BSE: 543916
Hemant Surgical Industries Lim
Distributes and manufactures medical imaging equipment, ophthalmic and oncology diagnostics for the Indian market. Won a major purchase order from the Central Medical Services Society, under the Ministry of Health and Family Welfare, Government of India, for Flat Panel Detectors with two batteries, routers, hard travel cases and X-Ray Generators, to be supplied in tranches by September 30, 2026. Has a Semi Knocked Down (SKD) manufacturing agreement with US-based Sonomed Escalon to assemble and eventually fully manufacture ophthalmic ultrasound devices (A-scan and pachymetry) in India for exclusive sale in the Indian market. Has signed a C-ARM development and supply deal with GBT Korea for x-ray generators, electronic control systems and C-ARM imaging devices used in orthopaedic, trauma and cardiovascular surgeries. Acquired Lifesenz Cancer Research Labs for Rs. 19.99 crore, entering precision oncology with 3D cancer cell models used to test drug effectiveness before therapy. Materials are the dominant cost at 81.1% of revenue. Listed on BSE under the SME platform (scrip code 543916). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Medical imaging equipment supply, Ophthalmic diagnostic devices, Cancer research and diagnostics, Pharmaceutical distribution. Trading, assembly and local manufacturing of medical imaging and diagnostic devices
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 107 | 232 |
| EBITDA (ex other income) | — | — |
| margin % | — | — |
| Owners' profit | — | — |
| EPS, as reported (₹) | 7.70 | 15.39 |
| ROE % · ROCE % | — · 14.6 | — · 19.5 |
| Debt / equity (x) | — | — |
| Cash from operations | 9 | (32) |
| Capex | (38) | (2) |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|
| Revenue | 58 | 65 | 167 |
| Profit before tax | 6 | 7 | 16 |
| Net profit | — | — | — |
| EPS (₹) | 4.65 | 5.15 | 10.24 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| POLY MEDICURE LIMITED | 15,101 | 47.9 | 4.80 | 27.7 | 10.2 | 12.6 | 19.0 | 30.2 |
| FISCHER MEDICAL VENTURE L | 1,725 | 11.0 | 4.48 | 32.2 | 8.1 | 11.3 | — | 15.5 |
| TARSONS PRODUCTS LIMITED | 1,623 | 146.0 | 2.56 | 14.1 | 2.3 | 2.4 | — | 29.0 |
| LAXMI DENTAL LIMITED | 995 | 32.0 | 4.08 | 21.4 | 11.8 | 11.0 | — | 22.3 |
| Hemant Surgical Industries Lim ◆ | 750 | 28.7 | — | — | — | 16.7 | — | — |
| FABTECH TECHNOLOGIES LTD | 560 | 9.1 | 1.33 | 9.0 | 9.1 | 10.7 | — | 9.9 |
| Prevest Denpro Limited | 456 | 15.4 | — | — | — | 21.9 | — | — |
| NURECA LIMITED | 287 | 58.9 | 1.59 | 34.6 | 1.2 | 2.7 | (7.2) | 13.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 28.7 | 21.3 | 10 of 16 | 40% |
| ROCE | 16.7 | 11.3 | 5 of 17 | 75% |
| Market cap | 750 | 164 | 5 of 17 | 75% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Reg 74(5) certificate filed for quarter ended Sep 30, 2026 | compliance | minimal | — | — |
| 29 Sept 2026 · Hemant Surgical 37th AGM: All 3 resolutions passed with 100% approval | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Summary of 37th AGM Proceedings held on September 29, 2026 | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading Window Closes Oct 1 for H2 FY26 Results | compliance | minimal | — | — |
| 5 Sept 2026 · Newspaper publication of 37th AGM notice and remote e-voting information | compliance | minimal | — | — |
| 4 Sept 2026 · AGM notice sent to shareholders without registered email addresses | compliance | minimal | — | — |
| 4 Sept 2026 · 37th AGM notice and FY26 annual report filed | board shareholder meetings | low | — | — |
| 4 Sept 2026 · 37th AGM scheduled for Sep 29, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Newspaper ad published for 37th AGM notice to be held on Sep 29, 2026 | compliance | minimal | — | — |
| 29 Aug 2026 · Board approves Directors Report; 37th AGM set for September 29, 2026 via video conferencing | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.