BSE: 542771
Novateor Research Laboratories
Operates in personal care FMCG, with a focus on branded oral care products sold in domestic and international markets. The existing business lies in cosmetics and pharma, and the company is forward-integrating into direct consumer oral care, launching three products in FY26: Smiloshine Herbafresh Toothpaste in 6-gram sachets aimed at the hotel and travel segment, a 100-gram pack of the same toothpaste for the broader FMCG market, and Smiloshine Aligner and Denture Cleaner and Whitener Foam priced at MRP ₹599 for a 71.98 gm pack, targeted at dental aligner and denture users. FY26 revenue from operations was Rs. 382.71 lakhs, up 37.8% from Rs. 277.73 lakhs in the prior year, though profit after tax was nearly flat at Rs. 8.18 lakhs versus Rs. 8.30 lakhs, and operating cash flow was negative at Rs. 8.32 lakhs. Materials are the dominant cost at 73.2% of revenue, followed by employee cost at 18.9% and other opex at 18.0%. The company has also amended its objects clause to enter dental equipment, instruments, consumables trading and chemicals, paints and coatings, signalling a broader diversification beyond oral care within personal and industrial products. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Branded oral care products, Existing cosmetics and pharma business. Small, BSE SME-listed personal care FMCG doing forward integration from cosmetics/pharma into branded consumer oral care
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1 | 1 | 1 | 3 | 4 |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | (0.47) | 0.08 | 0.06 | 0.17 | 0.17 |
| ROE % · ROCE % | — · (3.2) | — · 0.8 | — · 0.8 | — · 1.7 | — · 1.7 |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (1) | (0) | (0) | (1) | (0) |
| Capex | — | — | — | (1) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1 | 0 | 0 | 1 | 1 | 2 | 2 | 1 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | (0) | 0 |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | 0.01 | 0.06 | 0.01 | 0.05 | 0.07 | 0.20 | 0.01 | 0.10 |
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. % |
|---|---|---|---|---|---|---|---|---|
| GODREJ CONSUMER PRODUCTS | 84,107 | 43.9 | 6.65 | 27.4 | 14.7 | 19.0 | 6.6 | 19.8 |
| DABUR INDIA LTD | 63,864 | 32.4 | 5.41 | 21.3 | 15.8 | 19.8 | 6.6 | 24.3 |
| COLGATE PALMOLIVE LTD. | 43,846 | 32.5 | 27.68 | — | 83.7 | 107.1 | — | 31.3 |
| CUPID LIMITED | 42,357 | 115.8 | 93.96 | 280.9 | 24.0 | 30.3 | — | 40.3 |
| GILLETTE INDIA LTD | 23,582 | 35.3 | 24.92 | — | 69.1 | 83.4 | — | 29.8 |
| P&G HYGIENE & HEALTH CARE | 22,332 | 28.2 | 29.64 | — | 113.7 | 134.4 | — | 20.1 |
| EMAMI LIMITED | 16,295 | 21.8 | 5.58 | 15.6 | 26.5 | 28.4 | 5.6 | 23.5 |
| HONASA CONSUMER LIMITED | 14,649 | 50.5 | 10.38 | 46.1 | 14.2 | 16.9 | — | 17.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 113.2 | 35.3 | 13 of 15 | 14% |
| ROCE | 1.0 | 19.4 | 14 of 16 | 13% |
| Revenue growth | 59.7 | 13.4 | 2 of 14 | 92% |
| Market cap | 26 | 9817 | 15 of 16 | 7% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Exclusive 3-year supply deal with Pidilite Industries for oral care products | strategic transactions | high | — | — |
| 15 Oct 2026 · Related party disclosure rules not applicable for H2 FY26 | compliance | minimal | — | — |
| 15 Oct 2026 · Compliance certificate for demat and remat activities for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · 15th AGM: All 5 resolutions passed, including related party deals up to 1 Cr | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Trading window closed from Oct 1 ahead of H1 results | compliance | minimal | — | — |
| 29 Sept 2026 · Registered office shifted to Sanand-II GIDC Industrial Estate from Oct 1, 2026 | general | low | — | — |
| 29 Sept 2026 · 15th AGM proceedings held on September 29, 2026 at registered office | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Novateor Research Labs Annual Report FY26: Revenue up 38%, PAT at 10.12 lakhs | results | high | — | — |
| 5 Sept 2026 · 15th AGM notice on September 29, 2026 with 5 resolutions | board shareholder meetings | low | — | — |
| 3 Sept 2026 · AGM notice: 15th AGM on Sep 29, 2026; cutoff date Sep 25, 2026 | board shareholder meetings | low | — | — |
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.