Sahajanand Medical Technologies IPO

Last updated: October 22, 2026 at 10:43 pm IST

Sahajanand Medical Technologies IPO Price Range is ₹327 - ₹344, with a minimum investment of ₹14,792 for 43 shares per lot.

Subscription Rate

14.2x

as on 19 Oct 2026, 08:32PM IST

Minimum Investment

₹14,792

/ 43 shares

IPO Status

Closed

Price Band

₹327 - ₹344

Bidding Dates

Oct 15, 2026 - Oct 19, 2026

Issue Size

₹475.48 Cr

Lot Size

43 shares

Min Investment

₹14,792

Listing Exchange

BSE

IPO Doc

RHP PDF

Sahajanand Medical Technologies IPO Application Timeline

Open Date15 Oct 2026

Close Date19 Oct 2026

Allotment Date21 Oct 2026

Listing Date23 Oct 2026

IPO Subscription Status

as on 19 Oct 2026, 08:32PM IST

IPO subscribed over

🚀 14.2x

This IPO has been subscribed by 3.03x in the retail category and 34.696x in the QIB category.

Subscription Rate

Total Subscription	14.2x
Retail Individual Investors	3.03x
Qualified Institutional Buyers	34.696x
Non Institutional Investors	14.642x

Objectives of IPO

The Initial Public Offering of Sahajanand Medical Technologies Limited comprises a total offer size of up to 13,822,116 equity shares of face value ₹1 each. The entire issue is structured as an Offer for Sale of up to 13,822,116 equity shares, meaning there is no Fresh Issue component and the company is raising ₹0 in fresh capital. Because the issue consists solely of an Offer for Sale, all net proceeds will be received directly by the participating selling shareholders, and the company itself will not receive any funds from the offer. Under the Objects of the Offer section in the Red Herring Prospectus, the company has disclosed the following objectives.
The company has explicitly disclosed two objectives for undertaking this public offer. One objective is to carry out the Offer for Sale of up to 13,822,116 equity shares by the selling shareholders, representing 13.60% of the pre-offer equity capital. The participating selling shareholders include Shree Hari Trust, Dhirajkumar Savjibhai Vasoya, Samara Capital Markets Holding Limited, Kotak Pre-IPO Opportunities Fund, and NHPEA Sparkle Holding B.V.. In practical terms, this allows existing promoter and investor shareholders to sell part of their holdings to public investors, while providing no fresh funds to the business for capital expenditure, debt reduction, or working capital needs.
Another objective disclosed by the company is to achieve the benefits of listing its equity shares on the BSE Limited and the National Stock Exchange of India Limited. The company expects that listing will enhance its corporate brand image, public visibility, and market standing. Additionally, gaining a public listing establishes an active trading market for its equity shares in India, offering increased liquidity to present and future shareholders. While listing does not raise fresh capital for expansion or debt repayment, it connects the company to public capital markets and establishes an official market valuation.

Financial Performance of Sahajanand Medical Technologies

*Value in ₹ crore

Details	FY24	FY25	FY26
Total Revenue	₹901.60	₹1,024.88	₹1,210.50
Total Assets	₹970.58	₹1,094.90	₹1,276.43
Total Profit	₹-7.35	₹25.15	₹69.08

Revenue from operations expanded continuously from ₹901.60 crore in FY24 to ₹1,024.88 crore in FY25 (up 13.67%), reaching ₹1,210.50 crore in FY26 with an 18.11% growth. This consistent top-line growth was primarily driven by higher sales volumes across core product verticals, particularly Vascular Intervention and Structural Heart devices, alongside strong international expansion in Europe and Rest of World markets. Rising device adoption and deeper geographical market penetration enabled the business to expand its overall sales footprint significantly each year.

Operational earnings followed a strong upward trajectory as EBITDA grew from ₹110.05 crore (12.21% margin) in FY24 to ₹128.02 crore (12.49% margin) in FY25, and further to ₹170.66 crore (14.10% margin) in FY26. Similarly, net profit turned around from a loss of ₹7.35 crore (PAT margin of -0.82%) in FY24 to a profit of ₹25.15 crore (PAT margin of 2.45%) in FY25, and rose sharply to ₹69.08 crore (PAT margin of 5.71%) in FY26. This margin expansion was driven by operating leverage, where fixed administrative costs grew slower than revenues, boosting net profitability as production volume scaled.

On the balance sheet, total equity attributable to owners stood at ₹616.05 crore in FY26, supported by cash and cash equivalents of ₹74.09 crore against total debt of ₹269.53 crore. Net operating cash flow strengthened significantly from ₹41.10 crore in FY24 to ₹73.52 crore in FY25 and ₹105.19 crore in FY26, demonstrating that the core business generates strong cash from operations. However, rapid business expansion and working capital requirements of ₹320.00 crore in FY26 consumed substantial cash into inventory (₹309.09 crore) and trade receivables (₹286.26 crore).

Business efficiency metrics improved alongside earnings, with Return on Equity increasing from -2.34% in FY24 to 3.68% in FY25 and 10.35% in FY26, while Return on Capital Employed grew from 8.05% in FY24 to 10.37% in FY25 and 11.57% in FY26. The net debt-to-equity ratio remained conservative at 0.27x in FY26, showing that growth was financed without excessive financial leverage. However, net working capital days stood at 138 days in FY26, signaling that international distributor sales require holding inventory and extending credit terms over a relatively long operating cycle.

Strengths and Risks

Strengths

The company operates in Class III and Class C/D medical devices, offering advanced cardiovascular implants like drug-eluting stents, balloons, TAVI systems, and occluders. Its flagship drug-eluting stent, Supraflex Cruz, is recognized as the most deliverable stent in its category. Manufacturing high-risk Class III devices creates steep entry barriers against new competitors because of rigid regulatory requirements and extensive testing, protecting the company's long-term market presence.
A dedicated research foundation supports continuous product development through two facilities in India and Thailand staffed by 156 qualified professionals. In FY26, the company invested ₹104.16 crore, representing 8.61% of operational revenue, into research and development activities. This research effort is protected by 119 granted patents globally and 78 pending applications, ensuring strong intellectual property defenses that support ongoing innovation and pricing power.
Product acceptance is driven by 75 clinical studies covering over 35,000 patients across diverse patient groups. Key trial results for products like Supraflex Cruz have been published in top medical journals including The Lancet and The New England Journal of Medicine. Having strong clinical proof builds high credibility with interventional cardiologists, which accelerates product adoption by international healthcare systems and government procurement bodies.
The company holds a leading position in India's drug-eluting stent market, capturing nearly 25.00% of total sales volume in FY26. Internationally, it ranks among the top five companies by sales volume for drug-eluting stents in Germany, Spain, Poland, and Brazil, as well as for occluders in Thailand, South Korea, and India. This established market leadership demonstrates the company's ability to compete successfully against global multinational corporations while achieving operational scale.
Commercial operations spanned 77 countries in FY26 through direct operations, hybrid channels, and a distributor network of 118 domestic and 265 international distributors. International sales generated ₹894.20 crore or 73.87% of total operational revenue in FY26, with Europe contributing 38.66% and the Rest of the World contributing 35.21%. This broad geographic footprint minimizes revenue concentration risk in any single region and expands the company's total addressable market.
Manufacturing is integrated across three facilities in Surat, Hyderabad, and Nonthaburi, accredited by major global health authorities like CE and ANVISA. Producing critical components like balloon catheters in-house lowers production costs, improves quality control, and speeds up time-to-market for new devices. Additionally, the Hyderabad facility operates at approximately 33% area utilization, offering substantial room to expand production capacity without requiring significant new capital investments.

Risks

The company derives a significant portion of its revenue from a single product category and flagship device. In FY26, Vascular Intervention devices generated ₹740.09 crore or 61.14% of operational revenue, with its flagship drug-eluting stent, Supraflex Cruz, contributing ₹450.00 crore or 37.17%. Over-reliance on a single product line exposes the business to severe revenue risks if market demand shifts, technological alternatives emerge, or price ceilings restrict pricing flexibility.
Operating in the medical device industry subjects the company to strict regulations, including NPPA price controls in India and evolving EU Medical Device Regulations abroad. By December 31, 2027, the company must complete the transition from MDD to EU MDR for its broader product portfolio to maintain European market access. Failure to secure timely regulatory approvals or adapt to domestic price caps can delay product launches, restrict pricing flexibility, and compress operating margins.
Procurement is heavily concentrated among key external vendors and foreign suppliers without long-term supply contracts. In FY26, the top 10 suppliers accounted for 59.15% of total purchases, while imported raw materials and components represented 77.18% or ₹241.00 crore of procurement. Relying on single-source suppliers for critical inputs like cobalt chromium tubes and polymers leaves manufacturing vulnerable to global supply chain disruptions and input cost volatility.
International operations form the majority of total sales, generating ₹894.20 crore or 73.87% of operational revenue in FY26, led by Europe at 38.66%. Conducting business across 77 countries exposes the company to geopolitical instability, trade protectionism, and foreign exchange fluctuations. Unhedged foreign currency exposures in US Dollars and Euros can lead to remeasurement losses and volatile earnings when translating foreign sales into Indian Rupees.
The business operates with high working capital requirements due to extended credit terms granted to distributors and customers. Trade receivables reached ₹306.56 crore as of June 30, 2026, with overall net working capital days standing at 138 days in FY26, while short-term working capital borrowings stood at ₹240.99 crore. Prolonged collection cycles and potential payment defaults lock up operating cash flow, increase interest burdens, and heighten liquidity risks.
Sales expansion relies heavily on 265 international distributors, with several foreign product registrations held directly in the names of third-party distributors rather than the company. In countries like Argentina, Brazil, Mexico, and Indonesia, marketing approvals for Supraflex Cruz are registered under distributor names. Any termination of distributor relationships or non-cooperation by local registration holders can immediately halt product distribution and lock the company out of key growth markets.
The company faces financial uncertainties from pending legal, regulatory, and tax proceedings. As of June 30, 2026, outstanding contingent liabilities totaled ₹10.76 crore across income tax, goods and services tax, and customs matters, following an Income Tax search conducted in FY23. Unfavorable court decisions or the crystallization of these tax claims could require immediate cash outflows, reduce net profit, and impair operational cash flows.

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Listed Competitors of Sahajanand Medical Technologies

Company	Revenue from Operations (₹ Cr)	YoY Revenue Growth (%)	EBITDA (₹ Cr)	EBITDA Margin (%)	PAT (₹ Cr)	PAT Margin (%)	P/E Ratio (x)	ROE (%)	ROCE (%)
Sahajanand Medical Technologies	₹1,210.50 Cr	18.11%	₹170.66 Cr	14.10%	₹69.08 Cr	5.71%	50.62x	10.35%	11.57%
Poly Medicure	₹1,875.26 Cr	12.30%	₹457.70 Cr	24.40%	₹320.73 Cr	16.10%	51.40x	12.90%	16.40%
Laxmi Dental	₹277.86 Cr	16.21%	₹43.40 Cr	15.62%	₹28.92 Cr	10.41%	36.35x	12.77%	12.41%

Sahajanand Medical Technologies Shareholding Pattern

Promoters & Promoter Group	40.82%
Name	Role
Bhargav Dhirajlal Kotadia	Promoter
Shree Hari Trust	Promoter
Dhirajkumar Savjibhai Vasoya	Promoter Group
Sahajanand Technologies Private Limited	Promoter Group
Jitendra Vallabhbhai Kotadia	Promoter Group
Samara Capital Markets Holding Limited	Public
NHPEA Sparkle Holding B.V.	Public
Kotak Pre IPO Opportunities Fund	Public
SMT ESOP Trust	Public
Suresh Kunar Agarwal & Sarita Agarwal (on behalf of RBA Finance & Investment Co.)	Public
Ashish Kacholia	Public
Others	Public

About Sahajanand Medical Technologies

Think of Sahajanand Medical Technologies Limited as a specialized plumbing toolkit maker for human blood vessels and the heart. Just as a plumber uses flexible tubes and mesh sleeves to clear clogged pipes, the company manufactures medical devices like stents and balloons that doctors use to open blocked arteries. The company earns revenue by selling these devices directly to hospitals and through distribution networks across three main segments: Vascular Intervention for blood vessels, Structural Heart for heart valve repairs, and Others for renal stents, peripheral balloons, and traded items. In FY26, total operational revenue stood at ₹1,210.50 crore, where Vascular Intervention contributed ₹740.09 crore or 61.14% (led by its flagship drug-eluting stent, Supraflex Cruz, at ₹450.00 crore or 37.17%), Structural Heart contributed ₹203.06 crore or 16.77%, and Others contributed ₹267.35 crore or 22.09%.

The company serves hospitals, interventional cardiologists, and medical specialists through direct sales and an extensive distribution network of 118 distributors in India and 265 distributors internationally. Marketing its products across 77 countries in FY26, the company generated ₹316.30 crore or 26.13% of operational revenue from India, ₹468.00 crore or 38.66% from Europe, and ₹426.20 crore or 35.21% from the Rest of the World. These figures show that the business is heavily concentrated in international markets, which account for ₹894.20 crore or 73.87% of total revenue, with Europe standing as the single largest regional market.

A core operational strength supporting this business model is the company's focus on research and scientific innovation. Operating two research facilities in India and Thailand with 156 professionals, the company spent ₹104.16 crore on research in FY26, representing 8.61% of its operational revenue. This research foundation is backed by 119 granted patents globally and 75 clinical studies, with key trial results published in top medical journals like The Lancet and The New England Journal of Medicine to build clinical credibility among physicians.

Complementing its research focus is an integrated manufacturing framework operating across three facilities in Surat, Hyderabad, and Nonthaburi. By producing critical components like balloon catheters in-house, the company lowers production costs, accelerates product development, and ensures strict quality control. These operational capabilities have secured strong market standings, including a leading sales volume share of nearly 25.00% in India's drug-eluting stent market in FY26, alongside top-five positions in select European and Asian countries

For more details, visit here: https://smtpl.com/

Key Leadership and Management

Promoter

The Promoter Sahajanand Medical Technologies Limited is promoted by Bhargav Dhirajlal Kotadia, Dhirajlal Vallabhbhai Kotadia, Priyanka Dhirajlal Cohen, and Shree Hari Trust. Together, the promoter group holds 37,314,589 equity shares, representing 36.71% of the pre-IPO equity capital on a fully diluted basis. Shree Hari Trust holds 37,309,589 equity shares (36.71%), Bhargav Dhirajlal Kotadia holds 5,000 equity shares (negligible, less than or equal to 0.01%), while Dhirajlal Vallabhbhai Kotadia and Priyanka Dhirajlal Cohen hold Nil equity shares directly. Founder Dhirajlal Vallabhbhai Kotadia and Managing Director Bhargav Dhirajlal Kotadia bring over 22 years and 13 years of industry experience, respectively. Originally formed as a partnership firm named M/s Sahajanand Vascular Technoventions on October 25, 1999, the entity was renamed M/s Sahajanand Medical Technologies in September 2001, incorporated as a private limited company on October 18, 2001, and converted into a public limited company under its present name on May 7, 2021.

Key Leadership and Management

1. Bhargav Dhirajlal Kotadia - Managing Director and Chief Executive Officer

Background: Aged 36, he has been a Director since May 6, 2013. He holds 5,000 equity shares directly and serves as a member of the protector committee of trustee Shree Hari Trust. In FY26, he received ₹3.77 crore (₹37.68 million) in total remuneration, including ₹1.46 crore (₹14.59 million) in deferred compensation.
Qualification: Bachelor of Science from Purdue University, Indiana, USA.
Contribution: Brings 13 years of executive experience driving global corporate strategy, product expansion, and capital allocation.
Legal / Regulatory Matters: Named in a pending adjudication proceeding before the Registrar of Companies, Gujarat, regarding a procedural delay in filing Form PAS-3 for a private placement allotment (proposed penalty of ₹13,000).

2. Amit Kumar Khandelia - Chief Financial Officer

Background: Joined in February 2024. Holds 49,890 stock options under ESOP 2021. In FY26, he received ₹2.20 crore (₹21.99 million) in total remuneration, including ₹0.52 crore (₹5.17 million) in deferred compensation.
Qualification: Bachelor of Commerce from St. Xavier's College, Kolkata, Associate Member of ICAI, and alumnus of the IIM Ahmedabad Executive Program.
Contribution: Over 20 years of experience in corporate finance, treasury, M&A, taxation, and financial controls across major healthcare companies.
Legal / Regulatory Matters: None.

3. Dr. Krishnankutty Sudhir - Chief Medical Officer

Background: Joined SMT Ireland in February 2022. Holds 49,102 stock options under ESOP 2021. In FY26, he received ₹3.99 crore (₹39.91 million) in total remuneration from SMT Ireland.
Qualification: MBBS from University of Madras, PhD from Monash University, and Fellow of FRACP and FSCAI.
Contribution: Over 19 years of medical industry experience leading global clinical trials, pre-clinical studies, and medical affairs.
Legal / Regulatory Matters: None.

4. Abhijeet Singhvi - Chief Technology Officer

Background: Associated since March 2010. Holds 80,365 stock options under ESOP 2021. In FY26, he received ₹2.32 crore (₹23.21 million) in total remuneration.
Qualification: Bachelor of Engineering in Biomedical Engineering from VTU and Master of Science in Biomedical Engineering from Worcester Polytechnic Institute, USA.
Contribution: 18 years of R&D domain experience directing end-to-end device development, patent filings, and engineering quality.
Legal / Regulatory Matters: None.

5. Anil Suri - Chief Commercial Officer

Background: Joined in June 2023. In FY26, he received ₹2.35 crore (₹23.55 million) in total remuneration.
Qualification: Bachelor of Pharmacy from University of Delhi and Post Graduate Diploma in Management from IIM Indore.
Contribution: Over 23 years of sales and marketing experience directing commercial strategy and global sales distribution.
Legal / Regulatory Matters: None.

Other Management and Board Members

Other Senior Management: Piyush Savalia (Chief Strategy Officer) and Deepshikha Singhal (Company Secretary and Compliance Officer).
Promoters & Non-Executive Directors: Dhirajlal Vallabhbhai Kotadia (Chairman Emeritus & Founder), Priyanka Dhirajlal Cohen (Non-Executive Director), and Jose Calle Gordo (Chairperson and Non-Executive Director).
Independent Directors: Dr. Vilasrao Y. Gaonkar, Ms. Neha Sanjeev Gupta, Mr. Hemant Bipin Shah, and Mr. Sunil Kanta Gupta.

Industry Overview

The global cardiovascular medical device market was valued at USD 26.3 billion in 2025 and is projected to reach USD 37.8 billion by 2030, growing at a 7.5% CAGR. Within this expanding global market, Sahajanand Medical Technologies Limited has established a growing international presence, generating ₹1,210.50 crore in operational revenue in FY26.
Global sales of drug-eluting stents (DES) are forecasted to grow from USD 4.30 billion in 2025 to USD 5.90 billion by 2030, with India's domestic DES sales volume expanding at an 11.0% CAGR. Sahajanand Medical Technologies Limited holds a leading position in this core segment, capturing a sales volume market share of nearly 25.00% in India's drug-eluting stent market in FY26.
The global structural heart devices market is projected to reach USD 17.1 billion by 2030 at a 7.1% CAGR, while India's structural heart market is growing at a rapid 23.3% CAGR. Sahajanand Medical Technologies Limited has capitalized on this high-growth opportunity through its structural heart vertical, with revenues increasing 29.08% to ₹203.06 crore in FY26 across TAVI and Occluder devices.
Europe represents the second-largest medical device market globally with a 26.2% share valued at USD 141.6 billion. Sahajanand Medical Technologies Limited has built a broad international footprint spanning 77 countries, with overseas sales contributing ₹894.20 crore or 73.87% of total operational revenue in FY26, led by Europe at 38.66%.

Sahajanand Medical Technologies IPO GMP

As per InvestorGain, the Sahajanand Medical Technologies IPO GMP is ₹43, or 12.50%, as of October 14, 2026. With an upper issue price of ₹344, the current GMP indicates an estimated listing price of ₹387. However, GMP only reflects unofficial market sentiment and does not guarantee the actual listing price or any profit. Investors should not rely on GMP alone when evaluating an IPO. The company's financial performance, valuation, business prospects, and risks are also important considerations.

Read our detailed guide on IPO GMP to understand how it works and its limitations.

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Frequently Asked Questions of Sahajanand Medical Technologies IPO

What is the size of the Sahajanand Medical Technologies IPO?

The size of the Sahajanand Medical Technologies IPO is ₹475.48 Cr.

What is the allotment date of the Sahajanand Medical Technologies IPO?

Sahajanand Medical Technologies IPO allotment date is Oct 21, 2026 (tentative).

What are the open and close dates of the Sahajanand Medical Technologies IPO?

The Sahajanand Medical Technologies IPO will open on Oct 15, 2026 and close on Oct 19, 2026

What is the lot size of Sahajanand Medical Technologies IPO?

The lot size for the Sahajanand Medical Technologies IPO is 43.

When will my Sahajanand Medical Technologies IPO order be placed?

Your Sahajanand Medical Technologies IPO order will be placed on Oct 15, 2026

Can we invest in Sahajanand Medical Technologies IPO?

Yes, once Sahajanand Medical Technologies IPO opens, you can invest in the shares of the company.

What would be the listing gains on the Sahajanand Medical Technologies IPO?

The potential listing gains on the Sahajanand Medical Technologies IPO will depend on various market factors and cannot be predicted with certainty.

What is 'pre-apply' for Sahajanand Medical Technologies IPO?

'Pre-apply' for Sahajanand Medical Technologies IPO indicates your interest in the IPO before it opens for subscription. This ensures quick application when the IPO goes live.

Who are the promoters of Sahajanand Medical Technologies?

Sahajanand Medical Technologies Limited is promoted by Bhargav Dhirajlal Kotadia, Dhirajlal Vallabhbhai Kotadia, Priyanka Dhirajlal Cohen, and Shree Hari Trust. They collectively hold 37,314,589 equity shares, representing 36.71% of the company's pre-IPO equity share capital on a fully diluted basis. Individually, Shree Hari Trust holds 37,309,589 equity shares (36.71%), Bhargav Dhirajlal Kotadia holds 5,000 equity shares (negligible, less than or equal to 0.01%), while Dhirajlal Vallabhbhai Kotadia holds Nil equity shares (0.00%) and Priyanka Dhirajlal Cohen holds Nil equity shares (0.00%).

Who are the competitors of Sahajanand Medical Technologies?

The key competitors of Sahajanand Medical Technologies Limited include Abbott Vascular, Boston Scientific, Medtronic, and Meril Life Sciences. These companies operate in the same or closely related industry and compete with Sahajanand Medical Technologies Limited across similar products, services, or markets.

How does Sahajanand Medical Technologies make money?

Sahajanand Medical Technologies Limited earns revenue primarily by manufacturing and selling cardiovascular medical devices across three segments: Vascular Intervention devices like coronary stents and balloons, Structural Heart devices such as TAVI and occluders, and Other products including renal stents, drug-coated balloons, and traded items. The company generates its income by selling these products directly to healthcare providers and through distribution networks across domestic and international markets, with over 70% of its revenue derived from sales outside India.

What is the GMP of Sahajanand Medical Technologies IPO?

According to InvestorGain, the Grey Market Premium (GMP) of Sahajanand Medical Technologies IPO is ₹43 per share as of October 14, 2026, updated at 1:37 PM IST. Based on the upper IPO price of ₹344, this suggests an estimated listing price of ₹387, or a potential premium of 12.50%. The GMP has increased from ₹41 on October 13, indicating improving grey market sentiment ahead of the IPO opening on October 15. However, GMP is an unofficial indicator of investor demand and can change quickly. It does not guarantee the actual listing price or any listing gains.

Should I Apply for Sahajanand Medical Technologies IPO?

Deciding to apply for the Sahajanand Medical Technologies Limited IPO depends on an investor's risk tolerance and valuation expectations, as the company demonstrates strong market leadership in drug-eluting stents, expanding global distribution across 77 countries, and improving profitability, offset by key risks including a 100% Offer for Sale structure with no fresh capital raised for the business, product concentration, high working capital intensity, and regulatory price controls. Investors should carefully assess the final price band valuation relative to listed medical device peers before making a subscription decision.