1. Company Overview
S3V Vascular Technologies Limited (S3V) is a Mysuru-based Indian medical-device company focused on cardiovascular, neurovascular, critical-care and structural-heart technologies.
The company was incorporated on 9 August 2011 and is an unlisted public company. Its core strategy is to develop and manufacture high-end interventional medical devices in India, with the objective of reducing dependence on imported devices. The company describes its focus as medical devices for the cardiovascular market and R&D in medical applications.
| Particular | Details |
|---|---|
| Company | S3V Vascular Technologies Limited |
| Incorporated | 9 August 2011 |
| CIN | U33112KA2011PLC059915 |
| Status | Unlisted Public Company |
| Registered Office | Hootagalli Industrial Area, Mysuru, Karnataka |
| Industry | Medical Devices / MedTech |
| Core Areas | Cardiovascular, Neurovascular, Critical Care, Structural Heart |
| Authorized Capital | ₹25 Cr |
| Paid-up Capital | ~₹19.18 Cr |
| ISIN | INE0HGT01012 |
| Website | s3vvascular.com |
The company’s FY24 annual report confirms the CIN, registered office and unlisted status.
Official website: S3V Vascular Technologies
2. What Does S3V Vascular Technologies Do?
S3V develops and manufactures medical devices used in minimally invasive cardiovascular and other interventional procedures.
Its product portfolio spans:
- Drug-eluting stents
- Bare-metal stents
- Cobalt-chromium stents
- PTCA balloon catheters
- Aspiration catheters
- Neurovascular devices
- Critical-care devices
- Structural-heart devices
- Spinal implants
- Mechanical thrombectomy systems
Company information identifies products such as 3V Krome cobalt-chromium stent system, 3V Paulo PTCA balloon dilatation catheter and 3V Extra aspiration catheter.
The broader product portfolio also includes self-expanding stents, drug-eluting stents, PTCA catheters and other interventional devices.
3. Product Segments
A. Cardiovascular
Cardiovascular intervention is the company’s traditional core.
Products include:
- Drug-eluting stents
- Bare-metal stents
- Cobalt-chromium stents
- PTCA balloon catheters
- Aspiration catheters
The company has historically focused on bringing locally manufactured alternatives to interventional cardiology products that have traditionally had significant import dependence.
B. Neurovascular
S3V is expanding into neuro-intervention, particularly devices used in the treatment of acute ischemic stroke.
The company is developing:
- Mechanical thrombectomy kits
- Aspiration catheters
- Microcatheters
- Guidewires
- Stent retrievers
The Technology Development Board (TDB) announced financial support for S3V’s integrated manufacturing project for mechanical thrombectomy kits in May 2025.
C. Structural Heart
S3V has also entered the structural-heart segment.
In March 2026, the company unveiled an indigenous balloon-expandable Transcatheter Aortic Valve Replacement (TAVR) system. The device had entered preclinical testing at the time of the announcement, with commercial launch dependent on subsequent testing and regulatory approvals.
D. Spinal Devices
The company has also been developing spinal implants, adding another potential growth vertical beyond vascular intervention.
Its product-development filings have included spinal cages, neurovascular devices and other advanced intervention technologies.
4. Mechanical Thrombectomy – Major Growth Opportunity
One of S3V’s most important current projects is its indigenous mechanical thrombectomy system.
Mechanical thrombectomy is a minimally invasive procedure used to remove blood clots from large blood vessels in patients suffering from certain types of acute ischemic stroke.
In May 2025, India’s Technology Development Board under the Department of Science & Technology announced financial support for S3V’s integrated manufacturing project.
The planned facility at Medical Devices Park, Oragadam, Sriperumbudur, Chennai is intended to manufacture an integrated suite of neuro-intervention products including:
- Microcatheters
- Aspiration catheters
- Guidewires
- Stent retrievers
The company also intends to develop proprietary technologies around clot-retriever heads and advanced aspiration-catheter structures.
This project is strategically significant because it aims to reduce India’s dependence on imported neuro-intervention devices.
5. TAVR – Entry into Structural Heart
In March 2026, S3V announced an indigenous balloon-expandable TAVR system.
TAVR is a minimally invasive alternative to open-heart surgery for patients with severe aortic stenosis.
At the time of the announcement:
- The device had entered preclinical testing.
- Human clinical testing had not yet begun.
- Commercial launch was expected only after clinical and regulatory milestones.
- The company indicated a potential 12–18 month path toward commercial rollout, subject to approvals.
This should therefore be considered a development-stage opportunity rather than an existing commercial revenue stream.
6. Manufacturing Infrastructure
S3V’s FY24 annual report identified three manufacturing locations in Mysuru:
| Facility | Location | Purpose |
|---|---|---|
| Plant 1 | Hootagalli Industrial Area, Mysuru | Manufacturing + Administration |
| Plant 2 | Hebbal Industrial Area, Mysuru | Manufacturing |
| Plant 3 | DIC Layout, Hootagalli, Mysuru | Manufacturing |
The company also had a branch office in Hyderabad.
The planned Chennai medical-device facility represents a move toward greater vertical integration in neuro-intervention manufacturing.
7. R&D Capabilities
R&D is a critical component of S3V’s business model because many of its products require proprietary design, materials science, engineering and regulatory validation.
The FY24 annual report records:
- Revenue R&D expenditure
- Capitalized R&D expenditure
- Hydrophilic coating technology
- Development work on advanced medical catheters
The FY24 report specifically records approximately ₹3.40 crore of capitalized R&D expenditure, along with revenue R&D expenditure.
The company’s product-development filings have included technologies such as:
- Lithotripsy catheters
- Microcatheter-based stent delivery systems
- Clot retrievers
- Aspiration systems
- Hybrid catheters
- High-pressure delivery systems
- Multi-drug coatings
8. Management & Promoter Background
The company is led by the Nagarada Gadde family.
Key management names appearing in company filings include:
- Badari Narayan Nagarada Gadde – Whole-Time Director & CEO
- Dr. Vijaya Gopal Nagaradagadde – Managing Director
- Nagarada Gadde Vishnu Shreyas – Whole-Time Director & CFO
The FY24 annual report identifies these executives as part of the company’s leadership.
Badari Narayan has a long background in India’s medical-device industry, including work on cardiac-stent technologies. Recent company research reports describe more than three decades of experience in the field.
9. Strategic Investors
S3V completed a significant capital raise in 2024.
Reported details include:
| Particular | Details |
|---|---|
| Capital raised | ~₹110 Cr |
| Pre-money valuation | ~₹228 Cr |
| Post-money valuation | ~₹338 Cr |
| Issue price | ₹176/share |
| Main purpose | Debt reduction, working capital & manufacturing expansion |
Reported investors included A.M. Naik/L&T-linked investors, Madhusudan Kela and team, Utpal Sheth and Sumit Jalan.
The company’s filings confirm preferential allotments of convertible preference shares at ₹176 per share in March 2024.
10. Further Capital Raise in 2026
S3V continued raising capital during 2026.
A June 2026 corporate event involved a proposed preferential allotment of approximately 2.09 lakh shares at ₹550 per share, representing approximately ₹11.52 crore.
Other 2026 capital transactions reported by unlisted-market sources include allotments at ₹176 per share.
The continued capital raising appears linked to the company’s expansion and product-development plans.
11. Financial Performance
S3V’s financial performance remains substantially smaller than its technological ambitions.
Standalone Financials
| ₹ Crore | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from Operations | 18.90 | 14.93 | 13.56 |
| Other Income | 0.08 | 0.23 | 2.41 |
| Total Income | 18.98 | 15.15 | 15.97 |
| EBITDA* | ~3.7 | ~2.5 | -0.57 |
| PBT | 0.65 | -3.06 | 0.16 |
| PAT | 0.56 | -3.20 | 0.06 |
| EPS | ₹0.42 | -₹1.66 | ₹0.03 |
*EBITDA figures are based on financial-database presentations.
FY25 revenue from operations declined approximately 9.2% from FY24 to ₹13.56 crore. However, the company moved from a FY24 loss of approximately ₹3.2 crore to a very small FY25 profit of approximately ₹6.4 lakh.
Important Financial Observation
The improvement in PAT should not be interpreted as a major earnings turnaround yet.
FY25 PAT of approximately ₹6.4 lakh on revenue from operations of ₹13.56 crore represents a net margin of only around 0.05%.
The company therefore remains in a stage where new products, capacity expansion and commercialization could have a much greater effect on future financial performance than its current earnings base.
12. FY24 Cash Flow
FY24 was a particularly investment-heavy year.
The audited FY24 annual report shows:
- Operating cash flow: -₹4.84 Cr
- Investing cash flow: -₹10.31 Cr
- Financing cash flow: +₹90.54 Cr
- Year-end cash & cash equivalents: ₹76.97 Cr
The large financing inflow was associated with capital raising, while the company was simultaneously investing in fixed assets and working capital.
This highlights the capital-intensive nature of S3V’s business.
13. Balance Sheet
The FY25 financial database presentation reports:
- Total assets: approximately ₹169.9 Cr
- Book value: approximately ₹73.39/share
- Debt/equity: approximately 0.18x
The balance sheet is therefore materially larger than the company’s current revenue base, reflecting the capital invested in manufacturing, working capital, R&D and expansion.
14. Unlisted Share Price
S3V does not have an NSE/BSE quoted market price.
Unlisted-market platforms currently show materially different indicative prices:
| Source | Indicative Price | Date/Status |
|---|---|---|
| Moneycontrol | ₹539.17 | Current page / indicative |
| UnlistedZone | ₹545 | 14 Sep 2026 |
| InCred Unlisted | ₹575 | 18 Sep 2026 |
| Stockify | ₹430.50 | Recent page |
This illustrates the key characteristic of unlisted securities: there is no single exchange-discovered market price.
Using approximately ₹539–₹575 and the current paid-up share count of around 1.918 crore shares gives a rough implied equity value of approximately ₹1,034–₹1,102 crore.
This should be treated only as an indicative secondary-market valuation, not a confirmed market capitalization.
15. Valuation Context
The valuation has expanded substantially from the 2024 strategic funding round.
In 2024:
₹176/share → approximately ₹338 crore post-money valuation
By September 2026, indicative secondary-market prices around ₹539–₹575 imply an equity value of approximately ₹1,000–1,100 crore.
However, FY25 earnings were only approximately ₹6.4 lakh.
Therefore, the current unlisted valuation is primarily reflecting future growth expectations, intellectual property/product pipeline, strategic investors, manufacturing expansion and potential commercialization of new devices, rather than current earnings.
16. IPO Status
As of the latest information reviewed, S3V Vascular Technologies has not filed a DRHP with SEBI.
Unlisted-market data currently shows:
DRHP: Not filed.
Therefore, investors should distinguish between:
Potential future IPO and formally announced IPO process.
At present, there is no confirmed IPO price band, issue size or listing timetable.
17. Key Growth Drivers
1. Indigenous medical-device manufacturing
India remains significantly dependent on imported high-end medical devices. S3V’s strategy is to manufacture more sophisticated devices domestically.
2. Neurovascular opportunity
The mechanical thrombectomy programme could create a significant new business line if the devices successfully complete regulatory and clinical requirements.
3. Structural-heart devices
The TAVR programme gives S3V exposure to one of the more advanced areas of interventional cardiology, although the device is still in the development/testing phase.
4. Existing cardiovascular portfolio
The company already has experience with stents, PTCA balloons and aspiration catheters.
5. Strategic investor network
The involvement of experienced investors and industrial executives provides access to capital and potentially industry relationships.
6. Government support
TDB/DST support for the thrombectomy manufacturing project is a positive validation of the strategic importance of the technology.
18. Key Risks
1. Very low current profitability
FY25 PAT was only around ₹6.4 lakh, despite total income of nearly ₹16 crore.
2. Revenue decline
Revenue from operations fell from ₹18.9 crore in FY23 to ₹14.93 crore in FY24 and ₹13.56 crore in FY25.
3. Product approval risk
New devices such as thrombectomy systems and TAVR require clinical validation and regulatory approvals before commercial scaling.
4. Capital intensity
Medical-device R&D and manufacturing require substantial upfront investment.
5. Commercialization risk
A technically successful device does not automatically translate into large-scale hospital adoption.
6. Unlisted liquidity
Shares cannot currently be freely traded on NSE/BSE, and actual transaction prices can vary significantly.
7. Valuation vs current earnings
At indicative valuations around ₹1,000+ crore, the company is valued primarily on future potential rather than current profitability.
19. Investment Thesis – What Needs to Go Right
The S3V story is primarily a future-growth / product-commercialization story.
For the company’s valuation to be supported over the long term, several developments would need to occur:
Existing cardiovascular products
↓
Neurovascular products commercialized
↓
Mechanical thrombectomy adoption
↓
TAVR / structural-heart approvals
↓
International regulatory approvals
↓
Manufacturing scale-up
↓
Revenue growth + sustainable profitability
The current financial statements do not yet demonstrate this complete cycle.
20. UnlistedCart Takeaway
S3V Vascular Technologies is an emerging Indian MedTech company attempting to move from conventional cardiovascular devices into higher-value neurovascular and structural-heart technologies.
The company’s strongest differentiator is its focus on indigenous medical-device development, with projects spanning stents, catheters, mechanical thrombectomy, spinal implants and TAVR. Government support for its thrombectomy manufacturing project and the launch of an indigenous TAVR prototype in 2026 are important recent developments.
However, the financial profile is still early-stage: FY25 revenue from operations was approximately ₹13.56 crore, while PAT was only approximately ₹6.4 lakh.
The key issue for an unlisted investor is therefore the large gap between current earnings and the valuation implied by secondary-market prices. Indicative prices around ₹539–₹575 imply an equity value of roughly ₹1,000–1,100 crore, while the company has not yet demonstrated earnings at a scale that would independently support that valuation.
The future investment case depends heavily on successful regulatory approvals, commercialization of neurovascular and structural-heart products, manufacturing scale-up, international expansion and a substantial improvement in revenue and profitability.
Key Sources
- S3V Vascular Technologies – Official Website
- S3V FY2023–24 Annual Report
- Technology Development Board – S3V Thrombectomy Project
- Moneycontrol – S3V TAVR Development
- Moneycontrol – S3V Unlisted Share Information
- Tofler – S3V Vascular Technologies
Disclaimer: This report is for informational and educational purposes only and should not be treated as investment advice. S3V Vascular Technologies is unlisted, and secondary-market prices are indicative rather than exchange-traded prices. The company’s future performance depends on regulatory approvals, clinical validation, commercialization and manufacturing scale-up. Investors should independently verify the latest audited financials, capital structure, regulatory status and transaction terms before investing.
For more such unlisted stocks visit UnlistedCart – Unlisted Shares
