Integris Medtech Limited IPO

01At a glance

What the company does: develops, makes and sells cardiovascular devices, clinical diagnostics and scientific laboratory products, with factories in India, Germany and the Netherlands and products sold in more than 65 countries (DRHP p.21). Clinical diagnostics were ₹6,811 million of FY25 revenue, scientific lab solutions ₹5,601 million, stents and balloons ₹3,436 million and other cardiovascular products ₹3,176 million (DRHP p.169).

Who pays it: hospitals, laboratories and distributors; 66.12% of revenue in the June 2025 quarter came from outside India, with Asia outside India the largest region (DRHP p.25, DRHP p.170).

Why it is raising money: ₹6,963.90 million to repay borrowings of eleven subsidiaries, ₹1,253.95 million at Translumina Therapeutics, Transhealth and HaleMed Medical and ₹5,709.95 million at eight overseas and Indian step-down subsidiaries, and the rest for general purposes (DRHP p.22).

How fast it has grown: revenue from ₹13,481 million in FY23 to ₹15,534 million in FY24 and ₹19,025 million in FY25, and ₹4,853 million in the three months to June 2025 (DRHP p.23).

The one thing to understand: reported profit is not the business's earnings. The group lost money in FY23 and FY24; its June-quarter profit of ₹2,675.67 million was mainly a ₹2,396.23 million gain on the deemed disposal of investments, and the company's own adjusted profit for the quarter was ₹313.49 million (DRHP p.25, DRHP p.90, DRHP p.169).

02The business, in plain words

A med-tech group makes some products, stents, balloons, diagnostic reagents, in its own plants, and distributes others from global manufacturers, selling to hospitals and labs through its own sales teams and distributors across Asia, Europe and India.

A hospital's cath lab needs drug-eluting stents → it orders from the group → the group supplies them directly or through distributors. Separately, a lab outside India buys diagnostic products from one of the group's overseas subsidiaries.

The group has grown largely by acquisition, which it lists among its top risks (DRHP p.25).

Earnings equation: Profit ≈ product sales × gross margin − sales, R&D and overheads − interest. Gross margin was 45.09% and EBITDA margin 16.22% in the June quarter (DRHP p.169).

03Where the money comes from

Source: DRHP p.169. Q1 FY26 is three months.

Source: DRHP p.169, DRHP p.170.

04The growth record

Source: DRHP p.23, DRHP p.169, DRHP p.511. Q1 FY26 is three months.

05What the growth is made of

Clinical diagnostics and acquisitions. Diagnostics revenue rose 77% from FY23 to FY25, and Europe grew from ₹297 million to ₹1,514 million (our arithmetic, DRHP p.169, DRHP p.170). Pro forma accounts that include recent acquisitions show FY25 revenue of ₹23,328.12 million and profit of ₹677.00 million (DRHP p.24).

06Earnings quality

Reported profit swings with one-off items: a ₹2,396.23 million deemed-disposal gain in the June quarter, and ₹799.58 million of receivables written off in FY23 (DRHP p.90). The company's adjusted profit, which it reports separately, was ₹1,033.46 million in FY25 (DRHP p.169). Net working capital was 152 days in the June quarter (DRHP p.169). There are no auditor qualifications not given effect in the restated accounts (DRHP p.24).

07The balance sheet

Source: DRHP p.23, DRHP p.169. The June 2025 ratio is annualised (DRHP p.169).

Borrowings at March 2025 included ₹7,923.55 million of promissory notes, down to ₹155.50 million by June 2025 (DRHP p.24).

08What the money is for

Source: DRHP p.22. The gross fresh issue is ₹9,250.00 million (DRHP p.22).

09Who is selling

Source: DRHP p.21, DRHP p.22.

10Promoters

The promoters are Evercure Holdings Pte. Ltd., Medicore Holdings Pte. Ltd., Gurmit Singh Chugh and Punita Sharma (DRHP p.21). A regulatory proceeding of ₹150.91 million involving Translumina Therapeutics, Gurmit Singh Chugh and Kewal Krishan has been paid in full, and a closure report is awaited (DRHP p.25).

11Who already owns it

Source: DRHP p.22. The last row is our arithmetic. Among holders outside the promoter group, RT Heptagon Holdings SG Pte Ltd holds 4.50% and India SME Investments Fund II 1.09% on a fully diluted basis before the offer (DRHP p.116).

12What changed just before the IPO

• Accounting gain: ₹2,396.23 million from a deemed disposal of investments in the June quarter (DRHP p.90).
• Net worth: up ₹11,375 million in the June quarter (our arithmetic, DRHP p.23).
• Borrowings: down ₹9,360 million in the quarter, as promissory notes fell (our arithmetic, DRHP p.23, DRHP p.24).
• Acquisitions: recent acquisitions shown in pro forma accounts (DRHP p.24).
• Share split: the face value was sub-divided from ₹10 to ₹1 in April 2024 (DRHP p.31).
• Bonus issue: 2:1 in August 2025, 72,225,366 shares at nil consideration, the last allotment before the offer (DRHP p.73).
• Pre-IPO placement: the company may undertake one before the red herring prospectus, at an amount not yet set (DRHP p.2).
• Auditor: no change of statutory auditor in the three years before the filing (DRHP p.97).
• Company form: the company became a public limited company in August 2025 (DRHP p.529).

13Capacity and expansion

Factories in India, Germany and the Netherlands, used at 91.16% in the June quarter (DRHP p.21, DRHP p.170). The proceeds repay debt, not new capacity (DRHP p.22).

14Market size and industry structure

The F&S report cited in the offer document describes the medical-technology industry across devices, diagnostics and equipment (DRHP p.21). The summary read gives no market figures.

15Competitive position

What the document claims, and what it rests on:

• A broad portfolio across cardiovascular, diagnostics and lab solutions (DRHP p.21).
• International reach: more than 65 countries (DRHP p.21).

Against that: reliance on acquisitions and their integration, regulatory approvals, product recall risk, and dependence on distributors (DRHP p.25).

16Peers the company named

The document gives the listed peers' P/E range as 53.95 to 56.02, average 54.99 (DRHP p.166). The peer names were not read for this study.

No P/E is possible for the company until a price band is set.

17Risks, in plain words

• Losses. Loss-making in FY23 and FY24; recent profit relies on a one-off gain (DRHP p.25).
• Overseas. Two-thirds of revenue from outside India (DRHP p.25).
• Acquisitions. Integration and value risk (DRHP p.25).
• Approvals and recalls. Medical-device regulation (DRHP p.25).

18Litigation and regulatory matters

Source: DRHP p.24, DRHP p.25.

19Related-party transactions

Not read in detail for this study.

20What the offer document does not say

In the sections read for this study, the document does not give:

• Which investment's deemed disposal produced the ₹2,396 million gain, in the pages read.
• Why ₹799.58 million of receivables were written off in FY23, in the pages read.
• What the promissory notes were for and who held them, in the pages read.
• Who ultimately owns Medicore and Evercure Holdings, in the pages read.
• The price band, lot size or issue dates, which is normal at DRHP stage.

21Five questions for management

1. What transaction produced the deemed-disposal gain, and does it bring any cash?
2. What were the ₹7,924 million of promissory notes, and how were they settled?
3. Why were ₹800 million of receivables written off in FY23?
4. Which businesses were acquired recently, and what did they cost?
5. What is the regulatory proceeding involving Translumina and Gurmit Singh Chugh?

1Sources and cited facts

This study was read from 1 document the company filed. The 56 figures it cites are listed under the document each came from, with the page and the sentence as printed.