Sahajanand Medical Technologies IPO
Sahajanand Medical Technologies IPO Details
-
Open Date
15 Oct 2026
-
Close Date
19 Oct 2026
- IPO Price Range
₹ 327 to ₹344
- IPO Size
₹ 475.48 Cr
Sahajanand Medical Technologies IPO Timeline
Last Updated: 12 October 2026 6:30 PM by 5paisa
Sahajanand Medical Technologies Limited (SMT) is an Indian medical device company specialising in the development, manufacturing and commercialisation of cardiovascular medical devices. Its product portfolio primarily covers two segments: Vascular Intervention (VI) and Structural Heart (SH). These include coronary stents, balloon catheters, transcatheter aortic valve implantation (TAVI) devices and cardiac occluders used in the treatment of cardiovascular diseases.
The company operates through a combination of research and development, manufacturing, regulatory approvals and distribution across international markets. Its products are supplied to hospitals and healthcare providers through distribution networks and overseas operations. In FY26, vascular intervention devices contributed 61.14% of revenue, structural heart devices accounted for 16.77%, and other products contributed 22.09%.
SMT had a presence in 77 countries in FY26. Europe accounted for 38.66% of revenue, India contributed 26.13%, and the rest of the world represented 35.21%. The company's operations include product development, manufacturing, clinical and regulatory activities across different medical device markets.
Established in: 2001
Managing Director and Chief Executive Officer: Bhargav Dhirajlal Kotadia
Peers:
| Metric | Sahajanand Medical Technologies | Poly Medicure | Laxmi Dental |
|---|---|---|---|
| Face Value (₹) | 1.00 | 5.00 | 2.00 |
| Revenue (₹ Cr) | 1210.50 | 1875.26 | 277.86 |
| EPS Basic (₹) | 6.67 | 31.79 | 5.27 |
| EPS Diluted (₹) | 6.48 | 31.75 | 5.26 |
| P/E Ratio | NA | 51.40 | 36.35 |
| RoNW (%) | 10.60 | 10.37 | 11.91 |
| NAV Per Share (₹) | 62.76 | 306.40 | 44.27 |
| CMP (₹) | NA | 1632.25 | 191.10 |
Sahajanand Medical Technologies Objectives
The IPO consists entirely of an Offer for Sale (OFS) by existing shareholders. Consequently, Sahajanand Medical Technologies will not receive any proceeds from the public issue.
The primary objectives of the offer are:
1. To enable existing shareholders to sell up to 1,38,22,116 equity shares through the Offer for Sale.
2. To achieve the benefits of listing the company's equity shares on recognised stock exchanges in India.
3. To provide a public market for the company's equity shares.
Sahajanand Medical Technologies IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹475.48 Cr |
| Offer For Sale | ₹475.48 Cr |
| Fresh Issue | – |
Sahajanand Medical Technologies IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 43 | 14061 |
| Retail (Max) | 13 | 559 | 192296 |
| S-HNI (Min) | 14 | 602 | 196854 |
| S-HNI (Max) | 67 | 2881 | 991064 |
| HNI (Min) | 68 | 2924 | 956148 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Revenue | 901.60 | 1024.88 | 1210.50 |
| EBITDA | 110.05 | 128.02 | 170.66 |
| PAT | -7.35 | 25.15 | 69.08 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Total Assets | 970.58 | 1094.90 | 1276.43 |
| Share Capital | 9.75 | 9.76 | 9.81 |
| Total Liabilities | 404.26 | 504.43 | 574.14 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Net Cash Generated From Operating Activities | 41.10 | 73.52 | 105.19 |
| Net Cash Used In Investing Activities | -42.47 | -48.94 | -130.03 |
| Net Cash Generated From / (Used In) Financing Activities | 13.13 | 5.77 | -12.04 |
| Net Increase / (Decrease) In Cash And Cash Equivalents | 11.76 | 30.35 | -36.88 |
Strengths
1. Established cardiovascular device portfolio: SMT manufactures vascular intervention and structural heart devices, including coronary stents, catheters, TAVI devices and occluders, addressing multiple cardiovascular treatment categories.
2. International market presence: The company operated across 77 countries in FY26, with approximately 73.87% of revenue generated outside India.
3. Improving operating profitability: EBITDA increased from ₹110.05 crore in FY24 to ₹170.66 crore in FY26, with EBITDA margin rising from 12.21% to 14.10%.
4. Research and manufacturing capabilities: The company's business incorporates device development, manufacturing and regulatory compliance, supporting its participation in specialised medical device categories.
5. Diversified product revenue: While vascular intervention remains the largest segment, structural heart devices and other products provide additional revenue streams.
Weaknesses
1. Dependence on vascular intervention products: VI devices contributed 61.14% of FY26 revenue, making this segment a significant determinant of overall performance.
2. Working-capital requirements: The business carries substantial inventory and receivable balances. Net working capital stood at 138 days of revenue in FY26.
3. Borrowing exposure: The company reported both short-term and long-term borrowings, creating interest costs and repayment obligations.
4. Uneven profitability history: SMT recorded a net loss in FY24 before returning to profitability in FY25 and FY26.
5. Variation in capacity utilisation: Certain newer product categories, including TAVI devices and drug-coated balloon catheters, recorded lower utilisation than established stent and catheter product lines.
Opportunities
1. Rising cardiovascular treatment requirements: Increasing demand for coronary interventions and structural heart procedures can expand the addressable market for specialised cardiovascular devices.
2. Expansion in structural heart devices: TAVI systems and other structural heart products offer opportunities for portfolio development as adoption of minimally invasive interventions increases.
3. Growth in international markets: SMT's existing distribution footprint provides a base for pursuing additional hospitals, healthcare systems and distribution relationships.
4. Medical device innovation: Continued investment in device design, materials and delivery systems can support new product development and portfolio extensions.
5. Domestic medical device manufacturing: Growth in India's medical technology ecosystem and demand for locally manufactured devices may support domestic commercial opportunities.
Threats
1. Stringent regulatory requirements: Cardiovascular implants are subject to product approvals, clinical evidence requirements and ongoing regulatory oversight across different markets.
2. Competition from global medical device companies: SMT competes with established manufacturers that have extensive research budgets, established physician relationships and international distribution capabilities.
3. Product safety and liability risks: Device failures, recalls or adverse clinical outcomes could result in litigation, regulatory action and reputational damage.
4. Pricing and reimbursement pressures: Changes in hospital purchasing practices, government pricing rules and healthcare reimbursement policies could affect product realisations.
5. Foreign currency and supply-chain exposure: International operations, imported components and cross-border transactions create exposure to currency fluctuations and supply disruptions.
1. Exposure to cardiovascular medical devices: SMT operates in vascular intervention and structural heart technologies, including coronary stents, catheters and minimally invasive cardiac treatment devices.
2. Revenue and earnings growth: Revenue increased from ₹901.60 crore in FY24 to ₹1,210.50 crore in FY26, while PAT improved from a loss of ₹7.35 crore to a profit of ₹69.08 crore.
3. International operating footprint: The company had a presence in 77 countries in FY26, with substantial revenue contributions from Europe and other overseas markets.
4. Improving operating margins: EBITDA margin increased from 12.21% in FY24 to 14.10% in FY26, supported by changes in the company's operating performance.
5. Expanding structural heart portfolio: Products such as TAVI devices and cardiac occluders provide exposure to specialised cardiovascular treatment categories beyond the company's established vascular intervention business.
The cardiovascular medical device industry is influenced by the prevalence of coronary artery disease, ageing populations, improvements in interventional cardiology and increasing adoption of minimally invasive treatment procedures.
Vascular intervention devices, including coronary stents and balloon catheters, are established products used in cardiovascular treatment. Structural heart technologies, particularly transcatheter aortic valve implantation devices, represent a specialised market supported by developments in catheter-based treatment methods.
For Sahajanand Medical Technologies, these trends are relevant to both its existing vascular intervention portfolio and the development of its structural heart business. In FY26, vascular intervention products accounted for 61.14% of revenue, while structural heart devices contributed 16.77%.
The company's geographical revenue distribution also reflects exposure to multiple healthcare markets. Europe accounted for 38.66% of FY26 revenue, followed by the rest of the world at 35.21% and India at 26.13%.
Future growth will depend on product adoption, regulatory clearances, manufacturing efficiency, clinical acceptance and the company's ability to compete with established cardiovascular device manufacturers.
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FAQs
Sahajanand Medical Technologies IPO opens on 15 October 2026 and closes on 19 October 2026.
The size of the Sahajanand Medical Technologies IPO is ₹475.48 crore.
The price band of Sahajanand Medical Technologies IPO is ₹327 to ₹344 per equity share.
To apply for Sahajanand Medical Technologies IPO, follow these steps:
1. Login to your 5paisa demat account and select the issue in the current IPO section.
2. Enter the number of lots and the price at which you wish to apply for the Sahajanand Medical Technologies IPO.
3. Enter your UPI ID and click on submit. Your bid will then be placed with the exchange.
4. You will receive a mandate notification to block funds in your UPI app.
The minimum lot size for Sahajanand Medical Technologies IPO is 43 shares. The investment required is ₹14,061 at the floor price of ₹327 per share.
The basis of allotment for Sahajanand Medical Technologies IPO is expected to be finalised on 21 October 2026.
Sahajanand Medical Technologies IPO is tentatively scheduled to list on BSE and NSE on 23 October 2026.
The book-running lead managers for Sahajanand Medical Technologies IPO are:
1. Motilal Oswal Investment Advisors Limited
2. Avendus Capital Private Limited
3. HSBC Securities and Capital Markets (India) Private Limited
4. Nuvama Wealth Management Limited
The objectives of Sahajanand Medical Technologies IPO are:
1. To facilitate the sale of up to 1,38,22,116 equity shares by existing selling shareholders.
2. To achieve the benefits associated with listing the company's equity shares on BSE and NSE.
3. To establish a public trading market for the company's shares.
As the IPO consists entirely of an Offer for Sale, Sahajanand Medical Technologies will not receive any proceeds from the issue.