The Sahajanand Medical Technologies IPO is a book-built issue worth ₹475.48 crore, comprising an offer for sale (OFS) of 1.38 crore shares. The IPO opens for subscription on October 15, 2026, and closes on October 19, 2026. The allotment is expected to be finalised on October 21, 2026, with the shares scheduled to list on the NSE and BSE on October 23, 2026.
The price band is set at ₹327 to ₹344 per share, with a lot size of 43 shares. Retail investors need a minimum investment of ₹14,792 to apply for one lot at the upper price band.
Motilal Oswal Investment Advisors Ltd. is the book-running lead manager, while MUFG Intime India Pvt. Ltd. is the registrar for the issue. For detailed information about the IPO, refer to the Red Herring Prospectus (RHP).
Company Overview
Sahajanand Medical Technologies Ltd. (SMT), founded by Dhirajlal Kotadia in 2001, is an Indian medical technology company specialising in the development and manufacture of advanced medical devices for vascular and structural heart interventions. Its product portfolio includes drug-eluting stents (DES), coronary balloons, transcatheter aortic valve implantation (TAVI) devices, occluders and other interventional products.
The company has a strong research and development focus, supported by two R&D centres in India and Thailand. As of June 30, 2026, it held 119 granted patents globally and had 78 additional patent applications in progress. Its flagship brands include Supraflex Cruz stents, Cocoon occluders and Hydra TAVI devices, supported by clinical research.
SMT operates manufacturing facilities in India and Thailand and follows a combination of direct sales, hybrid and distributor-led models to serve international markets. It marketed its products across 77 countries in FY26. The company has also expanded its product portfolio through acquisitions, including Vascular Concepts and Vascular Innovations. Its investor base includes Samara Capital Markets Holding Limited, Kotak Pre-IPO Opportunities Fund, Plutus Wealth Management LLP and Ashish Kacholia.
(Source: RHP)
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 15 to 19 Oct, 2026 |
| Allotment | Wed, Oct 21, 2026 |
| Listing Date | Fri, Oct 23, 2026 |
| Face Value | ₹1 per share |
| Price Band | ₹327 to ₹344 per share |
| Lot Size | 43 Shares |
| Issue Type | Bookbuilding IPO |
| Sale Type | OFS only |
| Total Issue Size | 1,38,22,116 shares (agg. up to ₹475 Cr) |
| Offer for Sale | 1,38,22,116 shares of ₹1 (agg. up to ₹475 Cr) |
| Shareholding Pre-Issue | 10,16,46,778 shares |
| Shareholding Post-Issue | 10,16,46,778 shares |
| Listing Exchange | BSE, NSE |
(Compiled from RHP and market updates)
Industry Context
- India’s healthcare infrastructure is expanding, with over 73,000 hospitals in 2025. Private hospitals account for approximately 65% of these facilities, creating opportunities for medical device manufacturers as healthcare access and demand continue to grow.
- India’s cardiac care infrastructure is developing rapidly, with cath labs increasing from approximately 650 in 2015 to over 2,500 in 2023. However, the estimated requirement exceeds 7,500 labs, highlighting scope for further expansion.
- The global medical device market was valued at approximately USD 540.3 billion in 2025. It is projected to reach USD 729.8 billion by 2030, supported by technological advancements and rising healthcare expenditure.
- India faces a shortage of hospital beds relative to estimated healthcare needs. The country may require an additional 2.2 million beds over 15 years, supporting potential demand for medical equipment and advanced treatment technologies.
- Rising chronic diseases, growing health insurance coverage and increasing demand for minimally invasive procedures are shaping healthcare delivery. These trends create opportunities for specialised medical device companies such as Sahajanand Medical Technologies Ltd. to expand their product reach.
Business Strengths
- Sahajanand Medical Technologies Ltd. offers a broad portfolio of advanced cardiovascular devices, including drug-eluting stents, coronary balloons, drug-coated balloons, TAVI systems and occluders, serving vascular and structural heart intervention markets.
- The company operates two R&D centres in India and Thailand. As of the Red Herring Prospectus date, it had 119 granted patents globally, 78 patent applications in progress and five design registrations in India.
- According to the F&S Report, the company held nearly 25% of India’s drug-eluting stent sales volume in FY26. It also ranked among the top five companies by occluder sales volume in India, Thailand and South Korea.
- Sahajanand Medical Technologies marketed its products in 77 countries in FY26 through direct, hybrid and distributor-led sales models. This network provides access to diverse markets, supported by region-specific distribution and sales strategies.
- The company operates three manufacturing facilities across Surat, Hyderabad and Thailand. Acquisitions, including Vascular Concepts and Vascular Innovations, have expanded its product range to include structural heart devices such as TAVI systems and occluders.
Business Risks
- Sahajanand Medical Technologies Ltd. operates in a highly regulated industry and must obtain and maintain relevant licences, approvals and certifications across markets. Regulatory changes, non-compliance or delays in approvals could affect product sales and business operations.
- The company’s manufacturing facilities face risks related to quality control, equipment obsolescence and operational disruptions. Product defects could lead to replacement costs, delivery delays, recalls and reputational damage, potentially affecting customer relationships and revenue.
- The company depends on external suppliers for raw materials and components, with its top 10 suppliers accounting for 59.15% of total purchases in FY26. Supply disruptions, price fluctuations or dependence on single suppliers for certain components could affect production and costs.
- Revenue is concentrated in the Vascular Intervention segment, which contributed 61.14% of revenue from operations in FY26. Supraflex Cruz alone accounted for 37.17%, making overall performance sensitive to changes in demand for this product and segment.
- The company’s expansion plans depend on successful entry into new markets and recruitment of experienced sales personnel. Hiring delays, additional investment requirements or challenges in establishing distribution and logistics networks could affect expansion timelines, cash flows and profitability.
Financial Performance
Sahajanand Medical Technologies Ltd. – Financials (₹ in Million)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Revenue from Operations | 12,105.04 | 10,248.79 | 9,016.04 |
| EBITDA | 1,706.55 | 1,280.21 | 1,100.47 |
| EBITDA Margin (%) | 14.10% | 12.49% | 12.21% |
| Profit / (Loss) After Tax (PAT) | 690.82 | 251.52 | (73.54) |
| PAT Margin (%) | 5.71% | 2.45% | (0.82)% |
| Return on Capital Employed (%) | 11.57% | 10.37% | 8.05% |
| Return on Equity (%) | 10.35% | 3.68% | (2.34)% |
(Source: RHP)
Key Ratios & Metrics
| KPI | Jun 30, 2026 | Mar 31, 2026 |
|---|---|---|
| Return on Equity (ROE) | 2.07% | 10.35% |
| Return on Capital Employed (ROCE) | 3.16% | 11.57% |
| Debt-to-Equity Ratio | 0.33 | 0.27 |
| Return on Net Worth (RoNW) | 2.31% | 10.60% |
| PAT Margin | 4.29% | 5.71% |
| EBITDA Margin | 13.81% | 14.10% |
| Net Asset Value (NAV per share) | ₹64.35 | ₹62.76 |
(Source: RHP)
Objects of the Issue
The Sahajanand Medical Technologies Ltd. IPO comprises entirely an Offer for Sale (OFS), meaning the proceeds from the issue will go to the selling shareholders rather than the company.
Conclusion
Sahajanand Medical Technologies Ltd. operates in the cardiovascular medical device industry, with a portfolio spanning drug-eluting stents, coronary balloons, TAVI systems and occluders. The company has reported growth in revenue and profitability between FY24 and FY26, alongside an expanding international presence and continued investment in research and development.
However, its business is exposed to regulatory requirements, supplier concentration and dependence on key products and the Vascular Intervention segment. Since the IPO is entirely an offer for sale, the company will not receive proceeds from the issue. Investors may review the offer documents, financial performance and associated risks before making an investment decision.
Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. This content is purely for informational purposes only and should not be considered as investment advice or a recommendation. Securities quoted are for illustration purposes only and not recommendatory. Investors are requested to do their own due diligence before investing.
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