Sahajanand Medical Technologies IPO
Sahajanand Medical Technologies shares listed on BSE and NSE on 23 October 2026 after an IPO priced at ₹344, an issue of ₹475.48 crore.
- Minimum investment
- ₹14,7921 lot of 43 shares, at the issue price
- Issue price
- ₹344
- Lot size
- 43 shares
- Issue size
- ₹475.48 croreOffer for sale only
- Bidding
- 15 Oct to 19 Oct
- Listing
- 23 OctBSE, NSE
Dates
Sahajanand Medical Technologies IPO dates
RHP cover page and Terms of the Offer- 14 OctAnchor bidding
- 15 OctBidding opens
- 19 OctBidding closes, UPI by 5 pm
- 21 OctAllotment
- 22 OctRefunds and demat credit
- 23 OctListing
- Today7 Nov
Read before you apply
Sahajanand Medical Technologies IPO review: read before you apply
Worth checking
- SeriousThe company gets no money
All 1.38 crore shares are sold by existing holders. The largest seller, Samara Capital, has an average cost of ₹46.40 a share, and the promoter trust ₹13.45 (RHP cover page).
- SeriousFY26 profit was helped by tax
Tax was ₹11.21 crore on profit before tax of ₹80.29 crore in FY26, including an ₹8.71 crore credit for earlier years. Without that, FY26 profit would have been lower (our reading of the restated accounts).
- Thin margins for the valuation
PAT margin was 5.71% in FY26 and return on equity 10.35%. At ₹344 the P/E is about 53x FY26 diluted EPS, our calculation, against 51.40x and 36.35x for the two listed peers (RHP, Basis for Offer Price).
- One product line drives sales
Stents and balloons were 61.14% of FY26 revenue, and one stent, Supraflex Cruz, alone was 37.17% (Risk factor 5).
- Price controls on stents
The NPPA caps prices of cardiac stents in India, and the RHP says caps could spread to more devices (Risk factor 7).
- Tax cases
98 tax cases and 5 regulatory actions are pending against the company, with ₹131.97 crore involved in all (RHP, Outstanding Litigation).
Strengths
- Global sales
Only 26.13% of FY26 revenue came from India; Europe gave 38.66% and the rest of the world 35.21%. It sold in 77 countries in FY26 (RHP, Our Business).
- Revenue growing steadily
Revenue grew 15.9% a year from FY24 to FY26 to ₹1,210.50 crore (our calculation from the restated financial information).
- Back to profit
A loss of ₹7.35 crore in FY24 turned into profits of ₹25.15 crore in FY25 and ₹69.08 crore in FY26 (RHP, Restated Financial Information).
- Newer products growing
Structural heart devices like TAVI valves and occluders rose from 12.26% of revenue in FY24 to 16.77% in FY26 (RHP, Our Business).
What Sahajanand Medical Technologies does
Sahajanand Medical Technologies makes high-risk (Class III) medical devices for the heart: coronary stents and balloons, TAVI heart valves and occluders. It also sells renal stents and other devices.
It was founded in 2001 by Dhirajlal Kotadia and is based in Surat, Gujarat. It sells in 65 to 77 countries, mostly outside India. Its promoters are Bhargav Dhirajlal Kotadia, Dhirajlal Vallabhbhai Kotadia and the Shree Hari Trust.
Listing and subscription
Sahajanand Medical Technologies IPO subscription status
NSE IPO details, final figuresListing day
Our calculation: gain vs upper price- Issue price
- ₹344
- Listing price
- ₹371.15
- Gain at open
- +7.9%
- Day close
- ₹377.65
Subscription
- Total
- 14.20x
- Retail
- 3.03x
- Updated
- 19 Oct 2026, 5:00 pm IST
- QIB50% of offer34.70x
- NII15% of offer14.64x
- Big NII16.37x
- Small NII11.19x
- Retail35% of offer3.03x
- Employee0.37x
- Total14.20x
As of 19 Oct 2026, 5:00 pm IST. Times subscribed is a fact about demand, not a sign of quality. Share of offer is from the RHP offer structure.
Grey market premium. GMP is unofficial. It is not regulated or published by any exchange. If we show it, it carries its source and time, never as a forecast. What GMP means
Price and lots
Sahajanand Medical Technologies IPO price band, lot size and issue size
RHP cover page and The Offer. Offer size in rupees is our calculation at ₹344.| Issue price | ₹344 |
| Lot size | 43 shares |
| Issue size | ₹475.48 crore, 1,38,22,116 shares |
| Offer for sale | ₹475.48 crore by promoter Shree Hari Trust, promoter group member Dhirajkumar Savjibhai Vasoya, and investors Samara Capital, NHPEA Sparkle and Kotak Pre-IPO Opportunities Fund |
| Face value | ₹1 per share |
| Employee quota | Up to 2,50,000 shares for eligible employees |
| Issue type | Book built, offer for sale only |
Who gets how much of the net offer
What the company will do with the money
RHP, Objects of the Offer| Object of the issue | ₹ crore |
|---|---|
| Offer for sale by existing shareholders. The company receives none of the money | 475.48 |
Minimum and maximum investment
Our calculation: at ₹344 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min)Minimum application | 1 | 43 | ₹14,792 |
| Retail (max) | 13 | 559 | ₹1,92,296 |
| Small NII (min) | 14 | 602 | ₹2,07,088 |
| Small NII (max) | 67 | 2,881 | ₹9,91,064 |
| Big NII (min) | 68 | 2,924 | ₹10,05,856 |
Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh.
Valuation calculator
Our calculation: inputs from RHP, Restated Consolidated Financial Information and Basis for Offer Price (p. 134)Set to the issue price, ₹344. Change it to see what you would be paying for.
- Market cap
- ₹3,497 cr
- P/E (FY26, diluted)
- 53.1x
- Price to book
- 4.9x
- Market cap to sales
- 2.9x
- Peer average P/E
- 43.87x
Based on FY26, diluted EPS of ₹6.48, 10.16 crore shares, net worth of ₹716.67 crore (June 2026) and revenue of ₹1,210.50 crore. No new shares are issued, so the share count does not change after the IPO.
Financials
Sahajanand Medical Technologies financials
RHP, Restated Consolidated Financial Information and KPIs (p. 136), ₹ croreRevenue and EBITDA
Revenue grew 15.9% a year from FY24 to FY26 (our calculation).
| ₹ crore | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue from operations | 901.60 | 1,024.88+13.7% | 1,210.50+18.1% | 351.67 |
| EBITDA | 110.05 | 128.02 | 170.66 | 48.58 |
| EBITDA margin | 12.21% | 12.49% | 14.10% | 13.81% |
| Profit after tax | -7.35 | 25.15 | 69.08+174.7% | 15.09 |
| Diluted EPS (₹) | -1.31 | 2.01 | 6.48 | 1.45 |
| Total equity | 566.32 | 590.47 | 702.29 | 716.67 |
| Cash from operations | 41.10 | 73.52 | 105.19 | -22.21 |
Consolidated figures. Q1 FY27 is April to June 2026 and is not annualised. FY25 includes a ₹15.03 crore exceptional charge.
The small figures under revenue and profit are the change from the previous full year, our calculation.
Compared with listed peers
RHP, Basis for Offer Price (p. 134). Peer prices as of 6 Oct 2026.| Company | Revenue (₹ crore) | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|---|
| Sahajanand Medical | 1,210.50 | 6.48 | 53.1x at ₹344 (ours) | 10.60% |
| Poly Medicure | 1,875.26 | 31.75 | 51.40x | 10.37% |
| Laxmi Dental | 277.86 | 5.26 | 36.35x | 11.91% |
The peer average P/E of 43.87x is from the RHP (p. 134), across Poly Medicure and Laxmi Dental.
Key performance indicatorsPAT margin, Return on equity, Return on capital employed and more
| Metric | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| PAT margin | -0.82% | 2.45% | 5.71% | 4.29% |
| Return on equity | -2.34% | 3.68% | 10.35% | 2.07% |
| Return on capital employed | 8.05% | 10.37% | 11.57% | 3.16% |
| Net debt to EBITDA | 0.86 | 0.91 | 1.12 | 4.89 |
| Revenue from India | 34.80% | 31.28% | 26.13% | 23.84% |
| Countries | 56 | 76 | 77 | 65 |
Q1 FY27 returns and net debt to EBITDA are for three months and are not annualised.
RHP, Basis for Offer Price, KPIs (p. 136)
Company
About Sahajanand Medical Technologies
Business
RHP, Basis for Offer Price, KPIs (p. 136)The share of revenue from India has fallen from 34.80% in FY24 to 23.84% in April to June 2026, as Europe has grown. Stent capacity was 9.6 lakh a year in June 2026.
Revenue by product, FY26
- Countries, FY26
- 77
- Revenue from India, FY26
- 26.13%
- Stent capacity a year
- 9,60,000
- Net working capital days, FY26
- 138
Key risks
RHP, Risk Factors- RegulationDevices need approvals in many countries, and any adverse action could stop sales.
- Manufacturing riskQuality problems or disruption at its plants would hit supply.
- Approvals and licencesSeveral product certificates must be renewed in 2027.
- Raw material supplyIt depends on a steady supply of materials and components.
- Product concentrationStents and balloons are most of revenue; one stent is over a third.
- Price controlsIndian price caps on stents limit revenue and could widen.
- Currency riskMost revenue is from outside India.
- CompetitionIt competes with large global device makers.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingAfter-IPO figures are our calculation.
Promoter trust Shree Hari Trust is the largest holder. Private equity firms Samara Capital and NHPEA Sparkle together own 44.85% before the IPO. After-IPO figures are our calculation.
| Shareholder | Before IPO | Selling (shares) | After IPO (ours) |
|---|---|---|---|
| Shree Hari Trust (promoter) | 36.71% | 27,00,000 | 34.05% |
| Samara Capital Markets Holding | 29.61% | 64,79,063 | 23.24% |
| NHPEA Sparkle Holding B.V. | 15.24% | 13,35,178 | 13.93% |
| Kotak Pre-IPO Opportunities Fund | 5.98% | 13,07,875 | 4.69% |
| Dhirajkumar Savjibhai Vasoya (promoter group) | 4.02% | 20,00,000 | 2.05% |
| SMT ESOP Trust | 3.46% | Nil | 3.46% |
RHP, Capital Structure and cover page
IndustryIndian vascular interventional device market 2025: USD 382.6 million
- Indian vascular interventional device market 2025
- USD 382.6 million
- Expected by 2030
- USD 542.4 million (7.2% a year)
- Indian drug-eluting stent market 2025
- USD 205.1 million
- Stents expected by 2030
- USD 307.2 million (8.4% a year)
Frost & Sullivan report 'Independent Market Research on Cardiovascular Devices Market' in the RHP, commissioned and paid for by the company (p. 216 and p. 224)
LitigationAgainst the company: criminal, tax and regulatory: 105 · Against directors: criminal and tax: 8 · Against promoters: tax: 4
| Type | Cases | Amount |
|---|---|---|
| Against the company: criminal, tax and regulatory | 105 | ₹131.97 crore |
| Against directors: criminal and tax | 8 | ₹24.85 crore |
| Against promoters: tax | 4 | ₹6.10 crore |
| Against subsidiaries | 2 | ₹7.00 crore |
RHP, Risk Factors (summary of outstanding litigation)
Company detailsLegal name, registered office, CIN and website
| Legal name | Sahajanand Medical Technologies Limited |
| Founded | 2001, by Dhirajlal Kotadia |
| Promoters | Bhargav Dhirajlal Kotadia, Dhirajlal Vallabhbhai Kotadia, Shree Hari Trust |
| Main product | Supraflex Cruz coronary stent |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
Sahajanand Medical Technologies IPO allotment status
Out from 21 Oct 2026- Open the registrar's pageMUFG Intime India Private Limited is the registrar. Open its allotment page.
- Select Sahajanand Medical Technologies LimitedIt appears once the basis of allotment is final.
- Enter your PAN, application number or DP IDUse the details you applied with.
- Or check on the exchangeBSE's application status page works too.
Documents
Questions
Sahajanand Medical Technologies IPO FAQs
When does the Sahajanand Medical Technologies IPO open and close?
The Sahajanand Medical Technologies IPO opens on Thursday, 15 October 2026 and closes on Monday, 19 October 2026. Anchor bidding is on 14 October 2026. UPI mandates must be approved by 5 pm on the closing day.
What is the Sahajanand Medical Technologies IPO price band and lot size?
The price is ₹344 per share. The lot size is 43 shares, so the minimum bid is 43 shares, or ₹14,792 at the upper price.
What is the Sahajanand Medical Technologies IPO size?
The Sahajanand Medical Technologies IPO is of ₹475.48 crore. It is an offer for sale only by promoter Shree Hari Trust, promoter group member Dhirajkumar Savjibhai Vasoya, and investors Samara Capital, NHPEA Sparkle and Kotak Pre-IPO Opportunities Fund.
What is the Sahajanand Medical Technologies IPO allotment date?
Allotment is on Wednesday, 21 October 2026. Refunds and demat credit are expected on 22 October 2026.
What is the Sahajanand Medical Technologies IPO listing date?
Sahajanand Medical Technologies shares are due to list on BSE and NSE on Friday, 23 October 2026.
Who is the registrar of the Sahajanand Medical Technologies IPO?
MUFG Intime India Private Limited is the registrar. Allotment status can be checked on its website or on BSE using your PAN or application number.
What does Sahajanand Medical Technologies do?
Sahajanand Medical Technologies is a Surat-based maker of heart devices, including coronary stents, balloons, TAVI valves and occluders, sold in over 60 countries.
Does Sahajanand Medical Technologies get money from the IPO?
No. It is an offer for sale only, so the money goes to the selling shareholders.
What does Sahajanand Medical Technologies make?
Heart devices such as coronary stents and balloons, TAVI heart valves and occluders. Stents and balloons were 61.14% of FY26 revenue.
Is Sahajanand Medical Technologies profitable?
Yes, since FY25. It made a loss of ₹7.35 crore in FY24 and profits of ₹25.15 crore in FY25 and ₹69.08 crore in FY26 (RHP, Restated Financial Information).
What was the Sahajanand Medical IPO price and lot size?
The price band was ₹327 to ₹344 and the lot was 43 shares, as per NSE. The final issue price is ₹344.
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