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
| ₹ crore · consolidated | 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) |
| ₹ crore | Q2 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 22 | 32 |
| Profit before tax | 3 | 5 |
| Net profit | — | 3 |
| EPS (₹) | 1.37 | 4.98 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| POLY MEDICURE LIMITED | 17,626 | 55.9 | 5.60 | 32.3 | 10.2 | 12.6 | 19.0 | 30.2 |
| FISCHER MEDICAL VENTURE L | 2,353 | 15.0 | 6.11 | 43.6 | 8.1 | 11.3 | — | 15.5 |
| TARSONS PRODUCTS LIMITED | 1,657 | 149.0 | 2.61 | 14.3 | 2.3 | 2.4 | — | 29.0 |
| LAXMI DENTAL LIMITED | 1,121 | 36.0 | 4.59 | 24.1 | 11.8 | 11.0 | — | 22.3 |
| FABTECH TECHNOLOGIES LTD | 650 | 10.6 | 1.55 | 10.6 | 9.1 | 10.7 | — | 9.9 |
| Hemant Surgical Industries Lim | 613 | 23.4 | — | — | — | 16.7 | — | — |
| Prevest Denpro Limited | 489 | 16.5 | — | — | — | 21.9 | — | — |
| NURECA LIMITED | 318 | 65.2 | 1.76 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 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 | — | — |
| 29 May 2026 · The statutory auditor of the Company, M/s Timsi & Associates, Chartered Accountants, has issued Audit Report with unmodified opinion on the Audited Fiancial Results of the Company for the .... | compliance | minimal | — | — |
| 38.3 |
| 1.2 |
| 2.7 |
| (7.2) |
| 13.0 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 20.0 | 20.0 | 9 of 17 | 50% |
| P/B | 2.7 | 2.7 | 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 | 175 | 175 | 9 of 17 | 50% |
| 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 |
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