Poly Medicure walks back PendraCare revenue, renal growth targets
The post-results call corrected a key metric downward and cut a growth forecast, while acquisitions weighed on margins.
— 3 earlier stories on Poly Medicure Ltd. →What's new
- PendraCare's annualized CY25 revenue corrected to EUR8mn from the EUR10mn cited in February.
- Renal segment growth target cut to 'over 20%' from 30-35% due to Chinese dumping.
- Acquisitions (PendraCare, CTF) posted a negative EBITDA impact of ₹2.6 crore in Q4 FY26.
Why this matters
The PendraCare revision is a direct walk-back of a number given to the market just three months ago. Combined with a 200-300 bps gross margin erosion forecast for FY27, the guidance for 25-27% standalone EBITDA margin looks stretched.
What we're watching
- Whether Chinese dumping in renal devices intensifies or stabilizes.
- Poly Medicure's ability to hold the 25-27% EBITDA margin target.
- Progress toward integrating PendraCare and CTF at the guided 12-14% margin.
The full read
Poly Medicure's post-results concall started with a correction. PendraCare's annualized CY25 revenue is EUR8mn, not the EUR10mn given in February. The renal growth target was cut from 30-35% to 'over 20%', with Chinese dumping blamed. Acquisitions dragged Q4 EBITDA by ₹2.6 crore and run at 12-14% margins, short of the earlier 15% guide. For FY27, revenue is guided at ₹2,300-2,400 crore and standalone EBITDA margin at 25-27%, but gross margin is set to erode 200-300 bps to about 66% on raw material and wage costs. The revisions strip credibility from earlier guidance. The FY27 margin target is the real test now.
Questions answered
- Why did Poly Medicure revise the PendraCare revenue figure?
- Management provided an updated, lower annualized figure of EUR8mn for CY25. The prior EUR10mn figure was cited on the February earnings call.
- What is the reason for the renal growth target cut?
- Persistent Chinese dumping in the renal segment is the stated cause. The target was reduced from a 30-35% range to 'over 20%'.
- How are the PendraCare and CTF acquisitions performing?
- Together, they posted a negative EBITDA impact of ₹2.6 crore in Q4 FY26. Their current margins are 12-14%, below the 15% previously cited.
- What does FY27 guidance look like?
- Consolidated revenue is guided at ₹2,300-2,400 crore (22-28% growth). Standalone EBITDA margin is targeted at 25-27%, but gross margin is expected to erode 200-300 bps to around 66%.
- What is the core headwind facing the company?
- Chinese dumping is pressuring the renal segment and the overall competitive landscape. Raw material inflation and wage pressures are also cited as margin headwinds.
Poly Medicure Ltd.
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All notes on POLYMED →- 25 May 2026 · 6:16 PM IST Poly Medicure walks back PendraCare revenue, renal growth targets
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