Hemant Surgical IndustriesShare price, financial results, shareholding and management
- Market cap
- ₹914 cr
- Stock P/E
- 50.2peers 23.6
- Book value
- ₹94.9
- Price to book
- 6.62
- EV / operating profit
- -
- Market cap to sales
- 3.94
- ROCE · FY26
- 19.5%
- ROE · FY26
- 18.1%
- ROE, 3-year average
- 19.0%
- Operating margin · FY26
- 10.0%peers 16.8%
- Sales growth, 3 years
- 28.6%
- Profit growth, 3 years
- 31.5%
- Debt to equity
- 0.36peers 0.22
- Borrowings
- ₹50 cr
- Interest cover
- 6.9×
- Cash from business / op. profit
- -138%
- Debtor days
- 106
- Pledged
- 0.00%
- Promoter holding
- 52.83%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 1,202
- 52-week high / low
- ₹679 / ₹215
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Hemant Surgical Industries share price chart
Close on 6 Nov 2026 · -0.21% on the day · Vol 12,800
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -5.5%
- 3 months
- +76.5%
- 6 months
- +108.5%
- 1 year
- +121.5%
- Traded a day, 20 days
- ₹0.84 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +117% | +126% |
| 3 years, a year | +29% | +32% |
| Latest half, H2 FY26 | +189% | +159% |
About Hemant Surgical Industries: business, products and customers
Hemant Surgical Industries makes, imports and sells medical equipment and the disposables used with it, from dialysis machines and surgical tape to X-ray and ultrasound machines, for hospitals, clinics, dealers and government buyers. Its shares trade on BSE SME.
Hemant Surgical started by importing and selling JMS MediTape surgical tape from JMS of Japan and began making products in 1999. Today it sells across renal care, heart care, breathing and critical care, radiology and imaging, eye care, IVF, infection control and surgical disposables. It also services equipment and sets up and runs dialysis centres.
It has four plants in Maharashtra: Achhad makes dialysis solutions, Atgaon assembles dialysis machines and other devices, Bhiwandi assembles infusion sets and equipment, and a new plant at Chhatrapati Sambhajinagar makes JMS MediTape, now in full production. Many products are still bought abroad, and the company says it is working to make more of them in India.
Read more about the business
Buyers are hospitals and diagnostic centres, distributors and dealers, and independent doctors. In FY26 the company won government tenders worth about ₹350 crore to supply handheld X-ray machines and flat panel detector systems, and revenue rose to ₹231.0 crore from ₹106.5 crore.
It plans to make digital radiology panels with Rayence of Korea and ultrasound machines with Zoncare of China at Atgaon, with commercial production targeted by January 2027. It raised money through preferential shares and warrants in September 2025, and in June 2026 took a 66.66% stake in Lifesenz Cancer Research Labs.
From the offer document and the FY25 and FY26 annual reports.
Read the deeper study ↓In its favour
- Sales have grown fast: 29% a year over three years.
To watch
- Commercial production of radiology panels with Rayence and ultrasound machines with Zoncare at Atgaon, targeted by January 2027 (Annual report FY26, p.14).
- Supply against the government X-ray tenders of about ₹350 crore won in FY26 (Annual report FY26, p.14).
- The extrusion step for JMS MediTape planned for FY27, the last stage before full manufacturing in India (Annual report FY26, p.13 and p.14).
- The Achhad plant upgrade for international approvals for dialysis sales in Africa and the Gulf (Annual report FY26, p.14).
- Customers take longer to pay than before: 106 days in FY26, against 35 in FY18.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Hemant Surgical Industries revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Hemant Surgical Industries half-yearly results
SME companies report every six months · ₹ crore
| H1FY23 | H2FY23 | H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 51 | 58 | 47.51 | 58.10 | 48.87 | 57.66 | 64.26 | 166.73 |
| Expenses | 47 | 52 | 44.39 | 50.74 | 45.34 | 52.11 | 56.69 | 150.91 |
| Operating profit | 4 | 6 | 3.12 | 7.35 | 3.53 | 5.55 | 7.58 | 15.81 |
| OPM | 8.0% | 11.0% | 6.6% | 12.7% | 7.2% | 9.6% | 11.8% | 9.5% |
| Interest | 1 | 1 | 0.51 | 0.46 | 0.77 | 1.43 | 1.95 | 2.01 |
| Depreciation | 0 | 0 | 0.51 | 0.52 | 0.69 | 0.74 | 0.73 | 0.79 |
| Profit before tax | 4 | 6 | 4.74 | 8.05 | 4.48 | 6.08 | 7.22 | 16.41 |
| Net profit | 2 | 5 | 3.92 | 5.88 | 3.18 | 4.95 | 5.41 | 12.83 |
Hemant Surgical Industries profit and loss
Full years to March, FY18 to FY26 · ₹ crore, consolidated where reported
| FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 51 | 56 | 56 | 60 | 101 | 109 | 105.61 | 106.64 | 231.81 |
| Expenses | 48 | 53 | 53 | 57 | 95 | 98 | 95.14 | 97.66 | 208.58 |
| Operating profit | 2 | 3 | 3 | 3 | 6 | 11 | 10.47 | 8.98 | 23.23 |
| OPM | 4.9% | 4.8% | 4.7% | 5.0% | 6.0% | 10.0% | 9.9% | 8.4% | 10.0% |
| Other income | 0 | 0 | 0 | 1 | 2 | 2 | 4.31 | 5.12 | 5.86 |
| Interest | 1 | 1 | 2 | 2 | 2 | 2 | 0.97 | 2.20 | 3.97 |
| Depreciation | 0 | 1 | 0 | 1 | 1 | 1 | 1.03 | 1.43 | 1.54 |
| Exceptional and other items | · | · | · | · | 1 | · | · | · | · |
| Profit before tax | 1 | 1 | 1 | 1 | 6 | 10 | 12.78 | 10.47 | 23.59 |
| Tax rate | 0.0% | 0.0% | 100.0% | 0.0% | 16.7% | 20.0% | 23.3% | 23.2% | 22.9% |
| Net profit | 1 | 1 | 0 | 1 | 5 | 8 | 9.80 | 8.04 | 18.19 |
| EPS ₹ | 50.76 | 61.02 | 27 | 73.43 | 248.92 | 9.95 | 9.85 | 7.70 | 15.39 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY23 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY20) comes from tax charged on a small or negative profit, as reported.
Earnings per share before FY23 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Hemant Surgical Industries profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating margin | 4.9% | 4.8% | 4.7% | 5.0% | 6.0% | 10.0% | 9.9% | 8.4% | 10.0% |
| Tax rate | 0.0% | 0.0% | 100.0% | 0.0% | 16.7% | 20.0% | 23.3% | 23.2% | 22.9% |
| ROCE | · | 11.4% | 15.0% | 13.3% | 34.0% | 44.4% | 29.9% | 16.3% | 19.5% |
| ROE | · | 13.3% | 0.0% | 11.8% | 43.5% | 43.2% | 25.1% | 13.7% | 18.1% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Hemant Surgical Industries debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Hemant Surgical Industries balance sheet
At each 31 March · ₹ crore
| FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 2 | 2 | 2 | 2 | 2 | 8 | 10 | 10 | 13 |
| Reserves | 5 | 6 | 5 | 8 | 11 | 16 | 44 | 53 | 125 |
| Net worth | 7 | 8 | 7 | 10 | 13 | 24 | 54 | 63 | 138 |
| Borrowings | 9 | 11 | 14 | 14 | 10 | 7 | 7 | 31 | 50 |
| Other liabilities | 12 | 14 | 23 | 16 | 31 | 34 | 39 | 54 | 86 |
| Total liabilities | 28 | 33 | 44 | 40 | 54 | 65 | 100 | 148 | 274 |
| Fixed assets | 7 | 8 | 10 | 11 | 12 | 13 | 18 | 40 | 53 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12 | 0 |
| Investments | 0 | 0 | 1 | 0 | 1 | 0 | 5 | 1 | 0 |
| Other assets | 21 | 25 | 33 | 29 | 41 | 52 | 77 | 95 | 221 |
Hemant Surgical Industries cash flow
₹ crore
| FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | 0 | 0 | 2 | -4 | 12 | 6 | -4 | 5 | -32 |
| Cash from investing | 0 | 0 | -2 | -2 | 0 | -3 | -12 | -30 | -3 |
| Cash from financing | 0 | 0 | 2 | 5 | -8 | -1 | 21 | 22 | 69 |
| Net cash flow | 0 | 0 | 2 | -1 | 4 | 2 | 5 | -3 | 34 |
Working capital
Days
| FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|
| Debtor days | 35 | 36 | 35 | 26 | 56 | 58 | 75 | 70 | 106 |
| Inventory days | 64 | 73 | 125 | 113 | 57 | 67 | 99 | 208 | 121 |
| Days payable | 102 | 97 | 143 | 89 | 92 | 110 | 116 | 188 | 146 |
| Cash conversion cycle | -3 | 12 | 17 | 51 | 21 | 15 | 58 | 90 | 81 |
| Working capital days | 12 | 23 | -28 | 41 | -19 | 2 | 52 | 62 | 24 |
Hemant Surgical Industries peers and competitors
Listed SME companies in the same industryBy sales, Hemant Surgical Industries is number 4 of the 15 listed SME companies in healthcare equipment & supplies.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Q-Line Biotech | 1,427 | 25.5 | 342 | 56 | 29.0% | 0.91 |
| Osel Devices | 647 | 22.2 | 293 | 29.2 | 18.2% | 0.47 |
| Vasa Denticity | 805 | 78.6 | 279 | 10.2 | 3.9% | 0.00 |
| Hemant Surgical Industries | 914 | 50.2 | 232 | 18.2 | 10.0% | 0.36 |
| Mohini Health & Hygiene | 57 | - | 144 | -16.7 | -1.8% | 0.39 |
| Vaidya Sane Ayurved Laboratories | 177 | 19.7 | 107 | 9 | 14.4% | 0.04 |
| Royal Sense | 39 | 5.5 | 103 | 7 | 11.0% | 0.33 |
| Prevest Denpro | 472 | 23.6 | 72 | 20 | 35.0% | 0.00 |
| Aprameya Engineering | 187 | 36.6 | 55.1 | 5.1 | 19.1% | 0.10 |
| Earkart | 172 | 35.0 | 54 | 4.9 | 15.4% | 0.00 |
| Avience Biomedicals | 149 | 17.0 | 52.5 | 8.8 | 28.4% | 0.92 |
| Median of the 10 others | 182 | 23.6 | 105 | 8.9 | 16.8% | 0.22 |
Hemant Surgical Industries shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little less than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders has grown a lot.
Hemant Surgical Industries shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 23 | Mar 24 | Sep 24 | Mar 25 | Sep 25 | Mar 26 | May 26 | Sep 26 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 73.56% | 73.56% | 73.56% | 73.56% | 58.90% | 58.90% | 52.83% | 52.83% |
| Foreign investors (FIIs) | 0.03% | 0.00% | 0.00% | 0.39% | 0.15% | 0.15% | 0.14% | - |
| Indian institutions (DIIs) | 4.26% | 1.97% | 1.13% | 1.11% | 10.81% | 10.73% | 19.94% | - |
| Number of shareholders | 722 | 1,229 | 1,248 | 1,229 | 758 | 841 | 948 | 1,202 |
Hemant Surgical Industries study: the business from its own documents
Read from 5 of the company's own documentsHemant Surgical Industries key facts from the filings
Each figure with the document it comes from
- Government X-ray tenders
- About ₹350 cr
- Tenders won in FY26 to supply handheld X-ray machines and flat panel detector systems across India.Annual report FY26, p.14
- Revenue in FY26
- ₹106.5 cr → ₹231.0 cr
- Standalone revenue more than doubled; profit after tax rose from ₹8.1 crore to ₹18.2 crore.Annual report FY26, p.75 and p.100
- Plants
- 4
- Achhad, Atgaon, Bhiwandi and Chhatrapati Sambhajinagar, all in Maharashtra.Annual report FY26, p.73
- JMS MediTape made in India
- Full production
- The new plant is installed, cleared by JMS Japan's clinical checks and producing; one last step, extrusion, is planned for FY27.Annual report FY26, p.13 and p.73
- Imaging made in India
- January 2027
- Target for commercial production of radiology panels with Rayence and ultrasound machines with Zoncare at Atgaon.Annual report FY26, p.14
Show 5 more facts
- Top 10 customers
- 40.65%
- Share of FY23 revenue, up from 33.26% in FY21; no later figure is given.Offer document, p.29
- Imports against exports
- ₹62.9 cr vs ₹12.6 cr
- FY23 imports and exports; the company says a weaker rupee makes imports dearer and cuts its gross margin.Offer document, p.34
- New shares and warrants
- 25,98,400 shares
- Issued on a preferential basis in September 2025, with 20,99,200 warrants, of which 14,99,200 became shares in May 2026.Annual report FY26, p.44
- Products registered
- 90+
- Products registered and accepted by hospitals by FY25, including brands such as Takagi, KAI, Zoncare and Sonomed.Annual report FY25, p.14
- Staff
- 109
- Permanent employees on the rolls at 31 March 2026.Annual report FY26, p.70
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says the set-up for making radiology panels with Rayence and ultrasound machines with Zoncare at Atgaon should be complete by the third quarter of FY27, with commercial production targeted to start by January 2027. It plans to add the last step, extrusion, to its JMS MediTape line during FY27, and is upgrading the Achhad plant to win international approvals for dialysis sales in Africa and the Gulf. The annual report expects committed customers to place more orders but gives no order book.
| What management said | When | What happened |
|---|---|---|
| The AURIC (Chhatrapati Sambhajinagar) plant was nearing completion, taking JMS MediTape close to full localisation | FY25 annual report, p.14 | The FY26 annual report says the plant is commissioned and in full production, with the extrusion step still to come (Annual report FY26, p.13) |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Hemant Surgical earns by selling a very wide range of medical equipment and supplies, some made in its own plants and many bought abroad.
Large government tenders lifted it sharply in the latest year, and it is now trying to make more products, including imaging machines, in India.
The weak spots are thin margins, reliance on imports and on big one-off orders, and a lot of money tied up in what customers owe and in stock.
WatchCan it set its own prices?The company itself names price as the first thing it competes on, and a weaker rupee raises the cost of what it imports.
AverageHow strong is it against rivals?A long tie-up with JMS of Japan, a wide range and four plants help, but it faces many organised and unorganised sellers of similar products.
AverageWho are its customers?Hospitals, diagnostic centres, dealers and doctors across India, plus government buyers whose large orders now weigh heavily.
WatchDoes it need a lot of money?Trading in equipment ties up money in stock and in what customers owe, and growth has needed fresh shares and loans.
AverageCan it keep finding new work?It keeps adding products and won large government tenders, but it discloses no order book, so the flow of big orders is hard to see ahead.
WatchDo good and bad years swing a lot?Sales barely moved for some years and then more than doubled on tender wins, so results can jump or fall with a few big orders.
Who runs Hemant Surgical Industries?
Promoters, directors and officers; tap a name for the background
HSHanskumar Shamji ShahPromoter, Chairman and Managing Director · holds 27.05% (Mar 2026)
Under-graduate with around 35 years in healthcare products and services at the time of the offer document. On the board since incorporation; oversees the whole business, its growth plans and expansion. The offer document states that Hanskumar Shamji Shah is the father of Kaushik Hanskumar Shah and uncle of Hemant Praful Shah.
Offer document, p.129 and p.130; Annual report FY26, p.4KHKaushik Hanskumar ShahPromoter, Whole-Time Director and Chief Financial Officer · holds 16.13% (Mar 2026)
Bachelor of Commerce, 2006. Over 15 years in importing, making and selling healthcare products at the time of the offer document; responsible for finance, accounts, product development and quality.
Offer document, p.129; Annual report FY26, p.4 and p.15HPHemant Praful ShahPromoter and Whole-Time Director · holds 13.30% (Mar 2026)
Around 25 years in product development and manufacturing of healthcare and surgical products at the time of the offer document.
Offer document, p.129 and p.130; Annual report FY26, p.4NBNehal Babu KareliaNon-Executive Director
Postgraduate diploma in clinical nutrition and dietetics, with a focus on diabetes and heart care, and a member of the Indian Dietetic Association. Three years as a clinical dietitian at the time of the offer document; on the board since December 2022.
Offer document, p.129; Annual report FY26, p.47KDKshama DharnidharkaIndependent Director
On the board since December 2024 and chairs the audit committee. The documents read do not give an education or work history.
Annual report FY26, p.47 and p.48MKManish KankaniIndependent Director
Appointed a non-executive independent director from 28 August 2025, replacing Ketan Chandrakant Dave, who resigned the same day. The documents read do not give an education or work history.
Annual report FY26, p.46Hemant Surgical Industries latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹167 cr (+189%), net profit ₹12.8 cr (+159%) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters unchanged at 52.83%.
Hemant Surgical Industries announcements
4 on record, latest first; each opens the filing on the exchange
- Company UpdateCertificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 for the quarter ended September 30, 2026PDF ↗
- AGM/EGMScrutinizer Report and Voting result of AGM held on September 29, 2026PDF ↗
- AGM/EGMProceeding of AGM held on Tuesday, September 29, 2026PDF ↗
- Insider Trading / SASTClosure of Trading WindowPDF ↗
Hemant Surgical Industries annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Hemant Surgical Industries share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Hemant Surgical Industries' data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,45,37,600 shares).
- !The FY26 results imply 1,30,00,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY22 (₹248.92) and FY23 (₹9.95) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY18 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Hemant Surgical Industries
What does Hemant Surgical Industries do?
Hemant Surgical Industries makes, imports and sells medical equipment and the disposables used with it, from dialysis machines and surgical tape to X-ray and ultrasound machines, for hospitals, clinics, dealers and government buyers. Its shares trade on BSE SME.
What is the share price of Hemant Surgical Industries?
₹629 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Hemant Surgical Industries?
₹914 cr at the close on 6 Nov 2026, on 1,45,37,600 shares.
What is the P/E of Hemant Surgical Industries?
50.2 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Hemant Surgical Industries' revenue and profit?
Revenue ₹232 cr and profit after tax ₹18 cr in FY26.
Who are the promoters of Hemant Surgical Industries?
Hanskumar Shamji Shah, Kaushik Hanskumar Shah, Hemant Praful Shah; promoters held 52.83% at 30 Sept 2026.
What is Hemant Surgical Industries' website?
www.hemantsurgical.com
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Built from 3 annual reports, 1 offer document, 1 credit rating note, 4 exchange announcements, 8 shareholding patterns and 9 years of reported results. Every figure carries its source; where the documents are silent, the page says so.