G Surgiwear, a three-decade-old Indian medical devices and surgical products manufacturer, has submitted its draft documents to the Securities and Exchange Board of India (SEBI). G. Surgiwear IPO comprises a combination of a fresh issue and an OFS.
Founded in 1990 by Ghanshyam Das Agarwal, G. Surgiwear has steadily evolved from a manufacturer of disposable surgical drapes and hydrocephalus shunt systems into a diversified medical devices company with a strong footprint across consumables and implantable products.
G Surgiwear IPO Details & Structure
G. Surgiwear IPO includes:
- Fresh issue of INR 370 crore.
- Offer for sale of INR 370 crore by promoter selling shareholders, including Ghanshyam Das Agarwal and family entities.
- Total offer size: up to INR 740 crore.
The book-running lead managers to the issue are Motilal Oswal Investment Advisors and Nuvama Wealth Management, while Bigshare Services has been appointed as the registrar to the offer.
Business Overview: Scale, Diversity and Regulatory Depth
G. Surgiwear is engaged in the design, development and manufacture of surgical consumables and implantable medical devices, including disposable drapes, dressings, cranial fixation systems, hydrocephalus shunts, bone graft substitutes and medical apparels. As of 30 September 2025, the company offered 1,628 SKUs across multiple product categories.
A notable differentiator is its exposure to higher regulatory-class products. Several of its offerings fall under Class C and Class D classifications under the Central Drugs Standard Control Organization (CDSCO) framework, which require stricter clinical evaluation and compliance. According to the company, this regulatory capability acts as a barrier to entry for smaller competitors.
The company operates a single, integrated manufacturing facility at Shahjahanpur, Uttar Pradesh, operational since 1998. The facility is WHO-GMP compliant and ISO-certified, and houses in-house R&D, tooling and automation capabilities.
G Surgiwear IPO: Financial Performance
G. Surgiwear’s recent financial performance reflects a sharp improvement in operating leverage and margins.
Revenue from operations increased from INR 150.95 crore in FY23 to INR 223.98 crore in FY25, translating into a CAGR of 21.81%. Growth has been broad-based, with disposable drapes, dressings and andrology & shunt products contributing materially.
More striking, however, has been the surge in profitability:
- EBITDA rose from INR 40.03 crore in FY23 to INR 98.98 crore in FY25, a CAGR of 57.25%.
- EBITDA margin expanded from 26.52% in FY23 to 44.19% in FY25, reportedly the highest among listed peers in India.
- Profit after tax (PAT) jumped from INR 13.54 crore in FY23 to INR 57.95 crore in FY25, implying a CAGR of 106.86%.
- PAT margin stood at 25.77% in FY25.
Return ratios have followed suit, with ROE at 30.30% and ROCE at 29.66% in FY25, underscoring improved capital efficiency.
For the quarter ended 30 June 2025, the company reported revenue of INR 44.61 crore and PAT of INR 5.61 crore, indicating sustained momentum, albeit with seasonally lower capacity utilisation early in the fiscal year.
Product Mix and Market Positioning
Disposable drapes remain the single largest revenue contributor, accounting for nearly 39% of FY25 revenue, followed by disposable dressings (28%) and andrology & shunt products (17%). The diversified mix reduces dependence on any single product category and enables cross-selling across hospital procurement channels.
According to industry data cited in the DRHP, G. Surgiwear held a 21.87% market share in the hydrocephalus shunt segment in India in FY25 and recorded the highest revenue among its domestic peers.
G Surgiwear IPO: Use of Funds
Proceeds from the fresh issue are proposed to be utilised primarily for:
- Capital expenditure of INR 167.22 crore for the purchase of advanced machinery at the Shahjahanpur facility, including 3D metal printing and high-temperature processing equipment for hip, knee and spinal implants.
- Repayment or prepayment of borrowings amounting to INR 93.64 crore, aimed at strengthening the balance sheet.
- General corporate purposes.
Orthopaedics as the Next Growth Engine
A central pillar of the company’s forward strategy is its planned expansion into orthopaedic implants, particularly total hip replacement (THR) and total knee replacement (TKR) systems. Manufacturing approvals for THR and test licences for TKR have already been secured, with pilot production and commercial rollout planned post-capex.
Given the projected growth of the orthopaedic implants market in India—estimated to grow at a 7.6% CAGR through FY30—management believes this vertical could materially enhance scale and export potential over the medium term.
Final Words
G Surgiwear IPO filing presents a mid-sized, profitable medical devices manufacturer transitioning into a higher-value implant-led growth phase. Strong margins, improving return ratios and regulatory depth are clear positives. However, execution on orthopaedic expansion, working capital intensity and sustainability of elevated margins will be key factors investors are likely to scrutinise once valuation details emerge.
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