SMT’s structural-heart share reached 16.77% in Fiscal 2026

SMT’s structural-heart, or SH, revenue share reached 16.77% in Fiscal 2026, up from 12.26% in Fiscal 2024. SH revenue increased from Rs 11.0543 crore to Rs 20.3062 crore over the period, while wider commercial sales of transcatheter aortic valve implantation, or TAVI, systems and occluders followed the May 2020 acquisitions that added those products.

How did SMT’s structural-heart revenue share change?

SMT’s SH business became a larger part of revenue because SH sales increased faster than revenue from operations. SH devices generated Rs 20.3062 crore, or 16.77% of revenue from operations, in Fiscal 2026, compared with Rs 15.7317 crore, or 15.35%, in Fiscal 2025 and Rs 11.0543 crore, or 12.26%, in Fiscal 2024. SMT’s fiscal year ends on March 31.

The product mix changed across all three categories over the two fiscal years. Vascular intervention, or VI, devices fell from 68.57% of revenue in Fiscal 2024 to 61.14% in Fiscal 2026, although VI revenue rose from Rs 61.8266 crore to Rs 74.0089 crore. The others category, which includes traded goods and SMT-branded renal stents and peripheral drug-coated balloons, increased from 19.17% to 22.09%.

SMT’s revenue from operations rose from Rs 90.1604 crore in Fiscal 2024 to Rs 121.0504 crore in Fiscal 2026, while SH revenue rose by Rs 9.2519 crore. The share movement therefore reflects a faster expansion in SH sales rather than a decline in VI revenue. For the mix shift to continue, SH sales would need to keep rising faster than total revenue, including through commercial launches and market access.

What acquisitions gave SMT access to structural-heart devices?

SMT entered the SH category through its May 2020 acquisitions of Vascular Concepts and Vascular Innovations. The acquisitions added occluders and TAVI systems, expanding SMT beyond VI products such as coronary stents, coronary balloons and drug-coated balloons.

TAVI is a catheter-based procedure for implanting an aortic valve, while occluders are devices used to close specified structural defects or openings in the heart. SMT identifies Hydra as its TAVI brand and Cocoon as its occluder brand. Following the acquisitions, SMT said it improved the Hydra aortic-valve delivery catheter system and developed the patented ADVITY system to improve deliverability.

The SH portfolio also had disclosed clinical evidence as of June 30, 2026. Hydra had four completed clinical trials involving 252 patients and two ongoing trials involving 300 patients, while Cocoon had 26 completed trials involving 7,199 patients and two ongoing trials involving 1,610 patients. Clinical trials do not by themselves determine sales, but the company states that clinical evidence supports regulatory approvals and physician acceptance.

SMT used its existing commercial network to distribute the expanded portfolio. It generated revenue in 77 countries, including India, in Fiscal 2026, compared with 56 countries in Fiscal 2024. The disclosed data do not provide SH revenue by country, so they do not establish how much of the increase from Rs 11.0543 crore to Rs 20.3062 crore came from a particular geography.

How far have TAVI and occluder launches expanded?

SMT expanded the number of countries with commercial sales of both SH product groups between Fiscal 2024 and Fiscal 2026. Occluders had commercial sales in 33 countries in Fiscal 2024, 41 in Fiscal 2025 and 50 in Fiscal 2026. TAVI systems had commercial sales in 21 countries in Fiscal 2024, 27 in Fiscal 2025 and 35 in Fiscal 2026.

That represents an increase of 17 countries for occluders and 14 countries for TAVI between Fiscal 2024 and Fiscal 2026. These measures refer to countries with commercial sales in the respective reporting years, not to regulatory approvals or permanent operations. Separately, SMT reported that Hydra was sold in 23 countries and Cocoon in 40 countries between Fiscal 2024 and June 30, 2026, using a different reporting definition.

SH revenue increased by 42.31% in Fiscal 2025 and 29.08% in Fiscal 2026, reaching Rs 20.3062 crore. In the three months ended June 30, 2026, SH devices generated Rs 5.643 crore, representing 16.05% of Rs 35.1669 crore in revenue from operations. SMT states that the three-month capacity and operating figures are not annualised.

The commercial model combines six direct markets, 20 hybrid markets and 39 distributor-led markets as of June 30, 2026. SMT’s disclosed plan for TAVI and occluders includes opening accounts, participating in tenders, engaging physicians and key opinion leaders, or KOLs, and running TAVI proctorship programmes to train doctors. Sales growth depends on these activities, regulatory access and conversion of market launches into purchases.

What does the new mix mean for SMT’s remaining concentration?

SMT remained primarily dependent on VI devices in Fiscal 2026 despite the increase in SH share. VI devices accounted for Rs 74.0089 crore, or 61.14%, of Fiscal 2026 revenue from operations, compared with SH devices at Rs 20.3062 crore, or 16.77%. The others category contributed Rs 26.7354 crore, or 22.09%, but it includes traded goods as well as SMT’s own renal-stent and peripheral drug-coated-balloon products.

SMT’s Fiscal 2026 revenue was also weighted to international markets. Europe contributed Rs 46.8004 crore, or 38.66%, and rest of world contributed Rs 42.6197 crore, or 35.21%, while India contributed Rs 31.6303 crore, or 26.13%. International revenue consequently represented Rs 89.4201 crore, or 73.87%, of Fiscal 2026 revenue from operations, compared with 65.20% in Fiscal 2024.

Revenue remained concentrated in a limited number of national markets. SMT’s top 10 countries contributed 78.76% of Fiscal 2026 revenue from operations, despite the company generating revenue in 77 countries. Broader TAVI and occluder launches increase product-category coverage, but the disclosed figures show continuing dependence on VI devices and a relatively concentrated group of countries.

Conclusion

SMT’s structural-heart share reached 16.77% in Fiscal 2026 because SH revenue rose from Rs 11.0543 crore in Fiscal 2024 to Rs 20.3062 crore, outpacing growth in total revenue from operations. The change coincided with the May 2020 additions of TAVI and occluder products, and with commercial-sales coverage expanding to 35 countries for TAVI and 50 countries for occluders in Fiscal 2026.

The next measure to watch is whether SMT’s stated plan to deepen TAVI and occluder sales through tenders, new hospital accounts, physician training and distributor-led expansion translates into sustained revenue growth. SMT also says it has developed a next-generation Hydra TAVI, received a manufacturing licence and plans to launch a new aortic-valve delivery catheter, while cautioning that actual results may differ materially from forward-looking statements.