Sahajanand Medical Technologies Limited (SMT) is a medical device company engaged in the research, development, manufacturing and distribution of advanced cardiovascular devices, primarily focusing on vascular intervention and structural heart procedures. Founded in 2001, the company specialises in Class III and Class C/D medical devices. According to the Frost & Sullivan Report, SMT was the first company globally to receive CE certification for a biodegradable polymer-based paclitaxel-eluting stent, Infinnium.
The company’s product portfolio is divided into three major categories:
- Vascular Intervention (VI): Coronary stents, drug-eluting stents and coronary balloons, including its flagship product Supraflex Cruz.
- Structural Heart (SH): Transcatheter Aortic Valve Implantation (TAVI) systems and occluders, including Hydra and Cocoon.
- Other Products: Renal stents, peripheral drug-coated balloons and traded medical devices.
SMT operates three manufacturing facilities across India and Thailand, along with two R&D centres supported by 156 professionals (including four consultants) as of June 30, 2026. The company holds 119 granted patents globally, 78 pending patent applications and five design registrations in India, with its key products supported by 75 clinical studies.
The company marketed its products across 77 countries during FY2026, through direct operations, hybrid distribution and distributor-led models. According to Frost & Sullivan, SMT held approximately 25% market share in India’s drug-eluting stent market by sales volume in FY2026.
In FY2026, Vascular Intervention contributed 61.14% of revenue from operations, followed by Structural Heart at 16.77% and Other Products at 22.09%. Approximately 73.87% of revenue came from international markets, reflecting the company’s significant global presence.
As of June 30, 2026, Sahajanand Medical Technologies had 1,605 full-time employees, 31 consultants and 707 contract workers, totalling 2,343 personnel.
Sahajanand Medical Technologies IPO – Details
| IPO Opening Date | 15 October 2026 |
| IPO Closing Date | 19 October 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 2,76,44,231 Shares Worth ₹[] Crore Offer For Sale: 2,76,44,231 Shares Worth ₹[] Crore |
| Face Value | ₹1 per equity share |
| IPO Price | ₹[] – ₹[] per share |
| Market Lot | [] Shares |
| Min Order | [] Shares [1 Lot] |
| Listing At | BSE, NSE |
| Register | MUFG Intime India Pvt. Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Sahajanand Medical Technologies IPO – Date Schedule
| IPO Open Date | 15 October 2026 |
| IPO Close Date | 19 October 2026 |
| Basis of Allotment | 21 October 2026 |
| Initiation of Refund | 22 October 2026 |
| Credit of Shares to Demat Account | 22 October 2026 |
| IPO Listing Date | 23 October 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on October 19, 2026 |
Sahajanand Medical Technologies IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | – | – | ₹ |
| Retail (Max) | – | – | ₹ |
| S-HNI (Min) | – | – | ₹ |
| S-HNI (Max) | – | – | ₹ |
| B-HNI (Min) | – | – | ₹ |
Competitive Strength
- 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 M&A and strategic collaborations playbook.
- Experienced leadership team backed by reputed institutional investors.
Company Promoters
- Bhargav Dhirajlal Kotadia
- Dhirajlal Vallabhbhai Kotadia
- Priyanka Dhirajlal Cohen
- Shree Hari Trust
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹908.59 Cr | ₹875.50 Cr | – ₹7.35 Cr | ₹175.27 Cr |
| 31 March 2025 | ₹1,035.96 Cr | ₹980.12 Cr | ₹25.15 Cr | ₹224.96 Cr |
| 31 March 2026 | ₹1,218.73 Cr | ₹1,138.43 Cr | ₹69.08 Cr | ₹269.53 Cr |
| 30 June 2026 | ₹354.33 Cr | ₹330.05 Cr | ₹15.09 Cr | ₹320.63 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 10.35% |
| ROCE | 11.57% |
| Debt/Equity | 0.27 |
| RoNW | 10.60% |
| PAT Margin | 5.71% |
| EBITDA Margin | 14.10% |
| NAV | 62.76 |
| Pre IPO | Post IPO | |
| EPS (₹) | 6.80 | 5.94 |
| P/E (x) | – | – |
Object Of The Issue
- The Sahajanand Medical Technologies Ltd. IPO is a 100% Offer for Sale (OFS), so the company will not receive any funding and the entire IPO proceeds will go to the selling shareholders.
Sahajanand Medical Technologies IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 5 | Poly Medicure Limited | 51.40 |
| 2 | 2 | Laxmi Dental Limited | 36.35 |
✅Strengths
- Strong Product Portfolio in vascular and structural heart devices.
- Innovative Technology with globally recognized Infinnium stent technology.
- Global Presence across 77 countries in FY2026.
- Growing Revenue from ₹901.60 crore in FY2024 to ₹1,210.50 crore in FY2026.
- R&D Capabilities supported by patents and clinical research.
⚠️Risks
- Revenue Concentration with vascular intervention contributing 61.14% of FY2026 revenue.
- Past Losses reported by the company and certain subsidiaries.
- High Working Capital requirements may pressure liquidity.
- Regulatory Risks across different international markets.
- Foreign Exchange Risk from overseas operations and currency fluctuations.
Sahajanand Medical Technologies IPO Promoter Holding
| Pre Issue Share Holding | 40.82% |
| Post Issue Share Holding | 35.51% |
Sahajanand Medical Technologies IPO Prospectus
Company Contact Information
| Sahajanand Medical Technologies Ltd. Sahajanand Estate, Wakharia Wadi, NR. Dabholi Char Rasta Nani Ved, Ved Road Surat, Gujarat, 395004 Phone: 022 49564000 Email: investors.grievance@smt.in Website: https://www.smtpl.com/ |
Sahajanand Medical Technologies IPO Registrar
| MUFG Intime India Pvt. Ltd. Phone: 022-49186000 Email: sahajanandmedical.ipo@in.mpms.mufg.com Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
Sahajanand Medical Technologies IPO Lead Manager(s)
| 1. Avendus Capital Pvt.Ltd. 2. Nuvama Wealth Management Limited 3. Motilal Oswal Investment Advisors Limited 4. HSBC Securities & Capital Markets (India) Pvt. Ltd. |
Sahajanand Medical Technologies IPO FAQs
| What is the Sahajanand Medical Technologies IPO? Sahajanand Medical Technologies IPO is a main-board IPO. The issue is priced at ₹[] to ₹[] per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the Sahajanand Medical Technologies IPO open? The IPO is to open on 15 October 2026 for QIB, NII, and Retail Investors. |
| What is Sahajanand Medical Technologies IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Sahajanand Medical Technologies IPO Size? Sahajanand Medical Technologies IPO size is ₹[] Crore. |
| What are the Sahajanand Medical Technologies IPO Minimum and maximum lot sizes for Retail? The minimum bid is [] Shares with ₹[], while the maximum bid is [] Shares with ₹[]. |
| What is the Sahajanand Medical Technologies IPO Allotment Date? Sahajanand Medical Technologies IPO allotment date is 21 October 2026. |
| What is the Sahajanand Medical Technologies IPO Listing Date? Sahajanand Medical Technologies IPO listing date is 23 October 2026. The IPO is to be listed on the BSE and the NSE. |
