Sahajanand Medical
What they do: Sahajanand Medical Technologies is a medical technology company. Its specific products and revenue streams are not described here.
By IPO Milega Research · Published
Sahajanand Medical Technologies recorded FY26 operating revenue of ₹12,105.04 million and net profit of ₹690.82 million.
- GMP (unofficial)
- +11.9%
- Grey market premium
- Opens
- 15 Oct
- Closes 19 Oct
- Min. investment
- ₹14,792
- 43 shares
GMP is an unofficial grey market indication. GMP updated 15 Oct, 09:05 IST.
- Price band
- ₹327-344
- Lot size
- 43 shares
- Min. investment
- ₹14,792
- Issue size
- Approx 335.42 Crores
- Open15 Oct 2026
- Close19 Oct 2026
- Allotment21 Oct 2026
- Listing23 Oct 2026
Overview
₹₹385 (+11.9%)
GMP trend
Unofficial grey market quotes, times in IST
Where the money goes
This IPO is entirely an offer for sale. The company receives none of the money : all ₹475.48 Cr goes to the selling shareholders.
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials6.0
- Performance7.0
- Flexibility7.0
- Timing5.0
- Risk4.0
Revenue grew at an estimated 15.9% CAGR from FY2024 to FY2026, and the company moved from a loss to a ₹690.82 million profit. Product reach and improving margins support modest upside. High regulatory and supply risks, concentrated revenue, weak debt-service coverage and an offer for sale with no fresh capital temper the fundamentals-based outlook.
Strengths5
- Reported nearly 25% of India’s DES sales volume and operated in 77 countries.
- Supraflex Cruz contributed 37.17% of FY2026 revenue; VI devices accounted for 61.14%.
- The 1,435-patient TALENT trial found Supraflex at least as safe and efficacious as XIENCE at three years.
- Reported 119 granted patents, 78 pending applications and 75 clinical studies, including 66 completed and nine ongoing.
- FY2026 capacity utilisation was 78.31% for stents and 91.73% for catheters.
Concerns5
- Medical-device approvals and permits may be delayed, suspended or withdrawn; the ADCL notice remains pending, and EU MDR transition requirements apply by December 2027.
- Production may be disrupted by equipment failures, under-utilisation, power or labour interruptions, quality issues and delayed modernization.
- Supplier concentration and import dependence expose production and margins to supply interruptions, input-cost changes and foreign-exchange volatility.
- Revenue concentration in Vascular Intervention devices and Supraflex Cruz, alongside substantial overseas sales, increases product, competition, certification, geopolitical, sanctions and currency exposure.
- Borrowings of ₹3,206.33 million, a 0.12 debt-service coverage ratio for the three-month period, an on-demand ₹330 million Axis Bank loan, inter-subsidiary loans and guarantees create financing and liquidity risks.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum14,7921 lots, 43 shares
- Retail Maximum1,92,29613 lots, 559 shares
- S-HNI Minimum2,07,08814 lots, 602 shares
- S-HNI Maximum9,91,06467 lots, 2881 shares
- B-HNI Minimum10,05,85668 lots, 2924 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 43 | 14,792 |
| Retail Maximum | 13 | 559 | 1,92,296 |
| S-HNI Minimum | 14 | 602 | 2,07,088 |
| S-HNI Maximum | 67 | 2881 | 9,91,064 |
| B-HNI Minimum | 68 | 2924 | 10,05,856 |
Timing
5.0/10The approximately ₹335.42 crore mainboard issue is supported by four book-running lead managers, suggesting an organized offering process. The supplied information contains no market, valuation or sector-demand indicators that would support a stronger timing assessment.
- Time to market
- The offering has an identified group of lead managers and established offer intermediaries, but the available information does not indicate whether the company is entering the market at a particularly advantageous point.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Neutral
- Time to market
- 5.0
- Listing on
- BSE, NSE
Key milestones
- 15 Oct 2026IPO Opens
- 19 Oct 2026IPO Closes
- 21 Oct 2026Basis of Allotment
- 22 Oct 2026Refunds Initiated
- 22 Oct 2026Credit to Demat Account
- 23 Oct 2026Listing Date
Financials
6.0/10- Revenue
- ₹1,219 Cr
- +17.6%
- Profit after tax
- ₹69.08 Cr
- +174.7%
- Net margin
- 5.7%
- +3.2 pts
- Assets
- ₹1,276 Cr
- +16.6%
- Return on equity
- 10.35%
- Debt to equity
- 0.45
- Current ratio
- 1.65x
- Revenue CAGR
- 15.9%
- ROCE
- -%
- Return on net worth
- 3.73%
- NAV per share (₹)
- 55.86
Financial performance trend
Amount ₹ in croresSahajanand Medical Technologies recorded FY26 operating revenue of ₹12,105.04 million and net profit of ₹690.82 million. Revenue and profit have grown, with profit recovering from a loss in FY24. Moderate borrowings and weak debt-service coverage temper the assessment.
Borrowings were ₹320.63 Cr at June 30, 2026, against equity of ₹716.67 Cr. The IPO is entirely an offer for sale, so proceeds do not repay company debt. Borrowings are moderate relative to equity, while FY26 debt-service coverage of 0.65x warrants attention.
Fresh issue goes to the company. OFS goes to the selling shareholders.
The offer comprises up to 13,822,116 shares for sale. The selling shareholders and whether they include promoters are not identified here.
The IPO is entirely an offer for sale, with no fresh capital raised for the company. The reason existing shareholders are selling is not stated.
Risk
4.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks3
- Market risks3
- Operational risks4
- Regulatory risks5
High regulatory, product, supply-chain, export-concentration and financing exposures are compounded by pending inquiries, compliance matters and material contingent liabilities.
How the company offsets these
The company has submitted documents or responses to several authorities, committed to invoice corrections and apprentice compliance, and the Supraflex Cruz CE certificate was reinstated after an interim court injunction.
Financial risks3
- Borrowings, low debt-service coverage, the on-demand Axis Bank loan and financing requirements create repayment and liquidity risk.
- Contingent liabilities, inter-subsidiary loans, guarantees and past statutory-payment delays may pressure cash flows.
- Supplier and currency volatility may increase costs; product concentration may affect revenue and margins.
Market risks3
- Revenue concentration in Vascular Intervention devices and Supraflex Cruz exposes the company to competition, pricing and product demand changes.
- Overseas sales concentration exposes revenue to geopolitical, currency, trade and sanctions risks, including exposure to Iran and Russia.
- Key-person reliance, brand risks and challenges in distribution and expansion may constrain growth.
Operational risks4
- Manufacturing disruption from equipment breakdowns, under-utilisation, infrastructure, power, labour, quality or modernization issues could affect supply and reputation.
- Dependence on concentrated suppliers and imported components risks supply continuity and production costs.
- Demand and inventory forecasting, third-party transport, IT/cybersecurity and workforce or lease disruptions could impair operations.
- Missing records covering share allotments and concerns over distributor practices create governance and reputational exposure.
Regulatory risks5
- Changing medical-device rules, product approvals, recertification and EU MDR transition may delay or restrict sales; the Brazil registration was denied and the Supraflex Cruz CE certificate was previously suspended and later reinstated under an interim court injunction.
- The pending ADCL notice alleges invoice discrepancies and could lead to licence suspension or cancellation; a pollution-control effluent notice also creates compliance risk.
- SEZ lease, product-use, domestic tariff-area clearance and net foreign exchange conditions may lead to loss of SEZ rights, duties or penalties if breached.
- Pending private-placement adjudication, cost-audit notices, apprenticeship matters and other regulatory inquiries may result in penalties or further proceedings.
- Police and CBI information requests, the ED matter involving a merged subsidiary, and complaints alleging over-invoicing, expired-device invoicing, differential pricing, kickbacks and onerous distributor contracts may cause adverse legal or reputational outcomes.
Performance
7.0/10SMT manufactures and sells cardiovascular devices, led by VI devices and Supraflex Cruz. It sells across 77 countries through direct, hybrid and distributor-led models. Revenue grew from ₹9,016.04 million in FY2024 to ₹12,105.04 million in FY2026, while EBITDA margin improved and the company moved from a loss to a profit. Growth and product reach are supported by clinical evidence and a broad patent and study portfolio, with operational risks from imported and concentrated suppliers, low utilisation in some product lines and higher quarter-end leverage.
- Historical growth
- Revenue increased 34.2% between FY2024 and FY2026, equivalent to an approximate two-year CAGR of 15.9%. EBITDA margin rose from 12.21% to 14.10%. PAT improved from a ₹73.54 million loss in FY2024 to ₹251.52 million profit in FY2025 and ₹690.82 million profit in FY2026., Revenue CAGR of approximately 15.9% from FY2024 to FY2026.
- Market comparison
- SMT reported nearly 25% of India’s DES sales volume and has international sales reach across 77 countries. The disclosed information provides no peer financial or market-share benchmarks for a direct comparison. The TALENT trial compared Supraflex with XIENCE and found Supraflex at least as safe and efficacious at three years.
- Future potential
- No company-specific growth forecast is stated. Industry context points to expanding healthcare expenditure and demand drivers including chronic disease prevalence and improved healthcare access. Future company growth will depend on execution, regulatory approvals and demand for its products.
- Operational consistency
- Execution shows improving margins and profitability alongside international reach and clinical activity. Risks to consistency include imported materials representing 77.18% of FY2026 purchases, the top 10 suppliers accounting for 59.15%, single-source components, and dependence on regulatory approvals. Net debt/EBITDA was 1.12x in FY2026 and rose to 4.89x at June 2026 quarter-end; the Offer for Sale will not change the capital structure.
- Experience
- The disclosed information does not detail directors’ prior operating experience or individual leadership credentials. Executive-director remuneration of ₹57.45 million for FY2025 was approved by the Board and shareholders.
- Track record
- Financial results improved from a FY2024 loss to FY2026 profit. The company reported no auditor reservations or qualifications for the stated periods and no accounting-policy changes in the last three financial years.
Key achievements
- 01Reported nearly 25% of India’s DES sales volume and operated in 77 countries.
- 02Supraflex Cruz contributed 37.17% of FY2026 revenue; VI devices accounted for 61.14%.
- 03The 1,435-patient TALENT trial found Supraflex at least as safe and efficacious as XIENCE at three years.
- 04Reported 119 granted patents, 78 pending applications and 75 clinical studies, including 66 completed and nine ongoing.
- 05FY2026 capacity utilisation was 78.31% for stents and 91.73% for catheters.
Flexibility
7.0/10Revenue comes from 77 countries in Fiscal 2026, with international markets contributing 73.87% of revenue. The company uses direct, hybrid and distributor-led models and has shifted distribution arrangements through acquisitions. Its R&D and regulatory capabilities support adaptation to local requirements and clinical needs.
Revenue increased from ₹9,016.04 million in Fiscal 2024 to ₹12,105.04 million in Fiscal 2026, and PAT recovered from a ₹73.54 million loss to ₹690.82 million profit. Fiscal 2026 EBITDA margin was 14.10% and net debt to EBITDA was 1.12x. The June 2026 quarter's 4.89x ratio is a caution, while the period is not annualised.
Three manufacturing facilities across India and Thailand, in-house balloon catheter production and two R&D centres support product development and production control. About 33% of available space at Hyderabad was in use, providing room to expand. Low Fiscal 2026 utilization in drug-coated PTCA balloons, TAVI and occluders indicates capacity is ahead of current demand in those lines.
SMT shows strong commercial adaptability through global reach, multiple sales models, product innovation and acquisitions. Financial flexibility is more moderate, with modest PAT margins and elevated net debt to EBITDA in the June 2026 quarter. Available capacity supports expansion, though low utilization in several product lines calls for disciplined scaling.
- Product diversification
- The portfolio spans vascular intervention products, including stents, balloons and catheters, structural heart products including TAVI and occluders, and other products such as renal stents and peripheral drug-coated balloons. VI remained the largest category at 61.14% of Fiscal 2026 revenue; SH contributed 16.77% and others 22.09%.
- Future adaptability
- R&D investment, 119 granted patents, 78 patent applications in the pipeline, clinical studies and expansion into new markets provide avenues for future adaptation. Hyderabad facility space offers capacity to scale without significant additional capital expenditure. Growth will depend on converting available capacity and ongoing product development into sustained demand while managing debt and working capital.
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.