{"id":323752,"date":"2026-10-22T12:40:28","date_gmt":"2026-10-22T07:10:28","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=323752"},"modified":"2026-10-22T12:40:28","modified_gmt":"2026-10-22T07:10:28","slug":"cardiac-care-hospitals-molecular-diagnostics-kits-and-single-use-medical-devices-stocks-roadmap-harbinger-list","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/cardiac-care-hospitals-molecular-diagnostics-kits-and-single-use-medical-devices-stocks-roadmap-harbinger-list\/","title":{"rendered":"3 Cardiac Care Hospitals, Molecular Diagnostics Kits and Single-Use Medical Devices Stocks With a Strong Future Roadmap: Narayana Hrudayalaya, Molbio Diagnostics and Poly Medicure"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Narayana Hrudayalaya, Molbio Diagnostics and Poly Medicure: ROE of 10.4% to 17.8% and FY22 to FY26 revenue CAGR of 16.8% to 21.0%. Prices as of 21 Oct 2026.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">The three healthcare technology and devices stocks to watch are Narayana Hrudayalaya, Molbio Diagnostics and Poly Medicure. Their return on equity ranges from 10.4% to 17.8%, and their revenue compound annual growth from FY22 to FY26 ranges from 16.8% to 21.0%. Narayana Hrudayalaya leads on both return on equity at 17.8% and revenue growth at 21.0% a year. Prices are based on the 21 October 2026 close, and this article is educational, not investment advice.<\/p>\n<\/div>\n<p>Medical device and diagnostics stocks let investors follow companies that treat, test and supply the tools of modern care. Narayana Hrudayalaya, Molbio Diagnostics and Poly Medicure cover cardiac care hospitals, molecular diagnostics kits and single-use medical devices.<\/p>\n<p>This list covers three healthcare technology and devices stocks with complete current figures: Narayana Hrudayalaya, Molbio Diagnostics and Poly Medicure. Every figure comes from the latest reported financials and the 21 October 2026 market close. Companies without complete current figures were left out.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=cardiac-care-hospitals-molecular-diagnostics-kits-and-single-use-medical-devices-stocks-roadmap-harbinger-list\">Click Here &#8211; Get Free Investment Predictions<\/a><\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/cardiac-care-hospitals-molecular-diagnostics-kits-and-single-use-medical-devices-stocks-roadmap-harbinger-list\/#What_Are_Healthcare_Technology_and_Devices_Stocks\" title=\"What Are Healthcare Technology and Devices Stocks?\">What Are Healthcare Technology and Devices Stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/cardiac-care-hospitals-molecular-diagnostics-kits-and-single-use-medical-devices-stocks-roadmap-harbinger-list\/#Healthcare_Technology_and_Devices_Stocks_at_a_Glance\" title=\"Healthcare Technology and Devices Stocks at a Glance\">Healthcare Technology and Devices Stocks at a Glance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/cardiac-care-hospitals-molecular-diagnostics-kits-and-single-use-medical-devices-stocks-roadmap-harbinger-list\/#Why_Do_Healthcare_Technology_and_Devices_Stocks_Have_a_Strong_Roadmap_in_India\" title=\"Why Do Healthcare Technology and Devices Stocks Have a Strong Roadmap in India?\">Why Do Healthcare Technology and Devices Stocks Have a Strong Roadmap in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/cardiac-care-hospitals-molecular-diagnostics-kits-and-single-use-medical-devices-stocks-roadmap-harbinger-list\/#Why_Narayana_Hrudayalaya_Features_Among_These_Healthcare_Technology_and_Devices_Stocks\" title=\"Why Narayana Hrudayalaya Features Among These Healthcare Technology and Devices Stocks\">Why Narayana Hrudayalaya Features Among These Healthcare Technology and Devices Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/cardiac-care-hospitals-molecular-diagnostics-kits-and-single-use-medical-devices-stocks-roadmap-harbinger-list\/#Why_Molbio_Diagnostics_Features_Among_These_Healthcare_Technology_and_Devices_Stocks\" title=\"Why Molbio Diagnostics Features Among These Healthcare Technology and Devices Stocks\">Why Molbio Diagnostics Features Among These Healthcare Technology and Devices Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/cardiac-care-hospitals-molecular-diagnostics-kits-and-single-use-medical-devices-stocks-roadmap-harbinger-list\/#Why_Poly_Medicure_Features_Among_These_Healthcare_Technology_and_Devices_Stocks\" title=\"Why Poly Medicure Features Among These Healthcare Technology and Devices Stocks\">Why Poly Medicure Features Among These Healthcare Technology and Devices Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/cardiac-care-hospitals-molecular-diagnostics-kits-and-single-use-medical-devices-stocks-roadmap-harbinger-list\/#Narayana_Hrudayalaya_vs_Molbio_Diagnostics_vs_Poly_Medicure_on_Key_Financials\" title=\"Narayana Hrudayalaya vs Molbio Diagnostics vs Poly Medicure on Key Financials\">Narayana Hrudayalaya vs Molbio Diagnostics vs Poly Medicure on Key Financials<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/cardiac-care-hospitals-molecular-diagnostics-kits-and-single-use-medical-devices-stocks-roadmap-harbinger-list\/#Key_Risks_to_Check_Before_Investing_in_Healthcare_Technology_and_Devices_Stocks\" title=\"Key Risks to Check Before Investing in Healthcare Technology and Devices Stocks\">Key Risks to Check Before Investing in Healthcare Technology and Devices Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/cardiac-care-hospitals-molecular-diagnostics-kits-and-single-use-medical-devices-stocks-roadmap-harbinger-list\/#Final_Thoughts_on_Healthcare_Technology_and_Devices_Stocks\" title=\"Final Thoughts on Healthcare Technology and Devices Stocks\">Final Thoughts on Healthcare Technology and Devices Stocks<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/cardiac-care-hospitals-molecular-diagnostics-kits-and-single-use-medical-devices-stocks-roadmap-harbinger-list\/#What_are_healthcare_technology_and_devices_stocks\" title=\"What are healthcare technology and devices stocks?\">What are healthcare technology and devices stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/cardiac-care-hospitals-molecular-diagnostics-kits-and-single-use-medical-devices-stocks-roadmap-harbinger-list\/#Which_healthcare_technology_and_devices_stocks_are_covered_in_this_list\" title=\"Which healthcare technology and devices stocks are covered in this list?\">Which healthcare technology and devices stocks are covered in this list?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/cardiac-care-hospitals-molecular-diagnostics-kits-and-single-use-medical-devices-stocks-roadmap-harbinger-list\/#Why_do_healthcare_technology_and_devices_stocks_have_a_strong_future_roadmap_in_India\" title=\"Why do healthcare technology and devices stocks have a strong future roadmap in India?\">Why do healthcare technology and devices stocks have a strong future roadmap in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/cardiac-care-hospitals-molecular-diagnostics-kits-and-single-use-medical-devices-stocks-roadmap-harbinger-list\/#How_has_Narayana_Hrudayalaya_performed_financially\" title=\"How has Narayana Hrudayalaya performed financially?\">How has Narayana Hrudayalaya performed financially?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/cardiac-care-hospitals-molecular-diagnostics-kits-and-single-use-medical-devices-stocks-roadmap-harbinger-list\/#How_has_Molbio_Diagnostics_performed_financially\" title=\"How has Molbio Diagnostics performed financially?\">How has Molbio Diagnostics performed financially?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/cardiac-care-hospitals-molecular-diagnostics-kits-and-single-use-medical-devices-stocks-roadmap-harbinger-list\/#How_has_Poly_Medicure_performed_financially\" title=\"How has Poly Medicure performed financially?\">How has Poly Medicure performed financially?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/cardiac-care-hospitals-molecular-diagnostics-kits-and-single-use-medical-devices-stocks-roadmap-harbinger-list\/#What_risks_should_investors_check_before_buying_healthcare_technology_and_devices_stocks\" title=\"What risks should investors check before buying healthcare technology and devices stocks?\">What risks should investors check before buying healthcare technology and devices stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/cardiac-care-hospitals-molecular-diagnostics-kits-and-single-use-medical-devices-stocks-roadmap-harbinger-list\/#Is_this_list_of_healthcare_technology_and_devices_stocks_investment_advice\" title=\"Is this list of healthcare technology and devices stocks investment advice?\">Is this list of healthcare technology and devices stocks investment advice?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Healthcare_Technology_and_Devices_Stocks\"><\/span><strong>What Are Healthcare Technology and Devices Stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Medical device and diagnostics stocks are listed companies that operate hospitals or make diagnostic kits and disposable devices used in treatment. Their earnings depend on patient volumes, product approvals and export demand.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Healthcare_Technology_and_Devices_Stocks_at_a_Glance\"><\/span><strong>Healthcare Technology and Devices Stocks at a Glance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<thead>\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Company<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">CMP (Rs)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Market Cap (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">P\/E<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Industry P\/E<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">ROE (%)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">D\/E<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/nh\/narayana-hrudayalaya-ltd-share-price-today\">Narayana Hrudayalaya<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,725<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">35,603<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">43.6<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">59.6<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">17.8<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1.29<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/molbio\/molbio-diagnostics-ltd-share-price-today\">Molbio Diagnostics<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,322.6<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">16,605<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">101.2<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">59.6<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">14.2<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.38<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/polymed\/poly-medicure-ltd-share-price-today\">Poly Medicure<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,470.1<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">15,721<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">50.2<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">59.6<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">10.4<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.11<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>On valuation, Narayana Hrudayalaya and Poly Medicure trade at a P\/E below the industry P\/E, while Molbio Diagnostics trades above it, which reflects the growth the market already expects. Readers comparing healthcare technology and devices stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain. With the Q2 FY27 results season close, investors in healthcare technology and devices stocks can use the coming numbers to test whether growth is holding.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Do_Healthcare_Technology_and_Devices_Stocks_Have_a_Strong_Roadmap_in_India\"><\/span><strong>Why Do Healthcare Technology and Devices Stocks Have a Strong Roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Medical device and diagnostics stocks have a strong roadmap in India because rising health spending, wider access to testing and growing local manufacturing of devices create demand across the care chain.<\/p>\n<ul>\n<li><strong>Local manufacturing.<\/strong> Policy support helps Indian makers of devices and test kits.<\/li>\n<li><strong>Wider testing.<\/strong> Molecular tests reach more hospitals and smaller towns.<\/li>\n<li><strong>Export markets.<\/strong> Disposable devices find buyers in many countries.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Why_Narayana_Hrudayalaya_Features_Among_These_Healthcare_Technology_and_Devices_Stocks\"><\/span><strong>Why Narayana Hrudayalaya Features Among These Healthcare Technology and Devices Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the healthcare technology and devices stocks on this list, Narayana Hrudayalaya, widely known as Narayana Health, is a Bengaluru-based hospital group built around affordable cardiac care that now covers multiple specialities across India and also operates in the Cayman Islands.<\/p>\n<p>Revenue rose from Rs 3,736 crore in FY22 to Rs 7,996 crore in FY26, a compound annual growth rate of 21.0%. Net profit grew from Rs 342 crore in FY22 to Rs 810 crore in FY26, which works out to a compound annual growth rate of 24.1%.<\/p>\n<p>The company has a return on equity of 17.8%, a debt to equity ratio of 1.29 and a market capitalisation of Rs 35,603 crore. The stock trades at a P\/E of 43.6, below the industry P\/E of 59.6.<\/p>\n<p><strong>Roadmap:<\/strong> Growth is coming from bed additions across its hospital clusters, a rising share of higher-value specialities and an expanding insurance-led patient base. The group has a track record of running hospitals at high efficiency, which supports margins as scale builds.<\/p>\n<p><strong>What to watch:<\/strong> Keep an eye on occupancy in newly added beds and the payor mix between insurance and cash patients.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Molbio_Diagnostics_Features_Among_These_Healthcare_Technology_and_Devices_Stocks\"><\/span><strong>Why Molbio Diagnostics Features Among These Healthcare Technology and Devices Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the cardiac hospital and device shares on this list, Molbio Diagnostics, based in Goa, develops the Truenat platform, a portable molecular diagnostics system that delivers lab-grade PCR results at the point of care, with strong use in tuberculosis testing.<\/p>\n<p>The company has a return on equity of 14.2%, a debt to equity ratio of 0.38 and a market capitalisation of Rs 16,605 crore. The stock trades at a P\/E of 101.2, above the industry P\/E of 59.6.<\/p>\n<p>Revenue rose from Rs 782 crore in FY22 to Rs 1,455 crore in FY26, a compound annual growth rate of 16.8%. Net profit grew from Rs 83.5 crore in FY24 to Rs 164 crore in FY26, which works out to a compound annual growth rate of 40.2%.<\/p>\n<p><strong>Roadmap:<\/strong> Its roadmap centres on widening the Truenat test menu beyond TB, pushing into more countries through government and donor programmes, and building recurring revenue from test chips and consumables on top of the installed analyser base.<\/p>\n<p><strong>What to watch:<\/strong> Order timing from public health programmes can be lumpy, so look at annual rather than single-quarter trends.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Poly_Medicure_Features_Among_These_Healthcare_Technology_and_Devices_Stocks\"><\/span><strong>Why Poly Medicure Features Among These Healthcare Technology and Devices Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the three companies on this list, Poly Medicure makes single-use medical devices such as infusion sets, syringes, catheters, blood management products and dialysis consumables, and it exports to many countries.<\/p>\n<p>Revenue rose from Rs 961 crore in FY22 to Rs 1,995 crore in FY26, a compound annual growth rate of 20.0%. Net profit grew from Rs 147 crore in FY22 to Rs 321 crore in FY26, which works out to a compound annual growth rate of 21.6%.<\/p>\n<p>In the June 2026 quarter, revenue grew 25.5% year on year to Rs 559 crore. The company has a return on equity of 10.4%, a debt to equity ratio of 0.11 and a market capitalisation of Rs 15,721 crore. The stock trades at a P\/E of 50.2, below the industry P\/E of 59.6.<\/p>\n<p><strong>Roadmap:<\/strong> The company is adding capacity and new products, including dialysis and cardiology devices, and it is growing its presence with global hospital customers. Rising healthcare spending supports demand for disposable devices.<\/p>\n<p><strong>What to watch:<\/strong> Track export growth, new product approvals and plant capacity use.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Narayana_Hrudayalaya_vs_Molbio_Diagnostics_vs_Poly_Medicure_on_Key_Financials\"><\/span><strong>Narayana Hrudayalaya vs Molbio Diagnostics vs Poly Medicure on Key Financials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The table below sets the three healthcare technology and devices stocks side by side on revenue, profit and margin, using reported figures.<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<thead>\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Company<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">FY22 Revenue (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">FY26 Revenue (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Revenue CAGR (FY22-FY26)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">FY26 Net Profit (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">FY26 Net Margin<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Narayana Hrudayalaya<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3,736<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">7,996<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">21.0%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">810<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">10.1%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Molbio Diagnostics<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">782<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,455<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">16.8%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">164<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">11.3%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Poly Medicure<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">961<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,995<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">20.0%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">321<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">16.1%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>Narayana Hrudayalaya posts the highest return on equity in this group at 17.8%. Narayana Hrudayalaya combines the largest FY26 revenue at Rs 7,996 crore with the fastest revenue growth, a 21.0% compound annual rate. A useful habit with healthcare technology and devices stocks is to check each new quarterly result against the capacity plans the company described earlier. Many investors spread money across several diagnostic kit maker stocks instead of one name, which keeps a single result from deciding the outcome.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Risks_to_Check_Before_Investing_in_Healthcare_Technology_and_Devices_Stocks\"><\/span><strong>Key Risks to Check Before Investing in Healthcare Technology and Devices Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Every theme carries risks that deserve a check before any decision. For these healthcare technology and devices stocks, the main points are: Long-term cardiac hospital and device shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio. Tracking promoter holding and management commentary adds context when you study cardiac hospital and device shares.<\/p>\n<ul>\n<li><strong>Approval timelines.<\/strong> Product launches depend on regulatory decisions that can shift.<\/li>\n<li><strong>Pricing pressure.<\/strong> Competition and procurement rules can limit pricing.<\/li>\n<li><strong>Valuation levels.<\/strong> Some of these companies trade at high earnings multiples, so growth must continue to justify them.<\/li>\n<\/ul>\n<p>Treat this list as a starting point for research and not as a recommendation. Read the latest results presentation, check the management commentary on order books or capacity plans, and compare each company with its peers before you decide anything.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/screeners\">Use the Univest Stock Screener<\/a><\/strong> to filter healthcare technology and devices stocks by market capitalisation, P\/E, ROE and growth, and build your own shortlist.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Final_Thoughts_on_Healthcare_Technology_and_Devices_Stocks\"><\/span><strong>Final Thoughts on Healthcare Technology and Devices Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Medical device and diagnostics stocks reward investors who follow patient volumes, approvals and exports together. Narayana Hrudayalaya, Molbio Diagnostics and Poly Medicure each serve a different step in care. Based on the 21 October 2026 close, Narayana Hrudayalaya trades at Rs 1,725, Molbio Diagnostics at Rs 1,322.6 and Poly Medicure at Rs 1,470.1. Valuation matters as much as growth, so compare each company&#8217;s P\/E with its industry P\/E before adding any of these healthcare technology and devices stocks to a watchlist. Peer comparison is the simplest way to judge healthcare technology and devices stocks, because sector averages show whether a company&#8217;s margins and returns are ordinary or exceptional.<\/p>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track healthcare technology and devices stocks, set price alerts and get research-backed stock ideas.<\/em><\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/div>\n<h3><span class=\"ez-toc-section\" id=\"What_are_healthcare_technology_and_devices_stocks\"><\/span><strong>What are healthcare technology and devices stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Medical device and diagnostics stocks are listed companies that operate hospitals or make diagnostic kits and disposable devices used in treatment. Their earnings depend on patient volumes, product approvals and export demand. This list looks at three of them, Narayana Hrudayalaya, Molbio Diagnostics and Poly Medicure, using reported FY22 to FY26 financials and the 21 October 2026 closing prices.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_healthcare_technology_and_devices_stocks_are_covered_in_this_list\"><\/span><strong>Which healthcare technology and devices stocks are covered in this list?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> This list covers Narayana Hrudayalaya, Molbio Diagnostics and Poly Medicure. Based on the 21 October 2026 close, Narayana Hrudayalaya traded at Rs 1,725, Molbio Diagnostics at Rs 1,322.6 and Poly Medicure at Rs 1,470.1. Their return on equity ranges from 10.4% to 17.8%, and their revenue compound annual growth from FY22 to FY26 ranges from 16.8% to 21.0%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_do_healthcare_technology_and_devices_stocks_have_a_strong_future_roadmap_in_India\"><\/span><strong>Why do healthcare technology and devices stocks have a strong future roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Medical device and diagnostics stocks have a strong roadmap in India because rising health spending, wider access to testing and growing local manufacturing of devices create demand across the care chain. The main drivers are as follows. Local manufacturing. Policy support helps Indian makers of devices and test kits. Wider testing. Molecular tests reach more hospitals and smaller towns. Export markets. Disposable devices find buyers in many countries. Together these factors give the companies on this list a visible path for growth over the coming years.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_has_Narayana_Hrudayalaya_performed_financially\"><\/span><strong>How has Narayana Hrudayalaya performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue rose from Rs 3,736 crore in FY22 to Rs 7,996 crore in FY26, a compound annual growth rate of 21.0%. Net profit grew from Rs 342 crore in FY22 to Rs 810 crore in FY26, which works out to a compound annual growth rate of 24.1%. The company has a return on equity of 17.8%, a debt to equity ratio of 1.29 and a market capitalisation of Rs 35,603 crore. The stock trades at a P\/E of 43.6, below the industry P\/E of 59.6. Looking ahead, growth is coming from bed additions across its hospital clusters, a rising share of higher-value specialities and an expanding insurance-led patient base. The group has a track record of running hospitals at high efficiency, which supports margins as scale builds.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_has_Molbio_Diagnostics_performed_financially\"><\/span><strong>How has Molbio Diagnostics performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue rose from Rs 782 crore in FY22 to Rs 1,455 crore in FY26, a compound annual growth rate of 16.8%. Net profit grew from Rs 83.5 crore in FY24 to Rs 164 crore in FY26, which works out to a compound annual growth rate of 40.2%. The company has a return on equity of 14.2%, a debt to equity ratio of 0.38 and a market capitalisation of Rs 16,605 crore. The stock trades at a P\/E of 101.2, above the industry P\/E of 59.6. Looking ahead, its roadmap centres on widening the Truenat test menu beyond TB, pushing into more countries through government and donor programmes, and building recurring revenue from test chips and consumables on top of the installed analyser base.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_has_Poly_Medicure_performed_financially\"><\/span><strong>How has Poly Medicure performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue rose from Rs 961 crore in FY22 to Rs 1,995 crore in FY26, a compound annual growth rate of 20.0%. Net profit grew from Rs 147 crore in FY22 to Rs 321 crore in FY26, which works out to a compound annual growth rate of 21.6%. In the June 2026 quarter, revenue grew 25.5% year on year to Rs 559 crore. The company has a return on equity of 10.4%, a debt to equity ratio of 0.11 and a market capitalisation of Rs 15,721 crore. The stock trades at a P\/E of 50.2, below the industry P\/E of 59.6. Looking ahead, the company is adding capacity and new products, including dialysis and cardiology devices, and it is growing its presence with global hospital customers. Rising healthcare spending supports demand for disposable devices.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_risks_should_investors_check_before_buying_healthcare_technology_and_devices_stocks\"><\/span><strong>What risks should investors check before buying healthcare technology and devices stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Investors should check a few risks before buying healthcare technology and devices stocks. Approval timelines. Product launches depend on regulatory decisions that can shift. Pricing pressure. Competition and procurement rules can limit pricing. Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_this_list_of_healthcare_technology_and_devices_stocks_investment_advice\"><\/span><strong>Is this list of healthcare technology and devices stocks investment advice?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No. This article is educational and uses publicly available data as of the 21 October 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"What are healthcare technology and devices stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Medical device and diagnostics stocks are listed companies that operate hospitals or make diagnostic kits and disposable devices used in treatment. Their earnings depend on patient volumes, product approvals and export demand. This list looks at three of them, Narayana Hrudayalaya, Molbio Diagnostics and Poly Medicure, using reported FY22 to FY26 financials and the 21 October 2026 closing prices.\"}},{\"@type\":\"Question\",\"name\":\"Which healthcare technology and devices stocks are covered in this list?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"This list covers Narayana Hrudayalaya, Molbio Diagnostics and Poly Medicure. Based on the 21 October 2026 close, Narayana Hrudayalaya traded at Rs 1,725, Molbio Diagnostics at Rs 1,322.6 and Poly Medicure at Rs 1,470.1. Their return on equity ranges from 10.4% to 17.8%, and their revenue compound annual growth from FY22 to FY26 ranges from 16.8% to 21.0%.\"}},{\"@type\":\"Question\",\"name\":\"Why do healthcare technology and devices stocks have a strong future roadmap in India?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Medical device and diagnostics stocks have a strong roadmap in India because rising health spending, wider access to testing and growing local manufacturing of devices create demand across the care chain. The main drivers are as follows. Local manufacturing. Policy support helps Indian makers of devices and test kits. Wider testing. Molecular tests reach more hospitals and smaller towns. Export markets. Disposable devices find buyers in many countries. Together these factors give the companies on this list a visible path for growth over the coming years.\"}},{\"@type\":\"Question\",\"name\":\"How has Narayana Hrudayalaya performed financially?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Revenue rose from Rs 3,736 crore in FY22 to Rs 7,996 crore in FY26, a compound annual growth rate of 21.0%. Net profit grew from Rs 342 crore in FY22 to Rs 810 crore in FY26, which works out to a compound annual growth rate of 24.1%. The company has a return on equity of 17.8%, a debt to equity ratio of 1.29 and a market capitalisation of Rs 35,603 crore. The stock trades at a P\/E of 43.6, below the industry P\/E of 59.6. Looking ahead, growth is coming from bed additions across its hospital clusters, a rising share of higher-value specialities and an expanding insurance-led patient base. The group has a track record of running hospitals at high efficiency, which supports margins as scale builds.\"}},{\"@type\":\"Question\",\"name\":\"How has Molbio Diagnostics performed financially?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Revenue rose from Rs 782 crore in FY22 to Rs 1,455 crore in FY26, a compound annual growth rate of 16.8%. Net profit grew from Rs 83.5 crore in FY24 to Rs 164 crore in FY26, which works out to a compound annual growth rate of 40.2%. The company has a return on equity of 14.2%, a debt to equity ratio of 0.38 and a market capitalisation of Rs 16,605 crore. The stock trades at a P\/E of 101.2, above the industry P\/E of 59.6. Looking ahead, its roadmap centres on widening the Truenat test menu beyond TB, pushing into more countries through government and donor programmes, and building recurring revenue from test chips and consumables on top of the installed analyser base.\"}},{\"@type\":\"Question\",\"name\":\"How has Poly Medicure performed financially?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Revenue rose from Rs 961 crore in FY22 to Rs 1,995 crore in FY26, a compound annual growth rate of 20.0%. Net profit grew from Rs 147 crore in FY22 to Rs 321 crore in FY26, which works out to a compound annual growth rate of 21.6%. In the June 2026 quarter, revenue grew 25.5% year on year to Rs 559 crore. The company has a return on equity of 10.4%, a debt to equity ratio of 0.11 and a market capitalisation of Rs 15,721 crore. The stock trades at a P\/E of 50.2, below the industry P\/E of 59.6. Looking ahead, the company is adding capacity and new products, including dialysis and cardiology devices, and it is growing its presence with global hospital customers. Rising healthcare spending supports demand for disposable devices.\"}},{\"@type\":\"Question\",\"name\":\"What risks should investors check before buying healthcare technology and devices stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Investors should check a few risks before buying healthcare technology and devices stocks. Approval timelines. Product launches depend on regulatory decisions that can shift. Pricing pressure. Competition and procurement rules can limit pricing. Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them. 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Compare price, valuation, return on equity and revenue growth as of 21 October 2026.<\/p>\n","protected":false},"author":34,"featured_media":323751,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[3803,14769,14770,14768,7909,7040,7537],"class_list":["post-323752","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks","tag-best-stocks","tag-cardiac-hospital-and-device-shares","tag-diagnostic-kit-maker-stocks","tag-healthcare-technology-and-devices-stocks","tag-molbio-diagnostics","tag-narayana-hrudayalaya","tag-poly-medicure"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["323751"],"rank_math_title":["Medical Device and Diagnostics Stocks to Watch"],"rank_math_description":["Compare 3 healthcare technology and devices stocks with a strong future roadmap on CMP, market cap, P\/E, ROE and revenue growth. 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