Medical Device Stocks and Companies in India

The largest Medical Device stocks in India by market value are Poly Medicure (₹16,342 crore), Tarsons Products (₹1,686 crore) and Laxmi Dental (₹1,081 crore), at prices of 6 Nov 2026.

• Poly Medicure: ₹1,612.30 | market value ₹16,342 crore | P/E 51.1
• Tarsons Products: ₹316.95 | market value ₹1,686 crore | P/E 142.7
• Laxmi Dental: ₹196.42 | market value ₹1,081 crore | P/E 31.1
• Hemant Surgical Industries: ₹628.65 | market value ₹914 crore | P/E 54.0
• Vasa Denticity: ₹447 | market value ₹775 crore | P/E 66.8
• Prevest Denpro: ₹425 (price from the week of 8 Mar 2026) | market value ₹510 crore | P/E 24.8

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 6 Nov 2026; the score list below uses the weekly figures.

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 30 Oct 2026.

All 6 listed Indian Medical Equipment companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Medical Equipment index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. Every figure is equal-weighted across those companies and carries its own as-of date.

1. Poly Medicure Ltd₹14,700 cr
2. Tarsons Products Ltd₹1,550 cr
3. Laxmi Dental Ltd₹977 cr
4. Hemant Surgical Industries Ltd₹916 cr
5. Vasa Denticity Ltd₹754 cr
6. Prevest Denpro Ltd₹510 cr

6 Medical Device companies in the Medical Equipment industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 6 are listed below, largest first. The largest is Poly Medicure (₹14,692 crore) and the smallest with a market value is Prevest Denpro.

Download all 6 Medical Device companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 4% ahead of NIFTY 500. Earnings across its companies fell 26% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 11 weeks running.

1 of 6 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Ahead of NIFTY 500 on the three-month view for 11 weeks running; 3 of the 6 companies in the industry index above their 200-day average (1 fewer than four weeks earlier); 1 of those 6 pass the momentum test (1 fewer than four weeks earlier); earnings rising at 3 of the 6 that report earnings.

Participation is shrinking, 2 → 1 of 6 over four weeks, after being ahead of NIFTY 500. Earnings mixed, 3 of 6 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of its 6 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

Medical Equipment has done better than the NIFTY 500 by 5.1% over the last 52 weeks. Over 13 weeks the gap is a lead of 13.8%. Poly Medicure Ltd is the strongest against the sector itself at −19.9%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 75.9 as of 30 October 2026 (narrowing, rising).

Medical Equipment has done better than the NIFTY 500 by 5.1% over 52 weeks and by 13.8% over 13 weeks. 1 of 6 companies we track is beating the NIFTY on relative strength (how a share price has done against the index over recent months) (1 has no relative-strength reading yet).

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Laxmi Dental Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 63.6% evidence confidence.

Ranked last: too little evidence (2 companies)

Under 60% of the evidence behind these scores is available, so they rank after every company above, whatever the score.

Tarsons Products Ltd has the strongest one-year price move in Medical Equipment at +0.7%. Hemant Surgical Industries Ltd leads on relative strength against the NIFTY, at +67.5%. 2 of 6 companies we track are ahead of the index on that measure (1 has no relative-strength reading yet). Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Medical Equipment itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

The near-term caution flag: quarterly operating margin has slid from 24.88% (2024-03) to 17.99% (2026-03) and quarterly profit rolled over (₹121cr 2025-03 → ₹85cr 2025-12 → ₹93cr 2026-03), so margins are compressing even as the annual profit curve looks strong. Underneath, the aggregate is skewed: POLYMED alone is 160% of the 3-year Δprofit while TARSONS DRAGGED it by −98%, a franchise leader carrying a laggard, and the annual level is partly a reporter-count composition shift (5→6 reporters, flagged). In the week of 13 July 2026, 40% of 5 Medical Equipment companies were beating the Nifty 500, against 0% on 2 March 2026.

From our industry review of 19 July 2026. A newer review (10 October 2026) did not cover Medical Equipment, so this is the latest we have.

5 of 6 Medical Equipment companies held a results call for April to June 2026. Tarsons Products guided: Q2 gross margin 65%-67%, with full recovery not yet achieved.

From the results calls for April to June 2026.

Big funds, foreign and Indian, raised their stake by 0.9 points over the last two quarters. Founders and promoters cut theirs by 1.1 points.

• Spending on new plants and equipment was ₹440 crore in the last 12 months, 69% less than a year before.
• Projects still being built shrank 26% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 6 Medical Equipment companies, in percentage points.

Ownership and spending as of 10 October 2026.

This is the written read behind the Medical Equipment figures above: what is actually happening in the industry, in words, with the evidence each claim rests on. It is dated 29 Jul 2026, so the words are older than the numbers. 5 themes are live here.

The Medical Equipment sector analysis for the week ending 17 July 2026 covers 1 constituent, Hemant Surgical Industries Ltd (543916). The demand environment is classified as STRONG based on constituent reporting. Revenue growth was significant, with 543916 reporting a 195% YoY increase to ₹170 Crore. Profitability also expanded, with PAT rising 161% YoY to ₹12.8 Crore.

How old this read is: OLD: this read comes from our Medical Equipment sector brief dated 29 Jul 2026, about 3 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs.

What is live in this sector right now

Sources: our Medical Equipment sector brief, 29 Jul 2026.

Poly Medicure Ltd has the highest Revenue among the 6 Medical Equipment companies compared here, at ₹1,998 crore. Tarsons Products Ltd is next at ₹441 crore. Hemant Surgical Industries Ltd has the highest Revenue growth at 57.2%, so level and change sit with different companies. 6 of 6 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Poly Medicure Ltd is the largest at ₹1,998 crore, 352.7% ahead of Tarsons Products Ltd. Hemant Surgical Industries Ltd's growth is 57.2% from a ₹338 crore base, with 8 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Poly Medicure Ltd is the size to compare against; Hemant Surgical Industries Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

This conclusion weakens if: Poly Medicure Ltd's growth falls below Hemant Surgical Industries Ltd's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

Prevest Denpro Ltd has the highest OPM among the 6 Medical Equipment companies compared here, at 33.9%. Tarsons Products Ltd is next at 23.6%. Vasa Denticity Ltd has the highest Margin change at +1.1 percentage points, so level and change sit with different companies. 6 of 6 companies report a comparable reading, the latest through Dec 2025.

What the numbers say: Prevest Denpro Ltd leads opm at 33.9%; Vasa Denticity Ltd leads margin change at +1.1 percentage points.

What this means: Prevest Denpro Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

Poly Medicure Ltd has the highest Net profit among the 6 Medical Equipment companies compared here, at ₹313 crore. Laxmi Dental Ltd is next at ₹31 crore. Hemant Surgical Industries Ltd has the highest Profit growth at 52.9%, so level and change sit with different companies. 6 of 6 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Poly Medicure Ltd earns the most, ₹313 crore of profit over the last 12 months, 10.1× the profit of Laxmi Dental Ltd. Hemant Surgical Industries Ltd shows 52.9% growth from a profit base of ₹26 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Poly Medicure Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

Net profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

Prevest Denpro Ltd has the highest ROCE among the 6 Medical Equipment companies compared here, at 25.2%. Hemant Surgical Industries Ltd is next at 18.9%. Hemant Surgical Industries Ltd has the highest ROCE change at +3 percentage points, so level and change sit with different companies. 6 of 6 companies report a comparable reading, the latest through Dec 2025.

What the numbers say: Prevest Denpro Ltd leads ROCE at 25.2%, 6.3 percentage points above Hemant Surgical Industries Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: Prevest Denpro Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

Return on capital · company comparison

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

Poly Medicure Ltd has the lowest PEG among the 6 Medical Equipment companies compared here, at 3.87×. Prevest Denpro Ltd has the lowest P/E at 24.8×, so level and change sit with different companies. 1 of 6 companies report a comparable reading, the latest through Sep 2026. Its PEG series carries 12 reported observations across the 20-quarter window.

What the numbers say: That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

Medical Equipment companies show up on 2 of our India lists. The most are on the momentum stocks list (1 company).

This Medical Equipment comparison names 6 specific ways its own evidence can mislead, all listed below. 2 of the 6 companies report on an older date than the sector's freshest reporters, so their ranks are marked stale. 1 of the 5 ranked sections has fewer than three usable current readings.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
• 2 companies have older fundamental reporting dates than the sector’s freshest reporters; their ranks carry a stale marker.
• Thin comparisons: Valuation have fewer than three usable current readings.

This comparison is built from the reported filings of 6 Medical Equipment companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Sep 2026 and market data through 30 October 2026.

Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.

These 24 answers restate the Medical Equipment comparison above in question form. Every one is computed from the same 6 companies and the same reported filings as the rankings and charts, current through Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.