IPOVEST PRO

Sahajanand Medical Technologies IPO

Mainboard • Equity • OFS only

Sahajanand Medical Technologies logo
LISTEDMAINBOARDEquity

Sahajanand Medical Technologies

Price band
₹327 – ₹344
Lot size
43 shares
Min investment
₹14,792
Issue size
₹475.48 Cr

About the company

Sahajanand Medical Technologies Ltd. was founded in 2001 by Dhirajlal Kotadia. It is a medical device company focused on Class III and Class C/D devices, mainly for vascular and structural heart intervention. It was the first company in the world to get CE certification for a drug-eluting stent with a biodegradable polymer, called Infinnium. The products fall in three groups. Vascular intervention covers coronary stents and balloons. Structural heart covers TAVI and occluders. Other products include renal stents, peripheral drug-coated balloons and some trading products. The company has two R&D centres, one in India and one in Thailand, with 102 professionals. It holds 102 granted patents globally and has 71 pending applications. Key brands are Supraflex Cruz, Hydra (TAVI) and Cocoon (occluders), backed by 72 clinical studies and sold in over 76 countries. It sells directly in Germany, Spain, France and the UK, uses a hybrid model in India and distributors in markets such as Italy. As of 31 March 2025 it had 1,458 full-time staff, 24 consultants and 818 contract personnel.

Sahajanand Medical Technologies makes Class III heart devices such as drug-eluting stents, TAVI valves and occluders. Total income was Rs 1,218.73 crore in FY2026 and restated profit after tax was Rs 69.08 crore.

IPO details

Issue price
₹344
Price band
₹327 – ₹344
Face value
₹1
Lot size
43
Min investment
₹14,792
Issue size
₹475.48 Cr
Sale type
OFS only
Listing on
BSE, NSE
BSE scrip code
8043
NSE symbol
SMT.NS

Lot size & investment by category

APPLICATIONLOTSSHARESAMOUNT
Retail (Min)143₹14,792
Retail (Max)13559₹1,92,296
S-HNI (Min)14602₹2,07,088
B-HNI (Min)682,924₹10,05,856

Investor reservation

CATEGORYRESERVED
QIB67,86,058 shares (50.00% of the Offer)
NII20,35,817 shares (15.00% of the Offer)
Retail47,50,241 shares (35.00% of the Offer)
Employee2,50,000 shares (1.81% of the Offer)

Objects of the issue

1Offer for sale by the selling shareholders. The company receives no proceeds from the offer

Financials

Rs. Crore • restated
METRIC30 Jun 202631 Mar 202631 Mar 202531 Mar 2024
Assets1,309.001,276.431,094.90970.58
Total Income354.331,218.731,035.96908.59
Profit After Tax15.0969.0825.15-7.35
EBITDA48.58170.66128.02110.05
NET Worth631.72616.05545.23526.30
Reserves and Surplus706.86692.48580.71556.57
Total Borrowing320.63269.53224.96175.27

Key performance indicators

P/E Ratio
57.91
EPS (₹)
5.94
RoE
2.07%
RoCE
3.16%
RoNW
2.31%
PAT Margin
4.29%
EBITDA Margin
13.81%
Debt / Equity
0.33
NAV (₹)
64.35

✓ Strengths

• Total income grew from Rs 908.59 crore in FY2024 to Rs 1,035.96 crore in FY2025 and Rs 1,218.73 crore in FY2026.
• Profit after tax moved from a loss of Rs 7.35 crore in FY2024 to Rs 25.15 crore in FY2025 and Rs 69.08 crore in FY2026.
• EBITDA rose from Rs 110.05 crore in FY2024 to Rs 170.66 crore in FY2026, with an EBITDA margin of 13.81%.
• Net worth rose from Rs 526.30 crore in FY2024 to Rs 616.05 crore in FY2026, and Rs 631.72 crore on 30 June 2026.
• The company holds 102 granted patents and its products are backed by 72 clinical studies.
• Products are sold in over 76 countries, with direct operations in Germany, Spain, France and the UK.

⚠ Risks

• The whole issue is an offer for sale of Rs 475.48 crore. The company receives no money from it, so none of the proceeds fund growth or reduce borrowing.
• At the upper band of Rs 344 the issue is priced at 57.91 times post issue EPS of Rs 5.94. One lot is 43 shares, about Rs 14,792 at the upper band.
• RoNW is 2.31% and RoCE is 3.16%, which are low for the size of the business, and FY2024 was a loss year.
• Total borrowing rose from Rs 175.27 crore in FY2024 to Rs 269.53 crore in FY2026 and Rs 320.63 crore on 30 June 2026.
• Promoter holding falls from 40.82% before the issue to 36.2% after it.
• The business depends on regulated Class III devices, so product approvals, clinical results and tenders can affect revenue.
• Sales are spread over many countries, so currency moves and local rules can affect results.

Promoters & holding

Bhargav Dhirajlal Kotadia, Dhirajlal Vallabhbhai Kotadia, Priyanka Dhirajlal Cohen and Shree Hari Trust

Pre-issue promoter holding
40.82%
Post-issue promoter holding
36.2%

Promoters hold 40.82% before the issue and will hold 36.2% after it.

Data refreshed 09 Nov 2026, 03:30 am IST. GMP is unofficial market sentiment, not investment advice.