Shree Pacetronix Ltd is one of the few companies in the world that designs and makes implantable cardiac pacemakers - the matchbox-sized devices that keep a faulty heart beating in rhythm - and it is the only manufacturer of these devices in India. Founded in 1988 and operating from a single facility in Pithampur, Madhya Pradesh, the company has spent more than three decades developing entirely indigenous manufacturing technology, crossing over 1,00,000 implants globally along the way. Its recurring approach is to compete against deep-pocketed global giants not on price alone, but by building a full-stack domestic operation - from in-house R&D and manufacturing to direct selling into Indian hospitals - while using government self-reliance policies as a tailwind. # Business segments A single-engine company built around one life-saving device - an indigenous cardiac pacemaker business that designs, manufactures and sells a full range of implantable pulse generators and their accessories into a market otherwise served entirely by foreign multinationals. ## 1. Cardiac pacemakers: India’s only homegrown answer to a foreign-dominated market **The company makes the implantable device that regulates a patient’s heartbeat, sells it directly to hospitals, and has built an installed base of over 1,00,000 implants - all from a single factory using technology it developed itself.** - **One business, one device family** - the company is engaged in only one segment, classified as “Life Saving Devices,” and manufactures single-chamber, dual-chamber and biventricular (cardiac resynchronization) pacemakers that treat conditions like arrhythmias and heart failure. - **Entirely indigenous technology** - no imported technology has been used in manufacturing; the company’s intangible assets include its own technological know-how and product-related technology, each built over a decade of useful life. - **Sold directly to hospitals** - the devices are sold on a business-to-business basis to hospitals, where cardiologists implant them under a patient’s chest; revenue is recognized when control passes, usually on shipment or delivery. - **R&D as the moat** - the company runs an active research programme focused on longer-lasting batteries, remote monitoring, and next-generation leadless and MRI-safe pacemakers, with development costs capitalized once technological feasibility is proven. - **Accessories complete the box** - beyond the pacemaker itself, the company also manufactures and sells pacing leads (the wires that connect the device to the heart) and pacing system analyzers (the tool used during implant to test lead placement). # Group structure and partners **A tightly held promoter group with a near-wholly-owned subsidiary that has a suspended cochlear-implant project, and a recent consolidation of shareholding that brought a long-standing foreign shareholder’s stake back into promoter hands.** - **One dormant subsidiary** - the company holds 99.91% of Shree Coratomic Limited, which had begun a cochlear implant project that has remained suspended for the last two financial years, with cumulative spending of ₹92.63 lakhs. - **One subsidiary** - the company has no joint ventures or associate companies, keeping the structure simple. - **Promoter consolidation** - in March 2026, Promoter & Managing Director Akash Sethi acquired 1,65,355 shares from Bio-Pace Technology Inc, a non-promoter entity that had held 16.62% of the company as of early 2020, via an off-market transfer.