Sahajanand Medical Technologies Ltd

The company designs and makes heart implants, mainly drug-eluting stents, balloon catheters, TAVI valves and occluders, at plants in Surat, Hyderabad and Thailand. 74% of its FY26 revenue came from outside India, with Europe the largest market at 39%. Revenue grew from INR 902 cr in FY24 to INR 1,211 cr in FY26, led by Europe and structural heart products. India revenue stayed flat at INR 314 cr, INR 321 cr and INR 316 cr because NPPA price ceilings cap what it can charge for stents. At 69.3x normalised FY26 P/E (53.6x reported) and 21.8x EV/EBITDA, we would skip the issue and track it for the long term.