Business Profile of Integris Medtech Limited
Integris Medtech Ltd. was incorporated in 2008 and it is a diversified India-based global medical products and laboratory solutions company. The company develops, manufactures, commercializes, and sells a broad portfolio of medical devices and solutions spanning cardiovascular devices, clinical diagnostics, and scientific laboratory solutions. The company operates manufacturing facilities in India, Germany, and the Netherlands, supplying products to more than 65 international markets across India, Europe, and Southeast Asia. The business of company is structured in two divisions first is Cardiovascular devices (drug-eluting stents, drug-coated balloons, complex coronary intervention products, and vascular access solutions) and another is Laboratory solutions (covering clinical, research, and industrial laboratory equipment, reagents, and consumables through its BioCal™ brand).
Objective of Integris Medtech Limited IPO
As per the draft red hearing prospects, the IPO issue consists fresh issue and offer for sale. The fresh issue consists of XXXX shares at the face value of ₨1.00 each aggregating up to ₹ 9,250.00 million and OFS consists 21,674,531 shares at face value of ₨ 1.00 each aggregating up to Rs XXXX million. There are fresh shares issues and OFS by company and main objective of company is re-payment of outstanding borrowings and general corporate purposes.
Details of Integris Medtech Limited IPO
| IPO Open Date | N.A. |
| IPO Close Date | N.A. |
| Basis of Allotment | N.A. |
| Listing Date | N.A. |
| Face Value | ₹1.00 per share |
| Price | N.A. |
| Lot Size | N.A. |
| Total Issue Size | Up to XXXX Equity shares |
| Aggregating up to XXXX million. | |
| Fresh Issue | Up to XXXX Equity Shares |
| Aggregating up to ₨ 9,250.00 million. | |
| Offer For Sale | Up to 21,674,531 Equity Shares |
| Aggregating up to ₨ XXXX million. | |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE & NSE |
| QIB Shares Offered | Not more than 75% of the Net Issue |
| Retail Shares Offered | Not more than 10% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
Integris Medtech Limited IPO: Issue Price & Size
The issue price of INTEGRIS MEDTECH LIMITED hasn’t been released yet. Upon releasing the dates, the investors can bid between those price ranges. The company has fresh issue and OFS aggregating up to ₹ XXXX million at the price of ₨XXXX.
Launch Date of Integris Medtech Limited IPO
The IPO opening date of INTEGRIS MEDTECH LIMITED hasn’t been officially announced yet, upon the declaration of dates investor can bid for IPO.
Financial Statements of Integris Medtech Limited
| Particulars (Rs in Millions) | 31 March 2025 | 31 March 2024 | 31 March 2023 |
| Income | |||
| Revenue from operations | 19,024.66 | 15,533.82 | 13,481.04 |
| Other income | 571.18 | 288.76 | 215.54 |
| Total income | 19,595.84 | 15,822.58 | 13,696.58 |
| Expenses | |||
| Cost of materials consumed | 1,315.49 | 1,372.20 | 1,400.19 |
| Purchases of stock – in – trade | 9,429.11 | 7,455.92 | 6,668.80 |
| Changes in inventories of finished goods | ( 81.43 ) | ( 19.25 ) | ( 313.89 ) |
| Employee benefits expense | 3,491.55 | 2,788.01 | 2,473.00 |
| Finance costs | 686.60 | 633.981 | 369.03 |
| Depreciation and amortisation expenses | 1,345.46 | 1,039.77 | 847.14 |
| Other expenses | 2,080.93 | 2,098.71 | 1,719.64 |
| Total expenses | 18,267.71 | 15,369.34 | 13,163.91 |
| Restated P&L for using the equity method , exceptional items and tax | 1,328.13 | 453.24 | 532.67 |
| Share of restated profit of an associate , net of tax | 144.00 | 66.31 | 154.94 |
| Restated profit before exceptional items and tax | 1,472.13 | 519.55 | 687.61 |
| Exceptional items | 326.62 | 263.39 | 833.04 |
| Restated profit / ( loss ) before tax | 1,145.51 | 256.16 | ( 145.43 ) |
| Tax expense | |||
| – Current tax ( including earlier years ) | 538.27 | 525.85 | 428.75 |
| -Deferred tax expense / ( credit ) | ( 99.60 ) | ( 220.85 ) | ( 168.77 ) |
| Total tax expense | 438.67 | 305.00 | 259.98 |
| Restated profit ( loss ) for the period / year | 706.84 | ( 48.84 ) | ( 405.41 ) |
Key financial ratios of Integris Medtech Limited
| Key performance indicators | Units | March 31 , 2025 | March 31 , 2024 | March 31 , 2023 |
| Revenue from operations | (In Million) | 19,024.66 | 15,533.82 | 13,481.04 |
| Gross Profit | (In Million) | 8,361.49 | 6,724.95 | 5,725.94 |
| Gross Margin | ( % ) | 43.95 | 43.29 | 42.47 |
| EBITDA | In Million) | 3,093.98 | 1,904.54 | 1,688.24 |
| EBITDA Margin | ( % ) | 16.26 | 12.26 | 12.52 |
| Adjusted EBITDA | (In Million) | 3,320.53 | 1,906.17 | 1,693.04 |
| Adjusted EBITDA Margin | ( % ) | 17.45 | 12.27 | 12.56 |
| Restated profit / ( loss ) for the year | (In Million) | 706.84 | ( 48.84 ) | ( 405.41 ) |
| PAT Margin | ( % ) | 3.72 | ( 0.31 ) | ( 3.01 ) |
| Adjusted PAT | (In Million) | 1,033.46 | 214.55 | 427.63 |
| Adjusted PAT Margin | ( % ) | 5.43 | 1.38 | 3.17 |
| Net Working Capital ( in Days ) | (No. of Days) | 124 | 141 | 129 |
| Net Debt to EBITDA | Times | 3.12 | 3.03 | 2.01 |
| Return on Equity | ( % ) | 5.35 | ( 0.31 ) | ( 2.77 ) |
| Adjusted Return on Equity | ( % ) | 7.82 | 1.36 | 2.93 |
| Return on Capital Employed | ( % ) | 14.51 | 8.33 | 9.41 |
Promoters & Shareholding Integris Medtech Limited IPO
As of date, according to the DRHP filed with SEBI promoters and promoter group have 84.04% shareholding in company.
| Name of Shareholder | No. of Equity Shares | % of total shareholding |
| Promoters & Promoter Group | 91,050,774 | 84.04% |
| Public | 17,287,275 | 15.96% |
| Total (A+B) | 108,338,049 | 100.00 |
Should You Subscribe To Integris Medtech Limited IPO
While investing or subscribing to any IPO, consider the investment rationales related to the company. Hence, here you can find out the strength of the company that will be its growth factors. And also check the risk factors that can affect the growth and operational efficiency of the company.
Competitive Strengths of Integris Medtech Limited IPO
Diversified MedTech Platform
The company operates a robust, diversified MedTech platform spanning the full spectrum of medical research, diagnostics, and healthcare delivery across multiple geographies. It provides equipment and consumables to scientific and research laboratories supporting medical applications such as genome testing, as well as industrial research and quality testing. Predictable revenue streams are achieved through a business model that places diagnostic equipment.
Acquisition-Led Expansion Strategy
The company has established a robust track record of acquisition-led growth that has evolved business into a diversified, scalable MedTech platform. Through targeted acquisitions (Research Instruments, Analisa Resources, Scientific Resources), they have built a market-leading life sciences platform. Post-acquisition, these companies have benefited from consolidated leadership, improved margins, and the introduction of new inbound business partners and product lines. By systematically executing strategic mergers, acquisitions, and integrations, company accelerated value creation across multiple segments.
Comprehensive Laboratory Solutions Platform
The platform of company is positioned as a comprehensive, one stop solutions provider for lab solutions suppliers and customers and is designed to generate stable, recurring revenue and to foster long-term relationships. The customers of company benefit from avoiding significant upfront capital outlays, as their solution model enables them to access the advanced technology of company global partners.
Global Manufacturing Facilities
The operations of company works in five manufacturing facilities dedicated to cardiovascular products, located in Dehradun, India (three facilities), Hechingen, Germany, and Helmond, the Netherlands. Equipment at these sites is carefully selected from third-party suppliers, ensuring consistent quality and alignment with the specialised needs of cardiovascular manufacturing. As of June 30, 2025, company is one of two Indian companies manufacturing medical devices classified across all three risk-based categories.
Risk Factors of Integris Medtech Limited IPO
Significant Losses in Previous Periods
The company incurred restated loss for the year of ₹ 48.84 million for Fiscal 2024 and ₹ 405.41 million for Fiscal 2023, respectively. While company restated profit for the period ended June 30, 2025 and for Fiscal 2025, the restated profit for the period ended June 30, 2025 was primarily due to a significant, non-recurring exceptional gain of ₹ 2,396.23 million arising from a deemed disposal of investments. Excluding this exceptional gain, company underlying profitability would have been substantially lower.
High Overseas Revenue Risk
The company generated 66.12%, 64.91%, 60.40% and 58.88% of revenue from operations for the period ended June 30, 2025, and Fiscals 2025, 2024 and 2023, respectively from jurisdictions outside India. Their reliance on key overseas markets for a majority of consolidated revenue exposes them to economic, regulatory, and operational risks that may adversely impact it performance, cash flows, and future growth.
Product Concentration Risk
In cardiovascular business of company, a substantial portion of revenue is generated from a narrow portfolio of high-value medical devices particularly drug-eluting stents and other products. This reliance heightens concentration risk, over-reliance on a limited number of cardiovascular products. Any adverse development associated with these key products could significantly impact the cardiovascular segment’s revenue and profitability.
M&A Strategy Risk
The business model of company model has relied significantly on acquisitions, and continued pursuit of mergers and acquisitions may expose to integration, execution, and value realisation risks potentially affecting company financial condition and future performance. Furthermore, integrating acquired businesses may not yield timely or effective results, which may affect their financial condition and results of operations.
Integris Medtech Limited IPO Grey Market Premium
Grey market premium is the premium quoted over the IPO issue price. GMP shows that investors are ready to pay above the upper band of the IPO issue price. GMP is determined in the grey market as per the demand and supply of the shares in the primary market. A grey market is that unofficial ecosystem of unlisted companies’ stocks that start trading even before the launch of the IPO to the date of its listing.
Also Read: What is Grey Market Premium in IPO: How is GMP Calculated & Reliable
However, GMP is not a reliable factor, as it keeps fluctuating as per the demand and supply of shares in the primary market. There are numerous factors that affect the stock market in India and individual stock prices of different companies that are already listed and trading in the secondary market. However, for an IPO-bounded company, you can consider the GMP as the speculative listing price of the share
According to various online sources, the Grey Market Premium or GMP of the INTEGRIS MEDTECH LIMITED is trading around Rs XX in the grey market. It means shares are trading at the upper band issue price of Rs XX with a premium in the grey market and may list around the same price.
