Sahajanand Medical Technologies IPO
Sahajanand Medical Technologies LtdMainboard
This IPO opens on 15 Oct 2026.
- Open date
- 15 Oct 2026
- Close date
- 19 Oct 2026
- Min. Investment
- ₹14,792
- Lot Size
- -
- Fresh Issue
- ₹-
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers0.00x
- Non-Institutional Investors0.00x
- Retail-Individual Investors0.00x
- Total0.00x
Schedule
- Current step: IPO open date15 Oct 2026
- Upcoming: IPO close date19 Oct 2026
- Upcoming: Allotment date21 Oct 2026
- Upcoming: Funds unblock or debit22 Oct 2026
- Upcoming: Tentative listing date23 Oct 2026
About
Promoter shareholding in Sahajanand Medical Technologies Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Shree Hari Trust | 3,73,09,589 | 36.71% | 3,46,09,589 | 34.05% |
| Bhargav Dhirajlal Kotadia | 5,000 | 0.00% | 5,000 | 0.00% |
Financials of Sahajanand Medical Technologies IPO
| Key Performance Indicators | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Operating Revenue | - | - | - |
| Other Income | - | - | - |
| Total Income | 795.87 | 954.25 | 1049.64 |
| Total Expenses | 769.69 | 928.15 | 1019.92 |
| Profit Before Tax | - | - | - |
| Total Profit | 8.13 | -12.77 | 20.36 |
Sahajanand Medical Technologies IPO Strengths & Risks
- Technologically advanced products in segments with high entry barriers.
- Proven research and development capabilities across products categories and platform technologies.
- Leadership in India and key international markets across products.
- Deep global sales and marketing presence leading to fast growth in diversified international markets.
- Diversified, integrated, and efficient manufacturing facilities accredited by regulatory authorities.
- Proven M&A and strategic collaborations playbook
- Experienced leadership team backed by reputed institutional investors
- Risks Relating to the Business: We are subject to extensive regulatory requirements in applicable jurisdictions. Any adverse action by any authority against us would negatively impact our ability to offer our products to our clients and adversely impact our business and prospects.
- Risks Relating to the Business: Our manufacturing facilities are subject to certain risks, including quality control issues, disruptions in infrastructure facilities, and obsolete plant and machinery, which could increase our manufacturing costs or interrupt our operations and adversely impact our reputation, sales and strategies.
- Risks Relating to the Business: We are required to obtain, renew or maintain statutory and regulatory permits, licenses and approvals in relation to our manufacturing facilities, and any delay or inability in obtaining, renewing or maintaining such permits, licenses and approvals could result in an adverse effect on our business, financial condition, cash flows and results of operations. Further, our manufacturing facilities are subject to periodic inspections and audits by various regulatory authorities and clients.
- Risks Relating to the Business: We are dependent on the continued supply of raw materials and components, the supply and cost of which can be subject to significant variation due to factors outside our control. Additionally, we are dependent on our suppliers (our top 10 suppliers contributed to 63.61%, 59.15%, 64.37% and 58.88% of total purchases in the three months ended June 30, 2026 and in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively) for certain raw materials and components and a single supplier for certain components and an inability to procure the required quality and quantity, at competitive prices, our business, financial condition, cash flows and results of operations may be adversely affected.
- Risks Relating to the Business: A majority of our revenues are from the sale of Vascular Intervention devices (contributed to 60.40%, 61.14%, 65.86% and 68.57% of our revenue from operations in the three months ended June 30, 2026 and in Fiscals 2026, 2025 and 2024, respectively). Additionally, 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 in the three months ended June 30, 2026, and in Fiscals 2026, 2025 and 2024, respectively. Any adverse impact on sales of products within this vertical, or of the Supraflex Cruz would adversely affect our business, results of operations and profitability.
- Risks Relating to the Business: We may not be able to implement our business strategies or sustain and manage our growth.
- Risks Relating to the Business: Regulatory uncertainty associated with pricing of medical devices could adversely affect the marketing, pricing and demand for our products, which may affect our financial condition and results of operations.
- Risks Relating to the Business: We are exposed to foreign currency exchange rate fluctuations.
- Risks Relating to the Business: Our inability to expand or effectively manage our growing distribution network may have an adverse effect on our business, results of operations and financial condition.
- Risks Relating to the Business: We face intense competition and may be unable to adapt to the rapid technological changes in the medical devices industry, which could adversely affect our business, results of operations and financial conditions.
- Risks Relating to the Business: We may not be able to enforce our intellectual property rights throughout the world. We may also be subject to intellectual property infringement claims, which may be expensive to defend and may disrupt our business and operations.
- Risks Relating to the Business: Our future growth is dependent upon our R&D capabilities and development of new products and enhancement of existing products, and a failure to effectively develop and commercialize new products would materially and adversely affect our business, financial condition, results of operations and prospects. Further, our operating margins are subject to fluctuation on account of high allocation to R&D (which constituted 9.88%, 8.61%, 9.07% and 9.04% of our total revenue from operations in the three months ended June 30, 2026 and in Fiscals 2026, 2025 and 2024)
- Risks Relating to the Business: Our Company as well as certain of our subsidiaries have incurred losses in the past.
- Risks Relating to the Business: Our operations are subject to high working capital requirements. Our inability to maintain an optimal level of working capital required for our business may impact our operations.
- Risks Relating to the Business: We have in the past entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders.
- Risks Relating to the Business: We have undertaken and may evaluate opportunities for inorganic growth and third-party collaborations in the future. Our efforts at integrating acquired businesses may not yield timely or effective results, which may affect our financial condition and results of operations.
- Risks Relating to the Business: Any delay or default in receipt of customer payment could result in the reduction of our profits.
- Risks Relating to the Business: We are required to comply with certain restrictive covenants under our financing agreements, non-compliance with which may lead to, among others, suspension of further drawdowns. We have, in the past, breached certain financial covenants and there is no assurance that we will not breach these or any other covenants in future.
- Risks Relating to the Business: Our insurance coverage may not adequately protect us, and this may have an adverse effect on our business, reputation, financial conditions, results of operations and cash flows.
- Risks Relating to the Business: There are outstanding litigation against our Company, Subsidiaries, Directors, our Key Managerial Personnel, and Promoters. An adverse outcome in any of these proceedings may affect our reputation and standing and impact our future business and could have a material adverse effect on our business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: We are subject to a number of market, business, financial, legal and regulatory risks and uncertainties with respect to our international operations that could have a material impact on our business, financial condition or results of operations.
- Risks Relating to the Business: We have been unable to locate certain of our historical corporate records.
- Risks Relating to the Business: There have been certain instances of delays in payment of statutory dues by us in the past. Any delay in payment of statutory dues by us in future, may result in the imposition of penalties and in turn may have an adverse effect on our business, financial condition, results of operation and cash flows.
- Risks Relating to the Business: Our success depends in large part upon our KMPs, Senior Management and certain other employees and our inability to attract, train and retain such persons could adversely affect our business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: Our Company has an unsecured loan that may be recalled by the lender at any time which may adversely affect our liquidity position.
- Risks Relating to the Business: Any delays in repayment or other defaults of unsecured loans and guarantees that our Company and its Subsidiaries have provided to other entities forming part of our Group, may adversely affect our business, financial condition and results of operations.
- Risks Relating to the Business: An inability to establish and maintain effective internal controls could lead to an adverse effect on our business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: We are subject to product liability exposure, and any product liability claims or regulatory actions or the recall of any of our products due to defects may damage our reputation and materially and adversely affect our business, financial condition and results of operations.
- Risks Relating to the Business: Any failure of our information technology systems, including the risk of a data security breach, could adversely affect our business and our operations.
- Risks Relating to the Business: Our operations are subject to evolving environment, health and safety laws and regulatory standards, and our failure to comply with such laws or regulations may result in enforcements, recalls, and other adverse actions.
- Risks Relating to the Business: Failure to maintain strong working relationships with healthcare professionals could adversely impact our product development and sales and marketing efforts.
- Risks Relating to the Business: If we are unable to maintain and enhance the value and reputation of our brand and/or encounter any negative publicity, our business, financial condition, cash flows and results of operations could be materially and adversely affected.
- Risks Relating to the Business: We are dependent on third-party transportation providers for the supply of components and raw materials and delivery of our finished products. Any failure on part of such third parties to meet their obligations could adversely affect our business, financial condition and results of operation.
- Risks Relating to the Business: Our products are continually subject to clinical trials conducted by us, our competitors or other third parties, the results of which may not meet expectations.
- Risks Relating to the Business: Countries to which we export may impose varying duties on our products. Any increase in such duties may adversely affect our business and results of operations.
- Risks Relating to the Business: There are several restrictions on SEZs and underlying SEZ land in India, which may adversely affect our manufacturing facility located in Surat SEZ.
- Risks Relating to the Business: Our inability to accurately forecast demand for our products and manage our inventory may have an adverse effect on our business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: We may engage in certain transactions in or with countries or persons that are subject to U.S. and other sanctions.
- Risks Relating to the Business: Grants of stock options under our employee stock option plans may result in a charge to our consolidated profit and loss statement and, to that extent, increase our losses.
- Risks Relating to the Business: Any delay or inability in obtaining, renewing or maintaining our permits, licenses, registrations, certifications and approvals could result in an adverse effect on our results of operations.
- Risks Relating to the Business: We have regularised and compounded certain non-compliances with exchange control regulations in the past. We have also filed an application for adjudication in respect of an allotment of Equity Shares which is pending as on the date of this Red Herring Prospectus.
- Risks Relating to the Business: One of our Promoters may have limited work experience in the business of our Company as on the date of this Red Herring Prospectus.
- Risks Relating to the Business: We may require financing for our business operations and the failure to obtain financing on terms commercially acceptable to us may adversely affect our ability to grow and our future profitability.
- Risks Relating to the Business: We had a large workforce of 2,343 employees (including consultants and contract-based employees) as of June 30, 2026, and may be exposed to service-related claims and losses or employee disruptions and work stoppages that could have an adverse effect on our business and reputation.
- Risks Relating to the Business: Certain of our premises, including certain of our manufacturing facilities, branch offices and warehouses are leased. Our inability to renew or a dispute with a lessor may lead to disruption of business and cost associated with shifting of manufacturing facilities, branch offices and warehouses.
- Risks Relating to the Business: Certain of our Directors, Key Managerial Personnel and Senior Management are interested in our Company in addition to the remuneration and reimbursement of expenses.
- Risks Relating to the Business: Our contingent liabilities, in the past, have exceeded our restated profit after tax (contingent liability aggregated to Rs.292.65 million as at March 31, 2025 which exceeded our restated profit after tax of Rs.251.52 million for the same period). Any such instance in the future may require us to recognise charges that may eliminate profitability and may impair our ability to fund operations, service debt and pursue growth initiatives.
- Risks Relating to the Business: We have certain contingent liabilities which, if materialized, may adversely affect our financial condition.
- Risks Relating to the Business: Failure to comply with anti-bribery and corruption laws and regulations could subject us to penalties and adversely affect our business and results of operation.
- Risks Relating to the Business: Any downgrade of our credit ratings may restrict our access to capital and thereby adversely affect our business, cash flows and results of operations.
- Risks Relating to the Business: We have in this Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to our operations and financial performance that may vary from any standard methodology that is applicable across the industry we operate.
- Risks Relating to the Business: We utilize the services of certain third parties for our support functions. Any deficiency or interruption in their services could adversely affect our business and reputation.
- Risks Relating to the Business: Certain sections of this Red Herring Prospectus disclose information from the F&S Report which has been prepared exclusively for the Offer and commissioned and paid for by us exclusively in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- Risks Relating to the Business: Information relating to the historical capacity and capacity utilization of our manufacturing facilities included in this Red Herring Prospectus is based on various assumptions and estimates and our future production and capacity may vary.
- Risks Relating to the Business: Our ability to pay dividends in the future will depend upon our earnings, financial condition, cash flows and capital requirements and the financial performance of our Subsidiaries.
- Risks Relating to the Business: Our Promoters together with members of the Promoter Group may be able to exert significant influence over our Company after completion of the Offer, which may limit your ability to influence the outcome of matters submitted for approval of our Shareholders.
- Risks Relating to the Business: We are exposed to risks in relation to the availability and fluctuations in the prices of power and fuel. Any shortage or non-availability of power and fuel at reasonable cost and in a timely manner could have an adverse impact on our business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: Our Company will not receive any portion of the proceeds from the Offer.
- Risks Relating to the Business: The Offer Price, market capitalization to revenue multiple, and price to earnings ratio based on the Offer Price of our Company may not be indicative of the market price of the Equity Shares upon listing or thereafter.
