SMT overseas sales reached 74% as Europe led revenue mix

SMT’s overseas sales accounted for 73.87% of revenue from operations in Fiscal 2026, while Europe became its largest reported geography at 38.66%. International revenue rose from Rs 587.844 crore in Fiscal 2024 to Rs 894.201 crore in Fiscal 2026, whereas India’s revenue share fell from 34.80% to 26.13%.

How did SMT overseas sales change its revenue mix?

SMT overseas sales became the main revenue source because international revenue increased faster than total revenue between Fiscal 2024 and Fiscal 2026. International sales, comprising Europe and rest of world (RoW), rose at a compound annual growth rate (CAGR) of 23.34%, from Rs 587.844 crore in Fiscal 2024 to Rs 704.228 crore in Fiscal 2025 and Rs 894.201 crore in Fiscal 2026. Revenue from operations, which includes product sales and other operating income, increased from Rs 901.604 crore to Rs 1,210.504 crore over the same period.

The result was a shift of 8.67 percentage points towards overseas markets between Fiscal 2024 and Fiscal 2026. International sales represented 65.20% of revenue from operations in Fiscal 2024, 68.72% in Fiscal 2025 and 73.87% in Fiscal 2026. India generated Rs 313.760 crore in Fiscal 2024 and Rs 316.303 crore in Fiscal 2026, meaning its revenue changed little in rupee terms while total and international revenue expanded.

Why did Europe become SMT’s largest geography?

Europe became SMT’s largest geography in Fiscal 2026 after European revenue rose by Rs 201.883 crore in one year to Rs 468.004 crore. Europe supplied 38.66% of Fiscal 2026 revenue from operations, ahead of RoW at 35.21% and India at 26.13%. In Fiscal 2024, RoW was the largest region at 35.68%, followed by India at 34.80% and Europe at 29.52%.

Europe’s revenue share increased by 9.14 percentage points between Fiscal 2024 and Fiscal 2026, the largest movement among SMT’s three reported geographic categories. SMT has direct operations in Germany, Spain, France and the United Kingdom, while it uses a distributor-led model in Italy. The company said its German team navigated tenders and hospital relationships, while teams in Italy and Poland participated in national and government tenders for drug-eluting stents and transcatheter aortic valve implantation products.

The three months ended June 30, 2026 showed a different ordering within overseas markets. RoW generated Rs 135.288 crore, or 38.47% of revenue from operations, compared with Europe’s Rs 132.535 crore, or 37.69%; India generated Rs 83.846 crore, or 23.84%. That three-month period was not annualised, but it shows that Europe’s Fiscal 2026 lead over RoW was not repeated in the reported partial period.

What supports SMT’s international revenue base?

SMT’s international revenue base spans 77 countries in Fiscal 2026, although its largest markets account for much of the total. The top 10 countries contributed 78.76% of Fiscal 2026 revenue from operations. As of June 30, 2026, SMT had revenue-generating customers in 65 countries, comprising six direct markets, 20 hybrid markets and 39 distributor-led markets.

The sales model differs by geography and affects how SMT enters and serves markets. SMT acquired its Spanish distributor, Imex, in June 2019 and shifted Spain to a direct model; it acquired Brazilian sales and marketing company Zarek in September 2019 and adopted a hybrid model in Brazil. Since the Fiscal 2020 acquisitions, Imex and Zarek revenue grew at CAGRs of 52.10% and 23.91%, respectively, for a combined CAGR of 34.32%.

SMT’s product portfolio also has sales across multiple countries. Its drug-eluting stent, or DES, products were sold in 54 countries between Fiscal 2024 and June 30, 2026, while Cocoon occluders were sold in 40 countries and Hydra transcatheter aortic valve implantation, or TAVI, products in 23 countries. According to the commissioned Frost & Sullivan report, SMT was among the top five companies by DES sales volume in Germany, Spain, Poland and Brazil as of March 31, 2026.

How do products and operations relate to the geographic shift?

The geographic shift coincided with a greater contribution from structural heart, or SH, devices and products classified as others. Vascular intervention, or VI, devices represented 61.14% of Fiscal 2026 revenue from operations, down from 68.57% in Fiscal 2024. SH devices increased to 16.77% from 12.26%, while others, including traded goods and SMT-branded renal stents and peripheral drug-coated balloons, increased to 22.09% from 19.17%.

SH-device revenue increased from Rs 110.543 crore in Fiscal 2024 to Rs 157.317 crore in Fiscal 2025 and Rs 203.062 crore in Fiscal 2026. SMT acquired Vascular Concepts and Vascular Innovations in May 2020, gaining access to the occluder and TAVI categories. Commercial sales of occluders expanded from 33 countries in Fiscal 2024 to 50 countries in Fiscal 2026, while TAVI expanded from 21 countries to 35 countries.

SMT operated three integrated manufacturing facilities as of June 30, 2026, in Surat and Hyderabad in India and Nonthaburi in Thailand. The company reported about 33% area utilisation at Hyderabad, compared with about 100% at Surat and Nonthaburi. SMT said the unused Hyderabad area could support additional capacity without significant capital expenditure, subject to its operational plans.

What must continue for SMT overseas sales to remain dominant?

SMT overseas sales will remain the larger revenue component if Europe and RoW continue to grow faster than India while the company maintains regulatory access, tender participation and local sales execution. International revenue increased by Rs 189.973 crore in Fiscal 2026, while India revenue declined by Rs 4.435 crore from Fiscal 2025. This difference produced the 73.87% overseas share in Fiscal 2026; overseas sales represented 76.16% in the three months ended June 30, 2026.

SMT’s disclosed plan is to deepen European penetration, open new TAVI and occluder accounts, participate in tenders and engage clinicians and key opinion leaders. It also intends to use an asset-light distributor-led model in new markets and disclosed recent approvals for certain products in Australia, Taiwan, Canada and Mexico. Further growth therefore depends on product approvals, commercial launches, hospital and clinician acceptance, and procurement outcomes.

Conclusion

SMT’s Fiscal 2026 revenue mix was led by overseas markets, with Europe supplying 38.66% of revenue from operations and international markets collectively contributing 73.87%. The shift reflected international revenue growth from Rs 587.844 crore in Fiscal 2024 to Rs 894.201 crore in Fiscal 2026, alongside a lower India share despite India revenue remaining near Rs 316 crore.

The next measures to watch are whether Europe retains its Fiscal 2026 lead over RoW, how the top 10 countries’ 78.76% share of revenue changes, and progress in the markets where SMT has disclosed product approvals. SMT’s plans for European account expansion, tenders, distributor-led entry and a new aortic valve delivery catheter provide the stated basis for further overseas growth, while execution and regulatory progress remain unresolved.