1. At a Glance
If Indian dentistry had a Flipkart moment, Vasa Denticity Ltd would be the guy shouting “Doctor saab, sab milega yahin!” from the digital rooftop. Listed on NSE SME as Dentalkart, the company today sits at a market cap of ~₹985 crore, trades around ₹568, and commands a P/E of ~72x — which is not cheap unless you believe dentists are about to start printing money faster than RBI presses currency notes.
Latest Q3 FY26 numbers (Dec 2025) show ₹71.5 Cr revenue (+13.8% YoY) but PAT fell 61% YoY to ₹1.56 Cr, turning what should’ve been a smile into a dental X-ray moment. Margins collapsed to 2.56% OPM, while working capital days ballooned to 154 days, basically saying: “Sales toh ho rahi hai, par cash baad mein aayega.”
On the bright side, the company is debt-free, has ROCE of 23%, ROE of 17%, and runs India’s largest dental e-commerce ecosystem with 20,000+ SKUs, 30 owned brands, and 300+ brand tie-ups. On the dark side — valuation assumes execution perfection while recent numbers are… let’s say, cavity-prone.
Curious already? Good. Let’s open the mouth wider.
2. Introduction
Vasa Denticity is what happens when someone looks at the fragmented Indian dental supply market and says, “Why is this still operating like a 1998 stationery shop?” Founded in 2016, the company built Dentalkart, an omni-channel platform selling everything from dental consumables to aligners, implants, lab equipment, and fancy digital dentistry toys.
India has over 3 lakh dental professionals, and historically they’ve dealt with:
- Local distributors
- Delayed supplies
- Limited brand choice
- Zero price transparency
Vasa walked in with:
- Online ordering
- Pan-India delivery
- International
- brands
- Private labels
- Fast logistics
Result? 222,000+ dental professionals served, 76% customer retention, and 1.3 lakh orders in Q3 FY25 alone.
But here’s the thing: e-commerce scale is sexy, but inventory-heavy B2B e-commerce is a working-capital vampire. And FY25–FY26 is when investors started noticing the bite marks.
So is this a long-term platform play temporarily choking on growth? Or is the dental drill hitting the wrong nerve? Let’s dissect.
3. Business Model – WTF Do They Even Do?
Imagine Amazon, but instead of phones and pressure cookers, it sells:
- Dental burs
- Implants
- Endo files
- X-ray sensors
- Chair units
- Lab prosthetics
That’s Vasa Denticity.
How money flows
- Procurement
- Sources from 300+ domestic & global brands
- Also sells 30+ owned private labels, manufactured by third parties
- Warehousing
- Expanded from 100 sq ft (FY17) to 43,900 sq ft (FY25)
- Plans to scale to 80,000 sq ft
- Distribution
- Online portal + mobile app
- Average delivery time 4.5 days
- Customers
- Clinics
- Hospitals
- Dental labs
Revenue mix (Q3 FY25)
- Consumables: 71.5% (high repeat, low margin)
- Equipment: 23.4% (lumpy, better margins)
- Instruments: 5.1%
New vertical: Smile Works Dental Lab
Custom prosthetics + advanced dental solutions.
