SMT Limited Moves Toward IPO With ₹1,024.88 Cr in FY25 Revenue and CE-Backed Innovations

Founded by Dhirajlal Kotadia, the medical device firm leads India’s DES market and expands across 76 countries with patented tech and strategic acquisitions

Sahajanand Medical Technologies Limited (SMT), a company anchored in precision-driven cardiovascular care, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to initiate its public listing on the BSE and NSE. The IPO is structured entirely as an offer for sale, comprising up to 27,644,231 equity shares of face value ₹1 each, offered by its promoters and institutional investors.
Founded in 2001 by Dhirajlal Kotadia, SMT has steadily scaled its reputation in the Class III and Class C/D medical devices space, developing proprietary solutions in both vascular and structural heart intervention. As of March 31, 2025, the company has commercial presence in 76 countries and operates through a mix of direct subsidiaries and distributor-led models, particularly in Europe, Southeast Asia, and Latin America.

The offer for sale includes equity shares from major stakeholders including Shree Hari Trust, Dhirajkumar Savjibhai Vasoya, Samara Capital Markets Holding Limited, Kotak Pre-IPO Opportunities Fund, and NHPEA Sparkle Holding B.V. Other notable shareholders include Plutus Wealth Management LLP and individual investor Ashish Kacholia.
The IPO structure reserves a discount-linked subscription for eligible employees under the employee reservation portion, while the broader allocation follows the book-building format: not more than 50% to qualified institutional buyers (QIBs), a minimum of 15% to non-institutional investors, and at least 35% to retail investors.
SMT’s product lineup spans coronary stents, coronary balloons, renal stents, trans-catheter aortic valves, occluders, and peripheral drug-coated balloons. Its flagship innovation, Supraflex Cruz, is a drug-eluting stent (DES) built with a biodegradable polymer and enhanced deliverability through SMT’s proprietary LDZ link. SMT is also credited as the first company globally to secure a CE certification for a biodegradable polymer DES.

According to data from the F&S Report included in the DRHP, SMT holds a 25% market share in India’s DES segment as of CY2025, leading by volume. It is also ranked among the top five DES suppliers by volume in Germany, Spain, Poland, and Brazil. The company has also secured top-five placement in the occluders segment in India, Thailand, and South Korea.
SMT has two R&D centers, one in India and another in Thailand, supporting a portfolio of 102 granted patents and 71 active patent applications worldwide, along with five design registrations in India. Following its acquisition of Thailand-based Vascular Innovations, SMT developed the Aortic Valve Delivery Catheter (AVDC) system for its Hydra TAVI product, further expanding its innovation capabilities.
On the financial front, SMT reported revenue from operations of ₹1,024.88 crore in Fiscal 2025, a 13.67% increase from ₹901.60 crore in Fiscal 2024. This growth was attributed largely to strong device sales across Europe and the rest of the world, with particular momentum in the structural heart vertical. The company also posted a profit of ₹25.15 crore in FY25, a reversal from a loss of ₹7.35 crore in the previous fiscal year.

Domestically, SMT operates through a hybrid distribution model, supplying devices to hospitals including Narayana Hrudayalaya Limited. In Europe, the company runs direct operations in Germany, Spain, France, and the United Kingdom. It has transitioned from distributor-led to direct models in Spain, following the acquisition of Imex, and now operates a hybrid model in Brazil through its acquisition of Zarek.
SMT’s clinical credibility is reinforced by 72 clinical studies, of which 60 have been completed and 12 are ongoing. These trials span diverse geographies and patient populations, focusing on core offerings such as Supraflex Cruz, Hydra, Pipit, and Cocoon.

The IPO is being managed by Motilal Oswal Investment Advisors Limited, Avendus Capital Private Limited, HSBC Securities and Capital Markets (India) Private Limited, and Nuvama Wealth Management Limited. MUFG Intime India Private Limited is acting as the registrar to the issue.
SMT’s public issue positions the company to consolidate its leadership in the cardiovascular device space, deepen its reach across regulated international markets, and maintain its focus on research-led manufacturing. With India now crossing 50% non-fossil installed power capacity and medical infrastructure seeing increased capital flow, SMT’s timing aligns with broader themes of precision healthcare, regulatory maturity, and Make in India–backed innovation.

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