Sahajanand Medical Technologies Ltd IPO

Healthcare

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Price Band

₹327 – ₹344

Lot Size

43

Minimum Bid Quantity

43

Minimum Investment

₹14792

Issue Size

₹475Cr

Opens

2026-10-15

Closes

2026-10-19

Listing

23-10-2026

Subscription Status

Qualified Institutional Buyers

34.7 x

Non-Institutional Investor

14.59 x

Retail Individual Investor

2.9 x

Employees

0.36 x

Total

14.13 x

IPO Details

Issue Type

EQUITY

Face Value

₹1

Tick Size

1

ISIN

INE356Y01018

Pre-Apply Available

No

Daily Bidding Time

10:00:00 - 17:00:00

About the Company

Sahajanand Medical Technologies Limited develops, manufactures, and sells medical devices used in vascular and structural heart interventions. Founded in 2001, the company offers vascular intervention products, including coronary stents and coronary balloon catheters, and structural heart products, including transcatheter aortic valve implantation (TAVI) devices and occluders. Its portfolio also includes renal stents, peripheral drug-coated balloons, and traded medical products. The company markets its products through direct sales, hybrid, and distributor-led models. In FY26, it generated revenue from 77 countries, including India, with operations across Europe and other international markets. It currently operates three manufacturing facilities, two in India and one in Thailand. Additionally, it has two research and development centres, located in India and Thailand, focused on medical device development and product improvements. Use of proceeds: The IPO is an offer-for-sale (OFS). The company will not receive any proceeds from the offer. Net proceeds from the offer will go to the promoter selling shareholders in proportion to the number of shares offered by them for sale. The primary objective of the offer is to achieve the benefits of listing the equity shares on the stock exchanges, which is expected to enhance the company’s visibility and brand recognition. Listing will also provide liquidity to the existing shareholders and create a public market for the company’s shares in India​.

Pros

  • • According to the F&S Report, Sahajanand Medical Technologies held nearly 25% of India's drug-eluting stents (DES) market by sales volume in FY26. The company was also among the top five by DES sales volume in Germany, Spain, Poland, and Brazil as of March 31, 2026.
  • • The company marketed its products in 77 countries, including India, in FY26. Its international revenue from operations increased from Rs 587.84 crore in FY24 to Rs 704.23 crore in FY25 and Rs 894.20 crore in FY26, representing a CAGR of 23.34%.
  • • The company operates two R&D centres in Surat, India, and Nonthaburi, Thailand. As of the RHP date, it had 119 granted patents globally, 78 pending patent applications, and five design registrations in India. Its R&D expenditure stood at 9.04%, 9.07%, and 8.61% of revenue from operations in FY24, FY25, and FY26, respectively.

Cons

  • • The company's revenue from vascular intervention (VI) devices stood at Rs 618.27 crore (68.57%), Rs 674.97 crore (65.86%), and Rs 740.09 crore (61.14%) in FY24, FY25, and FY26, respectively. Additionally, its Supraflex Cruz product contributed Rs 431.35 crore (47.84%), Rs 431.03 crore (42.06%), and Rs 450.00 crore (37.17%) to revenue from operations during the same periods, respectively. Any decline in demand for these products or increased competition could adversely affect the company's revenue and profitability.
  • • The company's top 10 suppliers accounted for purchases worth Rs 164.57 crore (58.88%), Rs 170.75 crore (64.37%), and Rs 184.72 crore (59.15%) in FY24, FY25, and FY26, respectively. The company also depends on a limited number of suppliers, including single suppliers for certain critical materials, and does not enter into long-term supply agreements. Any supply disruption or increase in raw material prices could adversely affect its manufacturing operations and profitability.
  • • The company's imports accounted for Rs 207.60 crore (74.28%), Rs 195.41 crore (73.67%), and Rs 241.00 crore (77.18%) of its total purchases in FY24, FY25, and FY26, respectively. Its dependence on imported raw materials and components from countries including Germany, China, the Netherlands, and Ireland exposes it to foreign exchange fluctuations, import restrictions, and supply chain disruptions, which could negatively impact its operations and financial performance.

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