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1. At a Glance
Laxmi Dental makes crowns, bridges, dentures and clear aligners, which is the replacement and straightening end of dentistry. Revenue for the quarter was ₹74.7 crore, up 13.9% on the same quarter a year earlier. Operating profit was ₹14.36 crore against ₹11.91 crore. Profit after tax came in at ₹10.30 crore against ₹8.39 crore, a move of 22.8%. Earnings per share, the profit attached to each share, was ₹1.87 for the quarter. Management described the revenue line as the highest quarterly level the company has recorded.
For a business built around objects roughly the size of a fingernail, the quarter involved a fair amount of real estate. The board noted a Letter of Intent to buy land at Palghar for ₹6.21 crore, with ₹51 lakh paid as advance. It allotted 59,360 shares under its employee share scheme in August, then another 7,911 a fortnight later.
The segments split cleanly. Laboratory business brought ₹50.28 crore, aligners ₹24.17 crore and other business ₹1.04 crore. Inter-segment revenue of ₹80 lakh is then deducted, the accounting step where a company politely stops selling things to itself.
Within the lab, management put international growth at 37.4% year-on-year and domestic growth near 12% excluding scanners. Aligner Solutions grew 28.6%, with Bizdent at 27.8% and Vedia at 29.3%. Kids-e-Dental, the paediatric arm, grew 54.4%. Scanner sales fell 62% year-on-year to ₹2.2 crore, according to the investor presentation.
2. Introduction
The company dates itself to 1989 rather than to its incorporation. Per its own timeline, Rajesh Khakhar began with a small dental laboratory in that year. Incorporation as Laxmi Dental Export Private Limited followed in July 2004, with exports as the focus. On the call, management cited dentists who placed its crowns thirty-six years ago as evidence of credibility.
The build-out came in bursts. An early export-oriented unit certificate arrived, along with US FDA registration for products manufactured. In 2019 an actress was signed as brand ambassador for Illusion Zirconia. In 2021 came a 60% stake in a jointly controlled entity for paediatric dentistry. In 2023 the Vedia Solutions division followed under the Taglus brand, covering aligner and retainer material, thermoforming machines and biocompatible 3D printing resins. Somewhere in that run the company obtained 510(k) clearance, the US regulator’s permission to sell a medical device.
Listing came on 20 January 2025 and raised ₹698 crore. A fresh issue of ₹138 crore was earmarked for repaying borrowings, investing in a subsidiary, capital expenditure and general corporate purposes.
The eighteen months since have been busy in the way that only a newly listed company with cash can be. In April 2025 the holding in the US subsidiary rose from 55.56% to 71.43%, through an allotment of one million US dollars. The same month, ₹40.91 crore went into Bizdent Devices through a rights issue. July 2025 brought 58% of AI Dent for ₹2.05 crore. In September 2025 the company completed the purchase of 49% of IDBG for ₹1.37 crore. It also took 9% in compulsorily convertible preference shares for ₹62.88 lakh, shares that must later turn into equity. In March 2026 the board approved a scheme to merge Bizdent back into Laxmi Dental, the subsidiary it had spent the previous year funding.
As of 30 June 2026, of ₹128.17 crore of stated IPO uses, ₹77.97 crore had been spent. The remaining ₹50.20 crore sat parked in bank fixed deposits. The company stated it is in the process of obtaining an extension for the utilisation timeline.
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3. Business Model: WTF Do They Even Do?
The company makes teeth. Not the original set, but the replacements, the straighteners, and the small metal caps fitted to a six-year-old’s molar after too much chocolate.
There are three engines. The laboratory business makes custom crowns, bridges and dentures for a dental network in India, and separately for the United States, the United Kingdom and Europe. Every unit is bespoke; human mouths refuse to standardise. Aligner Solutions sells branded clear aligners on a dentist-led prescription, and also the raw materials behind them: branded aligner sheets, automated thermoforming machines and 3D printing resins. It sells the aligner and the machine that makes the aligner. Paediatric Dental Products covers pre-formed crowns and Silver Diamine Fluoride, a fluoride treatment for decay, with a registered design for a semi-flexible tooth-coloured preformed crown.
The company describes itself as India’s only end-to-end integrated dental products company, second-largest in domestic laboratory business and largest export laboratory.
The reach is wide. It counts more than 22,000 dental clinics, dental companies and dentists, across more than 320 cities. Exports go to over 95 countries. Six manufacturing facilities span about 147,000 square feet across Mira Road, Boisar and Kochi. Roughly 2,400 people work there, including a 311-member sales team and a 36-member marketing team. Around 4% of sales typically goes to advertising and promotion, including advertising during the IPL.
The scanner is where the two halves meet. A dentist buys an intraoral scanner for about ₹3 lakh, a device that takes a digital impression of the mouth. It is treated
