Waya initiates coverage on Poly Medicure Ltd. with a BUY recommendation. Waya expects an upside of 25% in 1 year and sets a target price of ₹2,240.

Poly Medicure is one of India’s leading medical device companies, making products used in hospitals such as IV cannulas, infusion sets, blood bags, dialysis products and cardiology devices. The company exports to over 100 countries and is a key beneficiary of the global shift away from China and India’s “Make in India” push for medical devices.

PolyMed has strong financials with sales growing steadily over the last few years and operating margins of around 26–27%. Despite short-term export challenges in Europe, the domestic business continues to grow in high teens, and recent acquisitions in Europe have expanded its product range into cardiology and orthopaedics.

Waya believes Poly Medicure is well-placed for long-term growth, driven by rising healthcare demand, capacity expansion, import substitution opportunities and a gradual shift toward higher-margin medical devices.