1. IPO Snapshot
| Particular | Details |
|---|
| Company Name | Sahajanand Medical Technologies Limited |
| IPO Type | 100% book-built Offer for Sale; no fresh issue |
| Offer for Sale | Up to 13,822,116 equity shares of face value ₹1 each |
| Total Issue Size | ₹4,519.83 million at ₹327; ₹4,754.81 million at ₹34 |
| Face Value | ₹1 per equity share |
| Price Band | ₹327–₹344 per equity share |
| Lot Size | 43 equity shares and multiples thereof |
| Opening / Closing | October 15, 2026 / October 19, 2026 |
| Anchor Bidding | October 14, 2026 |
| Listing Exchange | NSE is the Designated Stock Exchange |
| Registrar | MUFG Intime India Private Limited (formerly Link Intime India Private Limited) |
| Book Running Lead Managers | Motilal Oswal Investment Advisors Limited; Avendus Capital Private Limited; HSBC Securities and Capital Markets (India) Private Limited; Nuvama Wealth Management Limited |
2. IPO Details
| Particular | At Floor Price ₹327 | At Cap Price ₹344 |
|---|
| Offer for Sale (OFS) Shares | 1,38,22,116 | 1,38,22,116 |
| Offer for Sale (OFS) Value | ₹4,519.83 million | ₹4,754.81 million |
| Total Offer Shares | 1,38,22,116 | 1,38,22,116 |
| Total Offer Value | ₹4,519.83 million | ₹4,754.81 million |
| Pre-Issue Shares | 10,16,46,778 | 10,16,46,778 |
| Post-Issue Shares | 10,16,46,778 | 10,16,46,778 |
| Market Capitalisation | ₹33,238.50 million | ₹34,966.49 million |
3. Issue Reservation
| Category | Reservation / allocation terms |
|---|
| QIBs | Not more than 50% of the Net Offer |
| Anchor Investors | Up to 60% of the QIB Portion may be allocated to Anchor Investors on a discretionary basis. 40% of the Anchor Investor Portion is reserved for specified domestic mutual funds, life insurance companies and pension funds, as set out in the RHP. |
| NII / NIB | Not less than 15% of the Net Offer; sub-allocation rules apply based on application size. |
| Retail Individual Bidders | Not less than 35% of the Net Offer |
| Eligible Employees | Reservation of up to 250,000 equity shares, as disclosed in the RHP |
4. IPO Lot Size
| Application category | Lots | Shares | Amount at ₹327 Floor Price | Amount at ₹344 Cap Price |
|---|
| Retail minimum | 1 | 43 | ₹14,061 | ₹14,792 |
| Retail maximum | 13 | 559 | ₹1,82,793 | ₹1,92,296 |
| Small HNI minimum | 14 | 602 | ₹1,96,854 | ₹2,07,088 |
| Small HNI maximum | 67 | 2,881 | ₹9,42,087 | ₹9,91,064 |
| Big HNI minimum | 68 | 2,924 | ₹9,55,148 | ₹10,05,856 |
5. About the Company
Sahajanand Medical Technologies Limited was originally formed as a partnership firm named M/s Sahajanand Vascular Technoventions under a partnership deed dated October 25, 1999. The partnership was reconstituted and renamed M/s Sahajanand Medical Technologies in 2001. It was incorporated as Sahajanand Medical Technologies Private Limited on October 18, 2001, and converted into a public limited company in 2021, with a fresh certificate of incorporation dated May 7, 2021.
The company is engaged in the development, manufacturing and marketing of medical devices, focusing on vascular intervention and structural heart intervention. Its product portfolio includes coronary stents, coronary balloons, transcatheter aortic valve implantation (TAVI) devices, occluders, renal stents and peripheral drug-coated balloons. The company focuses on research and development and manufactures medical devices across Class III and Class C/D categories.
The company operates manufacturing facilities in India and Thailand, supported by research and development activities. Its business involves international sales and distributor relationships, while its operations are also affected by regulatory approval requirements across multiple jurisdictions, intellectual property considerations, competition, supply-chain dependencies and foreign-currency exposure.
6. Restated Financial Information
| Particulars | Three months ended June 30, 2026 | FY2026 | FY2025 | FY2024 |
|---|
| Income | | | | |
| Revenue from operations | 3,516.69 | 12,105.04 | 10,248.79 | 9,016.04 |
| Other income | 26.65 | 82.21 | 110.84 | 69.90 |
| Total income | 3,543.34 | 12,187.25 | 10,359.63 | 9,085.94 |
| Expenses | | | | |
| Cost of materials consumed | 630.81 | 2,582.32 | 2,184.39 | 2,428.31 |
| Purchase of stock-in-trade | 325.36 | 457.53 | 514.56 | 289.34 |
| Changes in inventories of finished goods, stock-in-trade and work-in-progress | (45.26) | (100.06) | (194.94) | (399.77) |
| Employee benefits expense | 973.91 | 3,517.91 | 2,923.35 | 2,539.41 |
| Finance costs | 65.47 | 244.28 | 207.31 | 194.41 |
| Depreciation and amortisation expense | 204.14 | 741.56 | 625.34 | 645.03 |
| Other expenses | 1,146.11 | 3,940.79 | 3,541.22 | 3,058.28 |
| Total expenses | 3,300.54 | 11,384.33 | 9,801.23 | 8,755.01 |
| Profit before exceptional items and tax | 242.80 | 802.92 | 558.40 | 330.93 |
| Exceptional items | — | — | 150.29 | — |
| Profit before tax | 242.80 | 802.92 | 408.11 | 330.93 |
| Current tax | 109.56 | 315.05 | 312.03 | 211.35 |
| Deferred tax | (17.63) | (115.84) | (155.44) | (95.73) |
| Tax related to earlier years | — | (87.11) | — | 288.85 |
| Total tax expense | 91.93 | 112.10 | 156.59 | 404.47 |
| Profit/(loss) after tax | 150.87 | 690.82 | 251.52 | (73.54) |
| Other comprehensive income | | | | |
| Remeasurement gain/(loss) on defined benefit obligation | (21.69) | 54.91 | (67.43) | (22.22) |
| Income tax on above | 5.09 | (13.76) | 16.17 | 5.54 |
| Exchange gain on translation of financial statements of foreign operations | (18.10) | 623.76 | 40.98 | 7.18 |
| Total other comprehensive income/(loss) | (34.70) | 664.91 | (10.28) | (9.50) |
| Total comprehensive income/(loss) | 116.17 | 1,355.73 | 241.24 | (83.04) |
| Total comprehensive income/(loss) attributable to owners of the Company | 111.49 | 1,283.17 | 219.44 | (147.62) |
| Total comprehensive income attributable to non-controlling interest | 4.68 | 72.56 | 21.80 | 64.58 |
| Earnings per share (₹) | | | | |
| Basic EPS | 1.48 | 6.67 | 2.09 | (1.31) |
| Diluted EPS | 1.45 | 6.48 | 2.01 | (1.31) |
7. Key Performance Indicators
| KPI | FY2026 / March 31, 2026 | Three months ended June 30, 2026 |
|---|
| Return on Net Worth | 10.60% | 2.31% (not annualised) |
| Return on Equity | 10.35% | 2.07% |
| Return on Capital Employed | 11.57% | 3.16% |
| Debt / Equity | 0.27x | 0.33x |
| PAT margin | 5.71% | 4.29% |
| EBITDA margin | 14.10% | 13.81% |
| Net Asset Value per equity share | ₹62.76 | ₹64.35 |
8. IPO Valuation
| Metric | Disclosure |
|---|
| Price band | ₹327–₹344 per share |
| P/E at floor price | 50.46x based on diluted FY2026 EPS |
| P/E at cap price | 53.09x based on diluted FY2026 EPS |
| Diluted EPS, FY2026 | ₹6.48 as shown in the price advertisement's peer/valuation section |
| Post-offer market capitalisation | ₹33,238.50 million at ₹327; ₹34,966.49 million at ₹344 |
| Weighted average return on net worth | 6.14% for the last three financial years |
9. Peer Comparison
| Company | Revenue from operations (₹ million) | Face value (₹) | P/E (x) | Closing price (₹) | Basic EPS (₹) | Diluted EPS (₹) | RoNW | NAV/share (₹) |
|---|
| Sahajanand Medical Technologies Limited | 12,105.04 | 1 | Not stated in peer row | Not stated in peer row | 6.67 | 6.48 | 10.60% | 62.76 |
| Poly Medicure Limited | 18,752.59 | 5 | 51.40 | 1,632.25 | 31.79 | 31.75 | 10.37% | 306.40 |
| Laxmi Dental Limited | 2,778.58 | 2 | 36.35 | 191.10 | 5.27 | 5.26 | 11.91% | 44.27 |
10. Key Risks Highlighted in the RHP
| Editorial category | RHP disclosure in plain language |
|---|
| Regulatory / approvals | The company operates in a regulated medical-device industry and is subject to regulatory requirements and approvals across jurisdictions. Delays, changes or non-compliance may affect manufacturing, sales or market access. |
| Manufacturing / operations | The RHP identifies operational risks associated with its manufacturing facilities, including facility-related disruptions and other operating dependencies. Interruptions may affect output, supply and business continuity. |
| Supplier / supply chain | The business depends on suppliers and continued availability of raw materials and components. Disruption, price changes or quality issues may affect production costs and delivery. |
| Customer / product concentration | The RHP discusses revenue dependence on key products, including Supraflex Cruz, and dependence on distribution relationships. A change in demand or distribution could affect revenue. |
| Foreign exchange / geography | The company earns revenue and operates across multiple countries, and the advertisement identifies foreign-currency revenue and geographic distribution. Currency movements and jurisdiction-specific conditions may affect reported results. |
| Technology / intellectual property | The company relies on product development and intellectual property. Challenges in protecting intellectual property, obtaining rights or defending claims may affect competitive position and commercialisation. |
| Competition / industry | The company operates in competitive medical-device markets. Competitor products, pricing, innovation and changing technology may affect demand, margins and market position. |
| Working capital / liquidity | The advertisement discloses working-capital figures and notes that the business requires significant working capital. Changes in receivables, inventory, supplier terms or growth may increase funding needs. |
| Offer / market risk | The RHP notes that this is the company’s first public issue and there has been no formal market for its equity shares. It gives no assurance of active or sustained post-listing trading or a particular trading price. |
11. Litigation & Contingent Liabilities
| Category | Cases / details | Amount involved |
|---|
| Company – direct tax proceedings | 31 cases | ₹429.16 million |
| Company – indirect tax proceedings | 67 cases | ₹890.53 million |
| Subsidiaries – direct tax proceedings | 1 case | ₹70.03 million |
| Directors – direct tax proceedings | 4 cases | ₹60.98 million |
| Promoters – direct tax proceedings | 4 cases | ₹60.98 million |
Contingent liabilities
As of June 30, 2026, the company reported the following contingent liabilities:
| Particulars | Amount (₹ million) |
|---|
| Income tax matters | 47.51 |
| Goods and Services Tax matters | 42.61 |
| Customs matters | 17.49 |
| Total contingent liabilities | 107.61 |
15. Registrar
| Particular | Details |
|---|
| Name | MUFG Intime India Private Limited (formerly Link Intime India Private Limited) |
| Contact person | Shanti Gopalkrishnan |
| Telephone | +91 810 811 4949 |
| Email | sahajanandmedical.ipo@in.mpms.mufg.com |
16. Lead Managers
17. Company Contact Details
| Particular | Details |
|---|
| Registered office | Sahajanand Estate, Wakharia Wadi, near Dabholi Char Rasta, Nani Ved, Ved Road, Surat, Gujarat – 395 004, India |
| Corporate office | Unit No. 402 & 412, A Wing, 4th Floor, Kanakia Wall Street, Andheri Kurla Road, Chakala, Andheri East, Mumbai, Maharashtra – 400 093, India |
| Company Secretary / Compliance Officer | Deepshikha Singhal |
| Telephone | 022 49564000 |
| Email | investors.grievance@smt.in |
| Website | www.smtpl.com |
| CIN | U33119GJ2001PLC040121 |
