Integris Medtech IPO

Strengths · 6

• 01Revenue from operations rose from Rs 13,481.04 million in FY2023 to Rs 15,533.82 million in FY2024 and Rs 19,024.66 million in FY2025.
• 02Sales reach more than 65 countries, and 64.91% of FY2025 revenue came from outside India, so the business is not tied to one home market.
• 03Two segments share the revenue: lab solutions at 65.24% and cardiovascular at 34.76% in FY2025.
• 04The company makes products in six facilities across India, the Netherlands and Germany, with three of them in Dehradun.
• 05Net cash from operating activities grew from Rs 194.43 million in FY2023 to Rs 972.55 million in FY2024 and Rs 1,555.43 million in FY2025.
• 06The top 10 customers gave only 16.33% of FY2025 revenue and 12.64% in FY2024, so no single buyer dominates sales.

Risks · 10

• 01The company reported a restated loss of Rs 405.41 million in FY2023 and Rs 48.84 million in FY2024. FY2025 profit was Rs 706.84 million.
• 02Restated profit of Rs 2,675.67 million for the three months to 30 June 2025 includes a one-time exceptional gain of Rs 2,396.23 million from a deemed disposal of investments.
• 03Total borrowings rose from Rs 5,565.35 million in FY2023 to Rs 17,294.58 million in FY2025. These include promissory notes of Rs 7,923.55 million.
• 04Fresh issue money of Rs 6,963.90 million is meant to repay borrowings of subsidiaries, and the rest, within a 25% cap, goes to unspecified general corporate purposes.
• 05The business has relied significantly on acquisitions, and the pro forma FY2025 revenue of Rs 23,328.12 million shows how much recent acquisitions change the picture.
• 06Outside India gave 66.12% of revenue in the latest period, which exposes the company to foreign regulation and currency swings.
• 07Employee attrition was 23.57% in FY2025 and 27.40% in FY2024, and the only KMP resigned in both years.
• 08Three plants sit in Dehradun, and the cardiovascular business depends on nine principal raw material suppliers, with six critical materials from single suppliers.
• 09Promoter Gurmit Singh Chugh, a subsidiary and a senior manager are party to a regulatory proceeding of Rs 150.91 million. It is fully paid and a closure report is awaited.
• 10Promoters Gurmit Singh Chugh and Punita Sharma sell shares at an average cost of Rs 31.59 each, and Evercure sells at Rs 203.43 each.

Integris Medtech Limited was formerly known as Integris Health Private Limited. It describes itself as a diversified India-based global medical products and laboratory solutions company. It develops, makes and sells medical devices and solutions across cardiovascular devices, clinical diagnostics and scientific laboratory solutions. Its products are sold in more than 65 countries as of 30 June 2025.

The company runs three manufacturing facilities in Dehradun, India, and one facility each in Chennai, the Netherlands and Germany. Dehradun houses several of these plants, so output is concentrated in one Indian city. The cardiovascular business depends on nine principal raw material suppliers, and six critical materials come from single suppliers.

Two segments are reported. The lab solutions segment gave Rs 12,412.48 million, or 65.24% of revenue from operations, in FY2025. The cardiovascular segment gave Rs 6,612.18 million, or 34.76%. In the three months ended 30 June 2025 the split was 66.51% and 33.49%.

A large part of sales comes from outside India. Jurisdictions outside India gave 66.12% of revenue from operations in the three months ended 30 June 2025, 64.91% in FY2025, 60.40% in FY2024 and 58.88% in FY2023. The company has also grown through acquisitions, and the document says its business model has relied significantly on them.

The company had 1,879 employees on a consolidated basis as of 30 June 2025, against 1,481 at the end of FY2025. Its promoters are Evercure Holdings Pte. Ltd., Medicore Holdings Pte. Ltd., Gurmit Singh Chugh and Punita Sharma. The registered office is in New Delhi and the corporate office is in Noida.

The industry

The company operates in the medical technology industry. The document defines it as instruments, consumables, apparatus, machines, implants and other products used to diagnose, cure, mitigate, treat or prevent disease. It covers medical devices, diagnostic tools and capital equipment used in homes, clinics, hospitals and laboratories, from syringes and gloves to reagents, imaging equipment and implants such as cardiac defibrillators. The industry data comes from a report by Frost and Sullivan.

Customer concentration: Top 10 customers gave 16.33% of FY2025 revenue and 12.64% in FY2024.