Transcript of Earnings Call held on 9th December'' 2025
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Earkart Limited, a Noida-based hearing aid and hearing technology company that listed on BSE in 2025, reported H1FY26 turnover of Rs 22 crore (down 5% YoY) due to deferral of 4 government tenders to H2. EBITDA stood at Rs 3 crore with 14% margin, lower than last year due to fixed costs on a smaller revenue base, while PAT was Rs 1.85 crore (8.32%). Revenue mix shifted from 69:31 government-private last year to 45:55 this year, with private sector growing over 25% YoY. The company has already secured ~Rs 9 crore from reopened tenders and expects 2-3 more, which should drive H2 recovery. Management guided for 25% YoY growth this fiscal, 20-30% sustainable EBITDA margins, a 5-year target of Rs 300 crore turnover, and expanding OMNI device installations from 58 currently to 110 by year-end and 500 by 2028.
Near-term: H1 results were weak on margins and revenue, but management clearly attributes this to timing of government order recognition, with strong pipeline visibility for H2. Long-term: Multi-year targets (Rs 300 cr in 5 years, 500 OMNI installations by 2028) and patented OMNI device with no global competition provide a positive growth story. Investors should watch H2 execution and receivable days improvement (currently 160, targeting ~120 by March) as key triggers.