Sahajanand Medical Technologies Limited: 79% debt current

Sahajanand Medical Technologies Limited reported Rs 320.633 crore of consolidated borrowings at June 30, 2026, with Rs 254.385 crore, or 79.34%, classified as current. Sahajanand Medical Technologies’ loan agreements also require lender consent for dividends and specified changes in ownership, management, shareholding and capital structure.

How much of Sahajanand Medical Technologies’ debt is current?

Sahajanand Medical Technologies had Rs 254.385 crore of current borrowings and Rs 66.248 crore of non-current borrowings at June 30, 2026. Current borrowings represented 79.34% of Rs 320.633 crore in total consolidated borrowings, while non-current borrowings represented 20.66%.

The capitalisation statement reports total equity of Rs 716.673 crore at June 30, 2026, against total borrowings of Rs 320.633 crore. It reports total borrowings divided by total equity at 44.74%, while non-current borrowings divided by total equity were 9.24%. The Rs 188.137 crore difference between current and non-current borrowings accounts for the gap between those disclosed ratios.

What facilities make up Sahajanand Medical Technologies’ borrowings?

Sahajanand Medical Technologies accounted for Rs 218.242 crore, or 68.07%, of consolidated borrowings at June 30, 2026, while subsidiaries accounted for Rs 102.391 crore, or 31.93%. NBT and Co., Chartered Accountants certified the indebtedness disclosure through a certificate dated October 9, 2026.

At company level, secured facilities totalled Rs 185.242 crore and unsecured working-capital facilities totalled Rs 33 crore. Secured balances comprised Rs 114.5 crore of working capital, Rs 37.903 crore of term loans, Rs 12.636 crore of cash-credit or overdraft facilities and Rs 0.203 crore of vehicle loans. Cash credit and overdraft facilities are bank borrowing arrangements under which the borrower can draw funds subject to the facility terms.

At subsidiary level, secured borrowings totalled Rs 69.291 crore and unsecured working-capital facilities totalled Rs 33.1 crore. The secured subsidiary balance included Rs 32.288 crore of term loans, Rs 27.755 crore of cash-credit or overdraft facilities and Rs 9.248 crore of vehicle loans. Aggregate sanctioned amounts were Rs 556.927 crore, including bank guarantees with Rs 3.634 crore outstanding, compared with Rs 320.633 crore of borrowings outstanding.

How do maturity, interest and security terms affect the debt profile?

Sahajanand Medical Technologies’ term loans and working-capital borrowings have tenors ranging from 180 days to seven years. Other facilities typically run for about 12 months to 60 months, and borrowings can be repayable on demand, on due dates within their maximum tenor, or in instalments stated in loan documents.

The company’s term-loan interest rates range from 1.50% to 9.75% per year. Working-capital facilities, including overdrafts and corporate credit cards, have floating interest rates set by mutual agreement with reference to the bank’s Marginal Cost of Funds-based Lending Rate, known as MCLR, Treasury bill rates or another external benchmark in line with Reserve Bank of India guidelines. The applicable benchmark and lender-agreed terms can therefore affect interest expense in addition to the amount outstanding.

Where security is required, Sahajanand Medical Technologies typically creates a first-ranking pari passu charge over plant and machinery, book debts, receivables and stock. Pari passu means lenders sharing that charge rank equally. Relevant arrangements can also include a sole and exclusive mortgage over land and buildings, while Sahajanand Medical Technologies and SMT Cardiovascular Private Limited have provided corporate guarantees to certain lenders.

Which lender covenants and defaults can affect company actions?

Sahajanand Medical Technologies requires prior written lender consent for changes in capital structure, ownership or control, shareholding pattern, management and constitutional documents. Its loan agreements also require prior consent before Sahajanand Medical Technologies declares or pays dividends. These covenants apply to corporate actions identified in the facility terms rather than only to scheduled repayments.

The disclosed events of default include non-payment of instalments or interest within the stipulated period, breach of another obligation, covenant or undertaking, and failure to create or perfect security. The list also includes a change in ownership, control or management, cross-default, amendments to constitutional documents, winding up, liquidation or dissolution, and an event or material change that may have a material adverse effect on lenders or management efficiency. A cross-default is a provision under which a default on another obligation can trigger a default under the relevant facility.

Following a default, lenders may terminate sanctioned facilities, demand immediate repayment, enforce security or suspend additional access to, or drawals under, facilities. They may impose further conditions, initiate recovery proceedings under applicable law and, in certain arrangements, elect to convert all or part of a loan outstanding into fully paid-up equity shares. Sahajanand Medical Technologies says these are indicative terms and that other consent requirements or default provisions may apply under individual borrowing arrangements.

Sahajanand Medical Technologies says it obtained required lender consents and informed other lenders, where applicable, for Offer-related activities including changes in capital structure and constitutional documents. The capitalisation statement says the Offer is an offer for sale by selling shareholders and will not change the company’s capital structure. The source does not disclose a plan to repay, refinance or retire the Rs 320.633 crore of borrowings through the Offer.

Conclusion

Sahajanand Medical Technologies’ June 30, 2026 debt profile combined Rs 320.633 crore of consolidated borrowings with a Rs 254.385 crore current component. The outstanding balance spans secured term, working-capital, cash-credit, overdraft and vehicle facilities, as well as Rs 66.1 crore of unsecured working-capital facilities across the company and its subsidiaries. Security, guarantees, floating-rate references and lender consent rights are part of the financing terms alongside the reported borrowing total.

The next disclosed matter to watch is compliance with repayment, security and covenant obligations for facilities with tenors beginning at 180 days. Sahajanand Medical Technologies has disclosed lender consents for Offer-related corporate actions, but has not disclosed a debt-reduction plan. Future dividend declarations or specified ownership, governance and capital-structure actions remain subject to the relevant borrowing agreements and lender approvals.