Sahajanand Medical Technologies Limited IPO
Offer terms, application timeline, financial context and company details in one place.
Issue at a glance
- Issue size
- ₹475.48 crore
- Face value
- ₹1
- Issue method
- Book Building
- Symbol
- SMT
- ISIN
- INE356Y01018
Subscription
4.29×overall subscribed
Demand by bid price
About the company
Incorporated in October 2001, Sahajanand Medical Technologies Limited is a medical technology company engaged in the development, manufacturing and marketing of technologically advanced medical devices, primarily focused on vascular intervention and structural heart intervention. Its product portfolio includes coronary stents, coronary balloons, transcatheter aortic valve implantation (TAVI) devices, occluders, renal stents and peripheral drug-coated balloons (DCBs). The Company focuses on research and development, precision manufacturing and clinically supported product innovation. Its flagship brands include Supraflex Cruz, Cocoon and Hydra, serving different areas of interventional cardiology. The Company operates three manufacturing facilities, two in India and one in Thailand, supported by two R&D centres in India and Thailand. As of June 30, 2026, it had 119 patents granted globally, 78 patent applications in the pipeline and five design registrations in India.
Financial snapshot
| Particulars | FY26 | FY27 |
|---|---|---|
| Revenue | ₹1,210.50 cr | ₹1,406.64 cr (16.20%) |
| PAT | ₹69.08 cr | ₹60.36 cr (-12.62%) |
| PAT Margin | 5.71 % | 4.29 % (-24.87%) |
| EBITDA | ₹170.66 cr | ₹194.32 cr (13.86%) |
| EBITDA Margin | 14.10 % | 13.81 % (-2.06%) |
| ROE | 9.93 % | 2.13 % |
| ROCE | 11.57 % | 3.16 % |
| D/E | 0.39 | 0.45 |
What to consider
Use of proceeds
The Sahajanand Medical Technologies Ltd. IPO is a 100% Offer for Sale (OFS), so the company will not receive any funding and the entire IPO proceeds will go to the selling shareholders.
Business strengths
- Technologically Advanced Product PortfolioThe company is among a select few Class III (and Class C/D) players globally offering a comprehensive portfolio of advanced cardiovascular implants including DES, PTCA balloons, TAVI systems and Occluders, supported by strong clinical evidence and compliant with stringent domestic and international regulatory standards.
- Proven R&D CapabilitiesThe company operates two R&D facilities in India and Thailand supported by 156 professionals, and holds over 119 patents granted globally with 78 applications pending, enabling continuous product innovation such as the proprietary LDZ link and patented AVDC system.
- Leadership in India and Key International MarketsThe company holds nearly 25% market share by DES sales volume in India in Fiscal 2026, and is among the top five companies by DES sales volume in Germany, Spain, Poland and Brazil, and among the top five by Occluder sales volume in Thailand, South Korea and India.
Key risks
- Extensive Regulatory Requirements Across JurisdictionsThe company is subject to rigorous regulation across geographies including India's Drugs and Cosmetics Act and the EU Medical Device Regulation, and any adverse regulatory action, delay in approvals, or failure to maintain certifications could adversely affect its ability to market products and its business prospects.
- Manufacturing Facility RisksThe company's three manufacturing facilities face risks including quality control issues, operational disruptions, obsolete machinery and under-utilization of capacity, which could increase manufacturing costs or interrupt operations and adversely impact reputation and sales.
Peer comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) |
|---|---|---|---|---|
| Sahajanand Medical | 6.67 | 6.48 | 62.76 | 10.60 |
| Poly Medicure | 31.79 | 31.75 | 306.40 | 51.40 |
| Laxmi Dental | 5.27 | 5.26 | 44.27 | 36.35 |