S3V Vascular Technologies Ltd

Indicative price history

Key highlights

• Audited FY25: revenue ₹13.56 Cr, PAT ₹0.06 Cr (FY24 loss ₹3.20 Cr); net worth ₹140.8 Cr, borrowings ₹18.3 Cr.
• 1.36 Cr equity shares plus 0.56 Cr CCPS; promoters 36.35% of equity, L&T Welfare Company 7.41%, Mahima Stocks 5.63%.
• UnlistedZone ₹545 (21 Jul 2026, lot 500, 52w ₹350–₹565) — about ₹740 Cr equity value, ₹1,045 Cr diluted.
• FY25 auditors' disclaimer on internal financial controls; fixed assets doubled to ₹70 Cr as cash fell to ₹9 Cr.

About S3V Vascular

S3V Vascular Technologies Limited designs and manufactures minimally invasive vascular devices at its plant in the Hebbal Industrial Area of Mysuru, Karnataka: PTCA and peripheral balloon catheters, guide and diagnostic catheters, neuro-intervention catheters used in mechanical thrombectomy for brain stroke, and critical-care catheters. The FY25 directors' report says in-house PTFE extrusion, micro-thermoplastic extrusion and laser welding have been integrated into catheter manufacture, that the company has cut the hardware cost of a mechanical-thrombectomy procedure by about 70%, and that it has built capability for electronics-based catheters such as laser, FFR, IVUS, OCT and shockwave balloon catheters. Hydrophilic-coating technology was imported in 2018 and is fully absorbed. The company operates as a single segment and has no subsidiary or associate.

The company was incorporated in Karnataka in 2011 (CIN U33112KA2011PLC059915, RoC Bangalore) by the Nagarada Gadde family and converted from a private to a public limited company ahead of a wider shareholder base. Badari Narayan Nagarada Gadde (DIN 00569510) is Chairman, Whole-time Director and CEO, Vijaya Gopal Nagarada Gadde (DIN 03490341) is Managing Director and Vishnu Shreyas Nagarada Gadde (DIN 06949149) is Whole-time Director and CFO. The board of ten also has three independent directors and a nominee director (Dip Kishore Sen). Promoters hold 36.35% of the equity (69,72,141 shares); L&T Welfare Company Limited holds 7.41% and Mahima Stocks Private Limited 5.63%. The paid-up capital of ₹19.18 Cr comprises 1,35,89,284 equity shares and 55,89,306 0.01% non-cumulative compulsorily convertible preference shares (CCPS), each of ₹10 and each CCPS convertible into one equity share.

Audited FY25 accounts (M S K C & Associates LLP, signed 15 October 2025): revenue from operations fell to ₹13.56 Cr from ₹14.93 Cr, but contribution margins improved through downstream integration. Total income was ₹15.97 Cr including ₹2.41 Cr of other income (mostly interest on deposits). Expenses of ₹16.63 Cr included materials ₹10.33 Cr net of a ₹6.97 Cr inventory build, employee cost ₹4.75 Cr, finance cost ₹1.16 Cr (down from ₹3.68 Cr) and depreciation ₹1.39 Cr. The loss before a prior-period item was ₹0.66 Cr; a ₹0.82 Cr prior-period credit took profit before tax to ₹0.16 Cr and profit after tax to ₹0.06 Cr (EPS ₹0.05), against a net loss of ₹3.20 Cr in FY24. The board noted the profit arose mainly from prior-period adjustments and declared no dividend. Net worth was ₹140.81 Cr (share capital ₹19.18 Cr, reserves ₹121.63 Cr); borrowings fell to ₹18.29 Cr (₹2.80 Cr long-term, including a Technology Development Board term loan, and ₹15.49 Cr short-term) from ₹25.30 Cr. Property, plant and equipment more than doubled to ₹53.44 Cr with capital work-in-progress and intangibles under development of ₹16.48 Cr, financed by drawing cash and bank balances down from ₹56.54 Cr to ₹9.17 Cr: operating cash flow was -₹6.43 Cr, investing -₹31.14 Cr and financing -₹9.80 Cr. Capitalised R&D was ₹6.18 Cr.

Points for a buyer: the statutory auditors issued a disclaimer of opinion on internal financial controls over financial reporting for FY25, citing missing documentation of control design and testing and no formal risk-control matrix; management has begun a COSO-aligned remediation plan monitored by the audit committee. Quarterly stock and receivable statements filed with the bank differed slightly from the books. Receivables of ₹42.18 Cr are more than three times annual revenue, and inventories rose to ₹18.71 Cr, so working capital is tying up cash while the company expands capacity. Related-party remuneration goes to four Gadde family members, and the company took small unsecured loans from directors during the year.

At the UnlistedZone indicative rate of ₹545 (as of 21 July 2026; lot 500; 52-week range ₹350–₹565) the 1.36 Cr equity shares are worth about ₹740 Cr, or roughly ₹1,045 Cr on a fully diluted basis counting the 0.56 Cr CCPS. That is about 5.3x book value (7.4x diluted) and more than 50x FY25 revenue; the P/E is not meaningful on ₹0.06 Cr of profit. Other dealers quote in the same zone — SharesCart ₹545, wwipl last traded ₹543, IPO Guru ₹565 (29 June 2026) — so the market is pricing the stroke-device pipeline and capacity build rather than current earnings. UnlistedZone's own blog calls the company a future global med-tech champion; treat that as dealer marketing.

Verification status (10 Oct 2026): CIN, capital structure, share count, directors with DINs, shareholding above 5%, FY24 and FY25 profit and loss, balance sheet and FY25 cash flow are taken from the audited FY25 annual report downloaded for this profile. FY24 investing and financing cash flows are estimates (the text layer of the scanned statement was incomplete). The incorporation day, registered-office plot number, headcount, last AGM date and the registrar/RTA were not verified. The rate, lot and 52-week range are UnlistedZone's indicative figures from search snippets (the site is blocked from this sandbox) cross-checked against SharesCart, wwipl and IPO Guru.

Where the revenue comes from

• Cardiac and peripheral catheters and balloons60%

  PTCA and peripheral balloon, guide and diagnostic catheters (share estimated; the company reports a single segment)

• Neuro-intervention and stroke devices25%

  Mechanical-thrombectomy and neuro catheters (share estimated)

• Critical-care catheters and other15%

  Critical-care catheters and accessories (share estimated)

Products & services