A Surat-based cardiovascular medical-device maker opens its Rs 475.48 crore mainboard issue on October 15
Sahajanand Medical Technologies Ltd (SMT), a Surat-based R&D-led medical-device company, opens for subscription on October 15 with the issue closing on October 19.
SMT develops and manufactures high-risk cardiovascular implants and consumables across Vascular Intervention (coronary stents, PTCA balloons, drug-coated balloons) and Structural Heart (TAVI valves, occluders), with integrated manufacturing in India and Thailand and sales across international markets.
Per the F&S Report, it holds nearly 25% of India’s drug-eluting-stent (DES) sales volume in FY26, and was the first company in the world to receive CE certification for a biodegradable-polymer-based paclitaxel-eluting stent (Infinnium). Its flagship product is the ‘Supraflex Cruz’ stent.
A key monitorable is product concentration — a significant share of revenue depends on its flagship stent, so pricing pressure or new competition there could materially affect performance.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | October 15, 2026 |
| Issue Closes | October 19, 2026 |
| Listing | BSE, NSE (Mainboard) |
| Price Band | Rs 327 – Rs 344 per share |
| Face Value | Rs 1 |
| Issue Size | Rs 475.48 crore |
| Issue Type | 100% Offer for Sale (~1.38 crore shares) |
| Fresh Issue | NIL |
| Lot Size | 43 shares / Rs 14,792 |
| QIB / HNI / Retail | 50% / 15% / 35% |
The issue is a pure OFS — the company receives no proceeds; the entire amount goes to selling shareholders.
Price Band Analysis
At the upper band of Rs 344, on FY26 earnings the issue is valued at a P/E of around 50–53x (on FY26 EPS of roughly Rs 6.48–6.80), pre- and post-issue identical (no fresh shares), with FY26 RoNW of ~10.60%. The valuation prices in continued earnings recovery.
GMP Watch
The Sahajanand Medical Technologies IPO GMP stood at around Rs 40 (~12%) as of October 12 (from Rs 25 on October 11), implying an estimated listing near Rs 384 over the Rs 344 upper band. GMP is unofficial, unregulated and SEBI-unendorsed, and can move before listing.
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from Operations | 901.60 | 1,024.88 | 1,210.50 |
| EBITDA Margin (%) | — | 12.49 | 13.81 |
| PAT | (7.35) | 25.15 | 69.08 |
| PAT Margin (%) | (0.82) | 2.45 | 5.71 |
Revenue grew 18.1% to Rs 1,210.50 crore in FY26, and PAT jumped ~2.75x to Rs 69.08 crore (from Rs 25.15 crore), recovering from a FY24 loss — a clear earnings turnaround, with FY26 operating cash flow of around Rs 105 crore. Margins, while improving, remain modest (PAT ~5.71%), the June quarter’s PAT margin was below FY26, and borrowings have increased.
Sahajanand Medical Technologies brings a leading, R&D-led cardiovascular-device franchise to the mainboard — ~25% of India’s DES volume, specialised stent and TAVI products, international reach, and a sharp FY26 profit turnaround — set against a pure-OFS structure (no company proceeds), flagship-product concentration, still-modest margins, rising borrowings, and a full ~50x valuation.
