By Wealthova | Last Updated: October 14, 2026
Sahajanand Medical Technologies Limited, a premier research and development-driven medical devices company, is gearing up to make a significant primary market debut with an upcoming ₹475.48 Crore mainboard IPO. Operating with a strategic focus on the high-growth cardiovascular and structural heart segments, the company designs, manufactures, and supplies an extensive portfolio of advanced coronary stents, structural heart devices, and peripheral drug-coated balloons. Empowered by an extensive global sales and marketing network, the company serves healthcare providers across both domestic and international markets. The subscription window for this highly anticipated book-built issue opens on October 15, 2026, and closes on October 19, 2026. The price band is set between ₹327 to ₹344 per equity share. The ₹475.48 Crore offering is structured entirely as an Offer for Sale (OFS) of up to 1.38 Crore shares, with absolutely no Fresh Issue component. Retail investors must apply for a minimum of 1 lot (43 shares), requiring an accessible investment of ₹14,792 at the upper price band. Because the issue is a 100% OFS, the company itself will not receive any fresh capital, and all IPO proceeds will go directly to the selling shareholders. Set to list on both the BSE and NSE platforms, market participants are closely watching this innovative medical technology manufacturer, which reported a robust FY26 total income of ₹1,218.73 Crore alongside a solid net profit of ₹69.08 Crore. Below, we break down the financial health, industry risk factors, and our honest Smart Market Insights to help you decide if you should subscribe to this issue!
October 15, 2026
October 19, 2026
₹327 to ₹344
(Book Built)43 Shares
(Min. 1 Lot for Retail)₹475.48 Cr
(1.38 Crore Shares)₹475.48 Cr
(Entirely OFS, No Fresh Issue)35.00% Allocation
(Of the Net Offer)₹1 Base
Mainboard (BSE & NSE)
Sahajanand Medical Technologies Limited (SMT) is a leading, research-driven global developer and manufacturer of minimally invasive cardiovascular and structural heart devices. Driven by its core mission to make critical healthcare technologies accessible, the company specializes in engineering life-saving medical devices that treat narrowed or blocked blood vessels and structural abnormalities of the heart.
Backed by a formidable intellectual property portfolio containing 119 granted global patents and 78 pending applications, the company's core operational segments include:
The ₹475.48 Crore Sahajanand Medical Technologies IPO is structured entirely as a 100% Offer for Sale (OFS) of up to 1.38 Crore equity shares, with absolutely no Fresh Issue component.
Because the public issue is purely an OFS, the company itself will not receive a single rupee from the IPO proceeds to fund its operations or R&D. Instead, all capital raised will be directed toward the following objectives:
₹475.48 Crore is allocated entirely to early private equity investors and existing promoters seeking a liquidity exit. The company will not receive any capital from this portion.
₹0.00 Crore. Because this IPO is purely an Offer for Sale, Sahajanand Medical Technologies will not receive any proceeds to fund operations, R&D, or debt repayment.
| 📅 Period Ended | 📈 Total Income | 💼 Net Worth | 💰 PAT | 🏦 Assets |
|---|---|---|---|---|
| FY 2024 | ₹908.59 | ₹540.01 | -₹7.35 | ₹970.58 |
| FY 2025 | ₹1,035.96 | ₹565.73 | ₹25.15 | ₹1,094.90 |
| FY 2026 | ₹1,218.73 | ₹616.05 | ₹69.08 | ₹1,276.43 |
| Financial KPI (Mar 31, 2026)* | Value |
|---|---|
| Return on Equity (ROE) | 10.35% (FY26) |
| Return on Capital Employed (ROCE) | 11.57% (FY26) |
| EBITDA Margin | 14.10% (FY26) |
| PAT Margin | 5.71% (FY26) |
| Return on Net Worth (RoNW) | 10.60% (FY26) |
| Earnings Per Share (EPS) | ₹6.80 (Pre-IPO FY26) |
| Price/Earning (P/E) Ratio | 53.10x (At Upper Band ₹344) |
| Net Asset Value (NAV) | ₹62.76 (Per Share) |
| Price to Book (P/B) Value | 5.48x (At Upper Band) |
| Market Cap at Offer Price | ₹3,496.65 Cr (Pre & Post IPO / 100% OFS) |
| Shareholder Category | Pre-IPO Holding | Post-IPO Holding |
|---|---|---|
| Promoter & Promoter Group | 40.82% | 36.20% |
| Public / Institutional / Others | 59.18% | 63.80% |
Sahajanand Medical Technologies Limited is led by its founding promoters Bhargav Dhirajlal Kotadia, Dhirajlal Vallabhbhai Kotadia, Priyanka Dhirajlal Cohen, and Shree Hari Trust. Prior to the IPO, the promoter group held a 40.82% equity stake in the company. Because the ₹475.48 Crore IPO is structured entirely as a 100% Offer for Sale (OFS), the company itself will not receive any capital. Instead, this issue provides a structured liquidity exit for early corporate investors (such as Samara Capital and Kotak Pre-IPO Opportunities Fund) and specific promoter entities. Following the public listing, the promoter group will retain a 36.20% ownership stake. The listing will significantly elevate SMT's corporate profile in the highly competitive global cardiovascular medical devices sector.
| Company Name | EPS (₹) | P/E Ratio | RoNW (%) |
|---|---|---|---|
| Sahajanand Medical Technologies Ltd. | 6.80 (FY26) | 53.10x | 10.60% |
| Abbott India Limited | 315.42 | 74.20x | 26.85% |
| Meril Life Sciences Pvt Ltd | Unlisted | - | - |
| Poly Medicure Limited | 25.66 | 68.91x | 18.42% |
| Sun Pharmaceutical Industries Ltd. | 34.50 | 32.15x | 15.20% |
Sahajanand Medical Technologies Limited (SMT) stands out as a rare, pure-play indigenous innovator in India's highly specialized medical devices sector. Backed by a formidable portfolio of 119 global patents, the company has successfully disrupted the cardiovascular space, commanding a massive 25.00% share of India's drug-eluting stent (DES) market while actively exporting to 77 countries. The company's financial trajectory reflects a highly successful turnaround story. Over the last three fiscal years, SMT scaled its Total Income from ₹908.59 Crore in FY24 to ₹1,218.73 Crore in FY26. More importantly, it transitioned from a net loss of -₹7.35 Crore in FY24 to a solid Profit After Tax (PAT) of ₹69.08 Crore in FY26. This improved operational efficiency yielded a healthy EBITDA margin of 14.10% and a Return on Net Worth (RoNW) of 10.60%.
Despite this strong fundamental momentum, investors must approach the offering with a clear understanding of its structural constraints and regulatory risks. The ₹475.48 Crore IPO is structured entirely as a 100% Offer for Sale (OFS). This means the company is not raising any fresh capital to fund its expensive ongoing global clinical trials or R&D for its structural heart division. Instead, the issue acts as a liquidity exit for early corporate backers (like Samara Capital) and specific promoter trusts. Operationally, SMT faces severe product concentration risk, with its core Vascular Intervention devices contributing over 61% of total revenue. Furthermore, domestic sales remain highly vulnerable to strict price capping by the National Pharmaceutical Pricing Authority (NPPA), which can compress margins overnight.
From a valuation standpoint, management has priced the issue competitively compared to listed industry peers. At the upper price band of ₹344 per share, SMT commands a post-issue market capitalization of ₹3,496.65 Crore. Based on its FY26 EPS of ₹6.80, the issue demands a Price-to-Earnings (P/E) multiple of 53.10x. While this is a premium valuation demanding a Price-to-Book (P/B) of 5.48x, it leaves reasonable money on the table when compared to the lofty multiples enjoyed by medical tech and pharma peers like Poly Medicure (68.91x) and Abbott India (74.20x). Given its dominant market share, successful pivot to profitability, and massive growth runway in the high-margin structural heart (TAVI) segment, we assign a SUBSCRIBE rating. However, due to regulatory pricing risks, this issue is strictly recommended for investors with a multi-year holding horizon rather than those seeking quick listing pops.
Disclaimer: The information provided above is for educational and informational purposes only and does not constitute financial advice. Initial Public Offerings (IPOs) carry market risks, and equity investments are subject to broader market fluctuations. Wealthova is not a SEBI-registered investment advisor. Always consult with a certified financial planner and conduct your own due diligence before locking up capital in any public issue.
| Role / Entity | Contact & Details |
|---|---|
| 📋 IPO Registrar |
MUFG Intime India Pvt.Ltd.
Phone: 022-49186000
Email: sahajanandmedical.ipo@in.mpms.mufg.com
Website: linkintime.co.in
|
| 🏢 Company Contact |
Sahajanand Medical Technologies Ltd.
Registered Office: Sahajanand Estate, Wakharia Wadi, NR. Dabholi Char Rasta, Nani Ved, Ved Road, Surat, Gujarat, 395004
Phone: 022 49564000
Website: smt.in
|
| 💼 Merchant Bankers |
Motilal Oswal Investment Advisors Ltd.
Book Running Lead Manager Avendus Capital Pvt.Ltd.Book Running Lead Manager HSBC Securities & Capital Markets (India) Pvt.Ltd.Book Running Lead Manager Nuvama Wealth Management Ltd.Book Running Lead Manager |