India’s medical devices industry has long been dominated by imported products, but 2026 is marking a turning point as homegrown manufacturers bring their credentials to the public markets. The Sahajanand Medical Technologies IPO stands as the most significant cardiovascular medical devices listing of this IPO season, placing a Surat-based manufacturer of drug-eluting stents, TAVI valves, and occluders in front of Indian retail investors for the first time. The company exports to over 76 countries, holds a world-first CE certification for its biodegradable polymer drug-eluting stent, and has completed a clean PAT turnaround from loss to profit. The Sahajanand Medical Technologies IPO review that follows covers every metric a retail investor needs before the subscription window opens on October 15, 2026.
IPO Snapshot
| Parameter | Details |
|---|---|
| Company Name | Sahajanand Medical Technologies Limited |
| IPO Open Date | October 15, 2026 |
| IPO Close Date | October 19, 2026 |
| Allotment Date | October 21, 2026 |
| Listing Date | October 23, 2026 |
| Exchange | BSE and NSE |
| Issue Type | Book Building , Fresh Issue + OFS |
| OFS Component | Up to 1,38,22,116 equity shares |
| Face Value | Rs 1 per share |
| Price Band | To be announced (check ipowatch.in for update) |
| Lot Size | To be announced |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Lead Managers | Motilal Oswal Investment Advisors, Avendus Capital, HSBC Securities and Capital Markets, Nuvama Wealth Management |
What Is Sahajanand Medical Technologies Limited?
Sahajanand Medical Technologies Limited was incorporated in 2001 and is headquartered in Surat, Gujarat.
The company designs, manufactures, and sells cardiovascular medical devices classified under Class III and Class C/D , the highest regulatory categories globally, reserved for devices that directly interface with the human heart and vascular system. This is not a commodity medical supplies business. It is a precision engineering company operating at the frontier of interventional cardiology.
The company structures its business across three product categories: Vascular Intervention (VI), Structural Heart (SH), and other products. Its R&D infrastructure includes two centres, one in India and one in Thailand, staffed by 102 research professionals and supported by 72 completed clinical studies. Products backed by this depth of clinical evidence give SMT a meaningful edge when seeking regulatory approvals and hospital formulary listings globally.
The headline credential is a world first: Sahajanand Medical Technologies became the first company globally to receive CE certification for a drug-eluting stent with a biodegradable polymer under its Infinnium platform. That certification opened European market access and established SMT’s technical credibility with interventional cardiologists worldwide. Products now reach hospitals and catheterisation laboratories in over 76 countries.
Key Products and Therapeutic Areas
Three flagship products define what SMT brings to patients and investors:
Supraflex Cruz is the company’s drug-eluting stent for cardiovascular intervention. It sits in the coronary stent category, which treats blocked arteries through minimally invasive cardiac procedures rather than open-heart surgery. Coronary stenting is among the highest-volume procedures in interventional cardiology globally, and India’s procedure volumes are rising as hospital infrastructure expands beyond metro cities.
Hydra is a transcatheter aortic valve implantation (TAVI) system targeting structural heart devices , a growing segment for elderly patients with aortic valve disease who cannot tolerate conventional surgery. TAVI is among the fastest-growing cardiovascular technology categories in global cardiac care, with India beginning to see adoption as specialist centres grow.
Cocoon covers occluders, which are implanted devices used to close abnormal openings in the heart, another structural heart intervention category. Taken together, SMT’s product portfolio covers vascular intervention, structural heart, and other cardiovascular technology applications, making it one of the more diversified domestic medical equipment manufacturers in this space.
Sahajanand Medical Technologies IPO Date, Price Band, and Issue Structure
The Sahajanand Medical Technologies IPO date for subscription opening is October 15, 2026. The window closes on October 19, with allotment finalised on October 21 and listing on both BSE and NSE on October 23. The allotment date of October 21 means investors will know their status within two trading days of the close.
The issue carries both a fresh issue component and an OFS. The OFS component covers up to 1,38,22,116 equity shares , proceeds from this portion go directly to the selling promoters: Bhargav Dhirajlal Kotadia, Dhirajlal Vallabhbhai Kotadia, Priyanka Dhirajlal Cohen, and Shree Hari Trust.
The fresh issue proceeds stay inside Sahajanand Medical Technologies for business use. The investor category split is standard for a mainboard issue: QIB 50%, NII 15%, and Retail Individual Investors 35%.
The price band and lot size had not been confirmed as of October 12, 2026. Both figures will be published before the subscription window opens. Check ipowatch.in for the confirmed band before applying.
IPO Timeline
| Event | Date |
|---|---|
| IPO Open Date | October 15, 2026 |
| IPO Close Date | October 19, 2026 |
| Basis of Allotment | October 21, 2026 |
| Refunds / Demat Credit | October 22, 2026 |
| Listing Date | October 23, 2026 (BSE and NSE) |
Financials , Revenue, Profit, and Margin Trajectory
The financial story at SMT is one of turnaround followed by acceleration. Revenue climbed from Rs 908.59 crore in FY2024 to Rs 1,218.73 crore in FY2026 , a two-year increase of 34%.
PAT moved from a loss of Rs 7.35 crore in FY2024 to a profit of Rs 25.15 crore in FY2025, then more than doubled to Rs 69.08 crore in FY2026. The company enters its IPO with only two consecutive profitable years on record , a fact retail investors should weigh carefully.
Financial Summary (Rs in Crores)
| Period | Revenue | Expenses | PAT | Total Assets |
|---|---|---|---|---|
| FY2024 | Rs 908.59 | Rs 875.50 | (Rs 7.35) | Rs 970.58 |
| FY2025 | Rs 1,035.96 | Rs 980.12 | Rs 25.15 | Rs 1,094.90 |
| FY2026 | Rs 1,218.73 | Rs 1,138.43 | Rs 69.08 | Rs 1,276.43 |
| Jun 2026 (Q1) | Rs 354.33 | Rs 330.05 | Rs 15.09 | Rs 1,308.10 |
PAT margin reached 5.71% and EBITDA margin 14.10% in FY2026. Both are typical for hardware-intensive Class III medical device manufacturing businesses where R&D and regulatory compliance costs run high.
The Q1 FY2027 PAT of Rs 15.09 crore on revenue of Rs 354.33 crore, if annualised, tracks ahead of FY2026’s full-year profit. That is a positive forward momentum signal for investors.
Key Valuation Metrics and Peer Comparison
FY2026 fundamentals: EPS Rs 6.67, RoNW 10.60%, ROCE 11.57%, NAV Rs 62.76. The P/E ratio depends entirely on the final price band and will only be calculable once confirmed.
| Peer | EPS | P/E | RoNW | Revenue |
|---|---|---|---|---|
| Poly Medicure | Rs 31.79 | 51.40x | , | Rs 1,875 cr |
| Laxmi Dental | Rs 5.27 | 36.35x | , | Rs 278 cr |
| Sahajanand Medical Tech (FY2026) | Rs 6.67 | TBA | 10.60% | Rs 1,219 cr |
The medical devices industry India benchmark from Poly Medicure sits at 51.40x , a premium that reflects the sector’s high-barrier nature.
If SMT’s price band implies a P/E above this, that asks investors to pay a top-of-sector multiple for a company in only its second profitable year. If the implied P/E lands below Laxmi Dental’s 36.35x, the entry becomes more attractive given SMT’s larger revenue base and medical device manufacturing scale.
Sahajanand Medical Technologies IPO GMP Today and Listing Expectations
Grey market premium (GMP) is the price at which shares trade informally before the IPO opens for subscription. No Sahajanand Medical Technologies IPO GMP today figure has been established as of October 12 , the grey market typically does not price a new issue until Day 1 subscription data surfaces, giving traders a read on demand.
Once subscription opens, investors should track how GMP moves across the three days. A GMP that climbs steadily from Day 1 to Day 3 reflects building demand across investor categories. A GMP that spikes on Day 1 and retreats by Day 3 signals speculative activity rather than fundamental buying. Track the live GMP figure and peer subscription trends at IPO GMP Today.
GMP is unofficial and completely outside SEBI’s regulatory purview. It has preceded both strong and weak listings depending on broader market conditions. Use it alongside QIB subscription figures , not as the sole basis for an application decision.
Is This Issue Fairly Priced? What the Numbers Say
Two consecutive profitable years, Rs 1,218 crore revenue, 76-country export reach, and a world-first CE certification are genuine quality markers that few domestic medical technology companies can match.
The fresh issue component keeps capital inside the business, which distinguishes this from a pure promoter-exit play. The OFS component , proceeds going to the Kotadia family and Shree Hari Trust , is a partial exit flag worth noting in the Sahajanand Medical Technologies IPO review.
The moderate RoNW of 10.60% relative to sector peers and the recency of profitability mean that pricing will determine whether this is an attractive entry or a fully priced one. Retail investors comparing this to SME IPOs in the same period should understand what the mainboard structure actually offers:
Mainboard vs SME IPO , What First-Time Investors Should Know
| Feature | Mainboard IPO (e.g., Sahajanand Medical Technologies IPO) | SME IPO |
|---|---|---|
| Minimum Investment | ~Rs 14,000,15,000 (1 lot, indicative) | ~Rs 1,2 lakh |
| Allotment Basis | Lottery for retail | Lottery |
| Listing Exchange | NSE / BSE (main boards) | NSE Emerge / BSE SME |
| SEBI Disclosure Norms | Higher , full RHP mandatory | Moderate |
| Post-Listing Liquidity | Higher trading volumes | Lower, thinner markets |
| GMP Reliability | Relatively more stable | More volatile |
The mainboard structure delivers higher post-listing trading volumes and SEBI-mandated disclosure depth that SME issues do not require. For retail investors who may need to exit quickly after listing, the liquidity difference is material. Read more on the distinction at Mainboard IPO vs SME IPO.
Subscription Status , How to Track Live Data
Subscription status data for this issue updates multiple times daily from October 15 through October 19 on both the NSE and BSE websites under their IPO subscription tracking sections.
Subscription status shows how many times each investor category has bid relative to the shares reserved for them. A 2x retail subscription on Day 1 is normal and carries little predictive value.
The critical figure is QIB subscription on Day 2. Healthcare and medtech specialist funds dominate QIB demand in medical device IPOs , they conduct detailed due diligence on pipeline, regulatory status, and clinical data before committing.
A QIB book crossing 2x by Day 2 evening signals institutional conviction. A QIB book below 1x through Day 3 weakens the case for a strong listing gain regardless of retail or NII enthusiasm.
How to Apply
Retail investors apply through the UPI-based ASBA process on any SEBI-registered broker app. Open the IPO section on Zerodha, Groww, Upstox, or Angel One, select Sahajanand Medical Technologies Limited, choose the number of lots (minimum one), enter a UPI ID, and submit. Approve the mandate request in the UPI app within the time shown. Funds are blocked in the bank account, not debited, until allotment on October 21.
Allotment status can be checked on the MUFG Intime India registrar portal using a PAN number or application number. The portal goes live after allotment is finalised.
Opportunity or Overpriced? Sizing Up the Risk
Why This Issue Could Deserve Attention
India’s cardiovascular medical devices market is growing steadily as hospital infrastructure expands beyond tier-1 cities and cardiac procedure volumes rise with an ageing population.
SMT’s CE-certified Supraflex Cruz and the Hydra TAVI platform sit in high-barrier product categories where domestic competitors are scarce and global imports dominate. That is a genuine import substitution opportunity aligned with India’s medical device manufacturing policy direction.
Revenue grew 34% from FY2024 to FY2026. The PAT turnaround from a Rs 7.35 crore loss to Rs 69.08 crore profit is a clean inflection story.
Risks Investors Should Factor In
The recency of profitability is the primary concern. Two profitable years is a short track record for a high-capex, high-R&D manufacturing business.
Class III device manufacturing carries regulatory risk that is hard to price , a product recall or a CE certification suspension can eliminate a significant revenue stream quickly.
SMT exports to 76 countries, creating currency risk on revenues in euros and dollars against rupee costs. The OFS component signals that promoters are reducing their stake , a question worth examining before applying.
Before committing, read the complete RHP. The IPO analysis framework at ipocontrol.in outlines what to look for in every section.
Six Tips Specific to This Issue
These tips are tailored to SMT’s profile , Class III cardiovascular device manufacturer, mixed fresh-issue-plus-OFS structure, global exporter:
Wait for the confirmed price band. Without the band, P/E cannot be calculated. Apply only after comparing the implied multiple to Poly Medicure (51.4x) and Laxmi Dental (36.35x) , the two closest listed peers in medical device manufacturing.
Apply at cut-off price, not a fixed price. A last-minute band revision can invalidate fixed-price bids. The cut-off option keeps the application valid at whatever the final band turns out to be.
Use separate PANs. Apply through eligible family members, each with their own demat account and PAN, to improve lottery odds. Retail allotment in mainboard IPOs runs one allotment per PAN.
Track QIB on Day 2, not Day 1. Healthcare-focused institutional funds take time to process clinical and regulatory data before bidding. Day 2 QIB demand is a more reliable signal for medtech IPOs than the opening-day retail rush.
Read the regulatory risk section of the RHP carefully. CDSCO, CE (European), and FDA approvals are the three pillars of SMT’s product access globally. Any pending regulatory action disclosed in the RHP is material to revenue projections.
Set a stop-loss before listing day. Medical device IPOs with fresh profitability and sector-premium P/E multiples can list flat or weak if broader market sentiment softens between allotment and listing. Pre-deciding an exit level removes emotional decision-making on listing morning.
FAQ
Q1. What is the Sahajanand Medical Technologies IPO date and when does it list? The Sahajanand Medical Technologies IPO opens for subscription on October 15, 2026 and closes on October 19. The allotment date is October 21. Shares credit to demat accounts on October 22 and the stock lists on both BSE and NSE on October 23, 2026.
Q2. What is the Sahajanand Medical Technologies IPO GMP today? As of October 12, 2026, no Sahajanand Medical Technologies IPO GMP today figure has been established in the grey market. GMP data typically surfaces once Day 1 subscription numbers are published. Track live GMP at ipocontrol.in once the subscription window opens on October 15.
Q3. What does Sahajanand Medical Technologies make and is it a profitable company? Sahajanand Medical Technologies Limited manufactures cardiovascular medical devices in the Class III regulatory category, including drug-eluting stents (Supraflex Cruz), TAVI valves (Hydra), and occluders (Cocoon). The company turned profitable in FY2025 and reported PAT of Rs 69.08 crore in FY2026 on revenue of Rs 1,218.73 crore.
Q4. How can investors track the Sahajanand Medical Technologies IPO subscription status? Subscription status updates live on NSE and BSE websites from October 15 to October 19. Most broker apps display the category-wise data in real time. The Day 2 QIB figure is the most meaningful data point to watch.
Q5. Should investors apply for this medical device IPO? The Sahajanand Medical Technologies IPO review shows a company with genuine global credentials, a clean profit turnaround, and exposure to a growing sector. The risks are the short profitable history and an unknown price band. Investors should compare the confirmed P/E against peers, read the RHP’s regulatory risk disclosures, and apply at cut-off price if the risk profile suits their portfolio.
Final Word
The Sahajanand Medical Technologies IPO brings a globally competitive cardiovascular medical device manufacturer to India’s public markets for the first time.
Sahajanand Medical Technologies Limited reported Rs 1,218.73 crore in revenue and Rs 69.08 crore in PAT for FY2026, completing a turnaround from the loss it posted in FY2024. The Class III device portfolio, world-first CE certification, and 76-country export reach represent genuine competitive depth in a sector where domestic players are rare.
The three variables every investor must resolve: the confirmed price band, the implied P/E against Poly Medicure and Laxmi Dental, and the RHP’s regulatory risk disclosures.
Track the price band when confirmed, watch QIB subscription on Day 2, and apply at cut-off price if the entry valuation holds up. For other issues open alongside this one, check Upcoming IPOs in India 2026.
Disclaimer: This article is for informational and educational purposes only and does not constitute financial advice or a recommendation to buy, sell, or hold any securities. ipocontrol.in is not registered with SEBI as an investment advisor. Stock market investments are subject to market risks. Please read all scheme-related documents, including the Red Herring Prospectus (RHP), carefully before investing. Past performance is not indicative of future returns. Consult a SEBI-registered investment advisor before making any investment decisions.