EARKART LIMITED

Manufactures behind-the-ear (BTE) hearing aids and runs a remote audiology platform built around a patented diagnostic device called 'Omni', which sits at partner ENT clinics and links back to audiologists at the company's command centre for tests and fittings. Around 85–90% of revenue comes from own-manufactured products, with sales split across three channels — government (61% of FY26 revenue per the company's investor presentation), B2B, and a B2C Shop-in-Shop (SIS) clinic model in Tier 2/3 cities. Gross margins and average selling prices differ sharply by channel: 35–37% gross margin at Rs 1,700–2,800 ASP for government sales, 40–45% for B2B, and 65–70% at Rs 15,000 ASP for the SIS channel. Around 80 Omni installations are live today, with a stated target of 1,500 SIS clinics within three years, implying capex of about Rs 3 lakh per clinic and a gross outlay of roughly Rs 45 crore over the period. The company listed on BSE SME in October 2025 after raising Rs 44.7 crore through an IPO, has set up a wholly-owned US subsidiary (Earkart Inc.) and a 65% UK subsidiary (Earkart Health Limited), and is moving into pharmaceuticals with planned WOS for pharma manufacturing and healthcare services. The single largest cost is raw materials at 43.7% of revenue, followed by employee costs at 11.0% and other operating expenses at 12.6%.