Poly Medicure Ltd.

“Poly Medicure is a high-quality Indian medical consumables compounder with a 17% revenue CAGR, 22–26% ROCE, a near-debt-free balance sheet, and a long organic reinvestment runway in dialysis, PICC lines, and China+1 export share gains — but at 47x trailing P/E with negative FCF and decelerating TTM earnings, the current price fully discounts all upside and leaves virtually no margin of safety; the business deserves to be tracked and owned at the right price, not chased at this premium.”