Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
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.
₹67.45
+0.00 · +0.00%
Market cap ₹101 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 09:49 am ISTDetails
Quote21 Oct, 09:49 am IST
Base fundamentals16 Oct 2026 · screener
Latest result16 May, 04:00 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · IT P/E 21.4 (n=204)
Technical timing lens
Trend score and candlestick chart
81Strong BullSMA20 +8.6% / mo · MACD + · sector +18.0pp vs Nifty 500 (3M)
Stock trend: 69
Sector RS: 100
Sector 3M: +13.0% vs Nifty 500 -5.0%
IT FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
AAKAARD candles · FIT view+29.6%Latest close ₹67.45 on 2026-10-19
Bar
-5.0%
RSI
52
MACD hist
0.17
52W pos
49%
2026-10-19O ₹71.00H ₹71.00L ₹67.45C ₹67.45Vol 27,200 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
AAKAARNifty ITNifty 500
- AAKAAR
- -2.2%
- Nifty 500
- -5.6%
- Nifty IT
- +8.1%
- Vs Nifty 500
- +3.3 pp
Chart stats
19 Oct 2026- From 52W high
- -29.7%
- 52W range position
- 43%
- ATR (14)
- 3.1%
- Volume vs 20D
- 3.18x
- Avg traded value
- ₹0.1 Cr
- 20D price channel
- ₹61.1 - ₹73.4
₹96
₹46 - ₹96
₹2.1
Latest completed session
20-session average
39.9% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend supports entry, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE55
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Strong Bull81
Price trend and sector-relative-strength timing.
Valuation
Legacy model+55.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence65
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹41.6 Cr | NDF | +64.5% |
| EBITDA | ₹10.4 Cr | NDF | +4630.4% |
| Operating margin | 25.0% | NDF | +2593 bps |
| PAT | ₹7.4 Cr | NDF | NDF |
| PAT margin | 17.8% | NDF | +2090 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 15.20
- P/B
- 1.84
- EV/EBITDA
- 11.44
- Market Cap
- 101.00Cr
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
- 4.67
- 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
- 57%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 67.0+8.7% vs prev
Net Profit
₹ CrLatest: 6.6+10.1% vs prev
Return on Equity
%Latest: 12.2-53.0% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 52. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~7.9% over last month) — short-term momentum positive.
- RSI(14) at 52 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 25% off 52W high · 47% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
62
RS percentile
Stage 2 UptrendRecent S2
1M return
+7.1%
3M return
-2.2%
6M return
+40.2%
1Y return
-25.1%
RS 1D
-1
RS 20D
+34
Sector rank
#8
Industry rank
#39
Stage evidence
- Price is 7.2% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +1.9%.
50-DMA
price above
200-DMA
price above
S2 entered
28 Sept 2026
S2 age
12 trading sessions
Sector
improving
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
232 observations
19 Oct 2026Value 81.86-4.02%
RS vs Nifty 50082
Valuation & peers
U-Score 55 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 55 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · FAIR VALUEValuation16/30
Growth22/25
Quality11/20
Balance Sheet10/15
Cash Flow1/10
Piotroski
6/9 (+3)
Penalties
-8
Raw sum
55
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
55/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 55.2%.
- Growth contributes 22/25 to the score.
- Balance sheet contributes 10/15 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Valuation is weaker at 16/30; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
PE and EV/EBITDA relative to revenue growth, margins, and cash conversion.
Secondary checks
Deal pipeline, attrition, dollar revenue growth, FCF yield.
Main risk check
Low PE can reflect weak growth or margin pressure.
PE
15.2
PB
1.8
EV/EBITDA
11.4
ROE
17.1%
ROCE
18.5%
FCF Yield
—
Debt/Equity
0.3
MoS
+55.2%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
55
Previous: 55
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+55.2%
Previous: +55.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
56
56
55
55
55
55
54
54
54
54
55
55
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹63.74
-5.8% MoS
Growth-justified P/E
32.1
Growth-justified Value
₹150.55
+55.2% MoS
PEG
0.26
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
HVAX
SME
HVAX Technologies Ltd.
IT Services / Digital
match 121
57
14.7
18.0%
+56%
FAIR VALUE
VIRINCHI
Small
Virinchi Limited
IT Services / Digital
match 118
10
—
-4.7%
—
OVERVALUED
HGM
Small
HandsOn Global Management (HGM) Limited
IT Services / Digital
match 117
8
—
-13.8%
—
OVERVALUED
IKS
Small
Inventurus Knowledge Solutions Limited
IT Services / Digital
match 108
58
38.9
31.4%
-18%
FAIR VALUE
FABTECH
Small
Fabtech Technologies Limited
IT Services / Digital
match 108
61
12.9
12.5%
+69%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-14T07:30:51.352Z
Management commentary snapshot
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.
Current business mix
Revenue by Brand Type (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Imported/Third Party Brands63.0%
Own Brands37.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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).
Management forward view
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.
Thesis monitor
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.
Trust Score
65Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
5 docs text-extracted · 2 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
45th percentile
overall median 67 · IT: 40th pctile, median 69 · SME: 56th pctile, median 64
Evidence depth
Financial-only
5 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
40
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
58
watch · capital discipline
Results
55
watch · quarterly consistency
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.
Continue researching Aakaar Medical Technologies Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
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All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.