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Disclaimer -.:.JPOLYMED This presentation has been prepared by Poly Medicure Limited (the "Company"), content of which was compiled from sources believed to be reliable for informational purposes only and are based on information regarding the Company and the economic, regulatory, market and other conditions as in effect on the date hereof. Subsequent developments may impact the information contained in this presentation, which neither the Company nor its advisors or representatives are under an obligation to update, revise or affirm. Contents in the Presentation do not constitute or form part of an offer or invitation for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities, nor shall it or any part of it form the basis of or be relied on in connection with any contract, commitment or investment decision in relation thereto in India, the United States or any other jurisdiction. Prospective and existing investors should make their own evaluation of the Company as the information provided here does not purport to be all inclusive or to contain all of the information a prospective or existing investor may desire. Interested parties shall conduct their own due diligence and investigation on the information, before relying and acting thereon. Company makes no representation or warranty as to the accuracy or completeness of this information and shall not have any liability for any representations (expressed or implied) regarding information contained in, or for any omissions from, this information or any other written or oral communications transmitted to the recipient in the course of its evaluation of the Company. This presentation may contain certain "forward looking statements", which are based on certain assumptions and expectations of future events. Actual future performance, outcomes and results may differ materially from those expressed in forward looking statements as a result of a number of risks, uncertainties and assumptions. Though such forward looking statements are based on reasonable assumptions, it can give no assurance that such expectations will be met. Neither the Company nor any of its advisors or representatives assumes any responsibility to update forward-looking statements or to adapt them to future events or developments. 2
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Company Overview
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Polymed at a Glance -.:.JPOLYMED Largest* Listed Medical Devices Player in India I Largest Exporter of Medical Consumables PRODUCT PORTFOLIO Figs in Rs. Crs unless specified ■ ■ ■ ■ ,- ' ' .~ -~~ ' ~ ; f ~ •') i 1 Safety IV Cannula Pref~;~::tine ~;~~~ec:;~t r;~~e~:~!:~T~::k C~~:~!:~~~d End;~::sheal Fistula Cannula Nebullzer Mask : . ' '----------------------------------------------------------------------------------------------------' ' ' ' ' ' ' ' it', Dialysis Machine Dialyzer Blood Lines Hemodial ysis Peritoneal Fistula Needle Transducer Catheter Dialysis Set Protector 1 "----------------------------------------------------------------------------------------------------' DES IVL Hydrophilic Guidewire PTCA Balloon PTCA Balloon DEB Diagnostics Catheter Dilation Catheter SC Dilation Catheter NC 1 . ' '----------------------------------------------------------------------------------------------------' Peripherall y Inserted PICC Ports Safety Huber Arterial Catheter Central Venous Mini Mid Lines PICC Line with OTN Umbilical Catheter : Central Catheter Needle Catheters Kit ( 4,4.5,5 .5 Fr) 1 ,, ____________________________________________________________________________________________________ , ' ' , Joint Omero • '----------------------------------------------------------------------------------------------------' Xframe Xfix Knee, Elbow & Wrist Dolphix Eba One, Eba2, OT Rondo Atlas ACD Bag Multiple Blood Beg Leuko Depletion Filter Transfer Bag Umbilical Cord Bag Hemodr aw Bedside Filter , Bag 1 '----------------------------------------------------------------------------------------------------' *basis consolidated revenue for FY26 4 ~ . 15 Manufacturing ~ Plants Across 5 countries -3,400 Employee Base 225+ Medical Devices 1000+ 125+ Countries Distributors across India & Globally GEOGRAPHIC MIX 1,115 1,875 37% 39% 30% :ai%1 L------1 31% 31% FY2023 FY2026 ■ India ■ Europe ■ Row
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Polymed Flywheel Integrated business model serving customers globally Clinical Engagement • 60+ clinical experts; • 4,000+ annual customer engagement programs globally Distribution Network • 1000+ distributors globally; • Supplying across 125+ countries Sales & Marketing • ~550 direct-sales reps in India, US, Italy, and Mexico; • Expanding presence in other key markets 'IPOLYMED 5 -.:.JPOLYMED In-House Product R&D • 25-30 new product launches annually • 90+ R&D professionals Manufacturing, Packaging and Sterilization • 15 plants in 5 countries • Significant investment in backward integration, Automation and sterilization Strong Quality and Regulatory Capability • 200+ Quality & Regulatory professionals • Product registration in 100+ countries
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Diversified Segment and Geographic Mix Rising contribution from New Segments I Deepening Presence in the Indian Market Segmental Revenue Mix Figs in Rs. Crs unless specified Particulars lllllllllllllllll cAGR(23-26) Infusion Therapy Renal Others Total Operating Revenue Geographical Revenue Mix Particulars India Europe Row Total Operating Revenue # basis consolidated financial statements 771 76 269 1,115 FV23 351 335 430 1,115 925 94 356 1,376 1,012 151 507 1,670 997 187 691 1,875 9% 35% 37% 19% Figs in Rs. Crs unless specified ---CAGR(23-26) 418 454 504 1,376 486 558 626 1,670 582 597 696 1,875 6 18% 21% 17% 19% 24% 7% 69% -.:.JPOLYMED FY2023 PORTFOLIO MIX Towards Portfolio Diversification >> FY2026 ■ Infusion Therapy ■ Renal Care ■ Others 37% 10% 53%
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Global Leadership Amongst the largest IV cannula manufacturer First Indian Company to indigenously manufacture dialyzer Focused on products used in ICU, Neonatology and Oncology Entered cardiology in 2024 Launched DES in India in 2025 Initiated a 2000 patient clinical trial in India and Europe in 2025 Acquired Citieffe Over time to create a comprehensive portfolio Moving up the value Chain From essential consumables to advanced Medical Technologies 1997 INFUSION THERAPY I EXPANDING TAM CREATING LONG TERM VALUE 1997 2018 RENAL CARE 2000 Infusion Therapy & Transfusion Vascular access 2019 CRITICAL CARE 2018 Renal Care 2019 Critical Care 7 2024 CARDIOLOGY 2024 Cardiology 2025 Orthopaedics -.:.JPOLYMED 2025 ORTHOPAEDICS r r STRONGER PORTFOLIO GREATER IMPACT
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A 30-year compounding story- Growth Engine Just warming up Proven yesterday. Scaling today. Defining tomorrow. -.:.JPOLYMED G 0 0 --------• ------------------ • ------------------- --------►• • POLYMED 1.0 POLYMED 2.0 Foundation Inflection FY 1996-2020 FY 2021-2026 • IPO 1996 (~Rs 5.4 Cr)* • Compounding quietly on internal accruals ; • Built global leadership in Infusion Therapy 2000 2010 • • 2020 • Revenue Revenue Revenue 10 137 687 EBITDA EBITDA EBITDA 2 29 166 • First Institutional Raise • Multifold capacity expansion; • Incubated new segments such as Cardiology, Critical Care, and Orthopaedics -------------------------- • This was total IPO size which was to be paid in 2 instalments of Rs 2.5/per share on application and balance on allotment 8 2026 • Revenue 1,875 EBITDA 458 POLYMED 3.0 Ascent FY 2027 onwards • Unlocking value via organic & inorganic expansion; • Leverage tech for scaling high complexity verticals globally; • Deepen direct customer access • Strong Balance Sheet & Liquidity (Rs -839** Cr cash) * * as on Sep 30th 2026 2030 • Revenue 2x Figs in Rs. Crs unless specified
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Polymed 1.0 (1996 to 2020): Foundation Resiliently built a global medical device platform with equity infusion of ~INR 54mn* / ~25 years I Dedicated Focus I Bootstrapped From ~INR 5.4 Cr* IPO in 1996 built a globally competent infusion therapy platform I 1M Growth Funded by Internal Accruals .. .... Manufacturing Footprint Production Capacity ~1.0 Bn +63,000 sq m. Revenue (FY20) ~INR 687 cr 8 4 Plants Countries Units Annually Total Plant Area ~68% Infusion Therapy ~73% International Business -.:.JPOLYMED Profitability (FY20) -INR 166cr Op. EBITDA ~24.1% EBITDA Margin ~# O Amongst the Largest IV cannula manufacturer globally )II pt Indian company to indigenously manufacture dialyzers ~ I ) ~ ~ i 'r I Key I ~ "' , -· Products IV Cannula IV Sets Endotracheal Tubes Urine Collection Bag Transfer Bag Single Blood Bag Extension Lines Disinfecting Cap Key Events 2003 JV in Assiut, Egypt 2009 Manufacturing Plant in China 2016 R&D Center 2019 Plan1 Health Acquisition • This was total IPO size which was to be paid in 2 instalments of Rs 2.5/per share on application and balance on allotment 9
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Polymed 2.0 (2021 to 2026): Inflection -.:.JPOLYMED The inflection: capital, capacity, categories, countries - all scaling in parallel ( f INR 14 Bn Institutional Equity Raised I Portfolio Expansion Growth Capital utilized towards capacity expansion, deeper penetration in Renal & Critical Care, alongside venturing into Cardiology & Orthopaedics Manufacturing Footprint 15 5 Plants Countries I . . ·-· .. t' ' - . .,, .... ~ .. . - ~ PTCABalloon Central Venous Catheters .. .... From Capital to Compounding Production Capacity -1.9 Bn +95,000 sq m. Revenue (FY2&)-INR 1,875 cr -53% Units Annually Total Plant Area Infusion Therapy / New ,. Products ➔ DES PICC Ports Arterial Catheter -69% International Business ' . DEB ( \ Profitability (FY26) ~INR458cr Op. EBITDA ~ Guiding Catheter -24.4% EBITDA Margin Dialysis Machine PendraCare & Citieffe Acquisition I Key Events 2021 QIP: -INR 400 Cr 2024 QIP: INR 1000 Cr 2025 Initiated 3 New Plant construction I 2026 Medyneo (Brazil) Acquisition I 2,000 patient trial of DES Haridwar Plant operationalization 10
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Polymed 3.0 (2027 onwards): Ascent The next chapter isn't incremental - it's exponential! -.:.JPOLYMED 2.0x Revenue I Industry-leading margins I Globalization of the Business Model Climb the Tech Ladder • Double R&D spend • Globalize high-complexity verticals - cardiology & critical care • Greater focus on clinical led engagement with end-stakeholders Deepen Market Presence • 30+ new products under registration in Europe • Deepen clinical engagement • Import-substitution for newer India segments • 100+ new sales associates annually • Strengthen Leadership USA Market Expansion • 15 approvals obtained, 10+ more in the pipeline • GPO contracts signed across multiple accounts • Launch new hi-tech products Business Expansion @" • 2 upcoming plants ~ - • Infrastructure set for the next 3-5 years of ~ growth ~---. .. _ • 2~0 new products launches annually ~. ····: ..... _. . . ... . =:t. - ::l • 11 M&A Integration • Replicate the P1 H playbook for PendraCare and Citieffe • Leveraging product & customer strengths • Collaborate R&D & compounding production capabilities Go-Direct Strategy • Organic & inorganic expansion - Brazil, SEA, Europe • Leverage existing customer relationships • New products registration
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Plan1 Health - Oncology focused Platform in Europe Since 1995 I Italy I Acquired 100.0o/o in 2019 I EV ~Euro 4.2 Mn D WHATWEACQUIRED? ■ Integrated developer & seller of long-term infusion devices , oncology products and an innovative pain-control device; ■ Specialist in long-term implantables ■ A "made in Europe" critical care brand in oncology segment fJ WHY WE ACQUIRED? ■ Entry into Critical Care segment ■ Access to clinical data and technology • Regulatory & technical advantage in developed markets: ✓ EN ISO 13485:2003 certified; ✓ Products compliant with EU MDR & CE; ✓ ISO Class 7 Clean Room ✓ Many devices classified as Class Ill Medical Devices • Competent position • Sole approved supplier for one of the largest OEM for Class Ill implants; • Global distributor network -.:.JPOLYMED EJ SYNERGIES REALISED 2.2x REVENUE 2022 ■ Revenue 6.4x EBITDA Euro Million 2024 +890BPS MARGIN 10.5 2025 .... EBITDAo/o How we acted? - 5 repeatable plays Accelerated product Leveraged India launches manufacturing to reduce cost Invested in enhancing direct sales capabilities 12 Widened distribution reach Collaborated on R&D and marketing
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PendraCare Group - Unique Cardiology Catheter Platform Since 2011 I Netherlands I Acquired 90.0% in 2025 I EV: Euro 18.8 Mn ~·~ 50+ ■•■ C . ,.,, ountnes ••• 50+ ,_,. Distributors II 1,150 m2 Cleanroom 3,800 m2 3 Leased Facilities -.:.JPOLYMED A! 1.5M+ ¥w Capacity/year ·11·· 65+ I I Employees A Unique & One of the few independent big players in lnterventional Cardiology Catheter business. 0 ACQUISITION RATIONALE • Long term relationships with leading global OEMs; ■ Patented product portfolio ■ Financial Overview (CY2025): -Revenue: ~Euro 8.2 Mn; -Gross Profit: ~Euro 6.3 Mn Product Mix CY2025 ■ Guiding Catheter Diagnostic Catheter ■ Other Op. revenue • Strategic fitment to grow Cardiology biz globally GROWTH DRIVERS Product registration in 60+ countries including Europe and US ✓ Expanding distribution network ✓ New lease signed for consolidating operations (-2,300m 2); transition expected in CY 2028 ✓ Identifying new COMO projects 13 • ISO 13485& FDA Approved manufacturing •. • Strong distribution ,_._ network & relationship with 2 large OEMs SYNERGIES EXPECTED ✓ Integration of supply chain and procurement ✓ Collaborating on R&D; ✓ Leveraging distribution network ✓ Deepening global penetration in Cardiology
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Citieffe - Fully integrated supplier of high-quality Trauma Implants Since 1962I Italy I Acquired 100.0o/o in 20251 EV -Euro 31.0 Mn -.:.JPOLYMED ~·""" 30+ ••■ Countries ,., 25+ Distributors A fully Integrated developer, manufacturer, and distributor in Trauma and Extremity space. ■ Rank 2 (In Italy & Mexico) with ~12.0%+ market share. ■ Key Products: Internal/External Fixators, Instruments, Navigation Systems, etc. ■ Low customer complaint rate of <0.001% ■ Financial Overview (CY2025): -Revenue: ~Euro 17.7 Mn; -Gross Profit: ~Euro 16.6 Mn Sales Mix CY2025 45% ■ Europe USA ■ Row -~ 45 Patents GIIIID 2,100 m2 2 manufacturing facilities 85.0o/o+ Sales from countries with direct presence ·11·· 90+ I I Employees R&D (5) & KOL (50+) ACQUISITION RATIONALE Access to fastest ~·""" growing Trauma & ■ • ■ Extremity (within the ,w, large Orthopaedics) market GROWTH DRIVERS MDR clearance ; products registered with FDA US, LATAM, and 25+ countries ✓ Strategic expansion in US, largest Orthopaedics market with prices 4-5x of Europe; ✓ Plan to add Plates to the product portfolio, doubling the TAM; ✓ Maximize value from existing product families ✓ Unlock full market penetration potential 14 ISO 9001, ISO 13485&FDA certified manufacturing Unique navigation software for nailing systems e SYNERGIES EXPECTED ✓ Deeper penetration in US and Europe; ✓ Product portfolio expansion ✓ Collaboration on R&D; ✓ Manufacturing & Procurement cost savings
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Robust Financial Performance -.:.JPOLYMED Revenue from operations (INR Cr) Gross Profit (INR Cr) Q Margino/o 19% -------- 1,670 1,875 1,376 1,115 --------s 8 893 22.o/o 8 1,114 8 1,278 709 FV23 FY24 FY25 FV26 FV23 FY24 FY25 FV26 Operating EBITDA (INR Cr) PAT (INR Cr) -------- 2.0% s s 361 s 459 8 458 -------- 21% s s 258 8 339 8 321 267 179 FV23 FY24 FY25 FV26 FY23 FY24 FY25 FV26 -INR 839* Crs. in Cash & Cash Equivalents - Reserve allocated for strategic initiatives # basis consolidated financial statements * as on Sep 30th 2026 15
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Strong Promoters and Experienced Leadership Team Promoters Mr. Himanshu Baid (Managing Director) Co-founder of Poly Medicure, Mr. Baid has over 30 years of experience in the medical device industry and has been instrumental in the company's growth and innovation . He was honored with the EV Entrepreneur of the Year Award, 2024 in the Life Sciences and Healthcare sector . Mr. Rishi Baid (Joint Managing Director) Co-founder of Poly Medicure, Mr. Baid oversees operations and strategic initiatives, contributing significantly to the company 's expansion and product development with an experience of 28 years. Mr. Vishal Baid (Executive Director) Mr. Vishal Baid is responsible for overall Marketing and in charge of Manufacturing activities in Jaipur with an experience of 25 Years. Mr. Jugal Kishore Baid (Non-Executive Director) A founding member , Mr. Baid has played a pivotal role in establishing the company's foundation and continues to provide strategic guidance with an experience of 56 years. Experienced Leadership Team Mr. Alessandro Balboni (Non-Executive Non-Independent Director) Mr. Balboni brings international business experience, particularly in the European healthcare market, enhancing the company's global perspective with an experience of 23 years. Mr. Pankaj Kumar Gupta (Executive Director) Mr. Pankaj Kumar Gupta is an accomplished and result-driven Operations Leader with over 35 years of experience . Mr. lndranil Mukherjee (CEO -Asia Pacific & India Business) Mr. Indra nil Mukherjee brings 30+ years of medical technology experience across critical care, infusion, renal care, and vascular technologies. Former CEO, Translumina; MD, B. Braun India. Mr. Rahul Gautam (President- Strategy & Corporate Development) Mr. Rahul Gautam has 20+ years of experience in Corporate Strategy, M&A and Capital Markets. He has led M&A and fundraising deals exceeding US$8 billion . Mr. Naresh Vijayvergiya (Chief Financial Officer) Mr. Naresh Vijayvergiya is an accomplished finance executive with 35+ years of experience culminating in CFO and President-level roles, driving financial strategy in manufacturing and commodities sector . 16 -.:.JPOLYMED Mr. Sujit Gupta (Senior Vice President & Head International Business) Mr. Sujit Gupta has 26+ years of international sales experience, driving Poly Medicure 's global expansion through strategic partnerships , distribution networks, and export growth . Mr. Pascal Govi (CEO - Citieffe Group) Mr. Pascal Govi is a global medtech leader with 30+ years of experience, CEO of Citieffe since 2019 driving international growth . Mr. Sander Hartman (CEO - PendraCare) Mr. Sander Hartman is a seasoned medical device executive with 20+ years of global experience, currently serving as CEO of PendraCare International. Associated with PendraCare group since 2012. Mr. Renato Rocha (CEO - Polymed Brazil) Mr. Renato has 18+ years of experience in medical technology across project management, product marketing and commercial leadership . Ex: B.Braun, GE Healthcare Mr. Heyward Powe (Vice President, Sales & Business Development- North America) A senior medical device executive with over 27 years of experience in Vascular Access, Oncology, Cardiology, and Surgery.
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Robust Governance Framework Non-Executive Board Mr. Devendra Raj Mehta (Chairman, Non-Executive Non-Independent Director) A seasoned IAS officer and former Chairman of SEBI, Mr. Mehta brings extensive regulatory and governance experience to the board with an experience of 54 years. Mr. Vimal Bhandari (Non-Executive Independent Director) An experienced finance professional, Mr. Bhandari provides valuable insights into financial planning and risk management with an experience of 35 years across IL&FS, AEGON N.V & lndoStar Capital Finance Limited . Dr. Ambrish Mithal (Non-Executive Independent Director) A renowned endocrinologist, Dr. Mithal provides medical expertise, aligning the company's products with healthcare needs with an experience of 39 years. 17 -.:.JPOLYMED Mr. Vishal Gupta (Non-Executive Independent Director) Mr. Vishal Gupta is the Managing Director of Ashiana Housing Ltd., known for pioneering senior living and middle-income housing in India with an experience of 25 years. Ms. Sonal Mattoo (Non-Executive Independent Director) Ms. Mattoo specializes in human resources and organizational development, supporting the company 's talent management strategies with an experience of 29 years. Mr. Amit Khosla (Non-Executive Independent Director) With a strong background in law and corporate affairs, Mr. Khosla aids in ensuring compliance and ethical standards with an experience of 24 years.
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Awards & Accolades Mr Himanshu Said-Visionary Healthcare Entrepreneurship Award by AHPI =·- Excellence in Medical Technology Award by AHPI Bhamashah Award by Govt. of Rajasthan, Education Dept. Mr Rishi Baid- Healthcare Leader of the Year by India Health Next Awards Export Performance Award at iPHEX Mr Himanshu Baid, MD, Poly Medicure, EY Entrepreneur of the Year Award 2024 - Lifesciences & Healthcare Category Himanshu Baid, MD, Poly Medicure, Healthcare Icon/Leader of the Year 2025 by ET Healthcare Awards i ... Best CSR Initiative in Healthcare, Education & Social Welfare Award by Medgate Today Hurun India 2025 List of India's 500 Most Valuable Companies 18 Himanshu Baid, MD, Poly Medicure Healthcare Entrepreneur of the Year 2025 by Financial Express Medical Devices Provider of the Year 2025 by Financial Express Excellence in Medical Equipment Innovation by India Health Next Awards -.:.JPOLYMED Service Provider of the Year - Medical Devices Award by ET Leading Brand in Medical Devices by Elets Innovative Health Technology Provider of the Year by ET Rajasthan Business Awards
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Financial Results & Key Updates - Q2 & Hl FY27
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Key Updates Financial Highlights Product Launches & R&D ESG ■ Medyneo (Subsidiary in Brazil) operationalisation on track; first shipment dispatched in October • Established a direct UK presence to capture opportunities under the India-UK FTA -.:.JPOLYMED ■ Clinical deployment is improving month on month: DES -1 SK units (Oct 2026),lntravascular Lithotripsy (IVL) Machine launched ■ PACIFIER DES clinical registry (2,000 patients): 1, 150+ patients enrolled; full enrolment targeted by end FY27 ■ Cumulative dialysis machines sold till date -1 ,250 units • -30 new customers added across our key geographies ■ ■ ■ ■ ■ ■ ■ ■ Consolidated Q2 FY27 revenue growth 30.8% Y-o-Y (H1 FY27: 30.6%); Domestic revenue growth 22.0% (H1: 19.3%) and International revenue grew by 35.0% (H1: 35.8%) Y-o-Y Q2 FY27 organic revenue growth (ex-acquisition) 16.3% Y-o-Y (H1 FY27: 14.4%); organic International revenue grew by 13.6% (H1: 12.1%) Y-o-Y Standalone export business performance continues to gain traction with Y-o-Y growth of 14.7% in Q2 vs 10.1% growth in Q1 Europe delivered strong organic growth of 39.6% YoY in Q2 FY27, (H1 FY27: 28.6%) Q2 FY27 Standalone Operating EBITDA margin at 27.4% (H1 FY27: 27.7%), above the 25%-27% guidance range; Q2 FY27 Consolidated Operating EBITDA margin at 24.0% (H1 FY27: 24.0%) within the guidance of 23-25% Adequate liquidity of Rs 839.1 Crs as at 30th Sep, 2026 12 new products launched till date in FY27 R&D team strength of 90+ across India, Italy and Netherlands ■ Approximately -25.4% of total energy consumption sourced from renewable energy ■ Achieved 7.7x growth in the solar power generation compared to baseline Q2 FY25 ■ Recently received "Excellence in Medical Technology" by Association of Healthcare Providers ■ Poly Medicure awarded "Service Provider of the Year-Medical Devices" by ET India 21
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Q2 FY27 H1 FY27 Standalone Financial Performance Summary Q2 & H1 FY27 Revenue ___ _, 17.2% .---~ 488.3 416.5 I I Q2FY26 '--- ~~~~~ --: Revenue ___ , 14.8% ,__ __ i 919.4 800.6 H1 FY26 H1 FY27 1 Excludes Other Income Gross Profit ~--- 1 15.8% f---~ 290.5 Q2FY26 336.3 I I Q2FY27 ' ~----------- I Gross Profit 110.1% 1 I 18.7% ,__ __ -----i ----- 644.6 552.4 H1 FY26 H1 FY27 22 -., IPOLYMED Figs in Rs. Crs unless specified I Margin,% I Operating EBITDA 1 ~------i 20.3% t---~ i ,------------ 133.9 111.3 Q2FV26 Q2FV27 ~----------- Operating EBITDA 1 -----< 19.8% --- i 254.8 212.6 H1 FY26 H1 FY27
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Q2 FY27 H1 FY27 Consolidated Financial Performance Summary Q2 & H1 FY27 -., IPOLYMED Figs in Rs. Crs unless specified Revenue Gross Profit Operating EBITDA 1 ____ , 32.0% >---- ~------i 20.1% ..__ _~ i ------------, 580.5 406.9 139.1 443.9 308.2 115.8 .----- 1-;6- 442.3 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Revenue Gross Profit Operating EBITDA 1 __ _, 30.6% --- i ,------------I 847.1 I 35.7% --- i ,--- --- --- - - - I 792.5 --- 19.2% --- i 265.7 584.2 222.9 1-.6 845.5 H1 FY26 H1 FY27 H1 FY26 H1 FY27 H1 FY26 H1 FY27 I ------------ 1 Excludes Other Income 23
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Financial Performance Analysis
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Figs in Rs. Crs unless specified Standalone Financial Performance Summary Particulars Revenue from Operations -Domestic - International - Other Operating revenue Cost of Goods Sold Gross Profit Gross Profit % Employee Benefit Expenses R&D Expenses Other Expenses Total Expenses Operating EBITDA EB/TOA% Other Income Depreciation Finance Cost PBT Tax PAT PAT% EPS- Basic (Rs) EPS- Diluted (Rs) Re- classification has been done wherever necessary Q2FY27 488.3 171.8 313.1 3.3 152.0 336.3 68.9% 95.7 8.4 98.4 354.4 133.9 27.4% 20.4 27.3 4.0 123.1 31.1 92.0 18.1% 9.1 9.1 Q2 FY26 416.5 140.9 272.9 2.8 126.1 290.5 69.7% 81.8 8.8 88 .5 305.2 111.3 26.7% 33.7 24 .3 2.8 118.0 29.0 89.1 19.8% 8.8 8.8 25 YoY Growth o/o 17.2% 22.0% 14.7% 18.4% 20.5% 15.8% (85 bps) 16.9% (4.5%) 11 .1% 16.1% 20.3% 69bps (39.4%) 12.3% 43.6% 4.3% 7 .2% 3.3% (169bps) 3.3% 3.3% H1 FY27 919.4 317.8 595.0 6.6 274.8 644.6 70.1% 184.6 16.2 189.1 664.6 254.8 27.7% 49.1 53.7 8.4 241.7 61.6 180.1 18.6% 17.8 17.8 -.:.JPOLYMED H1 FY26 YoY Growth o/o 800.6 14.8% 266.5 19.3% 528.8 12.5% 5.2 26.4% 248.1 10.7% 552.4 16.7% 69.0% 111 bps 151.0 22.2% 16.0 1.4% 172 .7 9.4% 587.9 13.0% 212.6 19.8% 26.6% 115 bps 75 .2 (34 .8%) 47.2 13.8% 5.6 49.7% 235.1 2.8% 58.1 6.0% 177.0 1.8% 20.2% (161 bps) 17.5 1. 7% 17.5 1. 7%
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Figs in Rs. Crs unless specified Consolidated Financial Performance Summary Particulars Revenue from Operations -Domestic - International - Other Operating revenue Cost of Goods Sold Gross Profit Gross Profit % Employee Benefit Expenses R&D Expenses Other Expenses Total Expenses Share of profit of an associate Operating EBITDA EB/TOA% Other Income Depreciation Finance Cost PBT before exceptional item and tax Exceptional items* PBT Tax PAT PAT% EPS- Basic (Rs) EPS- Diluted (Rs) Q2 FY27 580.5 171.8 405.3 3.3 173.6 406.9 70.1% 130 .4 8.4 130.6 443.0 1.5 139.1 24.0% 19.0 35.0 7.1 115.9 9.6 125.5 30.3 95.1 15.9% 9.4 9.4 Q2 FY26 YoY Growth o/o 443.9 30.8% 140.9 22.0% 300.3 35.0% 2.8 18.4% 135.7 28.0% 308.2 32.0% 69.4% 65bps 87 .8 48 .6% 8.8 (4.6%) 96 .9 34.8% 329.1 34.6% 1.0 57.2% 115.8 20.1% 26.1% (212 bps) 33.9 (44.0%) 25 .0 39.9% 3.0 140.5% 121.7 (4.8%) 0.0 121.7 3.1% 29 .9 1.5% 91.8 3.6% 19.2% (334bps) 9.1 3.6% 9.1 3.5% H1 FY27 1,105.9 317.8 781.5 6.6 313.4 792.5 71.7% 257.3 16.3 256.3 843.2 3.1 265.7 24.0% 52.4 71.3 13.7 233.2 9.6 242.8 62.4 180.4 15.6% 17.9 17.9 * Recognition of gain due to reversal of liability for conti ngent consideration with respect to acquisition of PendraCare Group due to non-achievement of agreed milestone Re- classificat ion has been done wherever necessary 26 -.:.JPOLYMED H1 FY26 YoY Growth o/o 847.1 30.6% 266.5 19.3% 575.4 35.8% 5.2 26.4% 262.9 19.2% 584.2 35.7% 69.0% 270bps 162 .2 58.7% 16.0 1.3% 185 .4 38 .3% 626.5 34.6% 2.3 34.1% 222.9 19.2% 26.3% (229bps) 76.1 (31.1%) 48.4 47.3% 5.9 130 .5% 244.6 (4.7%) 0.0 244.6 (0.8%) 59.8 4.4% 184.9 (2.4%) 20.0% (445 bps) 18.2 (2.1 %) 18.2 (2.1%)
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Consolidated Sales Performance Analysis (112) Particulars Domestic International Other Operating Revenue Total Operating Revenue Geographical Revenue Mix India Europe Row Other Operating Revenue Total Operating Revenue Q2 FY27 171.8 405.3 3.3 580.5 171.8 214.8 190.5 3.3 580.5 Consolidated Q2 FY26 140.9 300.3 2.8 443.9 140.9 132.8 167.4 2.8 443.9 Revenue Mix- Domestic & International 70% 68% 66% Q2FY27 ________ , Q2FY26 Q2 FY27 {Organic) ■ Domestic Revenue ■ International Revenue Note : Q2 FY26 includes the consolidation of PendraCare's revenue of Rs.1.6 Cr, effective 23rd September 2025 27 VoYGrowth % 22.0% 35.0% 18.4% 30.8% 22.0% 61.7% 13.8% 18.4% 30.8% Q2 FY27 171.8 339.2 3.3 514.4 171.8 183.2 156.0 3.3 514.4 -., IPOLYMED Figs in Rs. Crs unless specified Organic YoYGrowth % 22.0% 13.6% 18.4% 16.3% 22.0% 39.6% (6.8%) 18.4% 16.3% Geographical Segment 33% 37% Q2FY27 ■ India 38% 30% Q2FY26 ■ Europe 31% 36% Q2 FY27 {Organic) ■ Row
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Consolidated Sales Performance Analysis (212) Particulars Domestic International Other Operating Revenue Total Operating Revenue Geographical Revenue Mix India Europe Row Other Operating Revenue Total Operating Revenue H1 FY27 317.8 781.5 6.6 1,105 .9 317.8 402.2 379.3 6.6 1,105.9 Consolidated H1 FY26 266 .5 575.4 5.2 847.1 266 .5 263 .2 312 .3 5.2 847.1 Revenue Mix- Domestic & International 71% 68% 67% -H1 FY27 H1 FY26 H1 FY27 (Organic) ■ Domestic Revenue ■ International Revenue Note : H1 FY26 includes the consolidation of PendraCare's revenue of Rs.1.6 Cr, effective 23rd September 2025 28 YoYGrowtho/o 19.3% 35.8% 26 .4% 30.6% 19.3% 52.8% 21 .5% 26 .4% 30.6% H1 FY27 317.8 643.1 6.6 967.5 317.8 336.4 306.7 6.6 967.5 -., IPOLYMED Figs in Rs. Crs unless specified Organic YoYGrowtho/o 19.3% 12.1% 26.4% 14.4% 19.3% 28.6% (1.8%) 26.4% 14.4% Geographical Segment 35% 37% H1 FY27 ■ India 37% 31% H1 FY26 ■ Europe 32% 35% H1 FY27 (Organic) ■ Row
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Segment Wise Sales Performance Analysis -., IPOLYMED Particulars Infusion Therapy Orthopaedics Renal Cardiology Others Other Operating Revenue Total Operating Revenue Infusion Therapy Q2 FY27 283 .7 42.7 50.6 27.0 173.2 3.3 580.5 Q2 FY26 254.1 42 .3 6.7 138.0 2.8 443.9 ■ Domestic business grew 22.7% in Q2 (21.8% in H1 ); international business gained strength despite geopolitical challenges Orthopaedics ■ Reflects the consolidation of revenue of Citieffe Renal ■ Revenue grew 19.6% in Q2 (7.5% in H1 ), despite facing continuous dumping from China; sequential revenue growth of 17.1% in Q2 Cardiology ■ Revenue rose to Rs 55.6 crore (H1 FY27) from Rs 9.6 crore, driven by the impact of consolidation of revenue due to PendraCare acquisition Consolidated YoYGrowth % 11. 7% NA 19.6% 300 .8% 25.5% 18.4% 30.8% H1 FY27 541.6 91.9 93.8 55.6 316.5 6.6 1,105.9 H1 FY26 487.4 87.2 9.6 257.6 5.2 847.1 Figs in Rs. Crs unless specified YoYGrowth% 11.1% NA 7.5% 478.5% 22.8% 26.4% 30.6% Revenue mix broadens: segments beyond Infusion now drive 51 % of revenue, up from 42% Segment share of revenue (excl. export incentive) 49.3% 57.9% 1.1% 5.1 % 8.4% H1 FY26 H1 FY27 ■ Infusion ■ Orthopaedics ■ Renal ■ Cardiology ■ Others 29
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Figs in Rs. Crs unless specified Balance Sheet Summary and Working Capital Analysis -., IPOLYMED Consolidated Particulars As at Sep 30, 2026 As at March 31, 2026 Total Shareholders Funds 3,307.7 3,149.2 Equity Share Capital 50.7 50.7 Other Equity 3,214.7 3,055.5 Non Controlling Interest 42.3 43.1 Total Debt 377.1 341.6 Long Term Borrowings 39.1 52.1 Short Term Borrowings 338.0 289.5 Other Non-Current Liabilities 167 .7 148.6 Total Sources of Funds 3,852.4 3,639.4 Net Fixed Assets Incl. CWIP 1,491.1 1,353.6 Intangible Assets including under 164.2 165.3 development Goodwill 315.7 313.7 Other Non-Current Assets 151.2 147.0 Cash & Cash Equivalents* 839.1 839.5 Current Assets 1,193.9 1,099.4 Less: Current Liabilities (302.8) (279.2) Net Current Assets 891.1 820.2 Total Assets 3,852.4 3,639.4 *Includes Investments, Other Bank balances and Bank deposits (both current & non-current) Figs in Rs. Crs unless specified Particulars Debtors Inventory Creditors Cash Conversion Days** Debtor Days Inventory Days Creditor Days Cash Conversion Cycle As at Sep 30, 2026 559 512 133 84 73 21 136 ** Calculated based on TTM consolidated revenue As at Mar 31, 2026 531 434 123 86 70 20 135 The Balance Sheet have been regrouped and reclass ified tor analytical and presentation purposes and may differ from the format prescribed under applicable Indian Accounting Standards (Ind AS) 30
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Figs in Rs. Crs unless specified Cash Flow Summary Particulars EBITDA Other operating income an d non cash expense Tax Paid Operating Cash Flow befo Investment in Working Ca Changes in Inventory Changes in Debtors Changes in Payables re WC Changes pital Other WC Changes Operating Cash Flows Investments Capex Proceeds from Sale of Fixe Acquisition of Subsidiary* Dividend/Governing share d Assets received Interest Income Total Investing Cash Flow Financing Cash Flows Change in Borrowings Repayment of Lease Liabil Dividend Paid (including u s ities and Interest thereon nclaimed dividend transferred) Finance Cost s Total Financing Cash Flow Net Cash Flow Generated Unrealized gain on mutual fund Opening Cash Closing Cash *Payment of Conside ration for acquisition of Medyneo H1 FY27 265.7 36.2 (49.7) 252.3 (78.3) (39.7) 10.9 (36.1) 109.1 (124.3) 0.5 (0.3) 1.4 1.7 (121.1) 34.6 (5.7) (35.5) (10.8) (17.3) (29.3) 27.5 841.0 839.1 I The Cash Flow Statement have been regrouped and reclassified for analytical and presentation purposes and may differ from the format prescribed under applicable Indian Accounting Standards (Ind AS) 31 -.:.JPOLYMED
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Shareholding Pattern as on 30th Sep 2026 Bodies Corporate, \ 2.99% Any Other, 0.16% Insurance Companies, 2.33% ~ Sr. No 1 2 3 4 5 6 7 8 9 10 32 -.:.JPOLYMED Top 10 Institutional Shareholders Name % Shareholding Quant Mutual Fund 4.6% Lighthouse 2.3% Axis Max Life Insurance 2.1 o/o UTI Asset Management 1.9% Vanguard 1.4% Carnelian Asset Advisors Pvt Ltd 1.3% HSBC 1.2% SBI Mutual Fund 1.2% Whiteoak Capital 1.2% BlackRock 0.7%
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Thank You For any investor related queries reach us at: Apoorv.Rastogi@polymedicure.com