Severeconcentrationpage 29
Single product concentration in Supraflex Cruz stent
the sale of the Supraflex Cruz, which forms part of our VI devices portfolio contributed to 39.00%, 37.17%, 42.06% and 47.84% of our revenue from operations
ListedMainboardHospital & Healthcare ServicesSMT
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.
₹344
Issue price
₹411
Price now
+19.4%
Since issue price
23 Oct 2026
Listed on
14×Subscribed (final) · all exchanges
14.2 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 569-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 315 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severelitigationpage 43
Complaints allege over-invoicing, expired device sales, kickbacks
Our Company has received complaints dated August 21, 2025, August 19, 2025, September 2, 2025, September 23, 2025 and October 6, 2025 ... alleging inter alia, (i) over-invoicing and invoicing of expired medical devices, (ii) inflated and differential pricing on potentially similar products (iii) offering kickbacks to its hospital partners and (iv) harassment of distributors through onerous contractual obligations.
Severeregulatorypage 45
CE certificate suspension for key product Supraflex Cruz
in Fiscal 2022, a complaint regarding the Supraflex Cruz CE certification was submitted to the DNV Norway due to which it suspended the CE certificate in January 2024, citing concerns about the device's measurement technique.
Severeregulatorypage 78
Income Tax Search under Section 132 with ₹204.50M provision
During FY 2022-23, the Income Tax Department ('the Department') conducted a Search activity ('the Search') under Section 132 of the Income Tax Act on the Company and Vascular Concepts Limited... the Parent had made provision of ₹ 204.50 million under the head 'Tax related to earlier years' for all the assessments from AY 2015-16 to AY 2023-24
Severeregulatorypage 45
Untraceable historical corporate records including allotments
Certain of our Company's corporate records are not traceable as the relevant information was not available in the records maintained by our Company or in the electronic records of the Ministry of Corporate Affairs
Severefinancialpage 42
Past breach of financial covenants on Investec and Standard Chartered loans
In June 2021, our Company did not comply with the requirements a financial covenant (consolidated net-leverage ratio) stipulated under the Investec Facility. ... During Fiscal 2024, SMT Cardiovascular was unable to maintain one of these ratios under the loan documentation, which was subsequently condoned by the lender
Severefinancialpage 58
Extremely low debt service coverage ratio (0.12x)
Debt service coverage ratio ... 0.12 ... 0.65 ... 0.47 ... 0.49
Severefinancialpage 59
Contingent liabilities exceeded profit after tax (116.35%)
We have, in the past, recorded contingent liabilities of ₹292.65 million as of March 31, 2025 ... they represented 116.35% of our restated profit after tax for Fiscal 2025.
Severeregulatorypage 54
Sanctions exposure through Russian subsidiary SMT CIS
we also have a Russian subsidiary, SMT CIS, which was incorporated in September 2019. SMT CIS is responsible for the sale and distribution of our products in certain regions in Europe
Highlitigationpage 43
Material litigation aggregating Rs1,319.69 million against Company
Against the Company ... 98 [Tax] ... 5 [Regulatory] ... Aggregate amount involved 1,319.69
Highregulatorypage 22
EU MDD-to-MDR transition deadline of December 31, 2027
we are allowed to continue marketing our products in the EU until December 31, 2027, provided no significant changes are made to the product's design or intended use
Highconcentrationpage 36
Marketing approvals in 5 countries held by third-party distributors
the approval to market Supraflex Cruz in (i) Argentina; (ii) Bangladesh; (iii) Brazil; (iv) Mexico and (v) Indonesia, among others, are held by various third party distributors.
Highlitigationpage 78
Subsidiary tax demand of ₹70.03 million under appeal
SMT Cardiovascular Private Limited, an Indian subsidiary company received an assessment order u/s 143(3) for the FY 2022-23 from the Income Tax Department with demand of ₹ 70.03 million... The Company has filed an appeal with Commissioner (Appeals) against the order
Highoperationalpage 28
Single-supplier dependency for critical raw materials
we rely on a limited number of suppliers or a single supplier for a few of our critical materials, such as cobalt chromium tubes and aluminium pouches and for polymers
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹151 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 7 | 98 | 6 | ₹132 Cr |
| Promoters | 0 | 4 | 0 | ₹6.1 Cr |
| Directors | 4 | 4 | 0 | ₹6.1 Cr |
| Subsidiaries | 0 | 1 | 2 | ₹7.0 Cr |
| Group companies | 0 | 0 | 0 | — |
case₹12 Crpage 460
AY 2014-15 income-tax assessment of VCL (merged with Company) — original demand Rs 180.32 million revised to Rs 121.08 million on rectification
case₹9.4 Crpage 458
Tata 1MG Healthcare Solutions vs Marengo Asia Healthcare Pvt Ltd & directors (incl. Dir Abhishek Kabra): Section 138 NI Act cheque dishonour case — cumulative amount involved
case₹5.0 Crpage 461
AY 2018-19 income-tax assessment of Company (post-search) — demand of Rs 179.89 million raised; further revised to Rs 49.77 million pursuant to ITAT order
case₹4.3 Crpage 463
DGGI show cause to VCL (merged w/ Company) alleging wrong ITC of Rs 42.61 million; Adjudicating Authority confirmed tax demand of Rs 42.61 million plus equal Rs 42.61 million penalty
casepage 460
Section 132 search & seizure operation on June 8, 2022 at Company premises, erstwhile director's residence and registered office; triggered multiple subsequent reassessments u/s 147
Amounts originally stated in Rs million; converted to Rs crore at 1 crore = 10 million (e.g. Rs 429.16 million = Rs 42.916 crore). Aggregate amounts above are taken primarily from the SEBI-format summary table on p459 (tax claims). Criminal counts combine matters initiated by and against each party. 'Other' for Company captures 5 statutory/regulatory actions (MCA cost-audit, ED/FEMA summons, EPFO/ABRY, Drug Controller, BOAT apprenticeship) plus 1 suo motu compounding application; 'Other' for Subsidiaries covers 1 Telangana Pollution Control Board notice and 1 material civil case (SMT Brazil listed as unsecured creditor in Brazilian judicial reorganization for R$ 2.64 million — no INR conversion stated). The grand total of Rs 151.168 crore equals the sum of all tax-claim amounts in the summary table (429.16 + 890.53 + 70.03 + 60.98 + 60.98 = 1,511.68 million); no consolidated grand total is expressly stated in the section.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.
Prospectus on SEBI ↗
The full prospectus — business, financials, risk factors and litigation.
Anchor investor allocation ↗
Which institutions were allotted shares before bidding opened, and how many.
Bidding centres ↗
Where physical applications could be submitted.
Basis of issue price (peer ratios) ↗
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
Red Herring Prospectus ↗
The full prospectus — business, financials, risk factors and litigation.