SMT IPO

SMT makes the small implantable devices that cardiologists thread through a patient's arteries instead of opening the chest. It was founded in Surat in 2001 by Dhirajlal Kotadia and sells two families of Class III (EU) / Class C-D (India) devices. Vascular Intervention covers drug-eluting coronary stents, PTCA balloons and drug-coated balloons — its flagship is Supraflex Cruz, a biodegradable-polymer sirolimus stent. Structural Heart covers Hydra TAVI replacement aortic valves and Cocoon occluders, the plugs used to close holes in the heart. A third bucket carries renal stents, peripheral drug-coated balloons and traded goods. The company says it was the first in the world to win a CE certificate for a biodegradable-polymer paclitaxel-eluting stent (Infinnium, December 2005). It manufactures at three plants — Surat SEZ in Gujarat, Hyderabad in Telangana, and Nonthaburi in Thailand — and runs two R&D centres with 156 professionals, holding 119 granted patents and 78 pending applications. The Frost & Sullivan report commissioned for the offer puts its share of India's drug-eluting-stent volume at roughly 25% in FY26, with top-five volume positions in DES in Germany, Spain, Poland and Brazil and in occluders in Thailand, South Korea and India.

SMT sells devices, and the mix is shifting toward the higher-value end. Vascular Intervention fell from 68.57% of revenue in FY24 to 61.14% in FY26, while Structural Heart — TAVI and occluders — rose from 12.26% to 16.77% and Others from 19.17% to 22.09%. Geography matters more than product here: India was only 26.13% of FY26 revenue against Europe at 38.66% and rest-of-world at 35.21%, so roughly three-quarters of sales sit outside India's NPPA price-capped market. Routes to market vary by country — direct operations in Germany, Spain, France and the UK, a hybrid model in India selling to large hospital groups, and distributors elsewhere. Growth has come partly from buying the distribution and the technology: Imex in Spain and Zarek in Brazil converted distributor relationships into direct and hybrid models, while Vascular Concepts and Vascular Innovations bought the company into occluders and TAVI. The cost base is import-heavy — 77.18% of FY26 purchases were imported, mainly from Germany, China, the Netherlands and Ireland — and R&D runs at a consistent 8-9% of revenue, ₹104.16 Cr in FY26.