Saakshi Medtech & Panels Limited (SMTPL) was originally incorporated as Saakshi Machine and Tools Private Limited on March 25, 2009. It later took over the business of M/s Supreme Industry and was renamed Saakshi Medtech and Panels Private Limited on March 16, 2023. Founded in 2001 by Mr. Vijay Latkar, a technocrat and former General Electric employee, SMTPL operates as a specialized manufacturer across multiple industrial sectors, leveraging extensive experience in engineering and manufacturing.
Operating from three locations within Pune's Industrial Zone, SMTPL is structured into three distinct business verticals: Medical, Electrical, and Mechanical. The company's strength lies in its multi-disciplinary teams encompassing marketing, engineering, procurement, logistics, quality, and testing, enabling it to deliver comprehensive, customer-centric solutions.
Saakshi Medtech and Panels Ltd is engaged in the manufacturing of electrical control panels and cabinets, medical X-ray systems, and fabrication solutions. Its product portfolio spans across multiple high-growth sectors, positioning it as a diversified manufacturing player.
This primary business segment focuses on the design and manufacturing of electrical control panels and cabinets. Solutions include design, process engineering, manufacturing, fabrication, assembly, and testing. These products are applied in sectors such as elevators, renewable energy systems, oil and gas exploration, and electric vehicle charging infrastructure.
SMTPL manufactures Medical X-ray Systems for the healthcare industry. These systems, manufactured and assembled by the company, comprise X-radiation machines, imaging systems, generators, and mechanical components. This division signifies the company's entry into the healthcare sector, addressing the growing demand for medical imaging equipment in India.
The company also provides fabrication works for locomotives and operates a wire harness division. This division serves both for captive consumption in electrical control panels and for external supply to the air compressor industry, offering internal supply chain support and external revenue generation.
SMTPL caters to Original Equipment Manufacturers (OEMs) across diverse segments, including Oil & Gas, Aviation, Renewables, Healthcare, and Locomotives. The company has established itself as a reliable supplier in these markets. Notably, it has a long-term supply agreement with OTIS Elevator Company (India) Ltd for electrical control panels. It also supplies SCADA systems and panels to various industries.
However, the company exhibits significant customer concentration. In fiscal years 2020, 2021, and 2022, its top five customers accounted for 86.46%, 90.57%, and 90.45% of its revenue, respectively. This concentration increased to 93.54% for the year ending December 31, 2022.
Saakshi Medtech and Panels operates three manufacturing facilities spanning approximately 9,600 sq mtr in Pune, Maharashtra. The company adheres to high-quality standards, evidenced by its global certifications, including:
- ISO 9001:2015
- ISO 13485:2016
- ISO 14001:2015
- ISO 45001-2018
- AS 9100D
These certifications underscore SMTPL's commitment to quality management, medical device standards, environmental management, occupational health and safety, and aerospace quality management.
As of January 2025, Saakshi Medtech & Panels Ltd has a market capitalization of ₹383 crore. The company's financial metrics indicate mixed performance trends, with recent reported revenue of ₹92.4 Cr and Profit of ₹4.71 Cr. While consistently reporting profits, the company has not paid dividends.
Key Financial Highlights:
- Sales Growth: Poor sales growth of 8.57% over the past five years.
- Debtor Days: Increased from 69.0 to 86.4 days.
- Promoter Holding: 73.6% as of September 2024.
Saakshi Medtech And Panels Limited informed the Exchange about a Board meeting held on November 13, 2024. The company maintains regular corporate governance practices and stakeholder communications.
The company went public through an IPO in September 2023. The subscription period ran from September 25 to September 27, 2023. The IPO was a fresh issue of ₹45.16 crore, with a price range set between ₹92 to ₹97 per share.
SMTPL operates in sectors influenced by significant regulatory and policy shifts. Compliance is a critical concern, particularly in the healthcare sector, with the introduction of the 2023 National Medical Device Policy. This policy aims to foster a competitive, self-reliant, and innovative medical device industry in India, serving both domestic and global needs.
The Indian medical device industry is experiencing steady growth, reflected in the performance of relevant indices. Saakshi Medtech's IPO occurred during a period of anticipated continued industry growth, presenting a favourable market environment for the company.
Registered Office:
Plot # EL-23 J Block MIDC, Industrial Area Bhosari, Pune, Maharashtra-411026.
This strategic location within a key industrial hub provides access to a skilled workforce, robust supply chain networks, and proximity to major customers across various sectors.
