Poly Medicure

Sector: Medical Devices  |  HQ: Faridabad, Haryana, India  |  Founded: 1995  |  Employees: 5,000+

Listed as: NSE / BSE listed (POLYMED)  |  NSE / BSE  |  Ticker: POLYMED.NS

Company overview

Poly Medicure Limited, popularly known as Polymed, is a Faridabad, Haryana based medical devices company that is one of India's largest manufacturers of disposable and single use medical devices. Founded in 1995 by Himanshu Baid, Rishi Baid and the Baid family, the company manufactures and exports a wide range of medical devices including intravenous cannulas, catheters, blood collection and transfusion systems, urology and surgical devices, anaesthesia and respiratory devices, and selected dialysis and oncology products. Poly Medicure is listed on the BSE and NSE in India. The company operates multiple manufacturing facilities in India including the flagship Faridabad complex and additional plants in Jaipur, Haridwar and the special economic zones, with selected international manufacturing operations as well. The product portfolio spans over two hundred medical device categories sold under the Polymed brand and selected private label arrangements to over a hundred countries. The export business contributes a substantial share of revenue, with strong presence in European Union markets, Middle East, Africa, Latin America and selected Asian markets. Poly Medicure reported FY 2024-25 revenue above ₹1,500 crore.

Financial performance and recent trajectory

Disclosed revenue (FY25): ₹1,500+ crore (FY 2024-25).

12-month price trajectory

Monthly closes over the last 12 months. Source: Yahoo Finance.

Competitive position

Poly Medicure competes in India's medical devices market with global majors including Becton Dickinson, B Braun, Smiths Medical, Terumo and Nipro in disposable medical devices, and with Indian competitors including Trivitron Healthcare, Sutures India, BPL Medical Technologies, Forus Health and selected specialised manufacturers. In intravenous cannulas specifically Poly Medicure has built one of the larger global production capacities and is a meaningful supplier to multiple global brand owners under private label arrangements. Its advantage is the breadth of disposable medical devices portfolio, scale of manufacturing capacity, regulatory approvals across major export markets including US FDA, CE mark, ANVISA Brazil and others, and a focused specialisation that has driven consistent profitability. Its disadvantage is competition from low cost Chinese manufacturers in selected product categories and the structural challenge of moving up the value chain from disposables to more sophisticated medical devices.

Key risks

Chinese low cost competition in commodity device categories Currency volatility on dollar and euro export revenue Raw material price inflation in medical grade polymers

Outlook

Poly Medicure was founded in 1995 in Faridabad, Haryana by Himanshu Baid and Rishi Baid with a focused thesis on indigenising disposable medical device manufacturing in India, at a time when most disposable medical devices used in Indian hospitals were imported. The founders built the business progressively over the following three decades into one of India's largest medical device exporters and a major domestic supplier. The core product category is intravenous cannulas, which are the small flexible plastic tubes inserted into veins for medication delivery, blood sampling and infusion. Poly Medicure has built one of the larger IV cannula manufacturing capacities globally and is a meaningful supplier under both the Polymed brand and private label arrangements to major global medical device brand owners. IV cannulas alone contribute a substantial share of company revenue. The product portfolio progressively expanded into adjacent categories. Blood collection and transfusion systems include needles, blood bags, infusion sets and related disposables. Catheters and urology devices include foley catheters, urology catheters and related products. Surgical devices include selected disposable surgical instruments and accessories. Anaesthesia and respiratory devices include endotracheal tubes, breathing circuits, oxygen masks and related products. Dialysis and oncology products serve specialty therapeutic areas. Manufacturing is anchored at multiple facilities in India. The Faridabad flagship complex houses the largest manufacturing capacity along with R&D and corporate functions. Additional plants in Jaipur, Haridwar and selected special economic zones provide capacity diversification, tax incentives in selected locations and proximity to specific export and domestic markets. International operations include selected manufacturing presence outside India to serve specific export markets. Regulatory accreditations include ISO 13485 for medical devices quality management, CE mark for European Union export, US FDA registration for selected products, ANVISA Brazil registration, TGA Australia and selected other country registrations. The company has invested significantly in regulatory compliance and quality assurance, which is critical for export driven business model. Distribution combines direct hospital sales in India through a dedicated salesforce, dealer distribution in selected smaller markets, direct export to overseas distributors and brand owners, and selected institutional supply through government tenders and large hospital chain procurement. The export business is particularly important for revenue and margin profile. Financial performance has been strong. FY 2024-25 revenue is estimated above ₹1,500 crore with EBITDA margins in the mid twenties, which is among the better in Indian medical devices. The company has consistently delivered strong return on capital metrics and has been a consistent dividend payer. Recent strategic moves include capacity expansion at multiple plants including the Haridwar facility expansion, expansion of the product portfolio into newer device categories including selected dialysis and oncology products, deepening regulatory approvals across major export markets, and increased R&D investment to move up the value chain into higher technology devices. Strategy from 2025 to 2030 is built on three themes. First, capacity expansion across both existing categories and newer products to support continued export growth and Indian market share gains. Second, product portfolio expansion into higher value medical device categories including selected diagnostic devices, drug delivery systems and specialty disposables that command better margins than commodity IV cannulas. Third, leveraging the Production Linked Incentive scheme for medical devices which provides incentives for domestic manufacturing of identified device categories. The Indian medical devices market has been a structural growth segment with continued expansion of hospital capacity, rising healthcare consumption per capita, government push for indigenisation under the Atmanirbhar Bharat framework, and the Production Linked Incentive scheme for medical devices. Export markets have continued steady growth with global demand for medical devices supported by aging populations and healthcare investment expansion. The regulatory environment for medical devices in India is governed by the Medical Devices Rules 2017 under the Drugs and Cosmetics Act 1940, administered by the Central Drugs Standard Control Organisation. The regulation has progressively expanded the list of notified medical devices subject to mandatory registration, and from 2020 onwards has classified all medical devices as drugs for regulatory purposes with risk based classification A through D. BIS standards apply to many device categories. International accreditations including ISO 13485, CE mark and US FDA registration for export categories add a layer of compliance. As a listed company Poly Medicure complies with Companies Act 2013 and SEBI LODR. Packaging is subject to Plastic Waste Management Rules 2016. Key risks include intense competition from low cost Chinese manufacturers in selected commodity device categories, currency volatility on dollar and euro denominated export revenue, raw material price inflation particularly for medical grade polymers, regulatory tightening under Medical Devices Rules including stricter post market surveillance, customer concentration in selected large global private label customers, regulatory approval delays in new export markets, and the longer term risk of technology evolution in medical devices that could reshape product categories. Management is led by Himanshu Baid as managing director and the Baid family in senior leadership roles, supplemented by professional management across functions. Governance follows SEBI LODR requirements with independent directors, audit committee and risk management committee oversight. ESG focus areas include responsible manufacturing of medical devices with strict quality standards, energy efficiency at plants, packaging sustainability where applicable, worker safety in a manufacturing environment with chemical and mechanical handling exposure, and contribution to expanding access to affordable medical disposables in domestic and global emerging markets.

KAMRIT point of view

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Disclaimer: This profile is compiled by KAMRIT Financial Services LLP for educational and benchmarking purposes only. It is not investment advice, a recommendation to buy or sell securities, or a solicitation. Stock data is provided by Yahoo Finance and may be delayed by up to 20 minutes. Company financial commentary draws on publicly available filings, exchange disclosures, and KAMRIT industry research. Readers should consult a SEBI-registered investment adviser before making investment decisions. KAMRIT is a financial services and compliance firm, not a SEBI-registered investment adviser.