Sahajanand Medical Technologies Ltd IPO
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- Minimum investment
- ₹14,792
- Price band
- ₹344 – ₹0
- Lot size
- 43 shares
- Issue size
- ₹475 Cr
- Face value
- ₹1
- IPO document
- Offer PDF
Schedule
Bidding for this IPO has closed- IPO open date, Completed
- IPO close date, Completed
- Allotment date, Upcoming
- Funds unblock or debit, Upcoming
- Listing date, Upcoming
Updated
*All values are in ₹ crore
- 2023
- ₹803 Cr
- 2024
- ₹909 Cr
- 2025
- ₹0 Cr
- 2026
- ₹0 Cr
- Technologically advanced products in segments with high entry barriers.
- Proven research and development capabilities across products categories and platform technologies.
- Leadership in India and key international markets across products.
- Deep global sales and marketing presence leading to fast growth in diversified international markets.
- Diversified, integrated, and efficient manufacturing facilities accredited by regulatory authorities.
- Proven MA and strategic collaborations playbook
- Experienced leadership team backed by reputed institutional investors
Sahajanand Medical Technologies IPO: Key Strengths and Risks
Key Strengths
- Strong position in drug-eluting stents: According to the Frost & Sullivan report cited in the RHP, Sahajanand Medical Technologies held nearly 25% of India's drug-eluting stent (DES) sales volume in FY26. It was also among the top five companies by DES sales volume in Germany, Spain, Poland and Brazil as of March 31, 2026.
- Expanding structural heart business: Revenue from structural heart devices increased 29.08% to ₹203.06 Cr in FY26 from ₹157.32 Cr in FY25. The segment's share of revenue from operations also rose from 15.35% to 16.77%.
- International presence and R&D capabilities: The company marketed its products in 77 countries, including India, in FY26. It spent ₹104.16 Cr on R&D, equivalent to 8.61% of revenue from operations, and has 119 patents granted globally, with 78 additional patent applications in the pipeline.
Key Risks
- Supplier concentration and import dependence: The top 10 suppliers accounted for 59.15% of total purchases in FY26, while imports represented 77.18% of purchases. Supply disruptions, raw-material cost increases and foreign exchange movements could affect margins and operations.
- Dependence on overseas markets: Customers outside India contributed 73.87% of FY26 revenue from operations, with Europe accounting for 38.66% and the rest of the world contributing 35.21%. International regulatory requirements, currency movements and overseas market conditions could affect performance.
- Regulatory and product quality risks: Product defects, recalls or the withdrawal of regulatory approvals could disrupt manufacturing and sales. The RHP also discloses a notice dated May 15, 2024, from the Assistant Drug Controller and Licensing Authority alleging discrepancies at the company's drugs/pharma premises. The company responded on June 26, 2024, and the matter is pending.
Sahajanand Medical Technologies Financial Data (Restated Consolidated)
| Particulars | FY26 | FY25 | FY24 |
|---|---|---|---|
| Revenue from operations (₹ Cr) | 1,210.50 | 1,024.88 | 901.60 |
| Total income (₹ Cr) | 1,218.73 | 1,035.96 | 908.59 |
| EBITDA (₹ Cr) | 170.66 | 128.02 | 110.05 |
| EBITDA margin (%) | 14.10 | 12.49 | 12.21 |
| PAT (₹ Cr) | 69.08 | 25.15 | (7.35) |
| PAT margin (%) | 5.71 | 2.45 | (0.82) |
| Diluted EPS (₹) | 6.48 | 2.01 | (1.31) |
| Return on equity (%) | 10.35 | 3.68 | (2.34) |
| Return on capital employed (%) | 11.57 | 10.37 | 8.05 |
| Debt-to-equity ratio (x) | 0.38 | 0.38 | 0.31 |
Note: EBITDA margin and PAT margin are calculated on revenue from operations. Source: RHP
Revenue Mix by Product Category
| Product category (% of revenue from operations) | Q1 FY27 | FY26 | FY25 | FY24 |
|---|---|---|---|---|
| Vascular intervention (VI) devices | 60.40 | 61.14 | 65.86 | 68.57 |
| Structural heart (SH) devices | 16.05 | 16.77 | 15.35 | 12.26 |
| Others | 23.55 | 22.09 | 18.79 | 19.17 |
| Total | 100.00 | 100.00 | 100.00 | 100.00 |
Revenue Split by Geography
| Geography (% of revenue from operations) | Q1 FY27 | FY26 | FY25 | FY24 |
|---|---|---|---|---|
| India | 23.84 | 26.13 | 31.28 | 34.80 |
| Europe | 37.69 | 38.66 | 32.96 | 29.52 |
| Rest of world (RoW) | 38.47 | 35.21 | 35.76 | 35.68 |
| Total | 100.00 | 100.00 | 100.00 | 100.00 |
Sahajanand Medical Technologies Listed Peers
The RHP compares Sahajanand Medical Technologies with two listed peers. Peer P/E ratios are based on closing prices on BSE as of October 6, 2026, and diluted EPS for FY26.
| Company | Diluted EPS (₹) | P/E (x) |
|---|---|---|
| Sahajanand Medical Technologies | 6.48 | N.A. |
| Poly Medicure | 31.75 | 51.40 |
| Laxmi Dental | 5.26 | 36.35 |
Source: RHP