Poly Medicure Q2 FY27 Results (NSE: POLYMED)
Signal: Growth decelerated
The read
The trajectory improved sequentially: revenue rose 13.3% QoQ to ₹48,827.62 lakh and EBITDA margin recovered to 27.5% from 24.9%, but YoY PAT still fell 7.1% to ₹9,202.50 lakh because lower other income and a ₹956.21 lakh exceptional item offset operating growth. This is the first clear margin recovery after the prior quarter's contraction, but the consolidated earnings conversion remains the key watchpoint.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹488.28 Cr | +17.2% | +13.3% |
| EBIT | ₹107.02 Cr | +22.1% | |
| Net profit | ₹92.03 Cr | -7.1% | |
| EPS | ₹9.08 | +10.9% | |
| EBIT margin | 27.5% |
P&L walk
Consolidated revenue rose to ₹48,827.62 lakh, +17.2% YoY and +13.3% QoQ; EBITDA increased to ₹13,428.22 lakh, +20.9% YoY, but PAT declined to ₹9,202.50 lakh, -7.1% YoY, after a ₹956.21 lakh exceptional item and lower other income.
Segments
The filing identifies medical devices as the group's only reportable segment; the material divergence is between standalone PAT of ₹9,527.43 lakh and consolidated PAT of ₹9,202.50 lakh, implying subsidiaries and group-level items dragged reported earnings by ₹324.93 lakh.
Key positives
- Consolidated revenue reached ₹48,827.62 lakh, +17.2% YoY and +13.3% QoQ, an acceleration from the prior quarter's 5.7% YoY growth.
- EBITDA increased 20.9% YoY to ₹13,428.22 lakh versus revenue growth of 17.2%, with EBITDA margin expanding 80bps YoY to 27.5%.
- Gross margin expanded to 58.3%, up 230bps YoY, while consolidated finance cost declined 47.9% YoY to ₹438.46 lakh.
- Consolidated net debt declined to ₹27,494.02 lakh from ₹32,591.64 lakh at 31 March 2026, and H1 operating cash flow was positive at ₹10,900.19 lakh.
Key concerns
- PAT fell 7.1% YoY to ₹9,202.50 lakh despite 17.2% revenue growth, showing incomplete operating-to-bottom-line conversion.
- The quarter included a ₹956.21 lakh exceptional gain from derecognition of contingent consideration after a milestone was not achieved, making reported profit less representative of recurring earnings.
- Other income declined 35.7% YoY to ₹2,043.66 lakh, creating an additional drag on PAT.
- Standalone PAT of ₹9,527.43 lakh exceeded consolidated PAT of ₹9,202.50 lakh, suggesting subsidiaries and consolidation items diluted group earnings.
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