Biorad Medisys

Knee/hip implant and orthopaedic device line.

Peripheral and neurovascular intervention device line.

Urology and gastroenterology consumables/equipment line.

Arthroplasty and sports medicine procedures.

Peripheral and neuro-interventional procedures.

Endourology and GI procedures.

Founder Jitendra Hedge's 27+ years in the medical devices industry underpin long-standing personal relationships with hospitals and dealers that continue to support the company's business prospects.

Biorad organizes and participates in specialty medical conferences and workshops in urology and orthopaedics across India and abroad to keep surgeons informed of new developments and maintain ongoing engagement.

Direct and distributor-led sales reach.

Dedicated distribution infrastructure built alongside manufacturing.

Integrated facilities in Pune and Bengaluru.

New facilities in Bengaluru (Indovasive) and Shirwal (Orthovasive).

Multiple patent applications filed.

Regulatory-certified device portfolio enabling export sales.

Second-highest share among domestic manufacturers per ICRA.

Formalized in 2011 per company milestone timeline.

Collaborates with government entities for research.

Core revenue stream is one-time sales of orthopaedic implants (knee/hip) and surgical consumables/equipment for urology and gastroenterology, sold to hospitals via direct and distributor channels.

Revenue grew 56% in FY2024 (to Rs. 359.6 crore) and 55.8% in FY2023 (to Rs. 230.5 crore), part of a 63.1% CAGR from FY2021 to FY2024 driven by volume growth and new product launches.

Around 29% of FY2024 revenue came from exports to developed and other international markets, a growing complement to domestic hospital sales.

Domestic knee-implant prices are capped under the government's NPPA pricing list; for products outside that list, Biorad prices 15-20% below peers to win volume.

Biorad relies heavily on imported raw materials and components, which made up 54.5% of total purchases in FY2024, exposing margins to currency fluctuations.

The company is investing in two new greenfield plants — Bengaluru (for Indovasive) and Shirwal (for Orthovasive) — plus acquisitions to expand its device portfolio.

Biorad carries a wide range of SKUs across multiple device segments, driving high inventory holding (141 days) and receivables (97 debtor days) as of FY2024, which pushes up working-capital intensity.

To fund capex and working capital, Biorad has taken on structured debt (OCDs from Kotak, term loans); a FY2023 loan from DMI Finance was fully repaid in H1 FY2025 along with a sizeable redemption premium.