India's leading maker of medical disposables (IV cannulae, infusion and dialysis sets, catheters) moving into higher-value cardiology, renal and critical-care devices
Price
₹1,612
snapshot 6 Nov 2026
Strengths
Exports to over 100 countries with regulated-market approvals
Consumables demand rises with every admission, not with capex cycles
QIP-funded capacity and new product lines
Risks
Commodity disposables face Chinese competition
Currency and freight on exports
New device categories take years of approvals
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹16,380 Cr
Stock P/E
51.8x
Div Yield
0.22%
ROCE
12.5%
ROE
9.8%
P/B
5.0x
Revenue growth
+12.3%FY26
Profit growth
−5.3%FY26
Net margin
17.1%FY26
1Y vs Nifty
−13 ptsNifty −1.9%
Revenue, ₹ Cr (5-yr) — company table
922FY22
1,115FY23
1,375FY24
1,669FY25
1,875FY26
Stock price return · as of 6 Nov 2026
1Y price return
−15%
3Y CAGR
+5%
5Y CAGR
+12%
Trend34th percentile
52-week range as of 6 Nov 2026 vs snapshot price · 23% below its high
Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
Makes and services the capital equipment (CT, MRI, cath labs, ventilators, robots) and implants (stents, heart valves, joints, dental crowns and aligners) that hospitals buy. Global majors (Siemens Healthineers, GE HealthCare, Philips, Medtronic) dominate high-end equipment, with Indian makers growing in implants, disposables and mid-range devices.
Why it matters
Every new bed needs equipment: the chains' bed-addition wave is a multi-year order book for medtech. India still imports most of its high-end devices, so local makers that clear quality approvals (CDSCO, CE, USFDA) gain from policy support and from hospitals' search for cheaper suppliers.
Where the value pool sits
Implant and device makers earn 20-30% EBITDA margins when they have scale and approvals; equipment service contracts add recurring revenue. Prices of coronary stents and knee implants have been capped by NPPA since 2017, which limits pricing in those categories.
Key drivers
Hospital bed additions and equipment upgrades
PLI for medical devices and the national medical devices policy (aim: cut import dependence)
Exports by Indian makers to Europe, the US and emerging markets
Potential bottlenecks
Import dependence for high-end imaging and electronics
Long regulatory approvals and clinical evidence requirements
NPPA price caps on stents and knee implants
Investor metrics to watch
Export share and number of regulated-market approvals
Capacity additions and utilisation
Share of new high-value products (cardiology, renal, ortho)