{"id":53669,"date":"2026-10-13T18:22:41","date_gmt":"2026-10-13T12:52:41","guid":{"rendered":"https:\/\/flattrade.in\/kosh\/?p=53669"},"modified":"2026-10-13T18:26:15","modified_gmt":"2026-10-13T12:56:15","slug":"sahajanand-medical-technologies-ipo","status":"publish","type":"post","link":"https:\/\/flattrade.in\/kosh\/sahajanand-medical-technologies-ipo\/","title":{"rendered":"Sahajanand Medical Technologies IPO"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"53669\" class=\"elementor elementor-53669\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c1cd6a8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c1cd6a8\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column 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16px;\n    }\n\n    .cmr-article-wrapper .objects-list li {\n      flex-direction: column;\n      align-items: flex-start;\n      gap: 6px;\n      padding: 10px 12px;\n    }\n\n    .cmr-article-wrapper .objects-list li .obj-label {\n      padding-right: 0;\n    }\n\n    .cmr-article-wrapper .cta-btn {\n      width: 100%;\n      padding: 13px 16px;\n      font-size: 14px;\n    }\n  }\n\n  @media (max-width: 380px) {\n    .cmr-article-wrapper .cmr-glance-grid {\n      grid-template-columns: 1fr;\n    }\n    .cmr-article-wrapper .kpi-grid {\n      grid-template-columns: 1fr;\n    }\n  }\n<\/style>\n\n<div class=\"cmr-article-wrapper\">\n\n\n \n\n  <!-- \u2500\u2500 IPO AT A GLANCE \u2500\u2500 -->\n  <div class=\"cmr-glance-title\">IPO Summary<\/div>\n  \n  <div class=\"cmr-glance-grid\">\n    <div class=\"cmr-glance-item cmr-highlight\">\n      <div class=\"cmr-g-label\">Price Band<\/div>\n      <div class=\"cmr-g-value\">\u20b9327 \u2013 \u20b9344<\/div>\n      <div class=\"cmr-g-sub\">FV: \u20b91 \/ share<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item cmr-highlight\">\n      <div class=\"cmr-g-label\">Issue Dates<\/div>\n      <div class=\"cmr-g-value\">Oct 15 \u2013 19<\/div>\n      <div class=\"cmr-g-sub\">Year: 2026<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Lot Size<\/div>\n      <div class=\"cmr-g-value\">43 Shares<\/div>\n      <div class=\"cmr-g-sub\">Min: \u20b914,792<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Total Issue Size<\/div>\n      <div class=\"cmr-g-value\">\u20b9475.48 Cr<\/div>\n      <div class=\"cmr-g-sub\">100% OFS<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Listing At<\/div>\n      <div class=\"cmr-g-value\">BSE &amp; NSE<\/div>\n      <div class=\"cmr-g-sub\">Tentative: Oct 23<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Lead Managers<\/div>\n      <div class=\"cmr-g-value\" style=\"font-size: 12.5px;\">Motilal \/ Avendus \/ HSBC \/ Nuvama<\/div>\n      <div class=\"cmr-g-sub\">Reg: MUFG Intime<\/div>\n    <\/div>\n  <\/div>\n\n  <div class=\"glance-badge\">\n    Bookbuilt Issue &nbsp;|&nbsp; Offer for Sale (OFS): \u20b9475.48 Cr (1,38,22,116 Shares) &nbsp;|&nbsp; Fresh Issue: Nil\n  <\/div>\n\n  <!-- \u2500\u2500 ABOUT THE COMPANY \u2500\u2500 -->\n  <h2 class=\"section-heading\">About the Business<\/h2>\n  <p>\n    Incorporated in <strong>October 2001<\/strong>, 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).\n  <\/p>\n  <p>\n    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 <em>Supraflex Cruz<\/em>, <em>Cocoon<\/em>, and <em>Hydra<\/em>. 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.\n  <\/p>\n\n  <ul class=\"cmr-feature-list\">\n    <li><strong>Extensive Global Sales Reach:<\/strong> Commercialized medical devices in 77 countries during FY26 via an omnichannel international distribution infrastructure.<\/li>\n    <li><strong>Strong Intellectual Property Portfolio:<\/strong> Holds 119 patents granted globally, with 78 additional patent applications in the pipeline and five design registrations in India as of June 30, 2026.<\/li>\n    <li><strong>Integrated Manufacturing &amp; R&amp;D Footprint:<\/strong> Operates three manufacturing plants across India and Thailand, supported by two clinical R&amp;D centres ensuring high-precision manufacturing and stringent quality compliance.<\/li>\n    <li><strong>Proven High-Barrier Product Moat:<\/strong> Proprietary flagship offerings include the Supraflex Cruz coronary stent system, Hydra TAVI valves, and Cocoon structural heart occluders.<\/li>\n    <li><strong>Substantial Technical Workforce:<\/strong> Supported by 1,605 full-time employees, 31 medical\/technical consultants, and 707 contract-based staff members as of June 30, 2026.<\/li>\n  <\/ul>\n\n  <p>\n    The company&#8217;s promoters are <strong>Bhargav Dhirajlal Kotadia, Dhirajlal Vallabhbhai Kotadia, Priyanka Dhirajlal Cohen, and Shree Hari Trust<\/strong>.\n  <\/p>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 FINANCIAL OVERVIEW \u2500\u2500 -->\n  <h2 class=\"section-heading\">Company Financials (Restated Consolidated)<\/h2>\n  <p>\n    Sahajanand Medical Technologies Ltd.&#8217;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 \u20b9354.33 Cr and a profit after tax of \u20b915.09 Cr.\n  <\/p>\n\n  <div class=\"table-container\">\n    <table class=\"fin-table\">\n      <thead>\n        <tr>\n          <th>Period Ended<\/th>\n          <th>30 Jun 2026<\/th>\n          <th>31 Mar 2026<\/th>\n          <th>31 Mar 2025<\/th>\n          <th>31 Mar 2024<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr>\n          <td>Assets<\/td>\n          <td>1,309.00<\/td>\n          <td>1,276.43<\/td>\n          <td>1,094.90<\/td>\n          <td>970.58<\/td>\n        <\/tr>\n        <tr>\n          <td>Total Income<\/td>\n          <td>354.33<\/td>\n          <td>1,218.73<\/td>\n          <td>1,035.96<\/td>\n          <td>908.59<\/td>\n        <\/tr>\n        <tr>\n          <td>Profit After Tax<\/td>\n          <td>15.09<\/td>\n          <td>69.08<\/td>\n          <td>25.15<\/td>\n          <td>-7.35<\/td>\n        <\/tr>\n        <tr>\n          <td>EBITDA<\/td>\n          <td>48.58<\/td>\n          <td>170.66<\/td>\n          <td>128.02<\/td>\n          <td>110.05<\/td>\n        <\/tr>\n        <tr>\n          <td>NET Worth<\/td>\n          <td>631.72<\/td>\n          <td>616.05<\/td>\n          <td>545.23<\/td>\n          <td>526.30<\/td>\n        <\/tr>\n        <tr>\n          <td>Reserves and Surplus<\/td>\n          <td>706.86<\/td>\n          <td>692.48<\/td>\n          <td>580.71<\/td>\n          <td>556.57<\/td>\n        <\/tr>\n        <tr>\n          <td>Total Borrowing<\/td>\n          <td>320.63<\/td>\n          <td>269.53<\/td>\n          <td>224.96<\/td>\n          <td>175.27<\/td>\n        <\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n  <p class=\"fin-note\">Amount in \u20b9 Crore<\/p>\n\n  <!-- \u2500\u2500 KPIS (MOST RECENT DATA: JUNE 30, 2026) \u2500\u2500 -->\n  <h2 class=\"section-heading\">Key Performance Indicator (KPI)<\/h2>\n  <div class=\"kpi-grid\">\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">2.07%<\/div>\n      <div class=\"kpi-label\">ROE (Jun 30, 2026)<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">3.16%<\/div>\n      <div class=\"kpi-label\">ROCE (Jun 30, 2026)<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">13.81%<\/div>\n      <div class=\"kpi-label\">EBITDA Margin (Jun 30, 2026)<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">4.29%<\/div>\n      <div class=\"kpi-label\">PAT Margin (Jun 30, 2026)<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">0.33<\/div>\n      <div class=\"kpi-label\">Debt \/ Equity (Jun 30, 2026)<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">\u20b964.35<\/div>\n      <div class=\"kpi-label\">Net Asset Value (Jun 30, 2026)<\/div>\n    <\/div>\n  <\/div>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 IPO VALUATION \u2500\u2500 -->\n  <h2 class=\"section-heading\">IPO Valuation<\/h2>\n  <div class=\"table-container\">\n    <table class=\"fin-table\">\n      <thead>\n        <tr>\n          <th>Valuation Metric<\/th>\n          <th>Pre IPO<\/th>\n          <th>Post IPO<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr>\n          <td>EPS (\u20b9)<\/td>\n          <td>6.80<\/td>\n          <td>5.94<\/td>\n        <\/tr>\n        <tr>\n          <td>P\/E ratio (x)<\/td>\n          <td>50.59<\/td>\n          <td>57.91<\/td>\n        <\/tr>\n        <tr>\n          <td>Market Cap at Offer Price<\/td>\n          <td>\u20b93,496.65 Cr<\/td>\n          <td>\u20b93,496.65 Cr<\/td>\n        <\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n  <p class=\"fin-note\">Pre-IPO EPS calculated based on FY26 earnings; Post-IPO EPS and P\/E annualized from Q1 FY27 earnings at upper band of \u20b9344<\/p>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 LOT SIZE TABLE \u2500\u2500 -->\n  <h2 class=\"section-heading\">IPO Lot Size<\/h2>\n  <p>Investors can bid for a minimum of 43 shares and in multiples thereof:<\/p>\n  <div class=\"table-container\">\n    <table class=\"res-table\">\n      <thead>\n        <tr>\n          <th>Application<\/th>\n          <th>Lots<\/th>\n          <th>Shares<\/th>\n          <th>Amount<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr>\n          <td>Retail (Min)<\/td>\n          <td>1<\/td>\n          <td>43<\/td>\n          <td>\u20b914,792<\/td>\n        <\/tr>\n        <tr>\n          <td>Retail (Max)<\/td>\n          <td>13<\/td>\n          <td>559<\/td>\n          <td>\u20b91,92,296<\/td>\n        <\/tr>\n        <tr>\n          <td>S-HNI (Min)<\/td>\n          <td>14<\/td>\n          <td>602<\/td>\n          <td>\u20b92,07,088<\/td>\n        <\/tr>\n        <tr>\n          <td>S-HNI (Max)<\/td>\n          <td>67<\/td>\n          <td>2,881<\/td>\n          <td>\u20b99,91,064<\/td>\n        <\/tr>\n        <tr>\n          <td>B-HNI (Min)<\/td>\n          <td>68<\/td>\n          <td>2,924<\/td>\n          <td>\u20b910,05,856<\/td>\n        <\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 ISSUE RESERVATION \u2500\u2500 -->\n  <h2 class=\"section-heading\">Issue Reservation<\/h2>\n  <div class=\"table-container\">\n    <table class=\"res-table\">\n      <thead>\n        <tr>\n          <th>Investor Category<\/th>\n          <th>Allocation Share<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>QIB Shares Offered<\/td><td>Not more than 50.00% of the Net Offer<\/td><\/tr>\n        <tr><td>Retail Shares Offered<\/td><td>Not less than 35.00% of the Net Offer<\/td><\/tr>\n        <tr><td>NII (HNI) Shares Offered<\/td><td>Not less than 15.00% of the Net Offer<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 SHAREHOLDING STRUCTURE \u2500\u2500 -->\n  <h2 class=\"section-heading\">Shareholding Structure<\/h2>\n  <div class=\"table-container\">\n    <table class=\"res-table\">\n      <thead>\n        <tr>\n          <th>Category<\/th>\n          <th>Pre IPO<\/th>\n          <th>Post IPO<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr>\n          <td>Promoter and Promoter Group<\/td>\n          <td>40.82%<\/td>\n          <td>36.20%<\/td>\n        <\/tr>\n        <tr>\n          <td>Public &amp; Institutional Investors<\/td>\n          <td>59.18%<\/td>\n          <td>63.80%<\/td>\n        <\/tr>\n        <tr>\n          <td><strong>Total<\/strong><\/td>\n          <td><strong>100%<\/strong><\/td>\n          <td><strong>100%<\/strong><\/td>\n        <\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <hr class=\"divider\" \/>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 OBJECTS OF ISSUE \u2500\u2500 -->\n  <h2 class=\"section-heading\">IPO Objects of the Issue<\/h2>\n  <p>\n    The Sahajanand Medical Technologies Ltd. IPO is a <strong>100% Offer for Sale (OFS)<\/strong>. The company will not receive any proceeds from the public offer, and the entire \u20b9475.48 Cr raised will go directly to the selling shareholders (promoters and private equity investors including Samara Capital and Kotak Pre-IPO Fund).\n  <\/p>\n\n  <!-- \u2500\u2500 VERDICT CARD \u2500\u2500 -->\n  <div class=\"cmr-verdict-card\">\n    <div class=\"cmr-verdict-title\">The Final Verdict<\/div>\n    <p>\n      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 <em>Supraflex Cruz<\/em> and <em>Hydra<\/em> provide the company with a viable technical moat in high-barrier operating categories.\n    <\/p>\n    <p style=\"margin-top: 10px;\">\n      Financially, SMT turned around from a net loss of \u20b97.35 Cr in FY24 to a PAT of \u20b969.08 Cr in FY26 on revenues of \u20b91,218.73 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 (\u20b9475.48 Cr), meaning zero primary capital is directed into company operations or R&amp;D expansion. Furthermore, at the upper price band of \u20b9344, 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 \u20b93,496.65 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.\n    <\/p>\n  <\/div>\n\n  <!-- \u2500\u2500 CTA BUTTON \u2500\u2500 -->\n  <div class=\"cta-wrap\">\n    <a class=\"cta-btn\" href=\"https:\/\/novo.flattrade.in\/\" target=\"_blank\" rel=\"noopener\">\n      Apply for Sahajanand Medical Technologies IPO on Flattrade &rarr;\n    <\/a>\n  <\/div>\n\n  <div class=\"source-note\">Source: Chittorgarh IPO Filings<\/div>\n\n<\/div>\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-83b7089 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"83b7089\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container 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