Sahajanand Medical IPO Analysis: GMP, Financials, Valuation & Risks

Summary

Sahajanand Medical Technologies’ mainboard IPO opens on October 15, 2026, and closes on October 19, 2026. The price band is ₹327 to ₹344 per share, and the issue size is approximately ₹335.42 crore.

The company makes cardiovascular medical devices, with a focus on vascular and structural heart products. Its reported financials show revenue and profit changes across the periods listed below. The IPO also carries regulatory, product, supply-chain, overseas-sales and financing risks.

Read our Sahajanand Medical IPO analysis page or browse all IPOs.

IPO snapshot

Business

Incorporated in 2001, Sahajanand Medical Technologies makes medical devices, mainly for vascular and structural heart interventions. Its product categories are Vascular Intervention, Structural Heart and other products.

The company operates research and development centres in India and Thailand. Its products include Supraflex Cruz drug-eluting stents, Hydra transcatheter aortic valve implantation devices and Cocoon occluders. The company reports sales across 77 countries and clinical evidence that includes 75 studies.

Financials

The figures below are reported for the stated periods. The reporting unit is not specified here, so we haven't assigned one.

The IPO analysis reports FY2026 operating revenue of ₹12,105.04 million and net profit of ₹690.82 million. It also reports that the company moved from a loss in FY2024 to a profit by FY2026. These figures use a stated unit and period basis separate from the table above.

Valuation

Reported earnings per share is ₹2.09 (basic), return on net worth is 3.73%, and net asset value is ₹55.86. The price-to-earnings ratio is listed as N/A. The supplied return on equity, return on capital employed, EBITDA margin and profit-after-tax margin fields don't provide usable percentages.

These figures provide valuation reference points, but they don't establish what the shares will be worth after listing.

GMP

The unofficial grey market premium was quoted at ₹42 as of October 15, 2026, at 11:05 am IST. GMP is an unofficial quote, not an exchange figure. It can change, and listing outcomes may differ from it.

Strengths

• The company reports nearly 25% of India’s drug-eluting stent sales volume and operations in 77 countries.
• Supraflex Cruz contributed 37.17% of FY2026 revenue, and Vascular Intervention devices accounted for 61.14%.
• A trial involving 1,435 patients found Supraflex at least as safe and efficacious as XIENCE at three years.
• The company reports 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.

Risks

• Medical-device approvals and permits may be delayed, suspended or withdrawn. An ADCL notice remains pending, and EU MDR transition requirements apply by December 2027.
• Equipment failures, under-utilisation, power or labour interruptions, quality problems and delayed modernisation could disrupt production.
• Supplier concentration and reliance on imports expose production and margins to supply interruptions, input-cost changes and foreign-exchange volatility.
• Revenue concentration in Vascular Intervention devices and Supraflex Cruz, together with substantial overseas sales, creates product, competition, certification, geopolitical, sanctions and currency exposure.
• Borrowings are ₹3,206.33 million. The company also reports 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.
• Contingent liabilities, past statutory-payment delays, missing share-allotment records and pending adjudication over a 4,828,725-share private placement may lead to penalties, cash outflows or governance concerns.
• Police and CBI information requests, an ED summons involving a merged subsidiary, and complaints alleging billing and distributor misconduct create legal, reputational and financial exposure.

Important dates

Promoters

The promoters are Bhargav Dhirajlal Kotadia, Dhirajlal Vallabhbhai Kotadia, Priyanka Dhirajlal Cohen and Shree Hari Trust.

FAQs

When does the Sahajanand Medical IPO open and close?

It opens on October 15, 2026, and closes on October 19, 2026.

What is the price band?

The price band is ₹327 to ₹344 per share.

What is the unofficial GMP?

The unofficial grey market premium was quoted at ₹42 as of October 15, 2026, at 11:05 am IST. It is not an exchange figure and doesn't determine the listing outcome.

What does Sahajanand Medical make?

It makes medical devices, mainly for vascular and structural heart interventions.

Who are the promoters?

The promoters are Bhargav Dhirajlal Kotadia, Dhirajlal Vallabhbhai Kotadia, Priyanka Dhirajlal Cohen and Shree Hari Trust.

Sources

• Draft Red Herring Prospectus (DRHP)
• NSE: public issues
• BSE: public issues
• ipowatch: IPO details and unofficial GMP
• ipowatch: IPO GMP table (unofficial)