Institutional Alpha Dossier
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MAINBOARD
SYNCING
GMP: ₹-
Est. Listing: Calculating...
01
Bidding Opens
-
Issue Open
02
Bidding Closes
-
Closing Date
03
Basis of Allotment
-
Registrar Finalization
04
Exchange Listing
-
Secondary Debut
Issue Price Valuation
₹-
Upper Cap Price
Price Band Cap:
Book Built / Fixed
Lot Size & Retail Matrix
- Shares
Minimum Market Lot
Min Capital:
₹-
Application Size:
-
Quant Grade & Moat Score
Proprietary Multi-Factor Moat Model
Synthesizing institutional thesis...
💼 MINIMUM INVESTMENT
Capital Matrix
Retail (Min Lot)
Up to ₹2 Lakhs Category
₹14,792
HNI (Min Lot)
sNII / High Net-Worth Tier
₹2,07,088
HNI Capital Multiple:
Institutional Lot Sizing
🍩 RESERVATION QUOTA (%)
Issue Allocation
100%
Total Issue
Anchor
29.46%
Market Maker
0%
QIB
19.64%
NII / HNI
14.73%
Retail
34.37%
Institutional Corporate Dossier
Sahajanand Medical Technologies
COMPANY PROFILE & DNA
Incorporation / Founded
25-10-99
Active Vintage
Corporate Headquarters
Surat, Gujarat
Registered Hub
👔 Leadership & Promoter Group
Key Management
Bhargav Dhirajlal Kotadia, Dhirajlal Vallabhbhai Kotadia, Priyanka Dhirajlal Cohen, Shree Hari Trust
⚙️ Business Overview & Portfolio
Core Offerings
R&D driven medical devices company manufacturing vascular intervention and structural heart products.
🎯 Target Market & End-Use
Revenue Drivers
Used in minimally invasive cardiovascular procedures to treat vascular blocks and heart valve defects.
🛡️
★ Unique Selling Proposition (Core Economic Moat)
Leading Class III medical devices manufacturer in India offering technologically advanced cardiovascular implants with strong global presence.
Objects of the Issue (Use of Proceeds & Allocation)
🎯 Objective 01
Carry out Offer for Sale of 13,822,116 Equity Shares
₹475.48 Cr
Allocation
🎯 Objective 02
Achieve benefits of listing the Equity Shares on Stock Exchanges
Not Mentioned
Allocation
🎯 Objective 03
Not Mentioned
Not Mentioned
Allocation
🎯 Objective 04
Not Mentioned
Not Mentioned
Allocation
Financial Performance & Multi-Year Trajectory
All Figures in ₹ Crores
Latest Total Income📊
₹-
Top-Line
EBITDA Margin⚡
-%
Operating
Net Profit (PAT) Margin📈
-%
Bottom-Line
Debt / Net Worth🛡️
-x
Leverage
📊 Income, EBITDA & Profit Growth Trajectory
Income
EBITDA
PAT Trend
🏛️ Balance Sheet: Net Worth vs Debt
Net Worth
Borrowing
| Particulars | Q1FY27 | FY26 | FY25 | FY24 |
|---|---|---|---|---|
| Total Income | 351.67 | 1210.50 | 1024.88 | 901.60 |
| EBITDA | 30.83 | 104.72 | 76.57 | 52.53 |
| Profit After Tax (PAT) | 15.09 | 69.08 | 25.15 | 7.35 |
| Net Worth | 631.72 | 616.05 | 545.23 | 526.30 |
| Total Borrowing | 320.63 | 269.53 | 224.96 | 175.27 |
Growth Engine & Compounding Velocity (KPIs)
Multi-Year Trajectory
1210.50
₹ Cr
YoY Growth
18.11%
3-Year CAGR
15.87%
170.66
₹ Cr
YoY Growth
33.31%
3-Year CAGR
24.53%
69.08
₹ Cr
YoY Growth
174.67%
3-Year CAGR
N/A
Capital Efficiency & Return Ratios (ROE vs ROCE)
Capital Allocation Audit
◈ ROE (Return on Equity)
Calculating...
-%
Current ROE
◈ ROCE (Capital Employed)
Calculating...
-%
Current ROCE
| MetricMetric | Current (%)Curr% | Last Year (%)Last% | 3-Yr Avg (%)3Y Avg | Trend StatusTrend |
|---|---|---|---|---|
| ROE (Return on Equity)ROE | 10.60% | 3.73% | 3.97% | Improving |
| ROCE (Capital Employed)ROCE | 11.57% | 10.37% | 10.00% | Stable |
Forensic Analysis & Reality Check
Earnings Quality & Dilution Audit
0.62
CFO / EBITDA
Cash Flow Conversion Efficiency
Checking...
Analyzing operating cash flow conversion...
| Parameter | Pre-IPO | Post-IPO | View |
|---|---|---|---|
| Debt / Equity | 0.44 | 0.52 | Low |
| EPS (₹) | 6.67 | 5.94 | Diluting |
| ROE (%) | 10.60% | 10.60% | Bad |
| ROCE (%) | 11.57% | 11.18% | Bad |
| P/E (Valuation) | 51.57x | 57.91x | Reasonable |
⏳ Debtor Days Trend (Receivables Cycle)
Analyzing...
FY24
FY25
FY26
Lower receivable days indicate faster cash collection from clients.
⚠️ Contingent Liabilities
Off-Balance Sheet
₹ 7.00 Cr
*Potential hidden obligations & legal/tax claims
Peer Comparison Analysis & Competitive Matrix
Industry Benchmarking
| Company NameComp | Revenue (Cr)Rev | P/E RatioP/E | ROCE (%)ROCE | ROE (%)ROE | OPM (%)OPM |
|---|---|---|---|---|---|
| Sahajanand Medical Technologies Limited IPO CANDIDATE | 1210.50 | 51.57x (Ask) | 11.57% | 10.60% (Post Issue) | 14.10% |
| Poly Medicure Limited | ₹ 1875.26 Cr | 51.4 | 16.40% | 12.90% | 24.40% |
| Laxmi Dental Limited | ₹ 277.86 Cr | 36.35 | 12.41% | 12.77% | 15.62% |
| Integris Medtech Limited | ₹ 2578.60 Cr | 0 | 0 | 0 | 0 |
| Micro Life Sciences Private Limited | 0 | 0 | 0 | 0 | 0 |
| Relisys Medical Devices Limited | 0 | 0 | 0 | 0 | 0 |
▲ Positive Catalysts (Strengths + Opportunities):
8 Factors
▼ Risk Vectors (Weaknesses + Threats):
8 Factors
Strengths
Internal Competitive Moat
- Leading Class III medical devices player in India with comprehensive cardiovascular portfolio.
- Proven R&D capabilities with two centers and 119 patents granted globally.
- Global presence across 77 countries supported by extensive sales and distribution network.
- Robust clinical trial evidence published in top tier journals like The Lancet and NEJM.
Weaknesses
Internal Operational Constraints
- High concentration of revenue from Vascular Intervention devices and flagship Supraflex Cruz product.
- High working capital requirements and long debtor collection cycles.
- Historical losses incurred by company and certain subsidiaries.
- Substantial capital expenditures required for ongoing R&D and clinical trials.
Opportunities
External Growth Tailwinds
- Rapid growth in global and domestic medical device market driven by rising cardiovascular diseases.
- Expansion into emerging markets across Southeast Asia, Latin America, and Europe.
- Government initiatives like PLI and MISRID schemes promoting indigenous MedTech manufacturing.
- Portfolio diversification into high growth Structural Heart segment including TAVI and Occluders.
Threats & Risks
External Macro & Sector Headwinds
- Intense competition from established global MedTech MNCs and domestic manufacturers.
- Stringent global regulatory compliance requirements and delays in product approvals.
- Government price controls on stents and medical devices in key markets.
- Risk of supply chain disruptions and raw material availability or cost fluctuations.
Top 10 Anchor Investors & Smart-Money Allocation
INSTITUTIONAL BOOK
Top 10 Anchor Commitment
₹- Cr
Smart-Money Quality Score
- / 5.0 ★
Marquee Conviction
SEBI Anchor Lock-In Schedule
30D (50%) • 90D (50%)
Mandatory Lock-In
Anchor Book Allocation Pending Exchange Filing
Institutional anchor investor bidding & allocation disclosures are officially filed with NSE/BSE 1 working day prior to the IPO opening date.
| Rank | Marquee Anchor Institution | Smart-Money Grade | Amount Invested | Anchor Share (%) |
|---|
371.15
Score 7/10 (Base 4, Sector +2, Co +2, Risk -1) | SECTOR MOAT: Indian MedTech CAGR >12% driven by rising cardiovascular diseases, PLI schemes, and import substitution in Class III medical devices. | COMPANY MOAT: 119 granted patents, global presence in 77 countries, expanding EBITDA margins (14.10% FY26), and ROCE of 11.57% with strong brand equity in drug-eluting stents. | KEY RISKS: High revenue dependence on vascular intervention products (60%+) and working capital intensity with 130 working capital days. | VERDICT: Niche Class III MedTech leader with high technological entry barriers and solid growth prospects.
29.46
0
QIB Quota
Qualified Institutional Buyers
Smart Money
-x
Institutional Book
Inst. Conviction:
Evaluating
NII / HNI Quota
sNII (₹2L-10L) & bNII (₹10L+)
HNI Desk
-x
Non-Institutional
HNI Competition Ratio:
-
Retail (RII) Quota
Individual Investors (Up to ₹2L)
SEBI Lottery
-x
Retail Book
Retail Allotment Odds:
-