Sahajanand Medical Technologies Ltd
Sahajanand Medical Technologies Ltd (SMT) develops and manufactures Class III /Class C-
D cardiovascular devices used in vascular and structural-heart interventions. Its main products include coronary stents and balloons, TAVI heart valves and congenital-heart occluders. It sold products across 77 countries in FY26. [1]
- Market Cap ₹ 4,939 Cr.
- Current Price ₹ 486
- High / Low ₹ 566 / 347
- Stock P/E 117
- Book Value ₹
- Dividend Yield 0.00 %
- ROCE 7.34 %
- ROE 6.52 %
- Face Value ₹ 1.00
Pros
- Company has delivered good profit growth of 39.0% CAGR over last 5 years
Cons
- The company has delivered a poor sales growth of 6.48% over past five years.
- Company has a low return on equity of 0.26% over last 3 years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Sales |
| Operating Profit |
| OPM % |
| Interest |
| Depreciation |
| Profit before tax |
| Tax % |
| EPS in Rs |
| Raw PDF |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 403 | 439 | 436 | 474 | 530 | 551 | |
| Sales growth | +9% | -1% | +9% | +12% | +4% | |
| 344 | 400 | 379 | 453 | 498 | 473 | |
| Operating Profit | 58 | 40 | 57 | 21 | 32 | 78 |
| OPM % | 14% | 9% | 13% | 4.5% | 6% | 14% |
| -24 | -8 | 13 | 4 | -9 | 6 | |
| Interest | 7 | 5 | 18 | 8 | 10 | 17 |
| Depreciation | 13 | 13 | 18 | 21 | 16 | 21 |
| Profit before tax | 15 | 13 | 34 | -4 | -3 | 46 |
| Tax % | 168% | 107% | 39% | 792% | 140% | 6% |
| -10 | -1 | 21 | -34 | -8 | 44 | |
| EPS in Rs | -1.16 | -0.09 | 2.04 | -3.40 | -0.78 | 4.29 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 6% |
| 3 Years: | 8% |
| TTM: | 4% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 39% |
| 3 Years: | 27% |
| TTM: | 2025% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 1% |
| 3 Years: | 0% |
| Last Year: | 7% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 10 | 10 | 10 | 10 |
| Reserves | 421 | 525 | 678 | 621 | 612 | 668 |
| 27 | 50 | 41 | 90 | 175 | 211 | |
| 143 | 121 | 144 | 178 | 212 | 201 | |
| Total Liabilities | 599 | 704 | 872 | 899 | 1,008 | 1,090 |
| 40 | 60 | 63 | 100 | 94 | 92 | |
| CWIP | 6 | 0 | 1 | 2 | 4 | 3 |
| Investments | 72 | 75 | 417 | 459 | 498 | 502 |
| 481 | 570 | 391 | 339 | 413 | 494 | |
| Total Assets | 599 | 704 | 872 | 899 | 1,008 | 1,090 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 105 | 34 | 75 | 26 | 12 | 8 | |
| -56 | -91 | -198 | -58 | -51 | -52 | |
| -55 | 83 | 95 | 31 | 63 | 14 | |
| Net Cash Flow | -5 | 26 | -29 | -1 | 24 | -30 |
| Free Cash Flow | 98 | 18 | 57 | 38 | -3 | -0 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 197% | 129% | 156% | 157% | 83% | 19% |
Ratios
Standalone / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 176 | 154 | 143 | 102 | 94 | 77 |
| Inventory Days | 310 | 245 | 226 | 244 | 234 | 274 |
| Days Payable | 342 | 205 | 130 | 92 | 119 | 131 |
| Cash Conversion Cycle | 144 | 194 | 239 | 255 | 209 | 219 |
| Working Capital Days | 144 | 124 | 114 | 29 | -18 | 5 |
| ROCE % | 6% | 8% | 1% | 3% | 7% |
Documents
Announcements
-
Announcement Under Regulation 30 Of SEBI Listing Obligation And Disclosure Requirement) Regulations, 2015
- Company received GST DRC-01D recovery notice for Rs. 34.30 lakh on 4 November 2026.
-
Announcement under Regulation 30 (LODR)-Credit Rating
- CRISIL upgraded SMT to A-/Stable and subsidiary to BBB+/Stable; bank facilities rated ₹300 crore and ₹50 crore.
- Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011
- Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
Business Evolution
SMT began with coronary drug-eluting stents. It added direct overseas distribution by acquiring Imex in Spain and Zarek in Brazil in 2019 and entered structural-heart devices through Vascular Concepts/Vascular Innovations in 2020.