SMTSahajanand Medical Technologies Ltd.
Sahajanand Medical Technologies gets CRISIL A- rating upgrade
- Credit rating
- Medical devices
Reviewed byKeshav SehgalBlacklitt Research
Sahajanand Medical Technologies (NSE: SMT) had its bank loan facilities upgraded by CRISIL Ratings to CRISIL A-/Stable from BBB+/Stable, with the rated amount raised to ₹300 crore, it said in a filing on 04 Nov 2026. The rationale is dated 03 Nov 2026 and the company's Q2 FY27 consolidated net profit was ₹26.47 crore.
Key highlights
- Long-term rating: CRISIL A-/Stable, up from BBB+/Stable
- Short-term rating: CRISIL A2+, up from CRISIL A2
- Rated bank loan facilities: ₹300 crore, up from ₹280 crore
- Operating revenue FY26: ₹1,214 crore, up 18% from ₹1,032 crore
The rating action in numbers
| Item | Detail |
|---|---|
| Instrument | Bank loan facilities |
| Rated amount | ₹300 crore, enhanced from ₹280 crore |
| Long-term rating | CRISIL A-/Stable, upgraded from CRISIL BBB+/Stable |
| Short-term rating | CRISIL A2+, upgraded from CRISIL A2 |
| Outlook | Stable |
| Subsidiary rating | SMT Cardiovascular Private Limited: BBB+/Stable, upgraded from BBB/Stable |
| Subsidiary rated amount | ₹50 crore, reduced from ₹100 crore |
Upgrade of the parent's bank loan ratings
CRISIL Ratings raised the long-term rating on the company's bank loan facilities to A-/Stable from BBB+/Stable and the short-term rating to A2+ from A2. The total rated amount rose to ₹300 crore from ₹280 crore.
It sets operating revenue for fiscal 2026 at ₹1,214 crore, up 18% from ₹1,032 crore in fiscal 2025, supported by higher sales volume and improved sales realisation. The operating margin was 13.14% in fiscal 2026, against 12.87% in fiscal 2025 and 12.76% in fiscal 2024.
CRISIL says the company's liquidity is adequate, with cash and cash equivalents of ₹87 crore as on 31 Mar 2026. Net worth rose to ₹633 crore as on 31 Mar 2026 from ₹513 crore a year earlier. The rating outlook is Stable, and CRISIL says sustenance of growth momentum and operating profitability will be key rating sensitivity factors.
Risks CRISIL names and the subsidiary's facilities
CRISIL says the ratings are partially offset by susceptibility to raw material prices and forex rate fluctuation, exposure to regulatory risks and a large working capital requirement. The group derives 65-70% of its revenue from overseas markets and imports 70-75% of its material requirement, with a hedging policy in place. It also says the National Pharmaceuticals Pricing Authority has placed a price cap on various medical devices.
For SMT Cardiovascular Private Limited, CRISIL upgraded the long-term rating to BBB+/Stable from BBB/Stable, based on its parent notch-up framework and support from the parent, rated A-/Stable. The rated facilities of the subsidiary were reduced from ₹100 crore to ₹50 crore, and CRISIL withdrew the rating on a ₹50 crore long-term loan facility at the company's request.
What the rating upgrade means for Sahajanand Medical Technologies' shareholders
The filing concerns the credit ratings on bank loans of the company and its subsidiary. The filing does not say what effect the upgrade will have on borrowing costs or loan terms, nor why the company asked CRISIL to withdraw the rating on the subsidiary's ₹50 crore loan facility.
The rationale is posted on the company's website, and CRISIL lists sustenance of growth and operating profitability as the key factors that could move the rating.
Filed with NSE on . Reference: Original filing (PDF)
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