Sahajanand Medical Technologies Limited
1. Overview
Sahajanand Medical Technologies Limited (SMT) is an R&D-driven Class III and Class C/D medical devices company in the cardiovascular devices sector, with products across Vascular Intervention (VI) and Structural Heart (SH). The business began as a partnership firm in 1999 and was incorporated as a private limited company in 2001; it was founded by Mr. Dhirajlal Kotadia. It converted to a public limited company in 2021. As per the F&S report, SMT was the first company in the world to receive a CE certification for a biodegradable polymer-based paclitaxel-eluting stent (Infinnium, December 2005).
The portfolio comprises VI devices (coronary drug-eluting stents led by Supraflex Cruz, PTCA balloon catheters, and the Sironity coronary drug-coated balloon), SH devices (Hydra TAVI valves and Cocoon Occluders) and Others (own-brand renal stents, peripheral drug-coated balloons and traded goods). In FY2026, revenue from operations was ₹1,210.50 Cr, of which VI contributed 61.14%, SH 16.77% and Others 22.09%. EBITDA was ₹170.66 Cr (14.10% margin) and restated PAT was ₹69.08 Cr (5.71% margin).
Per the F&S report, SMT holds a leading share of nearly 25.00% of the Indian DES sales volume (FY2026) and is among the top five DES players by volume in Germany, Spain, Poland and Brazil, and among the top five in Occluders in Thailand, South Korea and India. Products were sold in 77 countries (including India) in FY2026 and 65 countries in the three months ended June 30, 2026; the top 10 countries contributed 78.76% of FY2026 revenue. International sales were 73.87% of FY2026 revenue (₹894.20 Cr), up from ₹587.84 Cr in FY2024 (CAGR 23.34%).
Operations run on three integrated manufacturing facilities (Surat SEZ and Hyderabad in India; Nonthaburi in Thailand), two R&D centres (India and Thailand; 156 professionals), 119 granted patents globally with 78 applications pending, and 75 clinical studies (66 completed, 9 ongoing). The company uses direct, hybrid and distributor-led sales models: 6 direct, 20 hybrid and 39 distributor-led markets as of June 30, 2026. The senior leadership team of 11 members averages 26 years of industry experience and 8 years of tenure with the company.
2. Business Model and Revenue Streams
2.1 Revenue by Product Category (₹ Cr)
| Product Category | 3M Jun-26 | FY2026 | FY2025 | FY2024 |
|---|---|---|---|---|
| VI devices | 212.40 (60.40%) | 740.09 (61.14%) | 674.97 (65.86%) | 618.27 (68.57%) |
| SH devices | 56.43 (16.05%) | 203.06 (16.77%) | 157.32 (15.35%) | 110.54 (12.26%) |
| Others (own renal stents, peripheral DCB, traded goods) | 82.84 (23.55%) | 267.35 (22.09%) | 192.59 (18.79%) | 172.80 (19.17%) |
| Total revenue from operations | 351.67 | 1,210.50 | 1,024.88 | 901.60 |
SH devices are the fastest-growing vertical: revenue grew 46.58% (FY24), 42.31% (FY25) and 29.08% (FY26), lifting its share from 12.26% to 16.77%.
Supraflex (DES family) contributed 39.00%, 37.17%, 42.06% and 47.84% of revenue in the three months ended June 2026 and FY2026, FY2025 and FY2024 respectively — a high single-product concentration.
2.2 Revenue by Geography (₹ Cr)
| Geography | 3M Jun-26 | FY2026 | FY2025 | FY2024 |
|---|---|---|---|---|
| India | 83.85 (23.84%) | 316.30 (26.13%) | 320.65 (31.28%) | 313.76 (34.80%) |
| Europe | 132.54 (37.69%) | 468.00 (38.66%) | 337.76 (32.96%) | 266.12 (29.52%) |
| Rest of World (RoW) | 135.29 (38.47%) | 426.20 (35.21%) | 366.47 (35.76%) | 321.72 (35.68%) |
| International total | 267.82 (76.16%) | 894.20 (73.87%) | 704.23 (68.72%) | 587.84 (65.20%) |
India revenue has been flat (₹313.76 Cr → ₹316.30 Cr) over FY24–FY26, while Europe grew from ₹266.12 Cr to ₹468.00 Cr; growth is driven by international markets.
Presence in countries: 56 (FY24), 76 (FY25), 77 (FY26), 65 (3M Jun-26).
2.3 Go-to-Market and Pricing/Contract Models
Direct model (6 markets, e.g., Germany, Spain, France, UK): own sales teams, tenders and KOL engagement.
Hybrid model (20 markets, incl. India and Brazil): own team plus distributors. The shift to hybrid in India improved receivable days from 88 (FY24) to 85 (FY25), 83 (FY26) and 76 (3M Jun-26).
Distributor-led model (39 markets, e.g., Italy): asset-light entry in new, high-growth markets (recent approvals in Australia, Taiwan, Canada, Mexico).
India network: 118-member sales and marketing team and 118 distributors; key hospital customer cited: Narayana Hrudayalaya Limited. International team: 128 professionals (68 Europe, 60 RoW).
Tenders: participation in government and GPO tenders in Europe (Germany, Italy, Poland) and India for DES and TAVI.
Customer / distributor concentration: top distributor 3.01% of FY2026 revenue; top five 9.77%; top 10 15.71% (FY2024: 26.34%).
Supplier concentration: top 10 suppliers were 63.61%, 59.15%, 64.37% and 58.88% of purchases (3M Jun-26, FY26, FY25, FY24); some components are single-sourced.
3. Products and Service Portfolio
3.1 Vascular Intervention (VI) — 61.14% of FY2026 revenue
Drug-Eluting Stents (DES) — Supraflex family: flagship Supraflex Cruz (launched 2018, CE certified 2020), a biodegradable-polymer sirolimus-eluting stent positioned by F&S as the "most deliverable" stent in its class (proprietary LDZ link). Implanted in 28,383 clinical-trial participants; 35 completed and 3 ongoing trials; sold in 54 countries (FY24–Jun-26). Evidence includes TALENT (published in The Lancet), TUXEDO II India, Multivessel TALENT and Cruz Senior studies.
Coronary Drug-Coated Balloon — Sironity: sirolimus-coated; DCGI approval in 2025; PMCF study of 164 patients ongoing in India (12-month TLF endpoint).
PTCA balloon dilatation catheters — Pipit SC / Pipit NC: launched and CE certified in 2017; in-house balloon catheter manufacturing replaced externally sourced balloons by 2021; sold in 34 countries.
3.2 Structural Heart (SH) — 16.77% of FY2026 revenue
Hydra TAVI: self-expanding, re-capturable, supra-annular nitinol valve with bovine pericardium leaflets; CE certified 2020; three sizes (22, 26, 30 mm); 4 completed trials (252 patients) and 2 ongoing (300 patients); sold in 23 countries (FY24–Jun-26). A patented AVDC delivery system and next-generation version (CE approval in FY2026) were developed after the Vascular Innovations acquisition.
Cocoon Occluder: platinum-coated nitinol occluder that mitigates nickel leaching; 26 completed trials (7,199 patients) and 2 ongoing (1,610 patients); sold in 40 countries.
3.3 Others — 22.09% of FY2026 revenue
Renofit (balloon-expandable cobalt-chromium renal/biliary stent; launched 2015), Peripherics (paclitaxel-coated peripheral DCB) and traded goods, including IVUS imaging solutions through partnerships with Philips India and Insight Lifetech.
3.4 Manufacturing Capacity and Utilisation
| Product (annual capacity, units) | FY2024 | FY2025 | FY2026 | Jun-26 |
|---|---|---|---|---|
| DES — capacity | 780,000 | 840,000 | 900,000 | 960,000 |
| DES — utilisation | 85.10% | 82.39% | 78.31% | 15.34%* |
| VI catheters — capacity | 960,000 | 960,000 | 1,140,000 | 1,260,000 |
| VI catheters — utilisation | 94.53% | 91.16% | 91.73% | 13.27%* |
| Drug-coated PTCA balloon — capacity | NA | NA | 56,000 | 56,000 |
| Drug-coated PTCA balloon — utilisation | NA | NA | 1.81% | 3.33%* |
| TAVI — capacity | 1,800 | 7,800 | 9,000 | 9,600 |
| TAVI — utilisation | 38.11% | 14.44% | 19.82% | 4.31%* |
| Occluders — capacity | 30,000 | 42,000 | 42,000 | 42,000 |
| Occluders — utilisation | 50.24% | 23.34% | 34.68% | 8.15%* |
*Not annualised for the three months ended June 30, 2026.
Facilities: Surat SEZ (977 employees), Hyderabad (502) and Nonthaburi, Thailand (117) as of June 30, 2026. Only about 33% of the Hyderabad facility's area is utilised, allowing capacity additions without significant capex.
Government support: MISRID/SMDI grants-in-aid approved of ₹8.67 Cr (polymer/metal tubing components), ₹1.93 Cr (drug and polymer powder for sirolimus DCB), ₹1.03 Cr (left atrial appendage closure device) and ₹0.75 Cr (DCB PMCF study), payable on a reimbursement basis.
4. Key Business Strengths
- Technologically advanced products in high-barrier segments: among a select few players with a comprehensive Class III/Class C-D cardiovascular implant portfolio — DES, drug-coated balloons, PTCA balloons, TAVI and Occluders.
- Proven R&D and platform capabilities: two R&D centres (India, Thailand), 156 R&D professionals, 119 granted patents, 78 pending, and R&D spend of ₹104.16 Cr (8.61% of FY2026 revenue).
- Strong clinical evidence base: 75 clinical studies and results published in The Lancet and NEJM; Supraflex Cruz evidence spans 28,383 trial participants.
- Market leadership in India and key international markets: nearly 25.00% DES volume share in India (FY2026); top-five DES in Germany, Spain, Poland and Brazil; top-five Occluders in Thailand, South Korea and India.
- Deep global sales and marketing presence: 65–77 countries; international revenue CAGR of 23.34% (FY24–FY26); top 10 countries = 78.76% of FY2026 revenue.
- Integrated, accredited manufacturing: three facilities with in-house balloon catheters, laser cutting, coating, nitinol and valve manufacturing; certifications include CE, ANVISA, TGA Australia, Korean GMP and Health Canada.
- Proven M&A and collaboration playbook: Imex (Spain) and Zarek (Brazil) acquired in 2019 (combined revenue CAGR 34.32%), Vascular Concepts and Vascular Innovations (May 2020) added Occluders and TAVI; partnerships with Philips India and Insight Lifetech.
- Experienced leadership backed by institutional investors: 11-member senior team with 26 years average experience and 8 years average tenure; investors include Samara Capital, Kotak Pre-IPO Opportunities Fund, Plutus Wealth Management LLP and Ashish Kacholia.
5. Future Growth Strategy
- Deepen penetration of existing products: DES in Tier 2/3 Indian cities and North/South India; TAVI via government tenders, private hospitals and proctorship programmes; Occluders share gains in India and Europe.
- Enter new high-growth markets asset-light: distributor-led expansion in recently approved markets (Australia, Taiwan, Canada, Mexico) with limited cost and manpower overheads.
- Expand product categories within existing markets: outside Europe and India, DES has been sold in 71 countries, TAVI launched in 36 and Occluders in 55 (FY24–Jun-26) — the plan is to cross-sell the portfolio into markets where only some products are present.
- Launch high-value, clinically proven products: coronary DCB (Sironity), specialty balloons, next-generation Hydra TAVI and a new Aortic Valve Delivery Catheter; broaden approved indications through further clinical trials.
- Invest in technology capabilities: nitinol processing, braiding and extrusion, plus robotic systems for precision and consistent quality.
- Pursue strategic M&A: add fast-growing segments and technologies; SNP Medical Corporation investment (Sept 2025) gives entry into percutaneous ventricular enlargement devices.
- Improve operating efficiency and de-risk supply chain: vertical integration (Hyderabad nitinol, polymer extrusion, braiding and lamination), qualification of Hyderabad as an additional EU-approved source, and sales productivity gains without proportional headcount growth.
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