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Poly Medicure Ltd Interim / Quarterly Report 2026
60661_rns_2026-05-25_98fdc829-51ee-4ff6-a94f-a1c388d5cdec.pdf
Interim / Quarterly Report
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Poly Medicure Limited
Regd. Office: 232 B, 3rd Floor, Okhla Industrial Estate,
Phase-III, New Delhi - 110 020 (INDIA)
T: +91-11-33550700, 47317000
E: [email protected] W: polymedicure.com
CIN: L 40300DL1995PLC066923
POLYMED
Date: May 25, 2026
Scrip Code: - 531768
The Manager,
BSE Limited,
Limited
Department of Corporate Services,
Phirozee Jeejeebhoy Towers,
Dalal Street, Mumbai- 400001.
Scrip Code:- POLYMED
The Manager
National Stock Exchange of India
Exchange Plaza, Plot No. C/1-Block-G
Bandra Kurla Complex, Bandra(E),
Mumbai-400051.
Subject: Outcome of the Board Meeting of the Company
Ref: Compliance of Regulation 30 and 33 of SEBI (LODR) Regulations, 2015
Dear Sir/Madam,
Pursuant to Regulation 30 and 33 of SEBI (LODR) Regulations, 2015, We are pleased to inform the Stock Exchange that the Board of Directors at their meeting held today i.e. May 25, 2026, at 232-B, 3rd Floor, Okhla Industrial Estate, Phase-III, New Delhi-110020, approved the following businesses:
a. Audited Financial Results (Consolidate & Standalone) for the Fourth quarter and financial year ended on 31st March 2026.
b. Recommendation of Dividend of Rs. 3.5 (Three Rupees and Fifty Paisa ) per Equity Shares (70%) of Rs. 5 each for the Financial Year 2025-26, subject to the approval of shareholders
c. Appointment of Auditor(s)
- Re-appointment of M/s. PricewaterhouseCoopers Services LLP as Internal Auditors for the Financial Year 2026-27.
- Re-appointment of M/s Oswal Sunil & Co. Chartered Accountants, as Internal Auditors of the for the Financial Year 2026-27.
d. Any Other Item.
The disclosure(s) with respect to the above re-appointment(s), as required under Regulation 30 of the Listing Regulations read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD1/P/CIR/2023/123 dated July 13, 2023, is enclosed herewith as Annexure-1
The Meeting was started at 12:00 P.M. and concluded on 03:00 P.M.
Plants : Plot No.104-105 & 115-116, Sector-59, HSIIDC Industrial Area, Ballabgarh, Faridabad - 121004, Haryana (INDIA) Plot No. 33-34, Sector-68, IMT, Faridabad-121004, (Haryana) INDIA T: +91-129-4287000, 3355070,
Kindly take a note of the same for your further needful and oblige us.
Thanking You,
Yours Sincerely
For Poly Medicure Limited
AVINASH
CHANDR
A
Digitally signed by AVINASH CHANDRA
Date: 2026.05.25 15:18:40 +05'30'
Avinash Chandra
Company Secretary
M. No. A32270
Annexure-1
Appointment of Auditor(s)
| S. No. | Particular | M/s. PricewaterhouseCoopers Services LLP | M/s Oswal Sunil & Co. Chartered Accountants |
|---|---|---|---|
| 1. | Reasons for change viz appointment/reappointment, | Re-Appointment | Re-Appointment |
| 2. | Date of Appointment/ Re-appointment & term of appointment/reappointment | Re-appointment of M/s. PricewaterhouseCoopers Services LLP as Internal Auditors for the Financial Year 2026-27. | Re-appointment of M/s Oswal Sunil & Co. Chartered Accountants, as Internal Auditors of the for the Financial Year 2026-27. |
| 3. | Brief Profile (in case of appointment) | PwC India is one of the leading professional services firms in the country, offering a wide range of services including audit and assurance, tax, consulting, and deals. Headquartered in Gurgaon, the firm operates across multiple cities including Mumbai, Bengaluru, Chennai, and Kolkata. | Founded by Mr. Sunil Bhansali in month of October 1999 as Partnership Firm duly registered with ICAI. Having registration Number 016520N. |
| The firm is headed by a partner who got over 36 years of experience in the field of auditing including audit of banks (both as central statutory auditor and |
| branch auditor), financial institutions, insurance companies and various types of government, public and private concerns. They consciously focus on legal compliances, improving internal control system of an organization and highlighting cost reduction measures. Their knowledge and experience helps the firm in improving the audit quality and audit techniques. | |||
|---|---|---|---|
| 4. | Disclosure of relationships between directors (in case of appointment of a director) | NA | NA |
POLYMED
POLY MEDICURE LIMITED
Regd. Office: 2328, 3rd Floor, Okhla Industrial Estate Phase III, New Delhi - 110 020
Website: www.polymedicare.com, E-mail: [email protected], CDN: 14030000,1995PLCD68923
STATEMENT OF AUDITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR AND QUARTER ENDED MARCH 31, 2026
| Particulars | Standalone | Consolidated | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarter Ended | Year Ended | Quarter Ended | Year Ended | ||||||||
| 31.03.2026 | 31.12.2025 | 31.03.2025 | 31.03.2026 | 31.03.2025 | 31.03.2026 | 31.12.2025 | 31.03.2026 | 31.03.2026 | 31.03.2025 | ||
| (Audited) | (Unaudited) | (Audited) | (Audited) | (Audited) | (Audited) | (Unaudited) | (Audited) | (Audited) | (Audited) | ||
| 1 | Income | ||||||||||
| a. | Municipal from operations | 44,201.90 | 41,886.23 | 42,096.94 | 1,66,246.49 | 1,60,179.98 | 53,401.14 | 40,365.55 | 44,581.82 | 1,87,525.92 | 1,66,983.16 |
| b. | Other income | 1,511.19 | 1,503.32 | 1,494.86 | 13,901.77 | 9,923.75 | 1,779.83 | 1,636.29 | 1,700.93 | 12,008.22 | 8,912.38 |
| Total income (A) | 45,813.68 | 44,841.57 | 44,491.80 | 1,78,238.25 | 1,69,157.22 | 55,226.76 | 51,991.89 | 46,513.77 | 1,99,534.14 | 1,75,885.92 | |
| 2 | Expenses | ||||||||||
| a. | Cost of materials consumed | 13,696.45 | 12,882.28 | 13,512.09 | 53,885.50 | 54,067.63 | 15,927.86 | 14,618.59 | 14,195.46 | 59,938.79 | 57,136.26 |
| b. | Purchases of stock-in-trade | 136.08 | 158.36 | 252.41 | 503.71 | 792.90 | 138.42 | 158.36 | 251.22 | 506.05 | 793.91 |
| c. | Changes in inventories of finished goods, work-in progress and stock-in-trade | 953.25 | 468.63 | 628.39 | 11,339.64 | 11,763.63 | 2,169.97 | 861.15 | 367.88 | 1763.63 | 11,365.90 |
| d. | Employee benefits expense | 7,832.14 | 8,460.57 | 7,197.88 | 31,314.62 | 28,058.36 | 12,614.16 | 11,396.26 | 7,889.58 | 41,121.19 | 30,211.20 |
| e. | Research and development expenses | 766.14 | 912.64 | 645.80 | 2,985.26 | 1,708.84 | 674.29 | 918.59 | 647.70 | 1,987.59 | 1,402.48 |
| f. | Finance cost | 389.26 | 278.14 | 255.03 | 6,342.52 | 1,130.58 | 640.86 | 595.92 | 216.73 | 1,829.27 | 1,239.65 |
| g. | Depreciation and amortization expense | 2,530.76 | 2,517.28 | 2,147.00 | 9,789.82 | 8,138.52 | 3,815.35 | 2,887.00 | 2,116.84 | 11,331.66 | 8,318.22 |
| h. | Other expenses | 8,831.05 | 8,185.89 | 8,242.15 | 34,291.11 | 32,004.81 | 11,306.82 | 10,555.22 | 8,771.46 | 40,399.97 | 33,944.99 |
| Total expenses (B) | 35,133.06 | 33,559.49 | 32,842.17 | 1,32,768.74 | 1,24,868.12 | 46,875.47 | 41,718.79 | 34,456.37 | 1,56,675.00 | 1,31,162.42 | |
| 3 | Profit before share of profit of associate, exceptional item and tax (A-B) | 10,680.62 | 11,281.88 | 11,649.63 | 45,469.51 | 44,289.10 | 8,351.32 | 10,273.10 | 12,057.40 | 42,859.14 | 44,722.50 |
| 4 | Share of Profit of an associate | - | - | - | - | - | - | - | - | - | - |
| Profit before exceptional item and tax | 10,680.62 | 11,281.88 | 11,649.63 | 45,469.51 | 44,289.10 | 8,522.22 | 10,441.65 | 12,284.92 | 43,427.51 | 45,251.51 | |
| 5 | Exceptional item | ||||||||||
| Unpaid of Labour Codes (refer note no. 10) | 680.40 | 680.40 | 680.40 | 680.40 | |||||||
| 6 | Profit before tax | 10,680.62 | 10,601.48 | 11,649.63 | 44,789.11 | 44,289.10 | 8,522.22 | 9,761.25 | 12,284.92 | 42,747.11 | 45,251.51 |
| 7 | Tax expense | ||||||||||
| a. | Current tax | 2,323.31 | 2,551.65 | 2,231.29 | 9,657.70 | 9,290.10 | 2,524.29 | 2,638.10 | 2,379.19 | 10,115.84 | 9,560.27 |
| b. | Deferred tax | 275.29 | 201.13 | 751.70 | 1,502.79 | 1,855.34 | 1026.02 | 31.94 | 721.69 | 528.11 | 1,825.23 |
| c. | Exhibit Your Taxes | 19.85 | 19.20 | 0.62 | 30.17 | 10.19 | 19.85 | 10.32 | 0.62 | 30.17 | 10.19 |
| Total Tax Expense | 2,018.45 | 2,762.10 | 2,982.61 | 11,190.62 | 11,155.62 | 2,018.12 | 2,880.36 | 3,101.50 | 10,674.12 | 11,395.75 | |
| 8 | Profit after tax | 8,062.17 | 7,838.38 | 8,066.02 | 33,598.49 | 33,133.47 | 6,504.10 | 7,080.89 | 9,183.42 | 32,072.99 | 32,855.72 |
| 9 | Other Comprehensive Income | ||||||||||
| Items that will not be reclassified to profit or loss : | |||||||||||
| Remeasurements of defined benefit obligations | 83.97 | 29.92 | (5.29) | 36.23 | (206.75) | 93.97 | 29.93 | (5.29) | 36.22 | (206.75) | |
| Tax impacts on above | (21.14) | (7.53) | 1.33 | (7.61) | 52.04 | (21.14) | (7.53) | 1.33 | (7.61) | 52.04 | |
| Items that will be reclassified to profit or loss in subsequent period: | |||||||||||
| Exchange differences on translation of financial statements of foreign Subsidiaries | 2,426.97 | 2,229.50 | 18.07 | 4,625.97 | 19.24 | ||||||
| Tax impacts on above | |||||||||||
| Total Other Comprehensive Income | 62.83 | 22.39 | (3.96) | 22.62 | (154.71) | 2,489.80 | 2,251.90 | 14.11 | 4,848.59 | (135.47) | |
| 10 | Total comprehensive income (comprising profit after tax and other comprehensive income after tax) | 8,125.00 | 7,860.77 | 8,662.06 | 33,621.11 | 32,978.76 | 8,993.90 | 9,332.79 | 9,197.53 | 36,721.58 | 33,720.25 |
| 11 | Net Profit attributable to: | ||||||||||
| Equity holders of the parent | - | - | - | - | - | 6,629.29 | 7,093.02 | 9,183.42 | 32,213.96 | 33,855.72 | |
| Non-controlling interests | - | - | - | - | - | (125.00) | (12.13) | - | (146.97) | - | |
| 12 | Other Comprehensive Income attributable to: | ||||||||||
| Equity holders of the parent | - | - | - | - | - | 2,493.99 | 2,251.78 | 14.11 | 4,651.69 | (135.47) | |
| Non-controlling interests | - | - | - | - | - | (3.16) | 0.12 | - | (3.09) | - | |
| 13 | Total comprehensive income attributable to: | ||||||||||
| Equity holders of the parent | - | - | - | - | - | 9,122.18 | 9,344.82 | 9,197.53 | 36,865.64 | 33,720.25 | |
| Non-controlling interests | - | - | - | - | - | (128.26) | (12.03) | - | (144.06) | - | |
| 14 | Paid-up equity share capital (Face Value of 4.5 each) | 5,067.97 | 5,067.97 | 5,066.29 | 3,067.97 | 3,066.29 | 5,067.97 | 5,067.97 | 5,066.29 | 5,067.97 | 3,066.29 |
| 15 | Revenue excluding Revaluation Reserves as per balance sheet of domestic exchange plan | 3,00,203.27 | 2,69,355.60 | - | - | - | 3,05,549.30 | 2,71,406.46 | |||
| 16 | Earnings per share (Quarterly not annualised) : | ||||||||||
| Base (4) | 7.80 | 7.73 | 8.40 | 33.13 | 33.40 | 6.04 | 7.69 | 33.78 | 34.72 | ||
| Diluted (4) | 7.90 | 7.73 | 8.40 | 33.13 | 31.38 | 6.53 | 6.99 | 33.78 | 34.72 |
| Statement of Assets and Liabilities: | Standalone | Consolidated | |||
|---|---|---|---|---|---|
| Particulars | As at 31.03.2026 (Audited) | As at 31.03.2025 (Audited) | As at 31.03.2026 (Audited) | As at 31.03.2025 (Audited) | |
| ASSETS | |||||
| 1 Non-current assets | |||||
| (A) Property plant and equipment | 1,20,018.86 | 1,03,023.60 | 1,25,515.09 | 1,03,814.47 | |
| (B) Capital work-in-energies | 9,031.40 | 8,946.67 | 9,051.37 | 8,965.33 | |
| (C) Right of Use Asset | 297.73 | 240.14 | 795.65 | 240.14 | |
| (D) Goodwill on consolidation | - | - | 27,378.71 | 2,858.11 | |
| (E) Intangible assets | 1,381.01 | 1,470.84 | 15,709.46 | 1,519.32 | |
| (F) Intangible assets under development | 553.13 | 532.03 | 820.14 | 1,142.08 | |
| (G) Financial Assets | |||||
| (I) Investment in subsidiaries/associates | 50,329.74 | 6,337.71 | 1,517.79 | 1,323.05 | |
| (J) Other investments | 60.34 | 728.17 | 60.54 | 728.17 | |
| (K) Other financial assets | 1,806.30 | 1,566.85 | 1,855.33 | 1,566.85 | |
| (L) Deferred tax Assets | - | - | 7,954.30 | 52.94 | |
| (M) Other non-current assets | 7,559.07 | 4,891.72 | 7,611.04 | 4,891.72 | |
| Total non-current assets | 1,91,037.80 | 1,27,477.73 | 1,97,683.40 | 1,27,021.57 | |
| 2 Current assets | |||||
| (A) Inventories | 28,134.34 | 24,986.53 | 43,384.07 | 28,557.27 | |
| (B) Financial assets | |||||
| (I) Investments | 73,915.76 | 1,05,578.69 | 73,915.74 | 1,05,578.69 | |
| (J) Trade receivables | 44,324.72 | 24,008.52 | 53,117.27 | 24,571.21 | |
| (K) Cash and cash equivalents | 193.91 | 14.81 | 5,122.82 | 1,880.88 | |
| (L) Bank Balances other than (d) above | 3,664.18 | 14,264.45 | 3,664.18 | 14,264.45 | |
| (G) Loans | 70.95 | 32.71 | 74.43 | 32.71 | |
| (M) Other financial assets | 4,075.34 | 1,347.09 | 4,549.97 | 1,389.41 | |
| (L) Other current assets | 5,277.99 | 6,284.07 | 10,344.84 | 6,558.09 | |
| Total current assets | 1,63,957.09 | 1,86,558.17 | 1,94,173.32 | 1,92,223.65 | |
| TOTAL ASSETS | 3,54,994.89 | 3,14,035.90 | 3,91,856.72 | 3,19,245.22 | |
| EQUITY AND LEABILITIES | |||||
| EQUITY | |||||
| (A) Equity share capital | 5,067.97 | 5,066.29 | 5,067.97 | 5,066.29 | |
| (B) Other equity | 2,00,203.27 | 2,69,350.60 | 2,05,544.30 | 2,71,499.40 | |
| Equity attributable to shareholders of the company | 3,05,371.24 | 2,74,431.89 | 3,10,617.27 | 2,79,565.78 | |
| Non-controlling interest | - | - | 6,307.69 | - | |
| Total equity | 3,05,271.24 | 2,74,421.89 | 3,14,934.32 | 2,76,565.78 | |
| LEABILITIES | |||||
| 1 Non-current liabilities | |||||
| (A) Financial liabilities | |||||
| (I) Borrowings | 252.81 | - | 5,208.77 | - | |
| (J) Lease Liabilities | 92.53 | 77.13 | 516.11 | 77.13 | |
| (K) Other financial liabilities | 77.31 | 70.71 | 2,593.25 | 70.72 | |
| (L) Other Non-current liabilities | - | - | 1,095.75 | - | |
| (M) Provisions | 1,420.75 | 715.66 | 3,106.79 | 942.03 | |
| (N) Government Grants | 156.05 | 293.70 | 157.58 | 295.48 | |
| (O) Deferred tax liabilities (Net) | 5,796.90 | 4,286.55 | 5,796.90 | 4,286.55 | |
| Total non-current liabilities | 7,796.35 | 5,443.75 | 10,280.16 | 5,872.52 |
| Current liabilities | ||||
|---|---|---|---|---|
| (1) Financial liabilities | ||||
| (1) Borrowings | 24,500.14 | 16,985.93 | 28,952.98 | 17,764.95 |
| (1) Lease Liabilities | 226.46 | 182.42 | 479.73 | 182.42 |
| (1) Total payables | ||||
| (1) total outstanding dues of micro enterprises and small enterprises | 1,596.58 | 956.90 | 1,596.58 | 956.96 |
| (1) total outstanding dues of creditors other than micro enterprises and small enterprises | 6,834.37 | 5,710.21 | 10,669.93 | 7,614.05 |
| (1) Other financial liabilities | 5,746.78 | 6,415.90 | 8,894.08 | 6,804.68 |
| (1) Other current liabilities | 2,313.08 | 2,355.84 | 5,642.95 | 2,896.21 |
| (1) Provisions | 33.79 | 36.61 | 206.63 | 29.86 |
| (2) Current Tax Liabilities (Ref) | 557.10 | 530.35 | 859.96 | 664.71 |
| Total Current Liabilities | 41,927.30 | 34,170.26 | 57,552.24 | 37,006.92 |
| TOTAL EQUITY AND LIABILITIES | 3,54,994.89 | 3,14,035.90 | 3,91,856.72 | 3,18,245.22 |
| Cash Flow Statement for the year ended 31 March 2026 | Standalone | Consolidated | ||
|---|---|---|---|---|
| Year ended | Year ended | |||
| Particulars | 31 March 2026 | 31 March 2025 | 31 March 2026 | 31 March 2025 |
| A CASH FLOWS FROM OPERATING ACTIVITIES | ||||
| Profit before tax and exceptional items | 44,789.11 | 44,289.09 | 42,747.11 | 45,251.51 |
| Adjusted for: | ||||
| Depreciation and amortisation | 9,789.82 | 8,138.53 | 11,551.66 | 8,318.22 |
| Share in Income from Associate | (568.37) | (518.01) | ||
| Interest expense | 1,243.32 | 1,140.69 | 1,829.07 | 1,199.65 |
| Dividend Income/governing council share | (417.56) | (129.73) | (86.38) | - |
| Interest income | (591.43) | (1,285.60) | (991.43) | (1,303.42) |
| Loss/(profit) on assets sold/ discarded | 30.46 | (12.03) | 22.91 | (12.03) |
| Debt/advances written off | 210.21 | 33.21 | 210.21 | 33.21 |
| Provision for doubtful debts and advances | 25.06 | 317.55 | 152.14 | 317.55 |
| Credit balances no longer required, written back | (142.24) | (95.07) | (201.94) | (95.07) |
| Deferred employee compensation expenses (net) | 740.88 | 122.40 | 740.88 | 122.40 |
| Unrealised foreign exchange (gain) (loss) | (1,167.00) | (139.94) | (1,167.00) | (139.94) |
| Realised and unrealised (Gain)/Loss on Mutual Fund | (5,283.26) | (4,399.57) | (5,283.26) | (4,399.57) |
| Ind AS & Other adjustments | (837.76) | (681.31) | (680.10) | (680.10) |
| Effect of foreign exchange rates on translation of operating cashflows | (408.96) | (7.98) | ||
| Operating profit before working capital changes | 48,308.55 | 47,298.23 | 45,703.62 | 48,080.36 |
| Movement in working capital | ||||
| Decrease/(increase) in inventories | (3,147.81) | (5,685.65) | (3,718.81) | (6,454.23) |
| Decrease/ (increase) in Trade Receivable | (9,070.39) | (8,477.03) | (9,931.04) | (8,375.25) |
| Decrease/(increase) in financial assets | (73.72) | 239.10 | 160.57 | 244.10 |
| Decrease/(increase) in other assets | (3,360.93) | (1,180.29) | (3,776.20) | (1,377.46) |
| Increase/ (decrease) in other financial liabilities | 715.10 | (1,021.23) | 1,322.41 | (717.88) |
| Increase/ (decrease) in other financial liabilities | 46.51 | 831.75 | (3,502.27) | 967.55 |
| Increase/ (decrease) in other liabilities | (42.76) | (219.67) | 3,618.21 | 59.38 |
| Increase/ (decrease) in provisions | 732.56 | 71.18 | 1,325.29 | 119.62 |
| Cash generated from operations | 34,157.05 | 31,856.39 | 34,811.88 | 32,546.18 |
| Direct taxes paid (net of refunds) | (6,637.23) | (8,901.41) | (10,174.42) | (9,241.21) |
| Net cash from operating activities (A) | 24,519.82 | 22,954.98 | 24,637.48 | 23,304.97 |
| B CASH FLOWS FROM INVESTING ACTIVITIES | ||||
| Purchase of fixed assets (including capital advances) | (29,551.14) | (32,498.86) | (30,839.10) | (33,102.54) |
| Investment in subsidiary | (43,992.03) | (274.38) | ||
| Payments towards acquisition of foreign operations (net of cash and cash equivalents of $ 545.96 lacs acquired upon business acquisition) | - | - | (38,602.65) | - |
| Amount paid under resolution plan pending transfer of control | - | - | (3,316.00) | - |
| (Purchase)/Sale of current Investments (net) | 37,578.66 | (85,896.18) | 37,578.66 | (85,895.92) |
| Proceeds from / (Investment in) Fixed Deposits (net) | 10,598.83 | (1,366.08) | 10,598.83 | (1,366.08) |
| Proceeds from sale of Property plant and equipment & investment properties | 114.17 | 138.04 | 258.33 | 138.04 |
| Dividend Income/governing council share | 402.06 | 241.28 | 402.06 | 241.28 |
| Interest income | 1,381.87 | 1,340.19 | 1,381.87 | 1,357.51 |
| Net cash used for investing activities (B) | (20,783.58) | (1,18,406.99) | (23,538.11) | (1,18,718.31) |
| C CASH FLOWS FROM FINANCING ACTIVITIES | ||||
| Proceeds from (Repayment) of borrowings / deferred payment liabilities (net) | 7,851.68 | 1,043.27 | 7,456.77 | 858.54 |
| Proceeds from Share Allotments CDF | - | 99,999.98 | - | 99,999.98 |
| Proceeds from Share Allotments CDDF | 33.78 | 35.15 | 33.78 | 35.15 |
| Share issue expenses adjusted against securities premium | - | (1,465.61) | - | (1,465.61) |
| Repayment of Lease Liabilities including interest | (271.16) | (218.24) | (332.99) | (218.24) |
| Dividend Paid (including unclaimed dividend transferred) | (3,543.10) | (3,034.09) | (3,543.10) | (3,034.09) |
| Interest / Finance charges paid | (1,169.46) | (1,067.91) | (1,599.32) | (1,125.15) |
| Net cash from/(used for) financing activities (C) | 2,802.72 | 85,262.01 | 2,015.14 | 85,050.58 |
| Net increase/(decrease) in cash and cash equivalents (A+B+C) | 538.96 | (159.46) | 4,114.49 | (362.66) |
| Cash and cash equivalents at the beginning of the year | 54.85 | 214.31 | 869.88 | 1,205.31 |
| Effect of foreign exchange rate changes on cash and cash equivalents held in | ||||
| toxese currency | 138.45 | 27.23 | ||
| Cash and cash equivalents at the end of the period | 593.81 | 54.85 | 5,122.82 | 869.88 |
COMPONENTS OF CASH AND CASH EQUIVALENTS
| Balance with Banks in current account | 567.54 | 39.09 | 5,091.53 | 850.59 |
|---|---|---|---|---|
| Cash on hand | 39.37 | 37.76 | 31.25 | 19.28 |
| Cash and cash equivalents at the end of the period | 563.81 | 54.65 | 5,112.82 | 868.88 |
Note: The above statement of cash flow has been prepared under indirect method as set out in SBC RS-1 "Statement of Cash Flow"
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The above audited standalone and consolidated results were reviewed and recommended by the Audit Committee & approved by the Board of Directors at their respective meetings held on 25th May, 2026. The statutory auditors have expressed an unmodified audit opinion on these standalone and consolidated financial results.
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The standalone and consolidated financial results have been prepared in accordance with the principles and procedures of Indian Accounting Standards ("Ind AS") as notified under the Companies (Indian Accounting Standards) Rules, 2015 as specified in section 133 of the Companies Act, 2013.
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The consolidated financial results of the company and its foreign subsidiaries/Indian subsidiary ("Group") and associate have been prepared as per IND AS 110 "Consolidated Financial Statements" and IND AS 28 on "Investment in Associates". The entities whose audited and management certified financial statements have been included in consolidated financial statements are as annexed.
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In line with the provisions of Ind AS 108 "Operating Segments" and on the basis of review of operations being done by the management of the company, the operations of the group falls under medical devices, which is considered to be the only reportable segment by the management.
-
During the previous year ended 31st March, 2025, the company had issued 53,19,148 equity shares of ¥ 5/- each at premium of ¥ 1,875/- each (issue price per share ¥ 1,880/- each) amounting to ¥ 99,999.98 lacs to Qualified Institutional Investors on QIP basis and allotment was completed on 22nd August, 2024. The proceeds of QIP have been utilized as per details given below as on 31st March, 2026:
| S.No | Particulars | Amount
(¥ in lacs) |
| --- | --- | --- |
| 1 | QIP share issue expenses | 1,465.61 |
| 2 | Capital expenditure | 6,198.32 |
| 3 | Inorganic initiatives | 25,026.84 |
| 4 | General corporate purposes | 18,877.46 |
| 5 | Amount temporarily invested in liquid mutual funds/FD/PMS pending utilization | 48,427.79 |
| 6 | Bank balance in QIP account | 3.96 |
| | Total | 99,999.98 |
- During the year ended 31st March, 2026, the Group has acquired 90% economic rights in Pendracare Group (Comprising Pendracare Holdings BV and Welling Medical BV) through RISOR Holding BV, a company in which wholly owned subsidiary company Poly Medicare BV Netherlands holds 90% equity. The initial accounting for business combination with regards to final fair value measurement of assets, liabilities, non-controlling interest, goodwill etc. in accordance with Ind AS 103 is provisional as at the date of authorisation of these financial statements, therefore, in accordance with paragraph 45 to 50 of Ind AS 103, the Group has reported provisional amounts for those items for which accounting is provisional. During the measurement period which ends not later than one year from the acquisition date, the Group expects to finalise the fair value measurements and will adjust retrospectively the provisional amounts as new information becomes available.
The assets and liabilities recognized as at 31st March, 2026, as a result of acquisition based on fair value determined on provisional basis in consolidated financial statements are as following:
| Particulars | | Amount
(¥ in lacs) |
| --- | --- | --- |
| Fair value of total tangible and other assets acquired | | 4,635.71 |
| Fair value of total intangible assets acquired | | 5,833.74 |
| Customer relationships | 713.05 | |
| Product related intangibles | 3,646.99 | |
| Distribution network | 789.63 | |
| Non-compete agreement | 684.07 | |
| Fair value of total liabilities acquired | | (4,184.39) |
| Identifiable Net Assets Acquired (A) | | 6,285.06 |
| Consideration paid for acquiring economic interest (Net of amount refundable of ¥ 267.56 lacs) | | 14,825.77 |
| Present fair value of contingent consideration payable | | 3,135.75 |
| Fair value of non controlling interest | | 4,451.11 |
| Total Acquisition Cost (B) | | 22,412.63 |
| Goodwill recognised in Consolidated Financial Statements (B-A) | | 16,127.57 |
| Acquisition Cost settled in Cash | | |
| Consideration paid | | 14,825.77 |
| Less: Cash and Cash Equivalent Acquired | | 46.89 |
| Net Cash Outflow on Acquisition | | 14,778.88 |
The book value of tangible and other assets and liabilities acquired have been taken as fair value of assets and liabilities and intangible assets have been fair valued. Exchange translation difference on goodwill amounting to ¥ 726.03 lacs as at 31st March, 2026 have been taken in other comprehensive income as exchange difference on translation of financial statements of foreign subsidiaries.
The excess of the acquisition cost over the fair value of assets acquired has been attributed to goodwill and the same shall not be amortised but will be tested for impairment. The goodwill recognized under the business combination represents the synergistic benefits estimated by the Group through this acquisition.
The present value of the contingent consideration payable have been accounted as current/non-current financial liability in consolidated financial statements.
The consolidated financial statements for the year ended 31st March, 2026 includes unaudited management certified financial results of Pendracare Group for the period 23rd September, 2025 to 31st March, 2026 and for quarter ended 31st March, 2026 for the period 1st January, 2026 to 31st March, 2026.
7 During the year ended 31st March, 2026, the Group has acquired 100% economic rights in Medistream SA, Switzerland (comprising Citeffe group), a company in which wholly owned subsidiary company Poly Medicare BV Netherlands holds 100% equity. The purchase price was allocated to the assets acquired and liabilities assumed based on its fair values including resultant goodwill at the date of acquisition on provisional basis till 31st December, 2025 as permitted by para 45 of 3rd AS 103 which provides a measurement period of one year from the acquisition date to complete the final acquisition accounting. During the quarter ended 31st March, 2026, the group has finalised the acquisition accounting in accordance with requirements of 3rd AS 103 and accounted for assets and liabilities at their respective fair values including resultant goodwill.
The assets and liabilities recognized as a result of acquisition based on fair value determined on final acquisition accounting in consolidated financial statements are as following:
| Particulars | | Amount
(₹ in lacs) |
| --- | --- | --- |
| Fair value of total tangible and other assets acquired | | 26,432.02 |
| Fair value of intangible assets acquired | | 7,256.01 |
| Customer relationships | 1,220.60 | |
| Product related intangibles | 5,181.40 | |
| Distribution network | 683.00 | |
| Non-compete agreement | 171.01 | |
| Fair value of total liabilities acquired | | (14,831.12) |
| Identifiable net assets acquired (A) | | 18,856.91 |
| Consideration paid for acquiring economic interest | | 24,322.83 |
| Present fair value of contingent consideration payable | | 602.32 |
| Total acquisition cost (B) | | 25,125.15 |
| Goodwill recognised in consolidated financial statements (B-A) | | 6,268.24 |
| Acquisition cost settled in cash | | |
| Consideration paid | | 24,322.83 |
| Less: Cash and cash equivalent acquired | | 499.06 |
| Net cash outflow on acquisition | | 23,823.77 |
The book value of tangible and other assets and liabilities have been taken as fair value of assets and liabilities acquired and intangible assets acquired have been fair valued.
The excess of the acquisition cost over the fair value of assets acquired has been attributed to goodwill and the same shall not be amortised but will be tested for impairment. The goodwill recognized under the business combination represents the synergistic benefits estimated by the Group through this acquisition. Exchange translation difference on goodwill amounting to ₹ 351.97 lacs as at 31st March, 2026 have been taken to other comprehensive income as exchange difference on translation of financial statements of foreign subsidiaries. The present value of the contingent consideration payable have been accounted as non-current financial liability in consolidated financial statements.
The consolidated financial statements for the year ended 31st March, 2026 includes unaudited management certified financial results of Citeffe Group for the period 7th November, 2025 to 31st March, 2026 and for quarter ended 31st March, 2026 for the period 1st January, 2026 to 31st March, 2026.
8 The Hon'ble NCLT of Allahabad has approved the resolution plan submitted by the company for Himalayan Mineral Water Private Limited (Target Company) vide Order dated 12th August, 2025 as resolution applicant under Corporate Insolvency resolution process of Insolvency and Bankruptcy Code (IBC Code) 2016. The total amount (Including CIRP cost) to be paid by the company under resolution plan amounted to ₹ 3,316.00 lacs, accordingly the company would acquire 100% equity shareholding in target company. The company has deposited a sum of ₹ 3,316.00 lacs with resolution professional and is being grouped as current financial assets and transfer of ownership in the target company and other acquisition formalities is pending as at the date of approval of quarterly / year ended 31st March, 2026. Pending acquisition formalities, the consolidated financial statements do not include the financial results of target company.
9 During the year ended 31st March, 2026, 33,775 equity shares at a face value of ₹ 5/- have been allotted in pursuance of Employees stock option scheme 2020 at an exercise price of ₹ 100/- per share.
10 On November 21, 2025, the Government of India notified the four Labour Codes - the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 - consolidating 29 existing labour laws. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations. The Company has considered restructured compensation of its employees with effect from April 1, 2026, and assessed the impact of the changes, consistent with the Labour Codes, draft rules, FAQs and legal opinion. Considering the materiality and regulatory-driven, non-recurring nature of this impact, the Company has presented such incremental impact as "Impact of new Labour Codes" under "Exceptional Items" in the standalone and consolidated statement of profit and loss for the year ended March 31, 2026. The Company continues to monitor the finalisation of Central / State Rules and clarifications from the Government on other aspects of the Labour Code and would provide appropriate accounting effect on the basis of such developments as needed.
11 The financial results include the results for the quarter ended March 31,2026 being the balancing figures between the audited figures in respect of full financial year ended 31st March 2026 and the published unaudited year to date figures upto the third quarter of the previous financial year.
12 The Board of directors of the Company has recommended a dividend of ₹ 3.5 per share subject to the approval of shareholders of the Company in Annual general meeting.
13 Previous period figures have been regrouped wherever necessary to conform to the current year classification.
14 The audited results of Poly Medicure Limited for the year and quarter ended 31st March 2026 are available on our website, www.polymedicure.com and on the Stock Exchange website www.roeindia.com and www.bseindia.com
Place : New Delhi
Date : 25th May 2026
POLY MEDICURE LIMITED
Regd. Office: 2328, 3rd Floor, Okhla Industrial Estate Phase III, New Delhi - 110 020,
Website: www.polymedicure.com, E-mail: [email protected], CIN: L463000L1995PLC066923
STATEMENT OF AUDITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS FOR QUARTER AND YEAR ENDED MARCH 31, 2026
| Particulars | Standalone | Consolidated | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Year Ended | Year Ended | Quarter Ended | Quarter Ended | Year Ended | Year Ended | Quarter Ended | Quarter Ended | ||
| 31.03.2026 | 31.03.2026 | 31.03.2026 | 31.03.2025 | 31.03.2026 | 31.03.2026 | 31.03.2026 | 31.03.2026 | ||
| (Audited) | (Audited) | (Audited) | (Audited) | (Audited) | (Audited) | (Audited) | (Audited) | ||
| 1 | Total Income from operations | 1,76,236.20 | 1,69,157.22 | 40,813.68 | 44,481.80 | 1,99,534.19 | 1,75,895.92 | 55,226.79 | 46,313.77 |
| 2 | Net Profit/(Loss) for the period (before Tax, Exceptional and/or Extraordinary items) | 45,469.51 | 44,289.10 | 10,680.62 | 11,649.63 | 43,427.51 | 45,251.51 | 8,522.22 | 12,284.92 |
| 3 | (Exceptional Items (impact of labour code). Refer note 2 below | 680.40 | 680.40 | ||||||
| 4 | Net Profit/(Loss) for the period before Tax (after Exceptional and/or Extraordinary items) | 44,789.11 | 44,289.10 | 10,680.62 | 11,649.63 | 42,747.11 | 45,251.51 | 8,522.22 | 12,284.92 |
| 5 | (Net Profit/(Loss) for the period after Tax (after Exceptional and/or Extraordinary items) | 33,598.49 | 33,133.47 | 8,062.17 | 8,666.02 | 32,072.99 | 33,855.72 | 6,504.10 | 9,183.42 |
| 6 | Total Comprehensive Income for the period [Comprising Profit/(Loss) for the period (after tax) and Other Comprehensive Income (after tax)] | 33,631.11 | 32,978.76 | 8,135.00 | 8,662.06 | 36,721.58 | 33,720.25 | 8,993.90 | 9,197.53 |
| 7 | Equity paid up share capital | 5,067.97 | 5,066.29 | 5,067.97 | 5,066.29 | 5,067.97 | 5,066.29 | 5,067.97 | 5,066.29 |
| 8 | Reserves (excluding Revaluation Reserve) as shown in the Audited Balance Sheet of the previous year | 3,00,203.27 | 2,69,355.60 | 3,05,549.30 | 2,71,499.49 | ||||
| 9 | Earnings per share (Face Value of € 5 each) (Quarterly not annualised) | ||||||||
| Basic (€ ) | 32.15 | 33.40 | 7.95 | 8.40 | 31.79 | 34.13 | 6.54 | 8.92 | |
| Diluted (€ ) | 32.12 | 32.39 | 7.95 | 8.40 | 31.75 | 34.11 | 6.53 | 8.92 |
-
The above audited standalone and consolidated results were reviewed and recommended by the Audit Committee & approved by the Board of Directors at their respective meetings held on 25th May,2026. The statutory auditors have expressed an unmodified audit opinion on these standalone and consolidated financial results.
-
On November 21, 2025, the Government of India notified the four Labour Codes - the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 - consolidating 29 existing labour laws. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations. The Company has considered restructured compensation of its employees with effect from April 1, 2026, and assessed the impact of the changes, consistent with the Labour Codes, draft rules, FAQs and legal opinion. Considering the materiality and regulatory-driven, non-recurring nature of this impact, the Company has presented such incremental impact as "Impact of new Labour Codes" under "Exceptional Items" in the standalone and consolidated statement of profit and loss for the year ended March 31, 2026. The Company continues to monitor the finalisation of Central / State Rules and clarifications from the Government on other aspects of the Labour Code and would provide appropriate accounting effect on the basis of such developments as needed.
-
The above is an extract of the detailed format of audited Standalone and Consolidated Financial Results for the quarter and year ended March 31,2026 filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the audited financial Results are available on the Stock Exchange websites, www.tseindia.com, www.rseindia.com and on the company website www.polymedicure.com.
Place : New Delhi
Date : 25th May 2026
Himanshu Bald
Managing Director
DOOGAR & ASSOCIATES
Chartered Accountants
Independent Auditors' Report on the quarterly and year to date Audited Standalone Financial Results of the Company pursuant to Regulation 33 of SEBI (Listing obligations and disclosure Requirements) Regulations 2015, as amended
To
The Board of Directors
Poly Medicare Limited
Report on the Audit of Standalone Financial Results
Opinion:
We have audited the accompanying Statement of Standalone Financial Results of POLY MEDICURE LIMITED ("the Company") for the quarter and year ended 31st March 2026 ("the Statement"), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended (Listing Regulations).
In our opinion and to the best of our information and according to the explanations given to us, the statement:
i. is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended; and
ii. gives a true and fair view in conformity with the recognition and measurement principles laid down in Indian Accounting Standards (Ind AS 34) and other accounting principles generally accepted in India of the net profit (Including other comprehensive income) and other financial information of the Company for the quarter and year ended 31st March 2026.
Basis for Opinion:
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the independence requirements that are relevant to our audit of the standalone financial statements for the quarter and year ended 31st March 2026 under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Management's Responsibility for the Standalone Financial Results
These Standalone annual financial results have been prepared on the basis of the Standalone annual financial statements.
The Company's Management and Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, total comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles
13, Community Centre, East of Kailash, New Delhi - 110065
E-mail: [email protected], [email protected], Website: www.dooogar.com
Ph.: 011-46579759, 41051966, 47037656
Branches at: Mumbai and Agra
generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are responsible for overseeing the Company's financial reporting process
Auditor's Responsibilities for the Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
-
Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
-
Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
-
Evaluate the appropriateness of accounting policies used and the reasonable ness of accounting estimates and related disclosures made by management.
-
Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
RESEARCH & DEVELOPMENT
BOARD OF DIRECTORS
60000 AVE
NEW DURHAM
- Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the standalone financial results of the company to express an opinion on the standalone financial results.
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Other Matters
The Standalone annual financial results include the results for the quarter ended March 31,2026 being the balancing figures between the audited figures in respect of full financial year and the published unaudited year to date figures up to the third quarter of the current financial year.
For Doogar & Associates
Chartered Accountants
Firm’s registration number: 000561N
Madhusudan Agarwal
Partner
Membership number: 086580
UDIN: 26086580DOYYXC3153
Place: New Delhi
Date: 25th May 2026
DOOGAR & ASSOCIATES
Chartered Accountants
Independent Auditors' Report on the quarterly and year to date Audited Consolidated Financial Results of the Company pursuant to Regulation 33 of SEBI (Listing obligations and disclosure Requirements) Regulations 2015, as amended
TO THE BOARD OF DIRECTORS OF
Poly Medicare Limited
Report on the Audit of Consolidated Financial Results
Opinion:
We have audited the accompanying Statement of Consolidated Financial Results of Poly Medicare Limited (“Holding”) and its subsidiaries (the Holding, its subsidiaries together referred to as “the group”) and its associate for the quarter and year ended 31st March 2026 (“the statement”), being submitted by the Holding pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015, as amended (Listing Regulations)
In our opinion and to the best of our information and according to the explanations given to us, and based on consideration of audited/ management certified financial statements of foreign subsidiaries and of associates, the aforesaid statement:
i. Include the financial results of the entities listed in Annexure-I
ii. is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended; and
iii. gives a true and fair view in conformity with the recognition and measurement principles laid down in Indian Accounting Standards (Ind AS 34) and other accounting principles generally accepted in India of the consolidated net profit (Including other comprehensive income) and other financial information of the Group and of associate for the quarter and year ended 31st March 2026.
Basis for Opinion
We conducted our audit of the consolidated financial statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group and its associate in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the independence requirements that are relevant to our audit of the consolidated financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the consolidated financial statements.
Management’s Responsibility for the Consolidated financial Statements
These Consolidated annual financial results have been prepared on the basis of the consolidated financial statements:
13, Community Centre, East of Kailash, New Delhi - 110065
E-mail: [email protected], [email protected], Website: www.doogar.com
Ph.: 011-46579759, 41051966, 47037656
Branches at: Mumbai and Agra
The Holding Company’s Management and Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to preparation of these consolidated financial statements that give a true and fair view of the consolidated financial position, consolidated financial performance, consolidated total comprehensive income, consolidated changes in equity and consolidated cash flows of the Group including its associate in accordance with the Ind AS and other accounting principles generally accepted in India. The respective Board of Directors of the companies included in the Group and of its associate are responsible for maintenance of the adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and its associate and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error which have been used for the purpose of preparation of the statement by the directors of Holding company as aforesaid.
In preparing the consolidated financial statements, the respective Board of Directors of the companies included in the Group and of its associate are responsible for assessing the ability of the group and of its associate to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group and of its associate are also responsible for overseeing the financial reporting process of the Group and of its associate.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company and its subsidiary companies which are companies incorporated in India, has adequate internal financial controls system in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management and Board of directors.
Conclude on the appropriateness of management’s and Board of directors use of the going concern
1
basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associate to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and its associate to cease to continue as a going concern.
-
Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
-
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group and its associate of which we are the independent auditors and whose financial information we have audited to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the audit of the financial statements of such entities included in the consolidated financial statements of which we are the independent auditor. For the other foreign subsidiaries and of associate included in the consolidated annual financial results, which have been audited by some other auditor /management certified, such other auditor and the management of the company/subsidiaries/ is responsible for the financial statements so consolidated. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in para “other matter” in the Audit Report.
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial statements.
We communicate with those charged with governance of the holding company and such other one entity included in the statement of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
We also performed procedures in accordance with the circular no. CIR/CFD/CMD/1/44/2019 dated 29 March 2019 issued by the SEBI under Regulation 33 (8) of Listing Regulations as amended to the extent applicable.
Other Matters
a) We did not audit the financial statements of one foreign subsidiary namely, Poly Medicare (Laiyang) Co. Ltd. whose financial statements reflect total assets of Rs.1268.25 lacs and total liabilities of Rs.193.18 lacs as at 31st March 2026 and total revenue of Rs. 287.35 lacs and Rs.1115.27 lacs, profit/ (loss) after tax of Rs. (120.81) lacs and Rs. (66.87) lacs for the quarter and year ended on that date respectively. These financial statements have been audited by other auditors situated outside India whose reports have been furnished to us and our opinion is based solely on the reports of the other auditors and the procedures performed by us as stated in para above “other matters”.
b) The Financial statements of one Associate namely Ultra For Medical Products (UMIC) Egypt in which the quarterly and yearly share of profit of the group is Rs. 170.90 lacs and Rs. 568.37 lacs for the quarter and year ended 31st March 2026 respectively have been audited by other auditors situated outside India whose reports have been furnished to us and our opinion is based solely on the reports of the other auditors.
c) The Financial Statement of one foreign subsidiary (as Consolidated) namely Poly Medicare BV Netherlands in which financial statements of Step Subsidiary Plan 1 Health SRL Italy, are consolidated and whose financial statement/information without elimination impact reflects total assets of Rs.8466.38 lacs and total liabilities of Rs. 3677.66 lacs as at 31st December 2025, and total revenue of Rs.3069.89 lacs and Rs.10748.90 lacs, Profit (loss) after tax of Rs. (757.34) lacs and Rs.693.25 lacs for the quarter and year ended on that date respectively as consolidated in the Consolidated financial statements. The financial statements of Plan 1 Health SRL Italy, have been audited by other auditor situated outside India and have been furnished to us by the management and consolidated in Poly Medicare BV Netherlands. Our opinion on consolidated financial statements in so far as it relates to the aforesaid step subsidiary is based solely on the basis of Audited financial statement as adjusted
The Financial Statement of one foreign subsidiary (as Consolidated) namely Poly Medicare BV Netherlands in which financial statements of Step Subsidiaries namely Poly Health Medical INC. US, Poly Health Limited UK, Risor Holding B.V. Netherlands (consolidated) and Medistream SA Switzerland (consolidated) are consolidated and whose consolidated financial statement/information (other than Plan 1 Health SRL Italy) without elimination impact reflects total assets of Rs.79475.56 lacs and total liabilities of Rs. 24428.78 lacs as at 31st March 2026, and total consolidated revenue of Rs.6788.57 lacs and Rs 11916.59 lacs, Profit (loss) after tax of Rs. (823.38) lacs and Rs. (2363.34) lacs for the quarter and year ended on that date respectively as consolidated in the Consolidated financial statements. These consolidated financial statements / financial information are unaudited and management certified and have been furnished to us by the management and our opinion on the consolidated financial statements in so far as it relates to the aforesaid subsidiary is based solely on the basis of management certified consolidated financial statement as adjusted suitably to give effect to adopt uniform accounting policies.
d) The Financial Statement of one wholly owned subsidiary company namely Polymed Brazil LTDA whose financial statements without elimination reflect total assets of Rs. 12.77 lacs and total liabilities of 1.57 lacs as at 31st March 2026, total revenue of Rs. Nil and Rs. Nil and total profit (loss) after tax of Rs. (11.88) and Rs. (24.62) lacs for quarter and year ended 31st March 2026 respectively have been consolidated in the consolidated financial statements. These financial statements / financial information are unaudited and management certified and have been furnished to us by the management and our opinion on the consolidated financial statements in so far as it relates to the aforesaid subsidiary is based solely on the basis of management certified financial statements as adjusted suitably to give effect to adopt uniform accounting policies.
In respect of subsidiaries/associate located outside India, the financial results and other financial information have been prepared in accordance with the accounting principles generally accepted in their respective countries. The holding company’s management has converted the financial results of such subsidiaries/associate located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India and made suitable adjustments to follow uniform accounting policies. We have audited the conversion adjustments including currency conversion in Indian Rupees made by the holding company’s management. Our opinion in so far as it relates to the balances and affair of such subsidiaries/ associate located outside India is based on the report of other auditor/management certified financial statements, and conversion adjustments including currency conversion prepared by the management of the holding company
Our Opinion on the Consolidated financial statements and our report on other legal and regulatory requirements is not modified in respect of the above matters with respect to our reliance on the financial statement/financial information as audited by other auditors situated outside India/certified by management and the procedures performed by us as stated above in para above other matters.
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e) The Hon’ble NCLT of Allahabad has approved the resolution plan submitted by the company for Himalayan Mineral Water Private Limited (Target Company) vide Order dated 12th August, 2025 as resolution applicant under Corporate Insolvency resolution process of Insolvency and Bankruptcy Code (IBC Code) 2016. The total amount (Including CIRP cost) to be paid by the company under resolution plan amounted to Rs.3,316 lacs. The company has deposited a sum of Rs.3,316 lacs with resolution professional and is being grouped as current financials assets and transfer of ownership in the target company and other acquisition formalities is pending as at the date of approval of quarterly / year ended 31st March, 2026 financial statements. Pending acquisition formalities, the consolidated financial statements do not include the financial results of target company. Our opinion is not modified in respect of this matter.
The Consolidated annual financial results includes the results for the quarter ended March 31,2026 being the balancing figures between the audited figures in respect of full financial year and the published unaudited year to date figures up to the third quarter of the current financial year.
For Doogar & Associates
Chartered Accountants
Firm’s registration number: 000561N
Madhusudan Agarwal
Partner
Membership number: 086580
UDIN: 26086580VYAYUV4319
Place: New Delhi
Date: 25th May 2026
Annexure 1
List of entities included in the consolidated financial statements for the year ended 31st March, 2026 are as under:
| Sr. No. | Name of the Company | Country of incorporation | Holding as on March 31, 2026 | Holding as on March 31, 2025 |
|---|---|---|---|---|
| Parent Company | ||||
| 1 | Poly Medicare Limited | |||
| Subsidiary | ||||
| 2 | Plan 1 Health India Private Limited^{(1)} | India | 100% | 100% |
| 3 | Poly Medicare (Laiyang) Company Limited^{(1)} | China | 100% | 100% |
| 4 | Poly Medicare B.V.^{(1)} | Netherlands | 100% | 100% |
| 5 | Polymed Brazil LTDA^{(1)} | Brazil | 100% | - |
| Step - subsidiary | ||||
| 6 | Plan 1 Health SRL^{(2)} | Italy | 100% | 100% |
| 7 | Risor Holding B.V.^{(2)} | Netherlands | 90% | - |
| 8 | Welling Medical B.V.^{(3)} | Netherlands | 100% | - |
| 9 | Pendracare Holding B.V.^{(3)} | Netherlands | 100% | - |
| 10 | Pendracare Vascular B.V.^{(4)} | Netherlands | 100% | - |
| 11 | Pendracare International B.V.^{(4)} | Netherlands | 100% | - |
| 12 | Medistream SA^{(2)} | Switzerland | 100% | - |
| 13 | Citieffe SRL^{(5)} | Italy | 100% | - |
| 14 | Citieffe Inc.^{(6)} | USA | 100% | - |
| 15 | Citieffe De.^{(6)} | Mexico | 100% | - |
| 16 | Poly Health Inc.^{(2)} | USA | 100% | 100% |
| 17 | Poly Health Limited^{(2)} | UK | 100% | 100% |
| Associate | ||||
| 18 | Ultra For Medical Products Company (Ultra Med) | Egypt | 23% | 23% |
(1) Wholly-owned subsidiary of Poly Medicare Limited
(2) Wholly-owned subsidiary of Poly Medicare B.V.
(3) Wholly-owned subsidiary of Risor Holding B.V.
(4) Wholly-owned subsidiary of Pendracare Holding B.V.
(5) Wholly-owned subsidiary of Medistream SA
(6) Wholly-owned subsidiary of Citieffe SRL
