Sahajanand Medical Technologies IPO: Details, Financials, Risks and Peer Comparison

Sahajanand Medical Technologies Limited is coming to market with an entirely secondary offer. At the upper price band, the Sahajanand Medical Technologies IPO is worth about ₹475.48 crore; not one rupee of the proceeds goes into the company. 

The offer opens on 15 October 2026 and closes on 19 October 2026. The price band is ₹327-₹344 per share, with the IPO comprising up to 1,38,22,116 shares through an offer for sale and no fresh issue component. 

What the company does 

Sahajanand Medical Technologies develops, manufactures and distributes devices used in vascular intervention and structural-heart procedures. Its portfolio covers coronary stents and catheters, TAVI devices, occluders, renal stents, peripheral drug-coated balloons and traded products. 

The company marketed products in 77 countries in FY2026 through direct, hybrid and distributor-led channels. It operates three manufacturing facilities, two in India and one in Thailand, and reported an Indian drug-eluting-stent market share of nearly 25% by sales volume in FY2026, based on the industry report included in the RHP. 

The model is technically credible but not evenly diversified. Supraflex Cruz alone contributed 37.17% of FY2026 revenue, while India supplied only 26.13% of revenue; Europe and the rest of the world supplied 38.66% and 35.21%, respectively. 

Financial performance

Revenue grew at roughly 15.9% a year between FY2024 and FY2026. The more useful change is below the top line: EBITDA margin expanded by 189 basis points, while PAT moved from a loss to ₹69.08 crore. Cash conversion was positive in all three years, but FY2026 free cash flow fell to about ₹7.21 crore because specific PPE, CWIP and intangible purchases nearly doubled to ₹97.98 crore. That is a cleaner warning than using total investing cash flow, which also contains securities and loans. Working capital remains heavy. FY2026 trade receivable days were 83, inventory days 87 and net working-capital days 138. Borrowings reached ₹320.63 crore at 30 June 2026, so growth still consumes balance-sheet capacity despite better profitability. 

Capacity and product economics 

The mature stent and catheter lines carry the current business. TAVI and occluders offer growth room, but their lower utilisation means investors should demand evidence of regulatory approvals, clinician adoption and better throughput rather than simply treating unused capacity as future revenue. 

Strengths 

• A proprietary cardiovascular-device platform with a broad clinical portfolio, 119 granted patents and a sizeable pipeline of patent applications.
• Revenue presence across 77 countries reduces dependence on a single national healthcare market and supports multiple go-to-market models.
• FY2024-FY2026 revenue growth, EBITDA-margin expansion and a return to profit show real operating improvement.
• Positive operating cash flow across all three reported years, even while capacity and product development spending continued.
• Established manufacturing and regulatory infrastructure across India and Thailand, with strong utilisation in core stent and catheter lines. 

Risks 

• The offer is 100% OFS. The company receives no fresh capital for research, manufacturing expansion, working capital or debt reduction.
• Supraflex Cruz supplied 37.17% of FY2026 revenue. A clinical, regulatory, pricing or competitive setback in that product would be felt quickly.
• Medical-device approvals and post-market surveillance are jurisdiction-specific; delays or adverse findings can block sales even when a product is technically ready.
• Net working-capital days were 138 in FY2026 and borrowings were ₹320.63 crore at 30 June 2026, leaving the model sensitive to inventory and collection discipline.
• Top 10 suppliers represented 59.15% of FY2026 purchases, while international sales expose the group to currency, distributor and reimbursement risk.
• Pending tax and indirect-tax matters created contingent liabilities of ₹29.27 crore at FY2025, which exceeded that year’s PAT. 

Valuation and peer comparison 

The comparison is not flattering on current earnings: Sahajanand is priced above both prospectus-named peers on P/E, while its margin and return profile remains weaker. Investors are paying for a medical-device platform, global distribution and a sharper FY2026 recovery, not for cheap present day cash flow. 

What to track after the IPO 

Watch whether TAVI and occluder utilisation rises without weakening gross margin, whether Supraflex Cruz dependence keeps falling, and whether working-capital days move below 130. A second test is whether FY2026’s profit improvement converts into sustained free cash flow after product and capacity investment. 

Before applying, read the 9 October 2026 RHP and the price-band advertisement, then compare the final offer price with the latest disclosed earnings and cash conversion. The all-OFS structure makes operating delivery, rather than IPO-funded growth, the central case. 

Disclaimer: This blog is only for educational and informational purposes and does not constitute investment advice. Please consult your financial advisor before taking any investment decisions.