Sahajanand Medical Technologies Ltd IPO Date, Price, GMP, Review, Details

Business Overview

Sahajanand Medical Technologies Limited, incorporated in 2001 and headquartered in Surat, is a Class III and Class C/D medical devices company offering technologically advanced products across Vascular Intervention (VI) and Structural Heart (SH). It was the first company in the world to receive CE certification for a biodegradable polymer based drug eluting stent, Infinnium. Its VI portfolio comprises coronary stents, PTCA balloon catheters and coronary drug coated balloons led by its flagship stent Supraflex Cruz, while it’s SH portfolio includes the Hydra TAVI system and Cocoon Occluders, along with renal stents and peripheral drug coated balloons sold under its own brands.

The Company operates 3 manufacturing facilities at Surat and Hyderabad in India and Nonthaburi in Thailand, supported by 2 R&D centres in Surat and Nonthaburi, and holds 119 patents granted globally with 78 applications pending. Its products were marketed in 77 countries in Fiscal 2026 through direct, hybrid and distributor led models, with Europe contributing 38.66%, Rest of World 35.21% and India 26.13% of revenue from operations. It has expanded through the acquisitions of Vascular Concepts, Vascular Innovations, Imex (Spain) and Zarek (Brazil). The Company has employed 1,605 full time employees, 31 consultants and 707 contract based employees.

IPO Details

Objects of the Offer

The Company proposes to carry out an Offer for Sale of up to ₹ 475.48 Crores by the Selling Shareholders. The Company will not receive any proceeds from the Offer; the entire proceeds will go to the Selling Shareholders.

Key Strengths and Opportunities

• Leadership in India and Key International Markets
  The Company held nearly 25% of total drug eluting stent sales volume in India in Fiscal 2026. Internationally, it ranks among the top five companies by DES sales volume in Germany, Spain, Poland and Brazil, and among the top five by Occluder sales volume in Thailand, South Korea and India. Its portfolio of Class III and Class C/D implants, including DES, PTCA balloons, TAVI systems and Occluders, is backed by clinical evidence and complies with stringent domestic and international regulatory standards.

• Proven Research and Development Capabilities
  The Company operates two R&D centres in Surat and Nonthaburi supported by 156 professionals, and holds 119 patents granted globally with 78 applications pending and five design registrations in India. R&D expenditure stood at 9.04%, 9.07% and 8.61% of revenue from operations in Fiscal 2024, 2025 and 2026 respectively. This has produced proprietary technologies such as the LDZ link and the patented aortic valve delivery catheter (AVDC) system.

• Deep Global Sales and Marketing Presence Driving International Growth
  International revenue from operations rose from ₹ 587.84 Crores in Fiscal 2024 to ₹ 704.23 Crores in Fiscal 2025 and ₹ 894.20 Crores in Fiscal 2026, a CAGR of 23.34%, and accounted for 73.87% of revenue from operations in Fiscal 2026. The acquisitions of Imex in Spain and Zarek in Brazil strengthened the distribution network, with revenue from Imex and Zarek growing at CAGRs of 52.10% and 23.91% respectively since their acquisition in Fiscal 2020.

Key Risks

• Dependence on Vascular Intervention Devices and Supraflex Cruz
  VI devices generated 61.14% of revenue from operations in Fiscal 2026, 65.86% in Fiscal 2025 and 68.57% in Fiscal 2024. Supraflex Cruz alone contributed ₹ 450.00 Crores (37.17%) in Fiscal 2026, ₹ 431.03 Crores (42.06%) in Fiscal 2025 and ₹ 431.35 Crores (47.84%) in Fiscal 2024. Any decline in demand, pricing pressure or loss of market share for this product would materially affect revenue and profitability.

• Raw Material Dependence on a Limited Set of Suppliers
  The top ten suppliers accounted for 59.15% in Fiscal 2026, 64.37% in Fiscal 2025 and 58.88% in Fiscal 2024. The Company relies on a limited number of suppliers, and in some cases a single supplier, for certain critical raw materials and components. Any disruption in supply or adverse price movement could interrupt manufacturing and compress margins.

• Extensive Regulatory Requirements Across Jurisdictions
  The Company's devices are regulated in every market it sells into, including under the Medical Devices Rules, 2017 in India and the EU Medical Device Regulation in Europe. Any delay or inability in obtaining, renewing or maintaining permits, certifications and approvals, or any adverse regulatory action, would impair its ability to market products and adversely affect its business.

Financial Snapshot