Poly Medicure Limited (POLYMED.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-41.3%

₹864.51

vs ₹1,473.10 price

Levered DCF

-₹516.17

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	40.36×	63.09×	58.53×	51.03×	62.14×	53.96×	21.46×	29.06×
P/B	4.19×	7.72×	10.29×	7.37×	8.38×	7.59×	4.73×	4.98×
P/S	6.93×	12.79×	11×	8.2×	9.87×	9.32×	2.99×	3.11×
EV / EBITDA	23.64×	47.02×	42.45×	34.41×	43.21×	34.82×	13.73×	15.7×
Gross margin	40.6%	66.5%	64.6%	63.3%	62.0%	66.5%	68.1%	65.5%
Operating margin	17.4%	46.5%	44.9%	43.1%	41.9%	46.4%	45.5%	43.8%
Net margin	17.2%	20.3%	18.8%	16.1%	15.9%	17.3%	14.0%	10.7%
Current ratio	3.37×	5.18×	2.4×	2.75×	3.46×	4.12×	1.61×	1.96×
Debt / equity	0.11×	0.07×	0.12×	0.12×	0.12×	0.14×	0.48×	0.42×
Interest coverage	17.87×	55.4×	47.36×	58.69×	67.38×	40.17×	26.06×	19.57×
Dividend yield	0.3%	0.1%	0.2%	0.3%	0.3%	0.0%	2.1%	1.1%
Payout ratio	11.0%	9.0%	11.1%	13.4%	16.3%	0.0%	44.3%	32.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	10.4%	12.2%	17.6%	14.4%	13.5%	14.1%	22.0%	17.1%
Return on invested capital	6.7%	19.3%	27.6%	25.7%	23.4%	24.5%	36.2%	30.9%
Return on assets	8.2%	10.6%	13.9%	11.4%	10.6%	11.1%	12.5%	10.0%
Free cash flow yield	-0.5%	-0.4%	-0.1%	-0.5%	-0.4%	0.3%	1.2%	1.5%
Earnings yield	2.5%	1.6%	1.7%	2.0%	1.6%	1.9%	4.7%	3.4%
Enterprise value	₹132.7B	₹213.9B	₹152.9B	₹92.9B	₹92.3B	₹74.6B	₹22.6B	₹20.6B
Net debt / EBITDA	0.47×	0.06×	0.45×	0.53×	0.56×	0.62×	1.23×	1.19×
Cash conversion cycle (days)	205	207	166	183	164	158	148	134