturing model targeting similar hospital procurement channels, with adjacent rather than directly overlapping product lines.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/polymedicure

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Poly Medicure