BSE: 544549
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Government / B2G (61%), B2C Shop-in-Shop (SIS) clinics, B2B. Asset-light hearing-aid manufacturing combined with a tele-audiology services platform
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 54 |
| EBITDA (ex other income) | 8 |
| margin % | 15.5 |
| Owners' profit | 5 |
| EPS, as reported (₹) | 7.98 |
| ROE % · ROCE % | 7.7 · 12.1 |
| Debt / equity (x) | 0.00 |
| Cash from operations | (13) |
| Capex | (5) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q2 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 22 | 32 |
| Profit before tax | 3 | 5 |
| Net profit | — | 3 |
| EPS (₹) | 1.37 | 4.98 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| POLY MEDICURE LIMITED | 14,930 | 47.4 | 4.74 | 27.4 | 10.2 | 12.6 | 19.0 | 30.2 |
| FISCHER MEDICAL VENTURE L | 1,651 | 10.5 | 4.29 | 30.9 | 8.1 | 11.3 | — | 15.5 |
| TARSONS PRODUCTS LIMITED | 1,593 | 143.3 | 2.51 | 13.8 | 2.3 | 2.4 | — | 29.0 |
| LAXMI DENTAL LIMITED | 996 | 32.0 | 4.08 | 21.4 | 11.8 | 11.0 | — | 22.3 |
| Hemant Surgical Industries Lim | 743 | 28.4 | — | — | — | 16.7 | — | — |
| FABTECH TECHNOLOGIES LTD | 566 | 9.2 | 1.35 | 9.1 | 9.1 | 10.7 | — | 9.9 |
| Prevest Denpro Limited | 455 | 15.4 | — | — | — | 21.9 | — | — |
| NURECA LIMITED | 296 | 60.7 | 1.64 | 35.6 | 1.2 | 2.7 | (7.2) | 13.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.8 | 21.0 | 7 of 16 | 60% |
| P/B | 2.5 | 2.5 | 6 of 11 | 50% |
| ROCE | 11.2 | 11.3 | 10 of 17 | 44% |
| ROE | 7.7 | 8.1 | 7 of 11 | 40% |
| Debt / Equity | 0.0 | 0.1 | 1 of 11 | 90% |
| EBITDA margin | 16.7 | 16.7 | 6 of 11 | 50% |
| Market cap | 164 | 164 | 9 of 17 | 50% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Sept 2026 · Trading window closed from October 1, 2026 pending half-yearly results | compliance | minimal | — | — |
| 17 Jul 2026 · 5th AGM results: all 3 resolutions passed with 100% support | board shareholder meetings | low | — | — |
| 17 Jul 2026 · Revised Directors Report submitted for FY25-26 Annual Report | compliance | low | — | — |
| 15 Jul 2026 · Earkart 5th AGM held on 15 Jul 2026; 3 resolutions proposed | board shareholder meetings | medium | — | — |
| 13 Jul 2026 · EARKART files SEBI Reg 74(5) certificate for Q1 FY27 | compliance | minimal | — | — |
| 30 Jun 2026 · Earkart 5th AGM on 15 July 2026 via video conferencing | compliance | minimal | — | — |
| 27 Jun 2026 · Earkart FY26 presentation: revenue up 25%, margins under pressure | investor communications | medium | — | — |
| 23 Jun 2026 · 5th AGM scheduled for 15 July 2026 via video conferencing | board shareholder meetings | low | — | — |
| 22 Jun 2026 · Earkart incorporates 65% UK subsidiary Earkart Health Limited | strategic transactions | medium | — | — |
| 30 May 2026 · Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, and read with schedule III of aforesaid regulations dated 30 January .... | strategic transactions | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.