Medical Equipment/Supplies/Accessories · Founded 1985 · www.raajmedisafeindia.com · BSE 524502 · · ISIN INE548H01015
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Business
Raaj Medisafe India Ltd. is primarily engaged in the manufacturing and trading of medical disposables, medical devices, and healthcare products. Its core business model involves producing a range of essential medical consumables such as hypodermic syringes, needles, IV cannula, blood collection tubes, surgical blades, and surgical gloves. The company also trades certain medical products. It makes money by selling these products to a diverse customer base, including hospitals, clinics, healthcare chains, government institutions, and through a network of distributors across India.
Revenue Mix
The company's revenue is primarily derived from the sale of medical disposables and devices. While specific revenue contribution percentages by segment are not typically disclosed in detail for a company of this size, its product portfolio broadly covers:
Injectables & Infusion: Syringes, needles, IV cannula.
Diagnostic Consumables: Blood collection tubes, urine bags.
Surgical & Wound Care: Surgical blades, surgical gloves, other wound dressings.
Other Hospital Consumables: A range of general-purpose medical accessories.
Industry
Raaj Medisafe operates within the highly competitive Indian medical equipment and supplies industry, specifically focusing on the medical disposables segment. This market is characterized by a mix of large multinational corporations and numerous domestic players. The industry is fragmented, particularly in the consumables sector, with competition often revolving around price, quality, and distribution reach. Raaj Medisafe is positioned as a domestic manufacturer aiming to cater to the growing demand for cost-effective medical supplies, likely competing in the mid-to-lower end of the market for mass-volume products, rather than highly specialized or patented devices.
MOAT
Raaj Medisafe generally operates in a segment with limited strong moats. Medical disposables are often commoditized, leading to intense price competition. Potential advantages, if cultivated, could include:
Cost Efficiency: Ability to manufacture at a lower cost due to operational scale or efficient processes.
Distribution Network: An established and wide distribution network across India can provide better market penetration.
Customer Relationships: Long-standing relationships with hospitals and institutional buyers.
"Make in India" advantage: Potential benefits from government policies promoting domestic manufacturing. However, these are generally not considered durable moats in the classical sense for this product category.
Growth Drivers
Increasing Healthcare Expenditure: Rising public and private spending on healthcare in India.
Expansion of Healthcare Infrastructure: Growth in the number of hospitals, clinics, and diagnostic centers, particularly in tier 2 and tier 3 cities.
Growing Disease Burden & Aging Population: Higher demand for medical interventions and disposables.
Government Initiatives: "Make in India" and schemes promoting domestic manufacturing could benefit local players.
Healthcare Awareness: Increased awareness leading to higher utilization of medical services.
Risks
Intense Competition & Price Pressure: The commoditized nature of many products leads to aggressive pricing from numerous domestic and international players, impacting margins.
Raw Material Price Volatility: Dependence on raw materials like plastics and rubber makes the company vulnerable to price fluctuations.
Regulatory Changes: Evolving medical device regulations, quality standards, and import/export policies can impact operations and compliance costs.
Technological Obsolescence: While less common for basic disposables, new materials or designs could emerge, requiring adaptation.
Inventory Management: Risks associated with managing inventory levels, including potential obsolescence or holding costs.
Dependency on Government Contracts: If a significant portion of revenue comes from government tenders, payment cycles and tender wins can be unpredictable.
Management & Ownership
Raaj Medisafe India Ltd. is a publicly listed company. Information regarding specific promoter names and their shareholding percentages would be available in the company's annual reports and stock exchange filings (e.g., BSE). Typically, promoter families hold a significant stake in such Indian companies, guiding the strategic direction. Management quality, for a company of this size, would hinge on their experience in the medical device manufacturing and distribution sector, their ability to navigate competitive pressures, and their financial stewardship.
Outlook
Raaj Medisafe is positioned in a growing healthcare market. The demand for basic medical disposables in India is expected to rise, driven by healthcare infrastructure expansion and increased health consciousness. The company's focus on domestic manufacturing aligns with governmental priorities. However, the outlook is tempered by the highly competitive and price-sensitive nature of the market. Success will depend on the company's ability to maintain cost efficiencies, expand its distribution network effectively, manage raw material costs, and navigate regulatory landscapes while differentiating itself, even if minimally, in a commoditized product space. Sustained growth will require consistent product quality and strong market penetration against numerous established players.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 11 | 11 | 11 | 15 | 24 | 16 | 18 | 21 | 25 | 29 |
| Other Income | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 11 | 11 | 11 | 15 | 25 | 16 | 19 | 21 | 25 | 30 |
| Total Expenditure | 9 | 9 | 9 | 12 | 21 | 13 | 16 | 17 | 22 | 25 |
| Operating Profit | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 4 | 3 | 4 |
| Interest | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 2 | 1 | 1 | 1 | 2 | 1 | 2 | 2 | 1 | 3 |
| Provision for Tax | 1 | 0 | 0 | 0 | -1 | 0 | 0 | -0 | 5 | 1 |
| Profit After Tax | 1 | 1 | 1 | 1 | 3 | 1 | 2 | 2 | -3 | 2 |
| Adjustments | -0 | 0 | 0 | 0 | 0 | -0 | -0 | -0 | 0 | 0 |
| Profit After Adjustments | 1 | 1 | 1 | 1 | 3 | 1 | 2 | 2 | -3 | 2 |
| Adjusted Earnings Per Share | 0.6 | 0.7 | 0.7 | 0.8 | 2.6 | 1.1 | 1.3 | 1.4 | -2 | 1.2 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 2 | 4 | 4 | 5 | 22 | 32 | 35 | 39 | 43 | 62 | 93 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 0 | 2 | 4 | 4 | 5 | 22 | 32 | 35 | 39 | 43 | 63 | 95 |
| Total Expenditure | 1 | 2 | 4 | 4 | 6 | 20 | 28 | 30 | 33 | 37 | 54 | 80 |
| Operating Profit | -1 | -0 | -0 | -0 | -1 | 2 | 4 | 5 | 6 | 7 | 9 | 14 |
| Interest | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 4 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 2 |
| Exceptional Income / Expenses | -0 | -0 | -0 | 0 | 0 | -0 | -0 | 0 | -0 | 0 | 0 | 0 |
| Profit Before Tax | -1 | -1 | -1 | -1 | -2 | 0 | 3 | 4 | 4 | 4 | 5 | 8 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | -1 | 6 |
| Profit After Tax | -1 | -1 | -1 | -1 | -2 | -0 | 2 | 3 | 3 | 3 | 6 | 3 |
| Adjustments | 0 | 0 | -0 | -0 | 0 | -0 | -0 | 0 | 0 | 0 | -0 | 0 |
| Profit After Adjustments | -1 | -1 | -1 | -1 | -2 | -0 | 2 | 3 | 3 | 3 | 6 | 3 |
| Adjusted Earnings Per Share | -2.4 | -2.2 | -1.7 | -2.8 | -3.2 | -0.6 | 2.1 | 2.8 | 3.1 | 3.1 | 4.7 | 1.9 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 44% | 21% | 23% | 0% |
| Operating Profit CAGR | 29% | 22% | 35% | 0% |
| PAT CAGR | 100% | 26% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 35% | 36% | 20% | 30% |
| ROE Average | 32% | 42% | 48% | 22% |
| ROCE Average | 15% | 20% | 23% | 3% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | -3 | -4 | -5 | -6 | -8 | -1 | 1 | 4 | 7 | 11 | 27 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 7 | 7 | 8 | 8 | 10 | 8 | 9 | 5 | 7 | 14 | 14 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | -0 | 0 | 1 | 1 | 0 | 1 | -1 |
| Total Current Liabilities | 0 | 2 | 3 | 3 | 3 | 7 | 7 | 10 | 11 | 16 | 28 |
| Total Liabilities | 4 | 5 | 6 | 5 | 5 | 14 | 17 | 20 | 26 | 41 | 68 |
| Fixed Assets | 3 | 4 | 3 | 3 | 3 | 7 | 7 | 9 | 9 | 11 | 23 |
| Other Non-Current Assets | 0 | 0 | 1 | 0 | 0 | 0 | 2 | 0 | 2 | 12 | 15 |
| Total Current Assets | 1 | 2 | 2 | 2 | 2 | 6 | 7 | 10 | 15 | 18 | 30 |
| Total Assets | 4 | 5 | 6 | 5 | 5 | 14 | 17 | 20 | 26 | 41 | 68 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | -0 | 0 | -0 | -0 | -1 | -1 | 2 | 2 | 0 | 4 | -0 |
| Cash Flow from Investing Activities | -2 | -1 | -1 | 0 | -0 | -0 | -3 | -1 | -2 | -13 | -16 |
| Cash Flow from Financing Activities | 3 | -0 | 1 | -0 | 1 | 1 | 1 | -1 | 1 | 9 | 17 |
| Net Cash Inflow / Outflow | 0 | -0 | 0 | -0 | -0 | -0 | -0 | 0 | -0 | 0 | 0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -2.37 | -2.15 | -1.66 | -2.85 | -3.18 | -0.58 | 2.11 | 2.76 | 3.05 | 3.05 | 4.65 |
| CEPS(Rs) | -1.87 | -1.68 | -1.11 | -2.22 | -2.57 | 0.77 | 2.76 | 3.43 | 3.74 | 3.82 | 5.75 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | -5.9 | -8.05 | -9.75 | -12.62 | -15.79 | -14.16 | 0.98 | 3.81 | 6.87 | 9.94 | 20.42 |
| Core EBITDA Margin(%) | 0 | -16.76 | -2.03 | -9.8 | -16.52 | 6.86 | 12.65 | 14.44 | 14.53 | 15.3 | 13.65 |
| EBIT Margin(%) | 0 | -29.6 | -7.24 | -16.32 | -17.38 | 5.34 | 10.46 | 12.61 | 12.64 | 13.54 | 11.83 |
| Pre Tax Margin(%) | 0 | -59.08 | -18.65 | -30.46 | -32.67 | 0.08 | 8.14 | 10.58 | 9.77 | 9.92 | 8.42 |
| PAT Margin (%) | 0 | -59.08 | -18.65 | -30.46 | -32.67 | -1.31 | 7.15 | 8.55 | 8.62 | 7.7 | 9.82 |
| Cash Profit Margin (%) | 0 | -45.98 | -12.53 | -23.78 | -26.35 | 1.76 | 9.36 | 10.6 | 10.57 | 9.63 | 12.14 |
| ROA(%) | -33.33 | -22.4 | -15.08 | -26.04 | -30.95 | -3.09 | 15.23 | 16.63 | 14.67 | 9.93 | 11.21 |
| ROE(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 115.41 | 57.21 | 36.32 | 32.48 |
| ROCE(%) | -24.25 | -13.98 | -8.33 | -21 | -24.82 | 16.3 | 27.03 | 28.33 | 24.24 | 19.58 | 15.05 |
| Receivable days | 5621.18 | 63.84 | 41.1 | 47.01 | 59.52 | 45.82 | 54.52 | 53.58 | 58.09 | 62.21 | 71.88 |
| Inventory Days | 4327.33 | 36.4 | 47.39 | 59.76 | 46.17 | 11.92 | 13.58 | 23.98 | 45.92 | 63.61 | 48.55 |
| Payable days | 3205.19 | 301.47 | 235.65 | 243.81 | 173.66 | 39.91 | 27.97 | 12.86 | 8.23 | 9.31 | 20.86 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 6.55 | 14.15 | 7.65 | 17.71 | 15.8 |
| Price/Book(x) | -1.82 | -1 | 0 | 0 | 0 | 0 | 14.04 | 10.27 | 3.4 | 5.44 | 3.6 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 2862.72 | 6.46 | 3.56 | 3.58 | 3.46 | 0.77 | 0.89 | 1.6 | 1.06 | 1.96 | 2.1 |
| EV/Core EBITDA(x) | -22.24 | -39.05 | -367.08 | -31.78 | -21.17 | 9.04 | 6.89 | 10.88 | 7.29 | 12.67 | 14.87 |
| Net Sales Growth(%) | 0 | 0 | 119.06 | 2.29 | 19.11 | 354.37 | 45.92 | 9.08 | 11.32 | 11.98 | 44.33 |
| EBIT Growth(%) | -91.43 | 34.06 | 40.33 | -137.07 | -10.88 | 238.47 | 186.77 | 32.08 | 9.87 | 19.96 | 26.1 |
| PAT Growth(%) | -149.28 | 9.09 | 22.98 | -71.72 | -11.7 | 81.86 | 895.98 | 31.02 | 10.52 | -0.04 | 84.2 |
| EPS Growth(%) | -149.28 | 9.13 | 22.98 | -71.72 | -11.7 | 81.85 | 465.36 | 31.03 | 10.51 | -0.04 | 52.4 |
| Debt/Equity(x) | -2.4 | -1.89 | -1.85 | -1.49 | -1.47 | -1.68 | 12.25 | 3.14 | 2.08 | 2.39 | 1.28 |
| Current Ratio(x) | 2.98 | 0.86 | 0.63 | 0.49 | 0.5 | 0.94 | 1.12 | 1.05 | 1.34 | 1.16 | 1.06 |
| Quick Ratio(x) | 2.78 | 0.71 | 0.31 | 0.3 | 0.33 | 0.81 | 0.89 | 0.73 | 0.76 | 0.63 | 0.77 |
| Interest Cover(x) | -2.23 | -1 | -0.63 | -1.15 | -1.14 | 1.01 | 4.52 | 6.22 | 4.4 | 3.74 | 3.47 |
| Total Debt/Mcap(x) | 1.32 | 1.88 | 0 | 0 | 0 | 0 | 0.87 | 0.3 | 0.61 | 0.44 | 0.36 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 73.45 | 73.44 | 73.44 | 73.44 | 73.44 | 73.8 | 73.8 | 73.8 | 59.08 | 59.08 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 26.55 | 26.56 | 26.56 | 26.56 | 26.56 | 26.2 | 26.2 | 26.2 | 40.92 | 40.92 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.8 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.29 | 0.35 | 0.35 | 0.35 | 0.35 | 0.34 | 0.34 | 0.34 | 0.67 | 0.67 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.09 | 1.32 | 1.32 | 1.32 | 1.32 | 1.31 | 1.31 | 1.31 | 1.64 | 1.64 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +44% | +21% | +23% | — |
| Operating Profit CAGR | +29% | +22% | +35% | — |
| PAT CAGR | +100% | +26% | — | — |
| Share Price CAGR | +35% | +36% | +20% | +30% |
| ROE Average | +32% | +42% | +48% | +22% |
| ROCE Average | +15% | +20% | +23% | +3% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 73.45 | 73.44 | 73.44 | 73.44 | 73.44 | 73.8 | 73.8 | 73.8 | 59.08 | 59.08 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 26.55 | 26.56 | 26.56 | 26.56 | 26.56 | 26.2 | 26.2 | 26.2 | 40.92 | 40.92 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.8 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.29 | 0.35 | 0.35 | 0.35 | 0.35 | 0.34 | 0.34 | 0.34 | 0.67 | 0.67 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.09 | 1.32 | 1.32 | 1.32 | 1.32 | 1.31 | 1.31 | 1.31 | 1.64 | 1.64 |
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