Polymed bets big on newer markets, targets 40% revenue from India by 2030

Indian medtech major Polymed is amplifying its global play while reworking its India strategy. Despite the ongoing headwinds due to tariffs, the company continues to focus on the US, the world’s most lucrative medical devices market, even as it aims to raise India’s contribution to 40 per cent of revenue by 2030.

 Backed by a fresh ₹500-crore capital expenditure plan and a ₹250-crore acquisition fund, Polymed is placing its bets on three levers: innovation, import substitution, and direct global market access.

“The US remains a critical market for us. It is highly competitive but also offers the biggest growth opportunity. At the same time, we want India to account for a larger share of our revenues, driven by the government’s push for indigenous manufacturing and rising healthcare demand,” said Himanshu Baid, Managing Director, Polymed, in an interview with Business Today.

Currently, India contributes about 30 per cent of Polymed’s revenues, while exports across Europe, the Middle East, and Asia make up the bulk. By 2030, the company wants to strike a balance: a stronger domestic base complemented by deeper penetration into regulated markets such as the US.

Polymed will be investing about ₹500 crore in building capacity across Palwal, Haridwar, and Jaipur. The new capex plan will expand automation, strengthen R&D, and add specialised product lines. “Scale alone won’t cut it in medtech. We are building facilities that are not just larger, but smarter—with robotics, data analytics, and AI-enabled manufacturing,” Baid said.

In parallel, the company has set aside ₹250 crore for acquisitions, focusing on niche technologies that can fill gaps in its portfolio. Industry insiders say this is a significant move for an Indian medtech firm, which has traditionally relied on partnerships rather than buyouts.

India imports nearly 70–80 per cent of its medical devices, a gap Polymed wants to narrow. “We are designing products that are alternatives to imports—not just cheaper, but meeting global quality standards,” Baid said. The company has over 300 global patents, for devices ranging from IV cannulas to advanced infusion therapy devices. Several of these are already in use in European hospitals, and Polymed is working to secure wider US approvals.

Polymed’s US strategy centres on expanding its direct presence, speeding up regulatory clearances, and increasing its share of the world’s largest medtech market. Europe remains strong, with Germany and Italy as key anchors, while Asia and Africa continue to offer growth opportunities.

 “The US will continue to be our top priority globally. But we don’t want to lose sight of emerging regions where demand is rising and competition is relatively less intense,” Baid said. The company’s dual strategy of global expansion alongside a stronger domestic push aligns with India’s ambition to emerge as a medtech hub. The next phase, Baid said, is about balancing a stronger India presence, a bigger share in the , and a sharper focus on innovation.

In FY25, the company’s consolidated revenue was ₹17,59 crore, with exports accounting for nearly two-thirds of the revenue, with 24% growth in exports and 18.6% growth in the domestic market. Consolidated revenue rose by 21.4%. Consolidated EBITDA grew by 26.6% and profit after tax by 31.1%, with the EBITDA margin at 27.1%, an expansion of 113 basis points compared to FY24. As of 30 June 2025, liquidity stood at ₹1,248 crore.