SMT

Current Performance - Q2 FY27 Revenue rose 24.7% YoY to ₹373 Cr, EBITDA increased 36.6% YoY to ₹65 Cr with margins expanding to 17.6%, and PAT reached ₹26 Cr. - H1 FY27 Revenue reached ₹725 Cr (up 24.9% YoY) and EBITDA stood at ₹114 Cr (up 43.4% YoY). - Net debt stands at ~₹223 Cr (~1x Net debt to EBITDA). Management Guidance & Outlook - Revenue growth guided at mid-to-high teens in constant currency terms for FY27 and FY28. - EBITDA margin expected to expand by 150–200 bps each year, targeting ~20% by FY29 driven by operational leverage. - Working capital cycle targeted to reduce further by 15 days to reach 100–110 days over the next 3 years. Capex - Guided capex of ~₹70 Cr each for FY27 and FY28, primarily directed towards vertical/backward integration, automation, and capacity enhancements. Growth Drivers & Pipeline - Sironity (sirolimus drug-coated balloon) commercialized in India; Hydra Elevate and AVDC 1.5 next-gen launches targeted for Q3/Q4 FY27. - Operating leverage from established direct sales teams across European markets and capacity ramp-up at the Telangana plant.

Management Guidance & Outlook - Revenue growth guided at mid-teens in constant currency terms for FY27 and FY28. - EBITDA margins guided to expand by 150-200 bps annually, targeting ~20% by FY29 driven by operating leverage. - Working capital cycle targeted to improve further by ~15 days over the next 3 years to reach 100-110 days. - Effective tax rate guided to remain in the 32%-35% range over the next 2-3 years. Capex & Capacity - Capex guidance stands at ~₹70 Cr each for FY27 and FY28 (~₹44 Cr incurred in H1 FY27), focusing on vertical integration and automation. - R&D expenses maintained at 9%-10% of revenue with 100% expensed to P&L. Growth Drivers & Pipeline - Sironity drug-coated balloon commercialized in India; next-gen Hydra TAVI and AVDC 1.5 expected to launch in H2 FY27. - Structural Heart expected to outpace Vascular Intervention growth, supported by existing direct sales teams across key European markets.