| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹327 to ₹344 | 43 | 15th Oct, 2026 – 19th Oct, 2026 | ₹475 Cr |
Sahajanand Medical Technologies Ltd
Sahajanand Medical Technologies Limited (SMT) is a global medical technology company focused on researching and developing advanced medical devices, specialising in cardiovascular healthcare. The company initiated its R&D activities in 1998 and was incorporated as Sahajanand Medical Technologies Private Limited in 2001. Its R&D-driven business focuses on Class III and Class C/D medical devices across Vascular Intervention and Structural Heart, supported by 75 clinical studies. The Vascular Intervention segment includes coronary stents and coronary balloons, while the Structural Heart segment comprises products such as transcatheter aortic valve implantation (TAVI) systems and occluders. Vascular Intervention contributed 61.1% of revenue in FY26, highlighting its significant role in the company’s business mix. SMT has also developed a sizeable intellectual property portfolio, with 119 patents granted globally, 78 additional patent applications in the pipeline and five design registrations in India. The company received CE certification in 2020 for its in-house developed biodegradable polymer-based sirolimus-eluting stent, Supraflex Cruz, strengthening its product portfolio in coronary Intervention. It also improved the crossing capability of its balloon catheters and patented the AVDC system for its Hydra TAVI, focusing on better device performance during complex procedures. The company conducts R&D at two centres, one in India and the other in Thailand, to support product development. The company has expanded its international presence to 77 countries in FY26, with key markets including Spain, Germany, France, Italy and the UK. Its presence across multiple markets reflects its ability to operate within varied regulatory and procurement frameworks, while ~70-75% of revenue comes from international markets, indicating a strong overseas contribution. To expand its distribution network and market reach, the company acquired distributors, including Imex Clinic Salud S.L. in Spain and Zarek in Brazil, and, in 2019, Vascular Concepts Limited domestically, which helped it enter the Structural Heart segment. In addition, partnerships with Philips India Limited and Insight Lifetech Co., Ltd. aim to provide imaging solutions for interventional cardiologists and strengthen the company’s capabilities in the complex percutaneous coronary intervention (PCI) market.
Objective of Sahajanand Medical Technologies Ltd
The IPO comprises is a 100% Offer for Sale (OFS), so the company will not receive any funding and the entire IPO proceeds will go to the selling shareholders.
Rationale To Sahajanand Medical Technologies Ltd
Investment Rationale
Strong entry barriers and established market leadership across key geographies
The company’s comprehensive portfolio of advanced cardiovascular devices, including drug-eluting stents (DES), coronary and peripheral drug-coated balloons (DCB), PTCA balloon catheters, transcatheter aortic valve implantation (TAVI) systems and occluders, positions it among a select group of Class III and Class C/D medical device manufacturers in India and globally. Stringent regulatory requirements, specialised manufacturing capabilities, and clinical validation create significant entry barriers and support competitive differentiation. Its flagship Supraflex Cruz DES has demonstrated non-inferiority to Xience in clinical trials, while the Hydra TAVI system is supported by published clinical evidence, strengthening product credibility. Additionally, the Sironity coronary DCB expands the company’s treatment portfolio by enabling local drug delivery without leaving a permanent metallic implant, while the platinum-coated Cocoon Occluder offers a differentiated proposition through reduced nickel leaching. With established products such as Pipit PTCA balloons, Renofit renal and biliary stents, and Peripherics PTA DCB, the company benefits from a diversified product portfolio addressing multiple cardiovascular and peripheral vascular conditions. Overall, its technology-led product differentiation, clinical evidence, regulatory compliance, and presence across specialised medical device segments provide a foundation for expanding market penetration, strengthening international presence, and driving sustainable long-term growth. However, the commercial opportunity for newer products will depend on clinical outcomes, regulatory approvals, and adoption by healthcare professionals.
Strong R&D capabilities and intellectual property portfolio to drive product innovation
The company’s established R&D capabilities, supported by two facilities in India and Thailand and a team of 156 R&D and clinical professionals, provide a strong foundation for continuous product innovation and development of advanced cardiovascular devices. Its Surat facility is recognised by DSIR and ISO 13485:2016 certified, while its Thailand facility holds Thai GMP and CE certifications, supporting adherence to quality and regulatory requirements. The company’s intellectual property portfolio, with over 119 granted patents globally, 78 pending patent applications, and five Indian design registrations, strengthens its technological differentiation and creates entry barriers for competitors. Key innovations, including the Supraflex Cruz biodegradable polymer drug-eluting stent (DES) and the patented AVDC system for Hydra TAVI, demonstrate its ability to translate research into clinically relevant solutions. Furthermore, collaborations with the Institute of Chemical Technology, Mumbai, and SVNIT, Surat, enhance its access to specialised expertise in materials science, biomedical engineering and manufacturing processes. Supported by global clinical data across product categories, these capabilities are expected to facilitate new product launches, strengthen competitiveness and support sustainable long-term growth.
Valuation of Sahajanand Medical Technologies Ltd
Sahajanand Medical Technologies Limited (SMT) is a specialized medical technology company that develops, manufactures, and markets cardiovascular devices, including drug-eluting stents, catheters, TAVI devices, and occluders, with its flagship Supraflex Cruz contributing significantly to revenue. The company is well positioned to benefit from the rising prevalence of cardiovascular diseases, increasing adoption of minimally invasive procedures, and growing demand for cost-effective medical devices. Key growth strategies include expanding its international presence, strengthening R&D capabilities, accelerating regulatory approvals, diversifying its product portfolio, and improving manufacturing efficiency. Industry prospects remain favourable, with the Indian vascular interventional devices market projected to grow at a CAGR of 7.2% from US$382.6 million in 2025 to US$542.4 million by 2030, while the Asia-Pacific market is expected to expand at a CAGR of 9.9%. On the financial front, revenue from operations grew at a CAGR of 15.9% over FY24-FY26, while EBITDA grew at a stronger CAGR of 24.5%, supported by operating margin expansion from 12.2% to 14.1%. PAT turned profitable, rising from a loss of Rs. 7.35 crores in FY24 to a profit of Rs. 69.08 crores in FY26, reflecting improved operating performance and profitability. As we advance, sustained international expansion, successful commercialization of newer products, operating leverage and improved capital efficiency could support earnings growth. However, product concentration, regulatory challenges, working-capital requirements, and debt management remain key factors to monitor. At the upper IPO price band of Rs. 344 per share, the issue trades at 53.1x FY26 earnings, a premium to the peer average that limits the margin of safety. Nevertheless, its specialized product portfolio, established international presence and improving financial performance offer a credible long-term growth opportunity. We, thus, recommend a “Subscribe” rating for the issue.
What is the Sahajanand Medical Technologies Ltd IPO?
The initial public offer (IPO) of Sahajanand Medical Technologies Ltd an early investment opportunity in. A stock market investor can buy Sahajanand Medical Technologies Ltd IPO shares by applying in IPO before Sahajanand Medical Technologies Ltd get listed at the stock exchanges. An investor could invest in Sahajanand Medical Technologies Ltd for short term listing gain or a long term.
How to apply for the Sahajanand Medical Technologies Ltd IPO through StoxBox?
To apply for the Sahajanand Medical Technologies Ltd through StoxBox one can apply from the website and also from the app. Click here
When will the Sahajanand Medical Technologies Ltd IPO open?
Sahajanand Medical Technologies Ltd is opening on 15th Oct 2026. Apply Now
What is the lot size of the Sahajanand Medical Technologies Ltd IPO?
The Lot Size of Sahajanand Medical Technologies Ltd 43 equity shares. Login to your account now.
When is the Sahajanand Medical Technologies Ltd IPO allotment date?
The allotment Date for Sahajanand Medical Technologies Ltd IPO 21st oct 2026. Login to your account now.
When is the Sahajanand Medical Technologies Ltd IPO listing date?
The listing Date for Sahajanand Medical Technologies Ltd is 23rd Oct 2026. Login to your account now
What is the minimum investment required for the Sahajanand Medical Technologies Ltd IPO?
In the Retail segment the minimum investment required is Rs 14,792 Login to your account now
What is the maximum investment allowed for Sahajanand Medical Technologies Ltd IPO?
In the Retail segment the maximum investment requirement Rs 1,92,296 Login to your account now
What are the risks associated with investing in the Sahajanand Medical Technologies Ltd IPO?
- The business is highly cyclical and dependent on government defense budgets, geopolitical developments, and competitive tenders. Unlike annuity-driven commercial models, defense procurement operates on lengthy, non-recurring 6 to 24-month execution cycles. Demand spikes from regional conflicts rely on episodic emergency purchases rather than sustainable recurring orders. This tender lumpiness limits medium-term revenue visibility, strains operating liquidity during contract lulls, and can adversely affect cash flows and capital access.
- The company relies heavily on a small group of customers, with its top 10 clients contributing 84.5%, 95.5%, and 77.8% of operating revenues in FY24, FY25, and FY26, respectively. Contracts are primarily tender-driven, short-term, and non-recurring with no committed follow-on orders or annuity revenue. As defence procurements are exposed to government budget shifts, spending reallocations, and unilateral termination clauses, the loss of, or reduction in, orders from any key client would adversely affect operational revenue and cash flows.
When will the Sahajanand Medical Technologies Ltd IPO shares be credited to my Demat account?
The Sahajanand Medical Technologies Ltd will be credited to the account on allotment date which is 21st Oct 2026. Login to your account
Where can I find the Sahajanand Medical Technologies Ltd IPO prospectus?
The prospectus of Sahajanand Medical Technologies Ltd IPO prospectus can be found on the website of SEBI, NSE and BSE
