Syringes, IV cannulae, catheters, sutures, gloves, lab plasticware and medical gases - used up with every patient.
Poly MedicureDirect supplier · HighListed
Tarsons ProductsDirect supplier · MediumListed
Linde IndiaIndirect supplier · LowListed
Hindustan Syringes & Medical Devices (HMD)Direct supplier · HighUnlisted
Healthium MedtechDirect supplier · HighUnlisted
Poly Medicure (POLYMED)
India's leading maker of medical disposables (IV cannulae, infusion and dialysis sets, catheters) moving into higher-value cardiology, renal and critical-care devices
Price
₹1,612
snapshot 6 Nov 2026
Strengths
Exports to over 100 countries with regulated-market approvals
Consumables demand rises with every admission, not with capex cycles
QIP-funded capacity and new product lines
Risks
Commodity disposables face Chinese competition
Currency and freight on exports
New device categories take years of approvals
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹16,380 Cr
Stock P/E
51.8x
Div Yield
0.22%
ROCE
12.5%
ROE
9.8%
P/B
5.0x
Revenue growth
+12.3%FY26
Profit growth
−5.3%FY26
Net margin
17.1%FY26
1Y vs Nifty
−13 ptsNifty −1.9%
Revenue, ₹ Cr (5-yr) — company table
922FY22
1,115FY23
1,375FY24
1,669FY25
1,875FY26
Stock price return · as of 6 Nov 2026
1Y price return
−15%
3Y CAGR
+5%
5Y CAGR
+12%
Trend34th percentile
52-week range as of 6 Nov 2026 vs snapshot price · 23% below its high
Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
Supplies the single-use items and gases consumed in every admission, procedure and test: syringes and needles, IV and dialysis sets, catheters, sutures and staplers, lab plasticware, and medical oxygen piped into wards and ICUs.
Why it matters
Consumables grow with patient volumes, not with capex cycles, so they are the steadiest part of medtech. India is a large exporter of basic disposables, and hospital consolidation favours suppliers with quality approvals and reliable delivery.
Where the value pool sits
Mid-teens to mid-20s EBITDA margins for scaled makers of cannulae, sutures and syringes; commodity items (gloves, basic syringes) are price-competitive with China and Malaysia. Medical oxygen is a small but critical slice of the industrial-gas business.
Key drivers
Rising admissions, surgeries and dialysis sessions