Sahajanand Medical Technologies Limited

Sahajanand Medical Technologies Limited (SMT), founded in 2001 by Mr. Dhirajlal Kotadia, is an R&D-driven Class III and Class C/D medical devices enterprise specializing in advanced cardiovascular implants. The company holds the historical distinction of being the first in the world to receive a CE mark for a drug-eluting stent (DES) utilizing a biodegradable polymer (Infinnium). SMT’s core value proposition centers on designing, clinical testing, and manufacturing high-precision, clinically proven cardiovascular interventional devices—such as Drug-Eluting Stents, PTCA balloon catheters, Transcatheter Aortic Valve Implantation (TAVI) systems, and Occluders—to address complex coronary and structural heart conditions at competitive price points.

The company operates an integrated vertical business model structured under a "House of Brands" portfolio strategy. SMT categorizes its product offerings into three primary business verticals: Vascular Intervention (VI) devices, Structural Heart (SH) devices, and Others. In Fiscal 2026, VI devices accounted for 61.14% of revenue from operations, SH devices represented 16.77%, and Others (including renal stents, peripheral drug-coated balloons, and traded products) contributed 22.09%. Within the VI segment, the company’s flagship product is Supraflex Cruz—a biodegradable polymer-based DES positioned as the "most deliverable" stent in its class—which alone generated 37.17% (₹450.03 Crore) of total operational revenue in FY26. In the SH vertical, SMT’s flagship products include the Hydra TAVI (a self-expanding transcatheter aortic heart valve) and Cocoon (platinum-coated occluders).

SMT’s key client segments encompass interventional cardiologists, cardiac cath labs, private hospital chains (such as Narayana Hrudayalaya Limited), government healthcare procurement agencies, and international distributors. Geographically, the company maintained a global commercial presence across 77 countries in Fiscal 2026 (and 65 countries in Q1 FY27). In Fiscal 2026, revenue contribution by geography stood at 26.13% from India, 38.66% from Europe, and 35.21% from the Rest of the World (RoW). In major European jurisdictions (including Germany, Spain, France, and the UK), SMT operates via direct sales and distribution channels, whereas hybrid and distributor-led models are deployed across India, Latin America, and Asia-Pacific markets.

The company manufactures all products in-house across three integrated manufacturing units located in Sachin SEZ (Surat, Gujarat), Sultanpur (Hyderabad, Telangana), and Nonthaburi (Thailand). Certified engineer disclosures for Fiscal 2026 establish the following annual production capacities and capacity utilization rates:

• Surat SEZ Facility: Installed annual capacity of 780,000 units for Stents with an 80.48% utilization rate (627,727 units output); 660,000 units for Catheters with a 96.48% utilization rate (636,783 units output); and 56,000 units for Drug-coated PTCA balloon catheters with a 1.81% utilization rate (1,015 units output).
• Hyderabad Facility: Installed annual capacity of 120,000 units for Stents (64.26% utilization); 480,000 units for Catheters (85.19% utilization); 6,000 units for TAVI devices; and 12,000 units for Occluders.
• Thailand Facility: Installed annual capacity of 3,000 units for TAVI devices (59.47% facility utilization) and 30,000 units for Occluders (48.55% facility utilization).
• Consolidated Product-Wise Capacity Utilization (FY26): Stents: 78.31%; Catheters: 91.73%; Drug-coated PTCA balloons: 1.81%; TAVI devices: 19.82%; and Occluders: 34.68%.

R&D functions as a crucial operational engine for SMT, supported by two dedicated centers—a primary DSIR-recognized facility in Surat, India, and an ISO/GMP certified unit in Nonthaburi, Thailand. As of June 30, 2026, SMT employs an R&D and clinical team of 156 professionals (including 4 consultants). The company invested ₹1,041.64 Million (8.61% of revenue) in FY26, ₹929.86 Million (9.07%) in FY25, and ₹814.63 Million (9.04%) in FY24 towards R&D initiatives. SMT maintains an IP repository of 119 granted global patents, 78 pending patent applications, and 5 Indian design registrations. Furthermore, its clinical repository comprises 75 clinical studies (66 completed, 9 ongoing) covering over 35,000 patients, with flagship trials (such as TALENT and FIRE HBR) published in top-tier medical journals including The Lancet and NEJM.

Financially, Sahajanand Medical Technologies Limited reported total income and net profits/losses of ₹908.59 Cr and ₹(7.35) Cr (FY24), ₹1,035.96 Cr and ₹25.15 Cr (FY25), ₹1,218.73 Cr and ₹69.08 Cr (FY26), and ₹354.33 Cr and ₹15.09 Cr (Q1 FY27). The company has demonstrated steady top-line growth at a 2-year CAGR of 15.87%, alongside a net profit turnaround from a loss in FY24 to profitability in FY26, while total borrowings increased from ₹175.27 Cr in FY24 to ₹320.63 Cr in Q1 FY27. The company maintains an average EPS of ₹3.81 and an average RoNW of 6.14% over the last three fiscals.

Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 5.35 (NAV of ₹64.35 as of June 30, 2026). As the IPO is a 100% Offer for Sale (OFS) with zero fresh proceeds, the Post-Issue P/BV remains at 5.35. Attributing the historical earnings to the equity base, the asking price reflects a P/E of approximately 139.02 (FY25), 50.62 (FY26), and 57.94 (Q1 FY27 annualized). A comparison with listed peers shows that Poly Medicure Limited and Laxmi Dental Limited trade at P/E ratios of 50.5x and 31.3x respectively (an industry average P/E of 40.9x), indicating that SMT is valued at a slight premium relative to its return profile and operating margins.

The issue is managed by Motilal Oswal Investment Advisors Limited, Avendus Capital Private Limited, HSBC Securities and Capital Markets (India) Private Limited, and Nuvama Wealth Management Limited. MUFG Intime India Private Limited is acting as the Registrar to the Offer.

• 1 Bhargav Dhirajlal Kotadia
• 2 Dhirajlal Vallabhbhai Kotadia
• 3 Priyanka Dhirajlal Cohen
• 4 Shree Hari Trust (SHT)