Poly Medicure shares down 15% in three sessions after Q4 results; Here's what the management said

Shares of Poly Medicure

Ltd. declined 6% on Wednesday, May 27, extending losses for the third straight session, amid concerns over margin pressure and geopolitical disruptions despite a healthy growth outlook.

The stock has fallen nearly 15% over the last three trading sessions.

The medical devices maker has guided for consolidated FY27 revenue in the range of ₹2,300-2,400 crore, driven by expected growth of 20% in the domestic business and 15% growth in international operations.

The company also projected consolidated EBITDA margins of 23-25%, while standalone margins are expected to remain between 25-27%. Poly Medicure had achieved standalone margins of 26.8% in FY26, in line with its earlier guidance.

Management flagged a sharp shift in the external operating environment, describing the current situation as challenging due to ongoing tensions in West Asia. The region contributes around 6-8% of the company’s revenue.

While demand remains intact, the company said export logistics have become significantly more difficult, leading to delays in execution of pending orders.

The company also warned of higher packaging material costs linked to the West Asia conflict, which could result in gross margin erosion of 200-300 basis points going forward.

However, depreciation in the rupee has partly supported export realizations. Poly Medicure said it is evaluating cost-saving initiatives to offset some of the pressure.

Operationally, the company continued to report strong growth across geographies. Domestic revenue rose 25% year-on-year during Q4FY26, while European revenue increased 23% and the rest-of-world business grew 16.5%.

For the full year, domestic revenue expanded nearly 20%, while international business revenue rose over 9%.

Despite the revenue growth, margins have steadily moderated through FY26. EBITDA margin stood at 21% in Q4FY26 compared to 29.4% in the year-ago quarter.

The company ended FY26 with a cash balance of ₹842 crore and continued to strengthen its global footprint. Integration of recent acquisitions is underway, including the acquisition of Medyneo in April 2026, aimed at expanding its presence in the South American market.

Management described Brazil as a strategically important market for future growth.

Poly Medicure also launched 35 new products during FY26. In the high-end medical devices segment, cumulative stent deployments crossed 11,000 units as of April 30, 2026, while the company sold 450 dialysis machines during the year, taking the installed base to around 1,000 machines.