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Sahajanand Medical Technologies Limited
Mainboard IPOUpcoming
Price band₹327 – ₹344per share · face value ₹1
Minimum investment₹14,7921 lot · 43 shares at upper band
IPO dates15 Oct – 19 OctOpens 15 Oct
Prepared with AI. This analysis was generated on 13 Oct 2026. Figures can contain errors; check them against the offer document before relying on them. It is information, not investment advice.
What the company does and where it sits in its industry
Sahajanand Medical Technologies Limited is a research and development-driven medical devices company focused on the development, manufacturing, and commercialization of Class III and Class C/D advanced cardiovascular devices, with an emphasis on Vascular Intervention (VI) and Structural Heart (SH). Its product offerings include coronary stents, PTCA balloon catheters, drug-coated balloons, transcatheter aortic valve implantation (TAVI) systems, and occluders.
The company serves healthcare providers, cardiologists, catheterization laboratories, and hospitals globally, including major healthcare institutions such as Narayana Hrudayalaya Limited. It markets products in 77 countries across India, Europe, and the Rest of the World through a combination of direct sales, hybrid models, and distributor-led channels.
The company earns revenue primarily from the sale of medical devices and accessories, with Vascular Intervention devices (notably its flagship drug-eluting stent Supraflex Cruz) generating the majority of operating revenues, complemented by growing contributions from structural heart implants and traded accessories.
Restated figures, FY24 – FY26, ₹ crore unless stated
Revenue grew about 16% a year from FY24 to FY26; EBITDA margin widened (12.2% to 14.1%).
At the upper price band of ₹344
From the offer document’s own listed-peer table
The offer document does not state the price band, offer price, or post-issue market capitalization multiples as they are to be determined through book building. Listed industry peers Poly Medicure Limited and Laxmi Dental Limited traded at P/E multiples of 51.40 and 36.35, respectively, as of October 6, 2026.
Points to weigh, drawn from the offer document and the figures above
The company offers a comprehensive portfolio of advanced Class III and Class C/D cardiovascular implants backed by clinical evidence and regulatory accreditations.
Operates two dedicated R&D facilities in India and Thailand with 119 granted patents globally and an active pipeline of advanced device innovations.
Holds a leading volume market share of nearly 25.00% in drug-eluting stents in India and ranks among the top five by DES sales volume in Germany, Spain, Poland, and Brazil.
Markets products across 77 countries using tailored direct, hybrid, and distributor-led strategies, with strong relationships among key opinion leaders and hospital networks.
Operates three manufacturing facilities in Surat, Hyderabad, and Nonthaburi (Thailand) accredited by global regulators including CE, ANVISA, and CDSCO, enabling cost-effective production.
The company's products are subject to stringent regulations across multiple jurisdictions, and any adverse action, delays in approvals, or failure to transition to new frameworks like EU MDR could adversely impact operations.
A majority of revenue is derived from Vascular Intervention devices, with flagship stent Supraflex Cruz accounting for 37.17% of total revenue from operations in Fiscal 2026.
The top 10 suppliers accounted for 59.15% of purchases in Fiscal 2026, and the company relies on single or limited sources for critical components such as cobalt chromium tubes and polymers.
With 73.87% of revenue from operations in Fiscal 2026 generated outside India, the company faces significant currency translation and transaction exposure across USD, EUR, and other currencies.
Because implants such as stents and heart valves are high-risk life-sustaining medical devices, any alleged malfunction, defect, or product recall could expose the company to substantial liability claims and reputational damage.