| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 901.60 | 1024.88 | 1210.50 |
| Expenses | 875.50 | 980.12 | 1138.43 |
| Other Income | 6.99 | 11.08 | 8.22 |
| Total Revenue | 908.59 | 1035.96 | 1218.73 |
| Profit Before Tax | 33.09 | 40.81 | 80.29 |
| Net Profit | -7.35 | 25.15 | 69.08 |
Sahajanand Medical Technologies
Sahajanand Medical Technologies IPO
₹14,061
0.14 xOver-subscribedBidding Dates 15 Oct, 26 -19 Oct, 26
Min Investment ₹14,061
Lot Size43
Price Range ₹327 – ₹344
Issue Size ₹475.48 Cr.
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IPO Subscription Details
Retail Subscription Details
0.22 x
Non-Institutional Buyers (sHNI)
0.25 x
Non-Institutional Buyers (bHNI)
0.08 x
Qualified Institutional Buyers (QIB)
0 x
Employees
0.04 x
Total0.14 x
0.14 x IPO Timeline
IPO Offer Start
15 Oct,26
IPO Offer Ends
19 Oct,26
Allotment Finalisation
21 Oct,26
Refund Initiation
22 Oct,26
Listing of Shares
23 Oct,26
IPO Analysis
Strengths
The company holds a comprehensive portfolio of advanced cardiovascular implants including DES, Drug-coated balloons, PTCA balloons, TAVI systems, and Occluders, supported by strong clinical evidence and compliant with stringent domestic and international regulatory standards.
The company's flagship DES, Supraflex Cruz, is positioned as the 'most deliverable' stent in its class per the F&S Report, with 28,383 clinical trial participants globally and results published in top-tier journals such as The Lancet (impact factor 109) and NEJM (impact factor 84.5).
The company operates two R&D centers (India and Thailand) with 156 professionals, holding 119 patents granted globally, 78 patent applications in the pipeline, and R&D expenses of ₹1,041.64 million (8.61% of revenue) in Fiscal 2026.
Risks
The company is subject to rigorous regulation across multiple jurisdictions, including India's Medical Devices Rules, 2017 and the EU MDR, requiring continuous approvals and certifications. Any adverse regulatory action, product recall, or failure to obtain/renew approvals could restrict product marketing, increase costs, and materially impact business operations and financial performance.
Vascular Intervention devices contributed 60.40%–68.57% of revenue from operations across recent periods, with the single product Supraflex Cruz alone contributing 37.17%–47.84% of total revenue. Any adverse impact on sales of this vertical or product — due to competition, regulatory setbacks, pricing controls, or trademark disputes — would materially affect the company's revenues and profitability.
The company's top 10 suppliers accounted for 58.88%–64.37% of total purchases, with imports comprising approximately 73%–84% of total purchases from countries including China, Netherlands, and Germany. The absence of long-term supply contracts and reliance on single suppliers for critical materials such as cobalt chromium tubes and sirolimus drug exposes the company to significant supply disruption and pricing volatility risks.
Objectives
The Offer involves the sale of Equity Shares by the Selling Shareholders, constituting a specified percentage of the pre-Offer Equity Share capital of the Company. The Company will not receive any proceeds from the Offer, as all proceeds will be received by the Selling Shareholders after deduction of their respective portion of Offer-related expenses and relevant taxes.
The Company aims to achieve the benefits of listing its Equity Shares on the Stock Exchanges to enhance its visibility and brand, provide liquidity to existing Shareholders, and create a public market for the Equity Shares in India.
The total expenses of the Offer are estimated at a specified amount in millions. These expenses are to be shared among the Selling Shareholders in proportion to the number of Equity Shares sold, covering fees for BRLMs, registrar, legal counsel, advertising, and other regulatory costs.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 970.58 | 1094.90 | 1276.43 |
| Fixed Assets | 374.18 | 396.19 | 467.65 |
| Total Equity & Liabilities | 970.58 | 1094.90 | 1276.43 |
| Total Liabilities | 404.26 | 504.43 | 574.14 |
| Current Liabilities | 350.79 | 435.82 | 488.79 |
| Non Current Liabilities | 53.47 | 68.61 | 85.35 |
| Total Equity | 566.32 | 590.47 | 702.29 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 11.76 | 30.35 | -36.88 |
| Investing Activities | -42.47 | -48.94 | -130.03 |
| Operating Activities | 41.10 | 73.52 | 105.19 |
| Financing Activities | 13.13 | 5.77 | -12.04 |
About Sahajanand Medical Technologies
Sahajanand Medical Technologies (SMT), founded in 2001, is a Class III and Class C/D medical devices company specializing in technologically advanced cardiovascular devices across Vascular Intervention (VI) and Structural Heart (SH) segments. The company's portfolio includes Drug-Eluting Stents (DES), PTCA balloons, Coronary DCBs, TAVI systems, and Occluders, marketed across 77...more
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Managing DirectorBhargav Dhirajlal Kotadia
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