The upcoming public offering by Sahajanand Medical brings a prominent research and development-driven medical technology manufacturer to the primary market. Founded in 2001 by Dhirajlal Kotadia, the enterprise specialises in vascular and structural heart intervention devices. According to the red herring prospectus (RHP), the business has carved out a substantial presence in the Indian drug-eluting stents (DES) sector, capturing nearly 25% of total sales volume in fiscal 2026.
The company’s core operations centre on minimally invasive medical devices designed to treat complex cardiovascular conditions. Its portfolio features flagship brands such as Supraflex Cruz stents, Hydra TAVI devices, and Cocoon occluders. Furthermore, historical industry data indicates that Sahajanand Medical was the first enterprise globally to receive CE certification for a biodegradable polymer-based paclitaxel-eluting stent under the brand name Infinnium.
Business Infrastructure and Global Footprint
To sustain its competitive edge in medical technology, the company operates two dedicated research and development facilities located in India and Thailand. These hubs house 156 skilled professionals and have contributed to a global patent portfolio comprising 119 granted patents as of June 30, 2026. Manufacturing activities are distributed across three production sites—two situated in India and one in Thailand.
- Global Reach: Products were marketed across 77 countries during fiscal 2026.
- Distribution Channels: Utilises a combination of direct, hybrid, and distributor-led sales models.
- Clinical Validation: Backed by 75 clinical studies, which include 66 completed projects and 9 ongoing evaluations as of June 30, 2026.
The promoter group steering the enterprise includes Bhargav Dhirajlal Kotadia, Dhirajlal Vallabhbhai Kotadia, Priyanka Dhirajlal Cohen, and Shree Hari Trust.
Sahajanand Medical IPO Structure and Schedule
The public issue is structured entirely as an offer for sale, meaning the company will not receive any fresh primary proceeds from the offering. The details filed with the exchanges outline specific milestones for investors tracking the timeline.
| IPO Parameter | Value | Analysis |
|---|---|---|
| IPO Opening Date | 15 October 2026 | Marks the commencement of bidding for institutional, non-institutional, and retail investors. |
| IPO Closing Date | 19 October 2026 | The final day for submitting application bids into the public issue. |
| Total Issue Size | 1,38,22,116 shares | Comprises entirely of an offer for sale (OFS) by existing selling shareholders. |
| Fresh Issue | Nil | No new capital is being raised for corporate expansion or debt reduction via this offering. |
| Face Value | INR 1 per share | Serves as the foundational denomination for equity share calculations. |
| Listing Exchanges | BSE and NSE | Shares will trade on both major Indian stock exchanges post-listing. |
The timeline for allotment finalisation is scheduled for 21 October 2026, with refunds and demat account share transfers slated for 22 October 2026. The official listing date on the bourses is set for 23 October 2026. Bidding for anchor investors took place on 14 October 2026, with lock-in periods established for 30 days and 90 days post-allocation.
Financial Performance Overview
An examination of the financial statements reveals a steady upward trajectory in revenue coupled with a notable turnaround in profitability. Total revenue expanded from INR 901.60 crores in fiscal 2024 to INR 1,024.88 crores in fiscal 2025, and further reached INR 1,210.50 crores in fiscal 2026. For the first quarter of fiscal 2027 ending June 30, 2026, the company posted revenue of INR 351.67 crores.
| Metric (INR Crores) | FY 2024 | FY 2025 | FY 2026 | Q1 FY 2027 |
|---|---|---|---|---|
| Revenue | 901.60 | 1,024.88 | 1,210.50 | 351.67 |
| Expenses | 875.50 | 980.12 | 1,138.43 | 330.05 |
| Net Income (PAT) | (7.35) | 25.15 | 69.08 | 15.09 |
| Net Profit Margin (%) | (0.82)% | 2.45% | 5.71% | 4.29% |
On the profitability front, Sahajanand Medical transitioned from a net loss of INR (7.35) crores in fiscal 2024 to a net profit of INR 25.15 crores in fiscal 2025. This positive momentum accelerated in fiscal 2026, with net income surging to INR 69.08 crores and a net profit margin of 5.71%.
Market and Business Analysis
Market Impact and Industry Sentiment
The cardiovascular medical devices sector operates in a high-barrier-to-entry environment characterized by stringent regulatory approvals, clinical trial requirements, and intensive research demands. Sahajanand Medical’s commanding domestic market share in drug-eluting stents positions it advantageously within the healthcare segment. Investor interest in specialised medical technology firms typically hinges on proprietary innovation and global scalability. Because the entire public issue consists of an offer for sale, existing investors are liquidating portions of their holdings, which means the company itself will not direct primary funds toward capital expenditure or working capital.
Financial and Operational Efficiency
The financial data underlines a strengthening operational profile. The EBITDA margin improved progressively from 12.21% in fiscal 2024 to 12.49% in fiscal 2025, and reached 14.10% in fiscal 2026. Return on Net Worth (RoNW) experienced a significant expansion, moving from (2.43)% in fiscal 2024 to 3.73% in fiscal 2025, and jumping to 10.60% in fiscal 2026. Similarly, Return on Capital Employed (ROCE) climbed from 8.05% to 11.57% over the same timeframe, demonstrating enhanced capital efficiency as operating scale increased.
Leverage metrics indicate moderate borrowing relative to equity. The Debt-to-Equity ratio stood at 0.31 in fiscal 2024 and edged up to 0.38 in fiscal 2025 and fiscal 2026. Earnings per share (EPS) followed the profitability trend, rising from an initial negative reading of INR (1.31) in fiscal 2024 to INR 2.01 in fiscal 2025 and INR 6.48 in fiscal 2026.
Peer Comparison and Valuation Context
When evaluated against listed industry peers, Sahajanand Medical exhibits comparable fundamental metrics within the medical supplies and devices sector.
| Company | Revenue (INR Cr.) | P/E (x) | RoNW (%) | NAV (INR) |
|---|---|---|---|---|
| Sahajanand Medical Technologies | 1,210.50 | – | 10.60% | 62.76 |
| Poly Medicure | 1,875.26 | 51.40 | 10.37% | 306.40 |
| Laxmi Dental | 277.86 | 36.35 | 11.91% | 44.27 |
The peer comparison highlights that Sahajanand Medical operates on a revenue scale comparable to established listed entities like Poly Medicure, while maintaining a competitive RoNW of 10.60% and a Net Asset Value (NAV) of INR 62.76 per share as of fiscal 2026. The absence of primary fund mobilisation means that post-listing valuation will depend heavily on market appetite for specialized healthcare equities and sustained margin expansion.
Key Takeaways
- Sahajanand Medical is a research-backed medical technology manufacturer holding nearly a 25% sales volume share in the Indian DES market.
- The public offering is structured entirely as an offer for sale of 1,38,22,116 shares, with no fresh capital issuance.
- Operating revenue grew consistently from INR 901.60 crores in fiscal 2024 to INR 1,210.50 crores in fiscal 2026.
- The bidding window spans from 15 October 2026 to 19 October 2026, with the stock exchange listing scheduled for 23 October 2026.
- Return on Net Worth (RoNW) reached 10.60% in fiscal 2026, showing stronger capital utilization compared to prior fiscal periods.
Frequently Asked Questions
Sahajanand Medical is a research and development-driven medical technology manufacturer specialising in vascular and structural heart intervention devices, including drug-eluting stents and TAVI products.
The IPO bidding opens on 15 October 2026 and closes on 19 October 2026.
The public issue is entirely an offer for sale (OFS) of 1,38,22,116 shares, with a fresh issue component of nil.
The company reported revenue of INR 1,210.50 crores for fiscal 2026.
The shares of Sahajanand Medical are scheduled to list on the BSE and NSE on 23 October 2026.
The promoters include Bhargav Dhirajlal Kotadia, Dhirajlal Vallabhbhai Kotadia, Priyanka Dhirajlal Cohen, and Shree Hari Trust.
The registrar for the offer is MUFG Intime (Link Intime) India Private Limited.
