Sahajanand Medical Technologies IPO: GMP, Price, Financials & Review

Sahajanand Medical Technologies Ltd. (SMT), a Gujarat-based maker of coronary stents and heart-valve devices, ran a ₹475 crore IPO that was open from 15 October to 19 October 2026 at a price band of ₹327 to ₹344 per share. It is entirely an offer for sale (OFS): existing shareholders offload part of their stake and the company raises no new money. Allotment is scheduled for 21 October 2026 and the shares are expected to list on NSE and BSE on 23 October 2026.

Sahajanand Medical Technologies IPO Details

The net offer is split 50% for qualified institutional buyers, 15% for non-institutional investors and 35% for retail investors. The share count stays at 10,16,46,778.

About Sahajanand Medical Technologies

SMT was incorporated in October 2001. It makes minimally invasive cardiac devices in two main areas: vascular intervention (opening blocked arteries with stents and balloons) and structural heart intervention (repairing valves and defects without open surgery). Its range includes coronary drug-eluting stents, coronary balloons, TAVI (transcatheter aortic valve) devices, occluders, renal stents and peripheral drug-coated balloons. Its best-known brands are Supraflex Cruz, Cocoon and Hydra.

Key facts from the offer documents:

• Three manufacturing facilities (two in India, one in Thailand) and two R&D centres
• Products marketed in 77 countries in FY26 through direct sales, distributors and mixed models
• 119 patents granted and 78 applications pending as of 30 June 2026
• 1,605 full-time employees (30 June 2026)
• Citing an industry report it commissioned, the company says it had nearly 25% of India's drug-eluting stent market by volume in FY26

Product mix and export share

So roughly ₹894 crore, or about 74% of FY26 revenue, came from outside India.

Stent price controls

In India, coronary stents are price-controlled. They are listed in Schedule I of the Drugs (Prices Control) Order, 2013, and the National Pharmaceutical Pricing Authority (NPPA) sets a ceiling price that is revised each year in line with the wholesale price index. From 1 April 2026 the ceiling for a drug-eluting stent is ₹39,186.03 per unit and for a bare-metal stent ₹10,762.15, both excluding GST. The cap applies only to sales in India, which were about 26% of SMT's FY26 revenue. The cap limits domestic pricing but does not govern the roughly three-quarters of revenue earned abroad.

Financial Performance

Figures in ₹ crore (restated consolidated):

• Revenue from operations grew about 14% in FY25 and about 18% in FY26.
• The company moved from a ₹7.35 crore loss in FY24 to a ₹69.08 crore profit in FY26. Over the two years EBITDA rose about 55% while revenue from operations rose about 34%, and the EBITDA margin improved from about 12.2% to 14.1%, so profit has grown much faster than sales.
• Borrowings have risen every period, from ₹175.27 crore in FY24 to ₹320.63 crore by June 2026, an increase of about 83%.

Key Ratios & Valuation

What the valuation implies: because no new shares are issued, the market cap is the same before and after listing. The two P/E figures differ only in which earnings they use. On FY26 earnings the multiple is about 50.6x, and on the June quarter's annualised profit it rises to about 57.9x, since the PAT margin dipped from 5.71% to 4.29%. At over five times book value for about 10% return on equity, the price assumes the profit recovery continues. Chittorgarh's comparison list for this issue shows recently listed hospital companies rather than device makers, so we have not used those P/Es as peers. Our guide to IPO valuation ratios explains how to read these numbers.

Objects of the Issue

The company receives nothing from the IPO; the full amount goes to the sellers:

About two-thirds of the money (roughly ₹314 crore) goes to financial investors, led by Samara Capital, and about one-third (roughly ₹162 crore) to promoter-category sellers. The offer equals about 13.6% of the company's equity. Our explainer on fresh issue vs offer for sale covers why this matters for a company's balance sheet: borrowings of ₹320.63 crore remain on the books because none of the IPO money can be used to repay them.

Shareholding & Promoters

The promoters are Bhargav Dhirajlal Kotadia, Dhirajlal Vallabhbhai Kotadia, Priyanka Dhirajlal Cohen and Shree Hari Trust. Promoter and promoter group holding falls from 40.82% before the issue to 36.2% after it. Half of the anchor shares are locked in until 20 November 2026 and the rest until 19 January 2027; see our note on anchor investor lock-in expiry.

Subscription Status

Bidding closed on 19 October 2026. NSE and BSE publish final category-wise figures after the close; they were not available when this review was prepared, so none are quoted here. Check the final numbers on our Sahajanand Medical Technologies IPO page.

Sahajanand Medical Technologies IPO GMP Today

Our tracker showed a grey market premium of ₹35 on 17 October 2026, about 10.2% above the ₹344 upper band. It was ₹40 on 11 October 2026, peaked at ₹43 on 15 October and has eased since. GMP is an unofficial, unregulated indicator from an informal market. It changes daily and is not a reliable forecast. Read how accurate IPO GMP is before giving it weight.

Strengths (as stated by the company)

• A wide international sales and marketing network across 77 countries
• In-house research and development, backed by a large patent portfolio
• Integrated manufacturing in India and Thailand
• A leading position in Indian drug-eluting stents and in some overseas markets
• Devices in technically demanding segments such as TAVI
• Experienced leadership and backing from institutional investors

Risks to Consider

• Single-product dependence: Supraflex Cruz alone produced 37.17% of FY26 revenue, so pricing pressure or a competing product could hit sales hard.
• Export and currency exposure: about 74% of revenue comes from outside India, with Europe at 38.66%, which brings exposure to currency moves and to European device regulations.
• Price controls at home: domestic stent prices are capped by NPPA (₹39,186.03 per drug-eluting stent from 1 April 2026), which limits pricing in the Indian market.
• Thin margins: a PAT margin of 5.71% in FY26 and 4.29% in the June 2026 quarter leaves little cushion.
• Rising debt: borrowings have climbed every period to ₹320.63 crore, and no IPO money will go towards repaying them.
• Recent turnaround: the company was loss-making in FY24, so the profit record is short.
• Valuation: about 50.6x FY26 earnings and 5.48x book value, with no fresh capital entering the business.

How to Check Allotment Status

The basis of allotment is expected on 21 October 2026, with refunds and demat credit on 22 October 2026. MUFG Intime India is the registrar. Check your status on our Sahajanand Medical Technologies allotment page or use our guide to checking allotment by registrar. If you did not get shares and the blocked amount has not been released after 22 October 2026, see what to do if your IPO refund is not received.

Disclaimer: This article is for educational purposes only and is not investment advice. GMP is unofficial and can change quickly. Read the RHP and consult a SEBI-registered adviser before investing.