The company’s international business contributed ₹1,280.2 crore in FY26, accounting for nearly 68% of the company’s total revenue of ₹1,875.3 crore. It expects the next phase of growth to be supported by two upcoming manufacturing facilities, a pipeline of more than 50 products, and a sharper focus on direct-market operations across key overseas geographies.
Poly Medicure launched 35 new products across domestic and international markets last year and expects to introduce over 50 new products over the next one to two years across critical care, cardiology, oncology and vascular access.
While the US and Europe currently account for about 35% of Poly Medicure’s export revenue, Baid believes the biggest opportunity lies in the emerging markets.
“The largest export potential for India would be the Global South,” he said. “We have the Middle East as an important market, Southeast Asia, Africa and then, also Latin America.”
The company, however, has not yet experienced any material benefit from the global supply chain diversification away from China.
“At present, Poly Medicure has not seen any measurable increase in enquiries or orders specifically attributable to the China-plus-one strategy,” he said.Baid said India had largely missed the first wave of manufacturing relocation. “Unfortunately, we have missed that first bus,” he said, noting that much of the initial shift went to countries such as Vietnam, Indonesia and Malaysia, where Chinese manufacturers themselves established production facilities.
However, he is of the view that the next phase could favour India as Europe seeks to diversify sourcing of medical devices. “Europe has started looking beyond China. And I think that opens a good opportunity.”
“Today, what has gone to Vietnam, Indonesia, or Thailand is mostly low-tech devices. India still has the potential to get high-tech and make high-tech products,” he added.
On the domestic front, Baid expects India to outpace exports over the next few years.
“India offers to be the most important market for us today in terms of growth strategy. In India, we aim to grow between 20-25% every year for the next four or five years. In exports, the growth should be between 15% and 20%, depending on how the market shapes out and how the situation changes over the next few months. But India will be a push-up compared to exports,” said Baid.
Poly Medicure has identified renal care, critical care (oncology and neonatology), and cardiology as its biggest growth drivers. In dialysis, the company expects local manufacturing to lower treatment costs and accelerate the shift towards single-use dialysers.
“The products were expensive because they were 100% import dependent. But with local manufacturing, the cost is coming down. We should all move to single use because these devices are meant for single use,” Baid said.
He said the company will continue evaluating inorganic opportunities where they help strengthen technology and regulatory capabilities.