About the Business
Incorporated in October 2001, Sahajanand Medical Technologies Limited (SMT) is an Indian medical device company specializing in the development, manufacture, and commercialization of advanced devices for vascular and structural heart interventions. Its comprehensive product catalog features coronary drug-eluting stents, balloon catheters, transcatheter aortic valve implantation (TAVI) systems, vascular occluders, renal stents, and peripheral drug-coated balloons (DCBs).
The company operates through three integrated manufacturing facilities (two in India and one in Thailand) backed by two dedicated research and development centres across India and Thailand. Its core product portfolio is anchored by established cardiology brands such as Supraflex Cruz, Cocoon, and Hydra. SMT distributes its solutions across direct, hybrid, and distributor-led models across 77 countries, establishing a deep market presence in India, Europe, and emerging healthcare markets.
- Extensive Global Sales Reach: Commercialized medical devices in 77 countries during FY26 via an omnichannel international distribution infrastructure.
- Strong Intellectual Property Portfolio: Holds 119 patents granted globally, with 78 additional patent applications in the pipeline and five design registrations in India as of June 30, 2026.
- Integrated Manufacturing & R&D Footprint: Operates three manufacturing plants across India and Thailand, supported by two clinical R&D centres ensuring high-precision manufacturing and stringent quality compliance.
- Proven High-Barrier Product Moat: Proprietary flagship offerings include the Supraflex Cruz coronary stent system, Hydra TAVI valves, and Cocoon structural heart occluders.
- Substantial Technical Workforce: Supported by 1,605 full-time employees, 31 medical/technical consultants, and 707 contract-based staff members as of June 30, 2026.
The company’s promoters are Bhargav Dhirajlal Kotadia, Dhirajlal Vallabhbhai Kotadia, Priyanka Dhirajlal Cohen, and Shree Hari Trust.
Company Financials (Restated Consolidated)
Sahajanand Medical Technologies Ltd.’s revenue increased by 18% and profit after tax (PAT) rose by 175% between the financial year ending with March 31, 2026 and March 31, 2025. In the first quarter ended June 30, 2026, the company recorded total income of ₹354.33 Cr and a profit after tax of ₹15.09 Cr.
| Period Ended | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 1,309.00 | 1,276.43 | 1,094.90 | 970.58 |
| Total Income | 354.33 | 1,218.73 | 1,035.96 | 908.59 |
| Profit After Tax | 15.09 | 69.08 | 25.15 | -7.35 |
| EBITDA | 48.58 | 170.66 | 128.02 | 110.05 |
| NET Worth | 631.72 | 616.05 | 545.23 | 526.30 |
| Reserves and Surplus | 706.86 | 692.48 | 580.71 | 556.57 |
| Total Borrowing | 320.63 | 269.53 | 224.96 | 175.27 |
Amount in ₹ Crore
Key Performance Indicator (KPI)
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 6.80 | 5.94 |
| P/E ratio (x) | 50.59 | 57.91 |
| Market Cap at Offer Price | ₹3,496.65 Cr | ₹3,496.65 Cr |
Pre-IPO EPS calculated based on FY26 earnings; Post-IPO EPS and P/E annualized from Q1 FY27 earnings at upper band of ₹344
IPO Lot Size
Investors can bid for a minimum of 43 shares and in multiples thereof:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 43 | ₹14,792 |
| Retail (Max) | 13 | 559 | ₹1,92,296 |
| S-HNI (Min) | 14 | 602 | ₹2,07,088 |
| S-HNI (Max) | 67 | 2,881 | ₹9,91,064 |
| B-HNI (Min) | 68 | 2,924 | ₹10,05,856 |
Issue Reservation
| Investor Category | Allocation Share |
|---|---|
| QIB Shares Offered | Not more than 50.00% of the Net Offer |
| Retail Shares Offered | Not less than 35.00% of the Net Offer |
| NII (HNI) Shares Offered | Not less than 15.00% of the Net Offer |
Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 40.82% | 36.20% |
| Public & Institutional Investors | 59.18% | 63.80% |
| Total | 100% | 100% |
IPO Objects of the Issue
The Sahajanand Medical Technologies Ltd. IPO is a 100% Offer for Sale (OFS). The company will not receive any proceeds from the public offer, and the entire ₹475.48 Cr raised will go directly to the selling shareholders (promoters and private equity investors including Samara Capital and Kotak Pre-IPO Fund).
Sahajanand Medical Technologies Limited (SMT) is an established domestic player in the medical technology and interventional cardiology segment. The company has established clinical credibility against multinational competitors in coronary stents and structural heart intervention, supported by a global IP portfolio of 119 granted patents and export operations across 77 countries. Products such as Supraflex Cruz and Hydra provide the company with a viable technical moat in high-barrier operating categories.
Financially, SMT turned around from a net loss of ₹7.35 Cr in FY24 to a PAT of ₹69.08 Cr in FY26 on revenues of ₹1,218.73 Cr, maintaining an EBITDA margin above 13.8% into Q1 FY27. However, prospective investors should weigh two critical considerations: the public issue is a 100% Offer for Sale (₹475.48 Cr), meaning zero primary capital is directed into company operations or R&D expansion. Furthermore, at the upper price band of ₹344, the issue commands a post-IPO P/E multiple of 57.91x based on annualized Q1 FY27 earnings (50.59x based on FY26 PAT) against a market capitalization of ₹3,496.65 Cr. Investors with an interest in high-tech medical manufacturing and a long-term investment horizon may evaluate this issue with moderate expectations given its full valuation.
