Annual reportSep 2026
Sep 2026 · Copy of Newspaper Publication 3 Sep - AGM notice and annual report dispatched on September 2, 2026; advertisement published in Financial Express and Jansatta on September 3.
Source: Nse
Osel Devices Ltd. (OSELDEVICE)
SME CapPharma stocks · SME cap · NSE
Osel Devices Ltd. is an Indian electronics and medtech manufacturer, incorporated in 2006. It operates in LED displays, hearing aids, and Philips-branded mobile devices, covering design-to-delivery with in-house R&D and manufacturing in Greater Noida. It aims to be a brand-building, retail-capable, globally competitive platform.
₹337.2
-9.25 · -2.67%
Market cap ₹616 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result01 Jun, 07:47 pm IST
Score22 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
51Neutralfull bear SMA stack · SMA20 -2.2% / mo · MACD − · near 52W low · sector +4.9pp vs Nifty 500 (3M)
Stock trend: 18
Sector RS: 100
Sector 3M: -0.7% vs Nifty 500 -5.6%
Pharma FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
OSELDEVICED candles · FIT view-40.2%Latest close ₹337.20 on 2026-10-21
Bar
-3.5%
RSI
35
MACD hist
-2.84
52W pos
3%
2026-10-21O ₹349.45H ₹349.50L ₹321.65C ₹337.20Vol 48,800 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
OSELDEVICENifty PharmaNifty 500
- OSELDEVICE
- -24.8%
- Nifty 500
- -6.5%
- Nifty Pharma
- -2.0%
- Vs Nifty 500
- -18.4 pp
Chart stats
21 Oct 2026- From 52W high
- -59.6%
- 52W range position
- 3%
- ATR (14)
- 5.5%
- Volume vs 20D
- 1.99x
- Avg traded value
- ₹0.9 Cr
- 20D price channel
- ₹321.7 - ₹411
₹835
₹321.7 - ₹835
₹18.5
Latest completed session
20-session average
56.7% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, 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 · UNDERVALUED60
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Neutral51
Price trend and sector-relative-strength timing.
Valuation
Legacy model+54.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence66
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 | ₹146 Cr | NDF | +47.5% |
| EBITDA | ₹29 Cr | NDF | +16.0% |
| Operating margin | 20.0% | NDF | +300 bps |
| PAT | ₹14 Cr | NDF | +16.7% |
| PAT margin | 9.6% | NDF | -61 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 21.10
- P/B
- 3.01
- EV/EBITDA
- 13.15
- Market Cap
- 616.00Cr
Profitability
- ROE
- 18.70%
- ROCE
- 23.40%
- ROA
- 8.12%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 57.53%
- EPS 5Y
- 45.00%
- Revenue 3Y
- 57.53%
- EPS 3Y
- 45.00%
Balance Sheet
- Debt/Equity
- 0.46
- Interest Coverage
- 5.30×
- Altman Z
- 4.66
- Book Value
- 115.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -23.00 Cr
- EPS TTM
- 16.51
Shareholding
- Promoter Hold
- 64.84%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 1%
Financial History
Updated 22/10/2026
Revenue
₹ CrLatest: 293+57.5% vs prev
Net Profit
₹ CrLatest: 29.0+45.0% vs prev
Return on Equity
%Latest: 14.2-23.2% 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
Bearish setupTrend is weak — long-term trend down. RSI 35.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~2.3% over last month) — short-term momentum negative.
- RSI(14) at 35 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
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
7
RS percentile
Stage 4 Downtrend
1M return
-3.9%
3M return
-24.8%
6M return
-40.0%
1Y return
-45.1%
RS 1D
-1
RS 20D
+2
Sector rank
#1
Industry rank
#5
Stage evidence
- Price is 26.5% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.6%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 57.94-1.76%
RS vs Nifty 50058
Valuation & peers
U-Score 60 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 60 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · UNDERVALUEDValuation13/30
Growth21/25
Quality13/20
Balance Sheet9/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
1
Raw sum
60
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
60/100 · legacy band UNDERVALUED
Positive drivers
- Fair-value margin of safety is positive at 54.6%.
- Growth contributes 21/25 to the score.
- Quality contributes 13/20 to the score.
Main drags
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Valuation is weaker at 13/30; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
21.1
PB
3.0
EV/EBITDA
13.2
ROE
18.7%
ROCE
23.4%
FCF Yield
—
Debt/Equity
0.5
MoS
+54.6%
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: 22 Oct 2026
v4.3-runtime-valuation
Final score
60
Previous: 60
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+54.6%
Previous: +54.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
22 Oct 2026
v4.3-runtime-valuation
58
58
58
58
58
58
58
58
58
60
60
60
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
₹206.69
-63.1% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹742.95
+54.6% MoS
PEG
0.47
Comparable companies
Peers
Business-comparable peers in Pharma — 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
VILINBIO
SME
VILIN BIO MED LTD.
Medical Devices
match 161
33
44.6
7.5%
+11%
WATCHLIST
POLYMED
Large
Poly Medicure Limited
Medical Devices
match 146
32
50.1
9.0%
-5%
WATCHLIST
INFLUX
SME
Influx Healthtech Ltd.
Medical Devices
match 141
27
31.8
19.0%
-301%
OVERVALUED
GML
SME
Galaxy Medicare Ltd.
Medical Devices
match 134
67
8.3
10.8%
+81%
UNDERVALUED
ANONDITA
SME
Anondita Medicare Ltd.
Medical Devices
match 132
59
61.0
40.2%
-74%
FAIR VALUE
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 2026-08-21T04:11:11.072Z
Management commentary snapshot
OSELDEVICE reported strong FY26 consolidated financial performance with revenue from operations up 56.9% YoY to ₹292.7 Cr, EBITDA up 59.7% YoY to ₹53.3 Cr (18.2% margin), and PAT up 45.7% YoY to ₹29.2 Cr (10.0% margin).
The company demonstrated robust growth across its multi-vertical business in FY26, driven by strategic forward integration in hearing aids, expansion in mobile, and recurring revenue initiatives in LED. Key certifications and planned capacity additions position it for continued growth, particularly in export markets, despite significant working capital build-up.
Current business mix
Revenue by vertical
Latest issuer-disclosed distribution across 3 reported categories.
Hearing Aids42.0%
LED Displays41.0%
Mobile Phones17.0%
Growth engines
Forward Integration in Hearing Aids
Scaling SFL clinics to capture the full hearing-health value chain, moving from government supply to higher-margin private/clinic channels.
Mobile at Volume
Deepening the Philips portfolio with smartphones (commercialized Mar 2026) and planned tablets (Dec 2026), and growing nationwide distribution reach.
LED & Recurring SaaS
Expanding enterprise installs and scaling the proprietary CMS subscriber base, which generates recurring, hardware-agnostic revenue (300+ locations live).
JNPA SEZ Hub
Developing an export-grade manufacturing and EMS base at India's busiest port, commercializing from April 2027, for higher volumes and wider product range.
Capacity and execution
JNPA SEZ Manufacturing Hub
A strategic, export-ready manufacturing hub with far greater installed capacity and wider product range, with commercialization from April 2027.
Tailwinds
Global Ageing Population
Ageing populations are expanding the addressable base for hearing aids worldwide, with 700M+ people projected to have disabling hearing loss by 2050.
Underserved Indian Hearing Aid Market
India has 91M+ people with hearing loss but <3% treatment rate, representing a significant headroom for growth.
Growth in LED Display Market
The global LED display market is projected to reach $26.98B by 2031, with Asia-Pacific driving ~47-49% of global consumption and India's market growing rapidly.
India's Smartphone Market Opportunity
India is the world's second-largest smartphone market, projected to reach 277M units by 2033, with an open middle segment for trusted international brands.
Headwinds
Audiologist Shortage in India
A severe shortage of audiologists (1:500,000 ratio vs. 1:10,000 global best practice) restricts market access for many players, though OSEL aims to mitigate this via vertical integration.
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 YOY
The investor presentation provides full financial year (FY26 vs FY25) and half-year (H2 FY26 vs H2 FY25) comparisons, indicating that annual and half-yearly performance trends are the primary focus for assessing growth and profitability.
Sector KPIs management disclosed
Domestic Formulations Growth (Hearing Aids)
India's hearing aid market is $235M (2024) with <3% treatment rate, indicating significant headroom. OSEL addresses affordability, access, awareness, and distribution through its full-stack platform.
US/Export Growth
FY26 exports were ~₹23 Cr. The USFDA registered facility is key to accessing the world's largest hearing-aid market. JNPA SEZ is export-oriented, targeting international customers and global brands from April 2027.
Launch Pipeline (Mobile)
Smartphones under the Philips brand were commercialized in March 2026. Tablets are planned for launch in December 2026 to deepen the portfolio.
Approvals & Certifications
USFDA registered facility, MD-5 CDSCO, ISO 13485, ZED Gold, BIS (Visual Display Units & Hearing Aids), and ISO 9001 are in place, providing a strong regulatory moat.
Management forward view
Vision for Integrated Electronics Group
Management's vision is to become an integrated, forward-looking electronics group, focusing on brand-building, retail capability, and global competitiveness.
Reinforcing Pillars of Growth
The growth strategy involves reinforcing pillars such as forward integration, mobile volume, LED recurring SaaS, JNPA SEZ hub, OEM supply, and certified exports.
Capturing Full Value Chain
The company aims to capture the full value chain from manufacturing to audiologist consultation, fitting, and aftercare through SFL Hearing Solutions.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| SFL Hearing Clinics | ~40 clinics operating today | Pan-India clinic-network expansion targeted |
| LED CMS Locations | 300+ locations live today | Target of 1 Lakh+ locations for recurring revenue |
| JNPA SEZ Commercialization | LOI received for proposed business | Commercialization from April 2027 |
| Philips Mobile Portfolio Expansion | Feature Phones (2025), Smartphones (Mar 2026) | Tablets launch expected Dec 2026 |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
66Limited 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 49th percentile of the scored universe and 36th percentile within Pharma. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
6 docs text-extracted · 4 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
49th percentile
overall median 67 · Pharma: 36th pctile, median 70 · SME: 60th pctile, median 64
Evidence depth
Financial-only
6 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
68
acceptable · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
63
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 64.8%.
- ▸Promoter pledge is zero.
- ▸ROCE is 23.4%.
- ▸OPM spread across recent quarters is 5%.
Trust risks
- ▸Promoter holding fell 6.7%.
- ▸Operating cash flow is negative at ₹-23 Cr.
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Osel Devices Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Company Ir
Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
Concall transcriptJun 2026
Jun 2026 · Analysts/Institutional Investor Meet/Con. Call Updates 8 June 2026 - Transcript of H2 FY26 earnings call for audited March 2026 results; revenue up 56.9% to ₹292.7 crore.
Source: Nse
AnnouncementApr 2026
Apr 2026 · Allotment of Securities 23 April 2026 - No substantive announcement content provided.
Source: Nse
AnnouncementApr 2026
Apr 2026 · Updates 17 April 2026 - OSEL Devices հայտնում it's not a Large Corporate under SEBI debt-securities framework.
Source: Nse
Annual report
Annual Report 2026
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Investor presentationAug 2025
Aug 2025 · PPT
Source: Nse
Concall transcriptMay 2025
May 2025 · Transcript
Source: Nse
Investor presentationMay 2025
May 2025 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.