Poly Medicure Ltd (Polymed), one of India’s leading manufacturers of medical devices and consumables, is accelerating its global expansion through a combination of new manufacturing facilities, mergers and acquisitions, and a strategic export push. The company has laid out a roadmap for growth that includes strengthening its presence in international markets such as the United States and Europe.
Financially strong, Polymed is debt-free and maintains a net cash position of approximately ₹1,220 crore. This healthy financial position allows the company to self-finance its expansion initiatives, including a planned capital expenditure of ₹500 crore over the next two years. Three new manufacturing units are being established in Haryana, Uttarakhand, and Rajasthan. Construction is already underway at two sites, while work on the third is expected to begin shortly. All three facilities are projected to be operational by the end of calendar year 2026 and are being built with the capacity and capability to support the company’s needs for the next five to ten years.
Polymed’s international business already contributes nearly two-thirds of its total revenue. European markets—particularly the UK, France, Italy, Spain, and Germany—account for about one-third of the overall revenue. The United States, while currently a smaller market with revenues below $3 million, is a major focus area. The company is targeting revenue of $20–25 million from the US within the next three to four years, driven by new contracts and regulatory approvals from the US FDA.
Polymed produces a wide range of disposable medical products, including IV cannulas, blood bags, blood collection tubes, and infusion and transfusion sets. Products for infusion therapy represent about two-thirds of total sales. The company invests 2% of its annual revenue in research and development, with current innovation efforts focused on cardiology, oncology, and renal care. India’s medical consumables market is valued at ₹8,000–10,000 crore and is growing at 12–14% annually. Around 70% of consumables used in India are currently imported.
In FY25, Polymed recorded a 21.4% year-on-year rise in revenue, reaching ₹1,670 crore, with EBITDA margins of 27.1%. Net profit increased by 31.1% to ₹338.6 crore. In addition to organic growth, the company is exploring mergers and acquisitions in adjacent technology areas, particularly in oncology (biopsy and drug delivery), cardiology, and critical care, including neonatology. These are segments where India remains largely dependent on imported technologies. Discussions are underway, and the company expects to finalize some opportunities in the coming months.
Polymed focuses on delivering small but meaningful product improvements that enhance usability and patient comfort, which accelerates market adoption. Over the past three years, the company has launched 15–20 new products annually, offering hospitals a comprehensive range of solutions across multiple therapy areas.
On the domestic front, Polymed has made substantial progress in renal care—a segment previously fully reliant on imports. In response to increased demand during the COVID-19 pandemic and supported by the government’s Production Linked Incentive (PLI) scheme, Polymed has become the only Indian company to manufacture a complete portfolio of renal care products, including dialysis machines, filters, and consumables. The company expects to capture a 15% market share in India over the next two years and is targeting 25% by 2030. These efforts are also helping to lower treatment costs and reduce the reuse of single-use medical devices, a widespread practice in Indian hospitals due to financial constraints.
The company has also expanded into cardiac and vascular devices, where historically 90–95% of products (excluding stents) have been imported. After three years of research and development, Polymed has created indigenous technology for angiography and guiding catheters, wires, and drug-eluting stents. These were launched last year, and over 1,000 stents have already been deployed. While the market remains challenging due to physician preference for imported brands, Polymed sees strong potential in reducing treatment costs and lowering India’s dependency on foreign-made devices.