Aakaar Medical Technologies Ltd. (AAKAAR)
SME CapIT stocks · SME cap · NSE
India's 1st Medical Aesthetic Company, NSE listed. Aakaar invests in & builds the future of medical aesthetics, offering comprehensive products, devices & device consumables for professional in-clinic & at-home use. Operates on a B2B2C model, distributing international and own brands across India.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 30/100YoY data unavailable — classification deferred
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹41.6 Cr | NDF | +64.5% |
| EBITDA | ₹10.4 Cr | +24.8% | +4630.4% |
| Operating margin | 25.0% | +37 bps | +2593 bps |
| PAT | ₹7.4 Cr | NDF | NDF |
| PAT margin | 17.8% | +138 bps | +2090 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 Revenue up 8.6% YoY to INR 67 Cr, EBITDA up 12% YoY to INR 11 Cr with margin uptick to 16.39%. PAT grew 10% YoY to INR 6.63 Cr, margin at 9.86%. H2FY26 saw significant turnaround after H1 tightening.
Management successfully executed a strategic shift in H2FY26, tightening credit and focusing on high-margin SKUs, leading to a strong rebound in profitability. The new Xelix platform and upcoming product launches could provide further growth, but execution on distribution changes and new launches is key.
Revenue by Brand Type (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Owned Brands & Product Mix
Transition to Owned brands (37% of revenue) builds margins and defensibility. Phasing out low-margin products for high-margin SKUs.
Xelix Platform
India's first doctor-owned, doctor-operated medical aesthetics platform, leveraging Aakaar's 6300+ doctor network and B2B supply chain.
New Product Launches
Launching high-growth brands like LETYBO (neuro modulator), SAYPHA (dermal filler), VM Corp (regenerative suite), and XOMAGE (plant exosomes.
Expanding Customer Base & Reach
Customers expanded by 20% to 6300+ in FY26 YoY. Expanding in tier 2-3 cities and strengthening doctor skills through workshops.
Asset-Light Manufacturing
Partnered with leading CRDMOs for manufacturing to focus on formulation and marketing, outsourcing capital intensive activities.
Distribution Network Shift
Moving to 90%+ sales through stockists in FY26-27 for robust logistics, <24 hour delivery, and better trade receivables.
Growing Medical Aesthetics Market
India's medical aesthetics market is large, fast-growing, and deeply underserved, with organized players holding less than 5% share.
Favorable USD/EUR Exchange Rate
Favourable USD/EUR (USD ~2.2% weaker) aided procurement economics in H2FY26.
Tightened Credit Terms (H1FY26)
Intentionally tightened credit terms in H1FY26 for long-term cash flow & working capital discipline, impacting H1 sales.
Business Development & Operating Expenses (H1FY26)
H1FY26 loaded business development cost, operating expenses & one-off investments.
Geopolitical & Conversion Uncertainty (H1FY26)
Stock piling due to war-related uncertainty and conversion from private to public company in H1FY26.
Execution Risk of New Distribution Model
Moving to 90%+ sales through stockists in FY26-27. This shift needs to ensure robust logistic supply chain and trade receivables betterment.
Reliance on Imported Brands
Imported/Third Party Brands contribute 63% of FY26 revenue, exposing the company to currency fluctuations and supply chain risks.
Regulatory Compliance for New Products
Imported products have a 10-month regulatory compliance timeline, which can delay launches.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison provides a view of overall annual growth and long-term trends. QoQ (H1 vs H2) is crucial to understand the impact of management's strategic shift in credit terms and product mix, which significantly improved H2 profitability after a weak H1.
Revenue from operations
PositiveINR 66.9 Cr in FY26, up from INR 61.6 Cr in FY25 (8.6% YoY).
EBITDA Margin
Positive16.39% in FY26, up from 15.97% in FY25 (42 bps uptick YoY). H2FY26 margin was 26.32% vs H1FY26 0.07%.
PAT Margin
Positive9.86% in FY26, up from 9.7% in FY25 (16 bps uptick YoY). H2FY26 margin was 17.7% vs H1FY26 -3.1%.
Customers
Positive6300+ customers in FY26, up from 5236 in FY25 (20% YoY expansion).
Cash-First Billing & Broader Customer Base
Focus has been shifted to cash-first billing, a broader customer base, and a long-term order pipeline.
Leaner Operations & Higher Profitability
Low-margin products are being phased out in favor of high-margin SKUs, a deliberate move toward leaner operations and sustained PAT improvement.
Xelix Expansion Plan
Plan to expand Xelix from 18 clinics in FY26 to 75 clinics in FY27 and 300 clinics in the future, starting with hair, then skin and body aesthetics.
Consistent Product Launches
Aakaar maintains a consistent product launch pipeline, with both in-house and imported products.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Debtor Days | 167 days (Mar-26) | Sustained reduction towards industry best practices, indicating effective working capital management. |
| Xelix Clinic Expansion | 18 clinics (FY26) | Progress towards 75 clinics in FY27 and 300 clinics in the future, validating the DODO model scalability. |
| Owned Brands Revenue Share | 37% (FY26) | Increasing share of owned brands, indicating margin expansion and defensibility. |
| H2FY26 Profitability Momentum | H2 PAT margin 17.7% | Maintenance or improvement of H2FY26 profitability metrics in subsequent periods, confirming the strategic shift's effectiveness. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -12.7% / mo · MACD +
Technical chart
AAKAARdaily · 1Y · AUTO+2.7%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 50.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~14.6% over last month) — short-term momentum negative.
- RSI(14) at 50 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 35% off 52W high · 36% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 62 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 62 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 60.5%.
- Growth contributes 22/25 to the score.
- Balance sheet contributes 11/15 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Quality is weaker at 11/20; verify the latest quarterly trend.
IT valuation: PE and EV/EBITDA against growth and margins
Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 45th percentile of the scored universe and 40th percentile within IT. Main check: cash conversion is weak at 40/100.
Healthy Trust Lite: Promoter holding is 67.1%. Key concern: Operating cash flow is negative at ₹-8 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · IT: 40th pctile, median 69 · SME: 56th pctile, median 64
5 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 67.1%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Operating cash flow is negative at ₹-8 Cr.
- ▸ROCE trend is -4.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 11.90
- P/B
- 1.44
- EV/EBITDA
- 9.32
- Market Cap
- 78.90Cr
Profitability
- ROE
- 17.10%
- ROCE
- 18.50%
- ROA
- 8.36%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 40.00%
- EPS 5Y
- 65.00%
- Revenue 3Y
- 27.00%
- EPS 3Y
- 46.00%
Balance Sheet
- Debt/Equity
- 0.34
- Interest Coverage
- 5.73×
- Altman Z
- 4.13
- Book Value
- 38.50
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -8.36 Cr
- EPS TTM
- 4.69
Shareholding
- Promoter Hold
- 67.05%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 19%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in IT, ranked by similarity
Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.