IPO closes on 19 Oct'26
Sahajanand Medical Technologies Limited
Minimum Investment
₹ 14,792 / 43 shares
Our Verdict:
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- Earnings have turned from a loss (FY24: ₹7.35 crore) to ₹69.08 crore in FY26, about 2.7x FY25, on revenue growth of 18.1%. The PAT margin is still only ~5.7%, so much of the jump comes off a very low base, and the record of profitable operations is just two years long.
- The business leans on one product family: vascular intervention devices were about 61% of FY26 revenue and a single stent, Supraflex Cruz, about 37%. With the top 10 suppliers at roughly 59–64% of purchases and pricing rules for medical devices still uncertain, earnings are sensitive to one line's pricing and regulatory treatment.
- Leverage is moderate but rising: borrowings grew from ₹175.27 crore (FY24) to ₹269.53 crore (FY26) against net worth of ₹616.05 crore (debt-to-equity ~0.44x). The implied valuation works out to roughly 50x FY26 earnings, which prices in continued margin expansion beyond today's ~5.7% PAT margin.
About the company
Founded in
18 Oct'01
Managing director
Bhargav Dhirajlal Kotadia
- Sahajanand Medical Technologies Limited is an R&D-driven medical technology company developing Class III (EU MDR) and Class C/D (Indian Medical Device Rules, 2017) devices, focused on Vascular Intervention (coronary stents and balloons) and Structural Heart (TAVI and occluders), plus renal stents, peripheral drug-coated balloons and traded products.
- It sells through direct, hybrid and distributor-led models, marketed products in 77 countries in FY26, operates three manufacturing facilities (two in India, one in Thailand) and has subsidiaries across Europe, Brazil, the USA and Australia.
- Revenue grew from ₹901.60 crore (FY24) to ₹1,210.50 crore (FY26), with EBITDA of ₹170.65 crore in FY26 (margin ~14.1%, up from ~12.5% in FY25).
- Promoters: Bhargav Dhirajlal Kotadia (Managing Director & CEO), Dhirajlal Vallabhbhai Kotadia (Chairman Emeritus), Priyanka Dhirajlal Cohen and Shree Hari Trust
STRENGTHS
- R&D-Led Medical Device Portfolio: Develops high-risk Class III / Class C-D devices across vascular intervention and structural heart, supported by 102 patents granted and 71 pending.
- Global Distribution Reach: Products marketed in 77 countries in FY26, with subsidiaries across Europe, Brazil, the USA and Australia.
- § Own Manufacturing Footprint: Three manufacturing facilities, two in India and one in Thailand, supporting in-house production of core devices.
- Improving Profitability: EBITDA margin rose from ~12.5% in FY25 to ~14.1% in FY26, and PAT moved from a ₹7.35 crore loss in FY24 to ₹69.08 crore in FY26.
- Moderate Leverage: Borrowings of ₹269.53 crore against net worth of ₹616.05 crore in FY26, a debt-to-equity ratio of ~0.44x.
RISK FACTORS
- Product Concentration: Vascular intervention devices were about 61% of FY26 revenue, with Supraflex Cruz alone about 37%, so a problem with one product line would weigh heavily on results.
- Regulatory and Pricing Uncertainty: Operations face extensive multi-jurisdiction regulation, possible adverse regulatory actions and uncertainty around medical device pricing.
- Supplier Concentration: The top 10 suppliers account for roughly 59–64% of purchases, with dependence on raw material and component availability.
- Manufacturing and Quality Risk: Quality control lapses, infrastructure disruptions or ageing plant and machinery, along with dependence on permits and periodic audits, could disrupt supply.
- Sale by Existing Holders and Short Profit Record: The offer is entirely a sale by promoters and investors, so the company receives no proceeds, and profitability has been established only since FY25 after a FY24 loss.
Financials
All Values are in Cr.
Issue details
Issue type
Mainboard
Issue size
₹ Up to ₹475.48 crore
Fresh Issue
₹ Nil
OFS
₹ Up to ₹475.48 crore
Price range
₹ 327 - 344
Lot size
43 shares
Issue Objective
- This is entirely an Offer for Sale of up to 1,38,22,116 equity shares (13.60% of pre-offer capital) by Shree Hari Trust (27,00,000), Dhirajkumar Savjibhai Vasoya (20,00,000), Samara Capital Markets Holding Ltd (64,79,063), Kotak Pre-IPO Opportunities Fund (13,07,875) and NHPEA Sparkle Holding B.V. (13,35,178). The company will not receive any proceeds from the offer.
Dates
Bidding open
15 Oct'26
Bidding close
19 Oct'26
Allotment date
21 Oct'26
Refund date
22 Oct'26
Listing
2 Oct'26
IPO Reservations
Qualified institutional buyers
<50%
Non-institutional investors
>15%
Retail individual investors
>35%
Read the Offer Document (PDF)
© 2026 by Liquide Solutions Private Limited, SEBI Registered Research Analyst (Registration number - INH000009816)
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