Integris Medtech IPO

Integris Medtech Limited IPO Strengths

Comprehensive Laboratory Solutions Platform with End-to-End Value Chain

Integris Medtech Limited operates the largest scientific lab solutions platform in Southeast Asia, managing the entire value chain from sourcing and regulatory compliance to logistics, installation, and after-sales support. This integrated approach creates high switching costs for customers, fosters long-term supplier relationships, and generates stable, recurring revenue streams through various service models, including reagent rentals, which convert customer capital expenditure into operational expenses.

Diversified and Innovative Cardiovascular Portfolio

The company offers one of the market’s most comprehensive cardiovascular portfolios, spanning the full spectrum of interventional cardiology, including drug-eluting stents, drug-coated balloons, lithotripsy, and imaging systems. Its “build-partner-operate” strategy, featuring exclusive partnerships with global innovators like Medinol and Shockwave, allows it to introduce cutting-edge technologies, such as the US-FDA approved EluNIR stent, establishing it as a credible competitor to multinational peers.

Global Manufacturing and R&D Capabilities

Integris Medtech Limited possesses a global manufacturing footprint with five facilities across India, Germany, and the Netherlands, producing medical devices across all three risk classes. Its manufacturing is closely integrated with in-house R&D, which has developed proprietary products like the VIVO ISAR polymer-free stent, backed by long-term clinical data. This capability ensures high-quality standards, supply chain resilience, and the agility to adapt to market needs.

Experienced and Seasoned Leadership Team

The company is led by a highly experienced management team and board with an average of over 20 years of industry expertise. The leadership, including professionals from renowned organizations like Terumo and B. Braun, brings multidisciplinary knowledge across R&D, regulatory affairs, manufacturing, and commercial operations, providing strategic direction and execution ability to capitalize on emerging opportunities in the dynamic MedTech sector.

More About Integris Medtech Limited

Integris Medtech Limited is a prominent, diversified global player in the medical technology and laboratory solutions space. Incorporated in 2008, the company has evolved into a significant force, supplying products to over 65 international markets.

Business Divisions

The company’s operations are strategically divided into two core segments:

• Cardiovascular Devices: This division encompasses a wide range of products for interventional cardiology, including drug-eluting stents, drug-coated balloons, complex coronary intervention products, lithotripsy systems, intravascular ultrasound, and vascular access solutions. It markets proprietary brands like Chrome and Protégé.

• Laboratory Solutions: This division provides a complete suite for clinical, research, and industrial laboratories. It offers equipment, reagents, consumables, and vital services such as installation, maintenance, and calibration under its BioCal™ brand, acting as a one-stop-shop for laboratory needs.

Global Footprint and Operations

Integris Medtech operates a network of manufacturing facilities in Dehradun (India), Hechingen (Germany), and Helmond (the Netherlands), in addition to a CE and ISO 13485 certified facility in Chennai for lab instruments. Its extensive customer base includes over 9,500 laboratories and 2,000 hospitals and cathlabs, supported by a vast portfolio of over 22,000 SKUs. The company employs 1,879 people as of June 30, 2025, including a strong force of sales, service, and application specialists.

Growth and Expansion Strategy

The company’s growth has been fueled by a combination of organic initiatives and strategic acquisitions, such as the purchases of Blue Medical Devices and Translumina GmbH, which expanded its cardiovascular capabilities in Europe. Its partnership-driven model, collaborating with global leaders like Medinol, Shockwave, and ACIST, enables rapid technology transfer and market access, solidifying its position as a key player in both developed and emerging markets.

Industry Outlook

The Indian medical devices and laboratory solutions industry is poised for robust growth, driven by rising healthcare expenditure, increasing accessibility, and a growing emphasis on quality healthcare infrastructure.

Market Growth and Drivers

• The Indian medical devices market is expected to grow at a significant CAGR, potentially reaching $50 billion by 2030, from approximately $11 billion in 2022.

• Key growth drivers include a growing and aging population, rising incidences of cardiovascular and lifestyle diseases, increasing health insurance penetration, and government initiatives like the Production-Linked Incentive (PLI) scheme for medical devices.

• The diagnostic and laboratory segment is also expanding rapidly, fueled by rising disposable incomes, a growing focus on preventive healthcare, and technological advancements.

Cardiovascular Devices Segment

• Cardiovascular diseases are a leading cause of mortality in India, creating a substantial and growing demand for interventional devices.

• The market is shifting towards advanced, minimally invasive technologies like drug-eluting stents, drug-coated balloons, and intravascular imaging and physiology devices.

• The “Make in India” initiative is providing a thrust to domestic manufacturing, reducing import dependency and creating opportunities for companies like Integris with local manufacturing capabilities.

Laboratory Solutions Segment

• The Indian in-vitro diagnostics (IVD) and laboratory equipment market is projected to witness a strong double-digit CAGR.

• Demand is being driven by the expansion of hospital chains, growth in standalone diagnostic centers, and increased outsourcing of diagnostic services.

• The post-pandemic era has underscored the need for a robust diagnostic infrastructure, leading to higher investments in laboratory automation, advanced analyzers, and reagents.

How Will Integris Medtech Limited Benefit

• Benefit from the strong underlying demand for medical devices and diagnostics in India and Southeast Asia, driven by demographic and economic trends.

• Capitalize on the government’s push for local manufacturing, leveraging its established domestic production facilities to gain a competitive edge and replace imports.

• Leverage its comprehensive “one-stop-shop” portfolio in both cardiovascular and lab solutions to cross-sell products and increase its share of wallet with hospital and laboratory customers.

• Utilize its strong track record and partnerships to introduce and scale next-generation technologies, such as structural heart devices and digital health solutions, in high-growth emerging markets.

• Exploit its position as the largest lab solutions player in Southeast Asia to consolidate the fragmented market and expand its reach through organic growth and targeted acquisitions.

• Use the IPO proceeds to significantly reduce its debt burden, leading to lower finance costs and an improved bottom line, thereby strengthening its financial profile for future investments.

Peer Group Comparison

Particulars	Face Value (₹)	P/E	Revenue (₹ in million)	EPS (Basic) (₹)	EPS (Diluted) (₹)	RoNW (%)	NAV (₹)
Integris Medtech Limited	1	TBD	19,024.66	5.82	5.73	1.84	316.09
Peer Group
Poly Medicure Limited	5	56.02	16,698.32	34.13	34.11	12.26	278.46
Laxmi Dental Limited	2	53.95	2,391.07	6.07	6.05	16.09	37.71

Key Strategies for Integris Medtech Limited

Platform Strategy: Expand Business Leadership through Innovation and Partnerships

Integris Medtech Limited intends to expand its product portfolio and business leadership by advancing innovation, making strategic investments, and forming high-impact partnerships. The company plans to address portfolio gaps through sustained R&D and collaborations with global technology firms. Its integrated platform-led approach, combining organic expansion with targeted acquisitions, supported by a robust financial position, is designed to capture emerging opportunities in the evolving MedTech landscape, including decentralized healthcare and digital health solutions.

Lab Solutions Strategy: Strengthen Market Reach and Localise Manufacturing

The company’s strategy for its lab solutions business focuses on broadening its product range through internal market research and partnerships with global suppliers. Integris Medtech Limited aims to identify portfolio white spaces and introduce innovative platforms. It is exploring opportunities to expand its local manufacturing footprint, such as the local assembly of analyzers, to enhance supply chain integration and domestic value addition. This will be complemented by digital transformation, e-commerce development, and regionally tailored solutions.

Cardiovascular Devices Strategy: Drive Clinical Impact and Global Expansion

Integris Medtech Limited’s cardiovascular strategy centres on delivering clinical impact and sustainable global expansion through constant portfolio innovation and integrated manufacturing. The company will focus on introducing new technologies, including structural heart devices, and broadening into new treatment areas. Growth will be driven by targeted acquisitions to enhance technological capabilities and rigorous regulatory and clinical assessment for international expansion, ensuring it remains agile and scalable in advancing cardiovascular innovation globally.