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 ₹ 5,433 Cr.
- Current Price ₹ 534
- High / Low ₹ 566 / 347
- Stock P/E 75.7
- Book Value ₹
- Dividend Yield 0.00 %
- ROCE 11.4 %
- ROE 10.4 %
- Face Value ₹ 1.00
Pros
Cons
- Company has a low return on equity of 4.42% 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| 589 | 690 | 902 | 1,025 | 1,210 | |
| Sales growth | +17% | +14% | +18% | ||
| 539 | 641 | 792 | 896 | 1,039 | |
| Operating Profit | 49 | 48 | 110 | 129 | 171 |
| OPM % | 8% | 7% | 12% | 13% | 14% |
| -39 | -19 | 7 | -5 | 8 | |
| Interest | 20 | 22 | 19 | 21 | 24 |
| Depreciation | 35 | 38 | 64 | 63 | 74 |
| Profit before tax | -45 | -30 | 33 | 41 | 80 |
| Tax % | 60% | 61% | 122% | 38% | 14% |
| -72 | -49 | -7 | 25 | 69 | |
| EPS in Rs | -8.14 | -5.25 | -1.26 | 2.01 | 6.44 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 16% |
| 3 Years: | % |
| TTM: | 18% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 27% |
| 3 Years: | % |
| TTM: | 180% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 4% |
| Last Year: | 10% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 10 | 10 | 10 | 10 |
| Reserves | 325 | 392 | 530 | 556 | 686 | 727 |
| 325 | 386 | 201 | 254 | 306 | 332 | |
| 191 | 212 | 227 | 274 | 273 | 257 | |
| Total Liabilities | 849 | 999 | 968 | 1,093 | 1,274 | 1,326 |
| 203 | 207 | 296 | 288 | 343 | 339 | |
| CWIP | 60 | 122 | 13 | 6 | 9 | 15 |
| Investments | 0 | 0 | 6 | 5 | 59 | 63 |
| 586 | 669 | 652 | 794 | 863 | 909 | |
| Total Assets | 849 | 999 | 968 | 1,093 | 1,274 | 1,326 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| 46 | 17 | 41 | 74 | 105 | |
| -169 | -154 | -42 | -50 | -120 | |
| 212 | 109 | 13 | 6 | -12 | |
| Net Cash Flow | 89 | -29 | 12 | 29 | -26 |
| Free Cash Flow | 18 | -76 | 2 | 26 | 17 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 116% | 86% | 55% | 85% | 79% |
Ratios
Consolidated / View Standalone
| Mar 2021 | Mar 2022 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Debtor Days | 158 | 125 | 87 | 94 | 86 |
| Inventory Days | 329 | 330 | 397 | 389 | 384 |
| Days Payable | 252 | 213 | 129 | 152 | 137 |
| Cash Conversion Cycle | 235 | 242 | 355 | 331 | 333 |
| Working Capital Days | 122 | -9 | 69 | 56 | 63 |
| ROCE % | 1% | 10% | 11% |
Documents
Announcements
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
-
Announcement under Regulation 30 (LODR)-Earnings Call Transcript
- Transcript of Earnings Call for Q2 & H1 FY27 Financial Results held on Thursday, November 05, 2026.
-
Announcement under Regulation 30 (LODR)-Newspaper Publication
- Publication of Unaudited Financial Results for the quarter and half year ended September 30, 2026 in Newspapers.
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
- Audio recording of Q2 and H1 FY2026-27 earnings call uploaded after November 5, 2026 call.
-
Appointment Of Secretarial Auditor Of The Company
- Board approved appointment of Amit Jaste & Associates as Secretarial Auditor for FY27-FY31, subject to shareholder approval.
Concalls
-
Nov 2026Transcript PPT REC
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.