Real IPOs, compiled 25 Oct 2026 from public sources. Figures are marked unverified until checked against each offer document. Always confirm in the linked RHP. Figures unverified. How we source dataDetails
Maker of coronary stents, balloons and heart-valve (TAVI) devices sold in 77 countries; the IPO was entirely an offer for sale.
Medical devices · NSE & BSE · Mainboard · Book built
Last reviewed 25 Oct 2026 · Data as of the dates shown on each source
What it does. Sahajanand Medical Technologies makes devices for treating blocked arteries and heart-valve disease, including coronary stents, balloons and TAVI (transcatheter heart valve) devices. About the company
Scale. Products were marketed in 77 countries in FY2026 through direct, hybrid and distributor-led models. About the company
Six areas, each labelled by published rules. Labels describe the evidence; they are not a rating or a recommendation. How labels are assigned
Any other combination.
Why it matters: A business that depends on one customer or product, or earns thin margins, has less room for error when conditions change.
Any other combination.
Uncertain or missing
Why it matters: Profits on paper only help shareholders if the business also generates cash and is not overloaded with debt.
Any other combination (including a premium that is partly explained by faster growth).
Uncertain or missing
Why it matters: The price you pay matters as much as the quality of the business. Paying much more than similar companies needs a clear reason, such as faster growth.
Revenue CAGR is 15% or higher AND latest-year growth is not less than half of the prior year's growth.
Why it matters: IPO prices often assume growth will continue. Past growth is not a guarantee, but slowing growth is a reason to ask harder questions.
No material risks were found in the reviewed sections (this does not mean the IPO is risk-free).
Uncertain or missing
Why it matters: Offer documents list risks the company itself considers important. Reading them is the single best way to avoid surprises.
75% or more of the issue is an offer for sale, OR promoter holding falls by 15 percentage points or more while shares are also being sold in an offer for sale.
Why it matters: In an offer for sale the company receives nothing; existing shareholders are cashing out. Knowing who gets the money tells you what the IPO is for.
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What the company does, in plain language, with every statement linked to where it came from.
What does the company do?
Sahajanand Medical Technologies makes devices for treating blocked arteries and heart-valve disease, including coronary stents, balloons and TAVI (transcatheter heart valve) devices. About the company
Who are its customers?
Products were marketed in 77 countries in FY2026 through direct, hybrid and distributor-led models. About the company
How does it make money?
Not yet summarised from the offer document. See the RHP linked under Sources.
No growth drivers identified from the sources reviewed.
No challenges identified from the sources reviewed.
Points marked "Hypothesis: needs verification" are reasonable questions, not facts from a source. Treat them as things to check.
How big the business is, whether it makes money, whether that money turns into cash, and how much it owes.
| Metric | FY2024to 31 Mar 2024 | FY2025to 31 Mar 2025 | FY2026to 31 Mar 2026 |
|---|---|---|---|
Total incomeWhat this meansMoney earned from selling the company's products or services. Why it matters: Shows the size of the business and whether demand is growing. | ₹908.6 cr | ₹1,036 cr | ₹1,218.7 cr |
Revenue growthcalculatedWhat this meansChange in revenue versus the previous full year. Why it matters: Steady growth suggests rising demand; erratic or slowing growth deserves a closer look. | — | +14.0% | +17.6% |
Profit after taxWhat this meansWhat's left after all expenses, interest and taxes. Negative means a loss. Why it matters: Profit is what ultimately belongs to shareholders. | −₹7.3 cr | ₹25.1 cr | ₹69.1 cr |
Profit margincalculatedWhat this meansProfit after tax ÷ revenue. Why it matters: Higher margins mean the company keeps more of each rupee of sales and has more buffer if costs rise. | -0.8% | 2.4% | 5.7% |
What this meansCash actually generated by day-to-day operations. Why it matters: Profit that never turns into cash is a warning sign; negative cash flow may mean the company needs more funding. | Data unavailable | Data unavailable | Data unavailable |
Total borrowingsWhat this meansLoans and other debt owed by the company. Why it matters: More debt means more interest to pay and more risk if business slows. | ₹175.3 cr | ₹225 cr | ₹269.5 cr |
What this meansProfit per share, counting shares that could be created from options. Why it matters: Used to calculate the P/E ratio. Shown on pre-issue shares as in the offer document. | Data unavailable | Data unavailable | ₹6.48 |
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"Calculated" rows are derived by IPO Simplified from the reported figures. Growth isn't shown for the first year or when the previous year was zero or negative. Switch to Detailed mode for debt-to-equity and net worth.
Is the price reasonable compared with similar listed companies? We show the numbers, how they were calculated, and what the comparison can't tell you.
₹327 – ₹344
Calculation basis: P/E = price ÷ latest full-year diluted EPS as disclosed in the offer document (pre-issue shares). Post-issue P/E uses all shares outstanding after the IPO, so it reflects dilution from the fresh issue.
At the upper band, the P/E of 53.1x is 21% above the median (43.9x) of the 2 listed peers named in the offer document.
Label rule applied: Any other combination (including a premium that is partly explained by faster growth).
| Company | P/E |
|---|---|
| Sahajanand Medical Technologies Ltd (IPO, upper band) | 53.1x |
| Poly Medicure Ltd | 51.4x |
| Laxmi Dental Ltd | 36.4x |
| Peer median | 43.9x |
Peer P/E ratios are for FY2026 as disclosed in the offer document. n/m = not meaningful. Peer revenue, margins and growth aren't in our data yet, so the comparison is P/E only.
The strongest arguments on each side. Each point links to its source, or is clearly marked as a hypothesis you would need to verify.
Total income grew from ₹909 crore (FY2024) to ₹1,219 crore (FY2026).
Financial information (restated)Profit rose from a loss in FY2024 to ₹69.08 crore in FY2026.
Financial information (restated)Sells in 77 countries.
About the companyThe company received none of the IPO money (100% offer for sale).
Issue detailsBorrowings increased each year from FY2024 to FY2026.
Financial information (restated)Only two listed peers are named for comparison.
Peer comparisonSeeing more points on one side doesn't make it the right answer. Weigh how important each point is to you.
0 of 3 findings are flagged as material. Each links to its source. These don't replace the full "Risk Factors" section of the RHP.
Total borrowings rose from ₹175.27 crore (FY2024) to ₹269.53 crore (FY2026).
Why a beginner should care: No IPO money goes to the company, so the IPO doesn't reduce this debt.
Financial information (restated)All ₹475.48 crore went to selling shareholders, including a promoter-group trust and private-equity investors.
Why a beginner should care: The company received no new capital from the IPO.
Issue details; Selling shareholdersLoss of ₹7.35 crore in FY2024, then profits of ₹25.15 crore and ₹69.08 crore.
Why a beginner should care: Profit margins are still thin (about 5.7% in FY2026), leaving little buffer.
Financial information (restated)Who receives the money from this IPO, what it will be used for, and how ownership changes.
Total issue size ₹475.5 cr
: ₹0 cr
New shares. This money goes to the company for the uses listed below.
: ₹475.5 cr
Existing shares sold by current owners. This money goes to the sellers, not the company.
There is no fresh issue, so the company receives no money from this IPO.
Shree Hari Trust
Promoter group
Data unavailable
Dhirajkumar Savjibhai Vasoya
Other
Data unavailable
Samara Capital Markets Holding Ltd
Investor
Data unavailable
Kotak Pre-IPO Opportunities Fund
Investor
Data unavailable
NHPEA Sparkle Holding BV
Investor
Data unavailable
Before IPO
40.8%
After IPO
36.2%
Down 4.6 percentage points, from new shares diluting their stake and/or promoters selling.
Shareholding structureIssue price
₹344
Upper price band
Listing price (open), 23 Oct 2026
₹371.15
+7.9%
Listing-day close
₹377.65
+9.8% vs issue
Latest available close, 23 Oct 2026
₹377.65
+9.8% vs issue · 0.0% since listing close
A daily price history needs a licensed market-data feed, which isn't connected yet. The prices above are from the cited source and are end-of-day, not real-time.
Every figure and claim on this page links to one of these documents. Open a source to see the details and the original document.
Sahajanand Medical Technologies IPO: issue details and restated financials
Chittorgarh.com · Dated To be announced · Retrieved 25 Oct 2026
Sahajanand Medical Technologies IPO review: peer comparison reproduced from RHP
Chittorgarh.com · Dated To be announced · Retrieved 25 Oct 2026
Sahajanand Medical Technologies: Red Herring Prospectus
SEBI · Dated To be announced · Retrieved 25 Oct 2026
What the verification tags mean
Educational information only, not investment advice. Labels follow our published methodology and do not indicate whether you should apply. Read the offer document before making any investment decision.