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1. At a Glance
Revenue of ₹74.7 crore, up 13.9% year-on-year. Operating Profit ₹14.36 crore against ₹11.91 crore. PAT ₹10.30 crore against ₹8.39 crore, a 22.8% move. EPS ₹1.87 for the quarter. Management described the revenue line as the highest-ever quarterly level.
For a company whose entire business is objects roughly the size of a fingernail, the quarter came with a surprising 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 ESOP shares in August, then another 7,911 a fortnight later, in what is becoming the corporate equivalent of remembering more people at the end of a wedding invite list.
Segment revenue splits the story neatly: Laboratory business ₹502.81 million, Aligners ₹241.69 million, Other business ₹10.43 million, before ₹7.97 million of inter-segment revenue is deducted — the accounting ritual where a company politely stops selling things to itself.
Within the lab, management put international growth at 37.4% year-on-year and domestic lab growth at around 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, per the investor presentation, fell 62% year-on-year to ₹22 million. That single line does a lot of quiet work in the gross-margin table further down.
2. Introduction
The story starts in 1989, not 2004. Per the company’s own timeline, Rajesh Khakhar began with a small dental lab; incorporation as Laxmi Dental Export Private Limited followed in July 2004, with a focus on exports. Thirty-six years of making crowns is the sort of tenure management brings up on calls, and on this one did — citing dentists who placed its crowns thirty-six years ago as evidence of credibility.
The build-out came in bursts. A first EOU certificate and US FDA registration for products manufactured. In 2019, an actress signed as brand ambassador for Illusion Zirconia. In 2021, a 60% stake in a jointly controlled entity for paediatric dentistry. In 2023, the Vedia Solutions division under the Taglus brand — aligner and retainer material, thermoforming machines, biocompatible 3D printing resins. Somewhere in there, 510(k) clearance.
Listing came on January 20, 2025, raising ₹698 crore, with a fresh issue of ₹138 crore 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. April 2025: stake in the US subsidiary raised from 55.56% to 71.43% via a USD 1 million allotment, and ₹40.91 crore into Bizdent Devices through a rights issue at ₹458 a share. July 2025: 58% of AI Dent for ₹2.05 crore. September 2025: completed acquisition of 49% equity in IDBG for ₹1.37 crore plus 9% CCPS for ₹62.88 lakh. March 2026: the board approved a scheme to amalgamate Bizdent back into Laxmi Dental — the subsidiary having been fattened, is now to be reabsorbed, which is either good structure or a very slow-motion boomerang.
As of June 30, 2026, of the ₹1,281.70 million IPO objects, ₹779.72 million had been utilised and ₹501.98 million sat unutilised, 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?
They make teeth. Not the ones you were issued at birth — the replacements, the straighteners, and the small metal caps that go on a six-year-old’s molar after too much chocolate.
Three engines. Laboratory offerings are custom-made crowns, bridges and dentures, manufactured for a dental network in India and separately for the US, UK and Europe. Every single unit is bespoke, because human mouths refuse to standardise. Aligner Solutions covers branded clear aligners sold on a dentist-led prescription, plus — and this is the genuinely unusual bit — the raw materials for aligners: branded aligner sheets, automated thermoforming machines, 3D printing resins. They sell the aligner and the machine that makes the aligner. Paediatric Dental Products is a range of pre-formed crowns and Silver Diamine Fluoride, 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.
Scale: 22,000+ dental clinics, dental companies and dentists; 320+ cities; 95+ export countries; six manufacturing facilities spanning about 147,000 square feet across Mira Road, Boisar and Kochi; roughly 2,400 employees; a 311-member sales team and a 36-member marketing team. Around 4% of sales typically goes to advertising and promotion, which is how a business-to-business-to-consumer crown manufacturer ends up advertising during the IPL.
The distribution model is the point of it all. Sell a dentist a ₹3 lakh intraoral scanner — treated as a traded product at a normal trading margin of 15% to 20% — and the digital impressions from that scanner flow to a Laxmi lab. Management estimated Indian industry scanner adoption at 7%–8% and
