Sahajanand: Supraflex Cruz still supplied 39% of revenue

Sahajanand remained materially dependent on Supraflex Cruz, which generated Rs 137.167 crore, or 39.00% of revenue from operations, in the three months ended June 30, 2026. The biodegradable polymer-based drug-eluting stent's share fell from 47.84% in Fiscal 2024, but it remained Sahajanand's single largest revenue contributor.

How dependent is Sahajanand on Supraflex Cruz revenue?

Sahajanand derived 39.00% of revenue from operations from Supraflex Cruz in the three months ended June 30, 2026. Supraflex Cruz generated Rs 137.167 crore in that period and forms part of Sahajanand's Vascular Intervention, or VI, devices portfolio. Sahajanand defines VI devices as coronary stents and coronary balloons.

The product concentration sits within an even larger category concentration. VI devices generated Rs 212.398 crore, or 60.40% of revenue from operations, in the three months ended June 30, 2026. Supraflex Cruz therefore accounted for about 64.6% of VI-device revenue in that period, calculated from the two disclosed revenue figures.

Sahajanand describes Supraflex Cruz as the single largest contributor to its revenue and business over the years. The dependency would remain material if sales of the stent hold up while revenue from other products does not increase sufficiently to reduce its proportion of total operating revenue. Conversely, a reduction in the stent's sales would have a direct effect on reported revenue because no other named product contribution is disclosed at a similar scale.

Has Supraflex Cruz revenue concentration fallen over time?

Supraflex Cruz revenue concentration fell by 10.67 percentage points from Fiscal 2024 to Fiscal 2026, even as the product's annual revenue increased. Its share of revenue from operations declined from 47.84% in Fiscal 2024 to 42.06% in Fiscal 2025 and 37.17% in Fiscal 2026. The movement shows that total revenue grew faster than Supraflex Cruz sales during the three-year comparison.

Supraflex Cruz revenue was largely unchanged between Fiscal 2024 and Fiscal 2025, falling by Rs 0.118 crore, before rising by Rs 18.972 crore in Fiscal 2026. Its 39.00% share in the three months ended June 30, 2026 was 1.83 percentage points above its 37.17% Fiscal 2026 share, although a three-month period is not directly comparable with a full fiscal year in absolute terms.

The VI portfolio's share also declined over the same annual comparison, to 61.14% in Fiscal 2026 from 68.57% in Fiscal 2024. Yet VI revenue increased to Rs 740.089 crore in Fiscal 2026 from Rs 618.266 crore in Fiscal 2024. This broader change supports a shift in Sahajanand's revenue mix, but does not remove the single-product exposure represented by Supraflex Cruz's 37.17% Fiscal 2026 contribution.

What could reduce Supraflex Cruz sales or profitability?

Supraflex Cruz sales could decline through weaker demand, competition, new technology, raw-material disruption, regulatory developments or post-market surveillance outcomes. Sahajanand also states that a failure to obtain key regulatory certifications or an unfavourable clinical-trial outcome could affect the stent's sales and distribution. These risks matter more because the product supplied Rs 450.003 crore of revenue in Fiscal 2026.

Raw-material availability and cost are relevant to a stent portfolio that uses items including metal tubes, plastic tubes, drugs and polymers. Imports represented Rs 241.002 crore, or 77.18%, of Sahajanand's total purchases in Fiscal 2026, compared with 73.67% in Fiscal 2025 and 74.28% in Fiscal 2024. Sahajanand identifies Germany, China, the Netherlands and Ireland as international procurement markets, and says exchange-rate changes have regularly affected its costing.

Sahajanand's top 10 suppliers accounted for 59.15% of total purchases in Fiscal 2026, following 58.88% in Fiscal 2024. The company uses purchase orders typically lasting one year rather than long-term supply contracts, and relies on a limited number or a single supplier for some critical materials, including cobalt chromium tubes, aluminium pouches and polymers. If a named supplier for a regulated product must be replaced, Sahajanand may need fresh regulatory approval or further studies and tests for the alternative source.

Price controls may limit the ability to recover higher input costs. The National Pharmaceutical Pricing Authority, or NPPA, sets price ceilings for specified medical devices in India, including drug-eluting stents, and Sahajanand says all its drug-eluting stents fall under the Drugs (Prices Control) Order, 2013. The disclosure specifically refers to “Supraflex Cura” when discussing NPPA regulation, rather than Supraflex Cruz; it therefore does not establish from the supplied text that the stated price-ceiling discussion applies to Supraflex Cruz by name.

Could trademarks and distribution restrict Supraflex Cruz sales?

Trademark opposition and distributor-held approvals could restrict sales of products carrying the Supraflex name. Sahajanand says certain trademark oppositions have been filed against “Supraflex.” If successful, they could require Sahajanand to stop using the trademark, rebrand products and potentially lose associated goodwill and recognition.

Sahajanand had 118 distributors in India and 265 outside India as of June 30, 2026, operating across six direct markets, 20 hybrid markets and 39 distributor-led markets. It typically does not enter long-term agreements with distributors. The loss of a distributor, a failure to renew an arrangement or unfavourable distributor terms could therefore disrupt product reach, although Sahajanand reported no instance in which the loss of a key distributor affected revenue in the three months ended June 30, 2026 or Fiscals 2026, 2025 and 2024.

The supplied disclosure says marketing approvals for a product written as “SupraxF Cuz” in Argentina, Bangladesh, Brazil, Mexico and Indonesia, among other countries, are held by third-party distributors. Because that product name differs from Supraflex Cruz, the text does not demonstrate that Supraflex Cruz approvals are distributor-held. It does establish the mechanism: if a distributor holding an approval defaults on its conditions or ceases cooperation, Sahajanand may be unable to market the affected product in that country.

Conclusion

Supraflex Cruz remained Sahajanand's largest revenue dependency despite a measurable reduction in concentration. Its share fell from 47.84% in Fiscal 2024 to 37.17% in Fiscal 2026 as annual revenue rose from Rs 431.149 crore to Rs 450.003 crore, while the wider VI portfolio fell from 68.57% to 61.14% of operating revenue.

The disclosed plan is to strengthen existing businesses and expand market presence in new geographies, but entry into some markets depends on product registrations and regulatory approvals. The next evidence on diversification will be revenue growth outside Supraflex Cruz, alongside updates on regulatory certifications, clinical outcomes, the Supraflex trademark oppositions, input costs and price-control developments.