Highlights
| Issue Size – 1,38,22,116 shares | Issue Open/Close – 15 Oct/ 19 Oct, 2026 |
| Price Band (Rs.) 327-344 | Issue Size (Rs.) – 4,755 mn |
| Face Value (Rs) 1 | Lot Size (shares) – 43 |
Sahajanand Medical Technologies Limited (SMTL) incorporated in 2001, is engaged in the development, manufacturing and marketing of technologically advanced medical devices, primarily focused on vascular intervention and structural heart intervention. It focuses on R&D, precision manufacturing and clinically supported product innovation.
SMTL sell its products across 3 categories Vascular Intervention (VI), Structural Heart (SH) and others. (i) VI products includes coronary stents and coronary balloons, (ii) SH products include Transcatheter aortic valve implantation (TAVI) devices and occluders, and (iii) Others including its own brand of renal stents, peripheral DCBs and other trading products.
SMTL follows a House of Brand approach, developing and manufacturing a portfolio of brands across product categories, like its flagship brands – Supraflex Cruz (DES), Cocoon (Occluders), and Hydra (TAVI), which are recognized for clinical innovation, widely accepted in international markets, and endorsed by leading KOLs.
SMTL marketed its products to around 77 countries in FY26 with a well-established market presence in India, Europe and other international markets. They hold 119 patents granted globally, 78 patent applications in the pipeline and 5 design registrations in India as of Q1FY27.
Out of the total proceeds of Rs. 4,755 mn, comprising entirely an offer for sale with no fresh issue component, the full Rs. 4,755 mn will accrue to the promoter and investor selling shareholders of the company.
Key Highlights
- The global medical devices market is projected to grow from USD 540.3 bn in CY25 to USD 729.8 bn by CY30, at a 6.2 pct CAGR. India’s market is expected to expand from USD 15.2 bn to USD 50.1 bn at a 26.9 pct CAGR, wherein India accounted for 1.65 pct of the global market in 2023, with India aims to increase its share to 10-12 pct over the next 25 years. Indian medical device exports are projected to rise from USD 4.01 bn to USD 20.0 bn at a 37.9 pct CAGR over CY25-30.
- SMTL holds nearly leading 25 pct market share by sales volume in India’s drug-eluting stents (DES) market in FY26 and ranks among the top five players in Germany, Spain, Poland and Brazil market. It also ranks among the top five players by sales volume in the Occluders market in Thailand, South Korea and India.
- SMTL markets its products through direct, hybrid and distributor-led models, tailored to local regulatory and market conditions. It serves large hospitals in India through a hybrid model, maintains direct operations in Germany, Spain, France and the UK, covering the complex regulatory and procurement environment, and leverages distributor-led models in markets such as Italy enabling efficient entry and scaling.
- SMTL operates three manufacturing facilities (two in India and one in Thailand), supported by two R&D centres. Its integrated manufacturing capabilities, including in-house balloon catheter production, enable value-chain control, cost optimisation, quality improvement and faster product development and time to market.
- SMTL plans to expand its SH portfolio through Key Opinion Leader (KOL) engagement, physician outreach and conference participation, colecting market feedback on an ongoing basis to improve products and identify growth opportunities. International expansion follows an asset-light, distributor-led model, with recent marketing approvals in Australia, Taiwan, Canada and Mexico.
- SMTL has demonstrated M&A execution and integration expanding its product and geographic presence through the acquisitions, like Imex in Spain and Zarek in Brazil, transitioning from distribution-led to direct and hybrid models, respectively. Acquisitions of Vascular Concepts and Vascular Innovations enabled entry into Occluders and TAVI, expanding its TAM. Partnered with medtech companies for imaging solutions for complex PCI, alongside an exclusive distribution arrangement for peripheral and coronary vascular thrombectomy technologies in select Indian markets.
- SMTL’s key growth strategies include (i) To drive revenue growth through deeper penetration and the launch of comprehensive product portfolio, (ii) continue developing high value clinically proven products and enhancing existing products and capabilities, and (iii) focus on improving operational efficiency leading to lowering cost of manufacturing along with simplifying and derisking supply chain.
- The sales of the company have grown by 15.87 pct CAGR over FY24-26 and EBITDA/Adjusted profit has grown 24.53 pct CAGR/103.07 pct CAGR over same year. In FY26 the company reported sales of Rs. 12,105 mn rose by 18.11 pct YoY. EBITDA of the company rose by 33.30 pct YoY to Rs. 1,707 mn. In FY26 the company posted adjusted profit of Rs. 691 mn, which increased by 100.87 pct YoY.
Key Risk
- SMTL is subject to extensive regulatory requirements across jurisdictions; adverse regulatory actions could restrict product sales and negatively impact business.
- Regulatory uncertainty associated with pricing of medical devices could adversely affect the marketing, pricing and demand of its product.
- Changes or increases in duties imposed by export markets could adversely affect the competitiveness with local players.
Financial Performance
| Particulars (in Rs. mn) | FY24 | FY25 | FY26 | CAGR | YoY | Q1FY27 |
| Sales | 9,016 | 10,249 | 12,105 | 15.87% | 18.11% | 3,517 |
| EBITDA | 1,101 | 1,280 | 1,707 | 24.53% | 33.30% | 486 |
| EBITDA Margin % | 12.21% | 12.49% | 14.10% | 13.81% | ||
| Adjusted Profit | (74) | 344 | 691 | 103.07% | 100.87% | 151 |
| Adjusted Profit Margin % | (0.82%) | 3.36% | 5.71% | 4.29% | ||
| Net debt to EBITDA (X) | 0.86 | 0.91 | 1.12 | 4.89 | ||
| ROE % | (2.34%) | 3.68% | 10.35% | 2.07% | ||
| ROCE % | 8.05% | 10.37% | 11.57% | 3.16% |
Source: – RHP.
Peer Comparison based on FY26 Financials.
| Particulars (in Rs. mn) | Sahajanand Medical Technologies | Laxmi Dental | Poly Medicure |
| Sales | 12,105 | 2,778 | 18,752 |
| EBITDA | 1,707 | 434 | 4,577 |
| EBITDA Margin % | 14.10% | 15.62% | 24.40% |
| Profit | 691 | 289 | 3,207 |
| Profit Margin % | 5.71% | 10.41% | 16.10% |
| ROE % | 10.35% | 12.77% | 12.90% |
| ROCE % | 11.57% | 12.41% | 16.40% |
Source: – RHP.
Valuation
Sahajanand Medical Technologies Limited is a global medical device company committed to making advance medical technologies accessible to everyone around the world. With a presence in across 76 countries, SMT has achieved recognition from the Government of India for its tremendous contributions in the field of Cardiovascular healthcare. At the upper end of the price band of Rs. 344, the issue is priced at an PE of 50.6x its FY26 post issue capital. The issue appears to be fully priced.
Disclaimer: The views shared in blogs are based on personal opinions and do not reflect the company’s views. Investment involves risk, and it is advisable to consult a financial advisor before making any investment through the app. The decision to invest is solely that of the investor, and the company or its communication cannot be held responsible for it.
