Sahajanand Medical Technologies IPO
Sahajanand Medical Technologies IPO is a mainboard IPO raising ₹475 Cr at ₹327 – ₹344 a share. It listed on 23 Oct 2026 at ₹371, +7.9% against its issue price of ₹344, and trades at ₹411 today (+19.4% since issue). It was subscribed 14× in total.
14.2 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
The company develops and manufactures Class III / Class C/D cardiovascular medical devices, founded in 2001 by Mr. Dhirajlal Kotadia. Its portfolio covers Vascular Intervention products (drug-eluting stents, PTCA balloon catheters, drug-coated PTCA balloons), Structural Heart products (TAVI heart valves and Occluders), and a smaller set of renal stents, peripheral drug-coated balloons and traded goods. It sells in 77 countries including India (FY2026), reaching hospitals and group purchasing organizations directly, through hybrid arrangements, or via distributors.
How it earns
Revenue comes from selling its own manufactured cardiovascular implants plus a small share of traded goods, booked when products are despatched to hospitals, distributors or GPOs across India, Europe and the rest of the world (FY2026 revenue from operations ₹12,105.04 million, i.e. about ₹1,210.50 crore, using 1 crore = 10 million).
Who buys
Hospitals and cardiology centres reached via direct, hybrid and distributor channels. Only specifically named institutional customer in the text is Narayana Hrudayalaya Limited in India. In Europe, sales are made to large hospitals and Group Purchasing Organizations. Revenue concentration: the top 10 countries accounted for 78.76% of revenue from operations in FY2026 (79.82% in the three months ended June 30, 2026). No single-customer revenue concentration percentage is stated.
Scale
Three manufacturing facilities — two in India (Surat, Hyderabad) and one in Thailand (Nonthaburi); 1,596 manufacturing employees (977 at Surat, 502 at Hyderabad, 117 at Thailand) as of June 30, 2026; products sold in 77 countries including India in FY2026; FY2026 installed capacity of 900,000 stents, 1,140,000 catheters, 56,000 drug-coated PTCA balloons, 9,000 TAVI devices and 42,000 Occluders.
What it says sets it apart
- First company in the world to receive CE certification for an in-house developed biodegradable polymer-based paclitaxel-eluting stent (Infinnium, December 2005), and held nearly 25% share of India's DES sales volume in FY2026 per the F&S Report
- Among the top-five companies by DES sales volume in Germany, Spain, Poland and Brazil, and among the top-five by Occluder sales volume in Thailand, South Korea and India, as of March 31, 2026 (F&S Report)
- Three integrated manufacturing facilities (Surat, Hyderabad, Nonthaburi) with in-house balloon catheter production, replacing externally sourced catheters and enabling in-house processing of nitinol, drug/polymer formulation and coating, and valve manufacturing
- Large clinical-evidence package: 75 clinical studies (66 completed, 9 ongoing as of June 30, 2026), with results of key trials published in The Lancet and NEJM, covering flagship brands Supraflex Cruz (DES), Hydra (TAVI) and Cocoon (Occluders)
- Patent base of 119 granted patents globally plus 78 pending applications and 5 design registrations in India as of the RHP date, alongside in-house R&D centres in India and Thailand staffed by 156 professionals
Revenue mix
The prospectus gives overlapping breakdowns here, so the shares are not shown.
The numbers at a glance
The price they’re asking →derived: cut-off price Rs344 / stated EPS Rs6.48 (FY26 Diluted EPS (Fiscal ended March 31, 2026), restated consolidated; per Ind AS 33). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (Restated Consolidated). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| Three months ended 30 June 2026 | ₹352 Cr | ₹15 Cr | 4.3% | ₹717 Cr | ₹321 Cr |
| FY2026 | ₹1,211 Cr+18% | ₹69 Cr+175% | 5.7% | ₹702 Cr | ₹270 Cr |
| FY2025 | ₹1,025 Cr+14% | ₹25 Cr | 2.5% | ₹590 Cr | ₹225 Cr |
| FY2024 | ₹902 Cr | ₹-7 Cr | -0.8% | ₹566 Cr | ₹175 Cr |
Where the money goes
The offer →100% of this issue is existing shareholders cashing out — only the fresh issue reaches the business.
How its cohort has done
101 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
QIB: 35× their allocation. Retail: 3.03×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14 risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by Motilal Oswal Investment Advisors Limited — median +12.3% across the 52 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 30 Nov 2026.
What to watch
- 100% of the issue is offer for sale — only ₹0 Cr of new money reaches the company.
- Priced at 53.1× earnings — 21% above the median of the peers the issuer itself names.
- The register's top risk: Single product concentration in Supraflex Cruz stent (prospectus page 29).
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
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Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.