Minimum Investment
About Company
Company Name: Sahajanand Medical Technologies Limited
Industry / Sector: Medical Devices / Cardiovascular & Structural Heart Interventions
Founded Year: October 2001
Promoters: Bhargav Dhirajlal Kotadia, Dhirajlal Vallabhbhai Kotadia, Priyanka Dhirajlal Cohen, Shree Hari Trust
Sahajanand Medical Technologies Limited is a medical technology company engaged in the development, manufacturing and marketing of technologically advanced medical devices, primarily focused on vascular intervention and structural heart intervention. Its product portfolio includes coronary stents, coronary balloons, transcatheter aortic valve implantation (TAVI) devices, occluders, renal stents and peripheral drug-coated balloons (DCBs). The Company focuses on research and development, precision manufacturing and clinically supported product innovation. Its flagship brands include Supraflex Cruz, Cocoon and Hydra, serving different areas of interventional cardiology. The Company operates three manufacturing facilities, two in India and one in Thailand, supported by two R&D centres in India and Thailand. As of June 30, 2026, it had 119 patents granted globally, 78 patent applications in the pipeline and five design registrations in India. Its products were marketed in 77 countries in Fiscal 2026, through direct, hybrid and distributor-led models, with established market presence in India, Europe and other international markets. It holds nearly 25% of India's drug-eluting stent (DES) sales volume in FY26 and was the first company in the world to receive CE certification for a biodegradable-polymer-based paclitaxel-eluting stent (Infinnium). As of June 30, 2026, it had 1,605 full-time employees, 31 consultants and 707 contract-based employees.
IPO Basic Details
| Company Name | Sahajanand Medical Technologies Limited |
| IPO Type | Mainboard IPO |
| Price Band | ₹327 – ₹344 |
| Lot Size | 43 Shares |
| Total Issue Size | 1,38,22,116 Equity Shares (₹475.48 Cr) |
IPO Strengths & Risks
Strengths
- Extensive global sales and marketing network across 77 countries
- Strong research and development capabilities with 119 granted patents globally
- Diversified and integrated manufacturing facilities in India and Thailand
- Leadership in India with ~25% market share in Drug-Eluting Stent (DES) segment
- Proven M&A and strategic collaboration capabilities
- Technologically advanced medical devices in high-barrier segments
- Experienced leadership team backed by reputed institutional investors including Samara Capital, Morgan Stanley, and Kotak
Risks
- Revenue concentration risk with significant dependence on flagship product Supraflex Cruz
- Dependency on imported raw materials
- Manufacturing facilities face risks including quality compliance and regulatory inspections
- Intense competition in the global medical devices industry
- Foreign exchange fluctuation risks due to international operations
- The IPO is entirely an OFS, so the company will not receive any proceeds
IPO Important Dates
| IPO Open Date | 15 Oct 2026 |
| IPO Close Date | 19 Oct 2026 |
| Basis of Allotment | 21 Oct 2026 |
| Refund Initiation | 22 Oct 2026 |
| Demat Credit Date | 22 Oct 2026 |
| Listing Date | 23 Oct 2026 |
| Anchor Investor Date | - |
| UPI Mandate Deadline | - |
IPO Objectives
- Capital expenditure for machinery and equipment – -
- Funding working capital requirements – -
- Debt repayment – -
- General corporate purposes – -
Investor Reservation
| QIB Quota | Not more than 50% of the Net Offer |
| Retail Quota | Not less than 35% of the Net Offer |
| HNI Quota | - |
| Employee Quota | - |
| Shareholder Quota | - |
| Anchor Investor Allocation | - |
Market Lot Details
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 Lot | 43 | ₹14,792 |
| Retail Maximum | 13 Lots | 559 | ₹1,92,296 |
| S-HNI Minimum | 14 Lots | 602 | ₹2,07,088 |
| S-HNI Maximum | 67 Lots | 2881 | ₹9,91,064 |
| B-HNI Minimum | 68 Lots | 2924 | ₹10,05,856 |
Key Performance Indicators (KPI)
| ROE | 10.35% (FY26), 2.07% (Q1 FY27) |
| ROCE | 11.57% (FY26), 3.16% (Q1 FY27) |
| RoNW | - |
| PAT Margin | 5.71% (FY26), 4.29% (Q1 FY27) |
| EBITDA Margin | 14.10% (FY26), 13.81% (Q1 FY27) |
| EPS | ₹6.80 (Pre-IPO), ₹5.94 (Post-IPO) |
| NAV per share | - |
| Debt to Equity | 0.27 (FY26), 0.33 (Q1 FY27) |
| P/E Ratio | - |
| Industry P/E | - |
Company Financial Data
| Period | Assets | Total Income | PAT | EBITDA | Net Worth | Borrowings |
|---|---|---|---|---|---|---|
| Q1 FY2027 (Jun 30, 2026) | ₹1,309.00 Cr | ₹354.33 Cr | ₹15.09 Cr | ₹48.58 Cr | ₹631.72 Cr | ₹320.63 Cr |
| FY2026 (Mar 31, 2026) | ₹1,276.43 Cr | ₹1,218.73 Cr | ₹69.08 Cr | ₹170.66 Cr | ₹616.05 Cr | ₹269.53 Cr |
| FY2025 (Mar 31, 2025) | ₹1,094.90 Cr | ₹1,035.96 Cr | ₹25.15 Cr | ₹128.02 Cr | ₹545.23 Cr | ₹224.96 Cr |
| FY2024 (Mar 31, 2024) | ₹970.58 Cr | ₹908.59 Cr | -₹7.35 Cr | ₹110.05 Cr | ₹526.30 Cr | ₹175.27 Cr |
Grey Market Premium
| GMP Price | ₹40 (as of 12 Oct 2026) |
| Kostak Rate | Not Available |
| Subject to Sauda | Not Available |
| Last Updated | 12 Oct 2026 |
| Estimated Listing Price | ₹384 (approx. 11.63% premium over upper price band) |
IPO Subscription Data
| Total Subscription | Pending |
| QIB (Ex Anchor) | Pending |
| HNI Subscription | Pending |
| Retail Subscription | Pending |
| Anchor | - |
IPO Intermediaries
Registrar: MUFG Intime India Pvt. Ltd.
Registrar Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
IPO Lead Manager(s)
Company Information
Address: Sahajanand Estate, Wakharia Wadi, NR. Dabholi Char Rasta, Nani Ved, Ved Road, Surat, Gujarat - 395004
Website: https://www.smt.in
Email: investors.grievance@smt.in
Phone: +91 022 49564000
IPO Documents
Frequently Asked Questions (FAQ)
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