Vasa Denticity Ltd(DENTALKART)

NSE: DENTALKART

₹ 454-0.02%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 794 crUpdated: 24 Oct 2026

About

Vasa Denticity, operating as Dentalkart, describes itself as India's largest online-first dental procurement platform, selling dental consumables, instruments and equipment to dental professionals. It reported revenue of 278.87 Cr in FY26. More than 2.5 lakh dental professionals are registered on the platform, and the company estimates its share of the total Indian dental products market at 1.3%.^[1][2]

Business segments

Dentalkart (Online Consumer) revenue was ₹232.2 Cr in FY26 vs ₹185.2 Cr in FY25 (+25%).^[1]
Own Brand Offline (Waldent + Digital Dentistry) revenue was ₹46.7 Cr in FY26 vs ₹25.2 Cr in FY25 (+85%).^[1]
Other-brand offline trading (₹39.0 Cr in FY25) was exited in FY26; core revenue on continuing operations grew 33% in FY26.^[1][3]
Revenue mix in H1 FY26: consumables 63%, equipment 31%, instruments 6% (Q1 FY26: 64%, 29%, 7%).^[4][5]

Products and brands

Carries dental consumables, instruments and equipment across orthodontics, endodontics, prosthodontics, oral surgery, periodontics and preventive care.^[1]
The SKU count is about 23,000, with expansion toward 35,000 under way as of the Q4 FY26 call.^[3]
Own brands made up 45-50% of sales as of the Q4 FY26 call, up from single digits at IPO. Dental Tech, a brand of compatible implant accessories, was launched recently.^[3]
The Digital Dentistry division, launched September 2025, sells intraoral scanners, CAD/CAM milling, 3D printing, imaging and sterilisation systems. Its average invoice was ₹6.97 lakh in Q4 FY26.^[1][3]
Waldent Innovations (wholly owned) makes, imports and trades instruments and devices. Smileworks (60% owned) is a dental lab making crowns, bridges and dentures, with a ₹4.8 Cr annual run rate.^[1][3]

Operations and fulfilment

Own fulfilment network of 62,700 sq. ft. across four hubs at 31 March 2026 vs 57,775 sq. ft. a year earlier.^[1]
Warehouses were cut from 7 to 5 by closing co-located facilities. The Q1 FY27 call cited this as the largest driver of lower costs.^[6]
Instadent same-day/next-day delivery launched in Tier I cities after FY26 year end, covering 3,000-5,000 SKUs.^[1][6]
The technology platform can handle about three times current order volumes, as stated in the FY26 annual report.^[1]
A Waldent store and service station opened in Chennai in November 2025. Showrooms opened in Navi Mumbai and Jaipur in Q1 FY26.^[1][5]

Key operating numbers

Orders shipped: 1.89 lakh in Q1 FY27 (+8.1% YoY). FY26 total: 7.60 lakh (+26.2% YoY).^[6][3]
Average order value: ₹4,344 in Q1 FY27 (+26.7% YoY), vs ₹3,914 in Q4 FY26.^[6][3]
Customers served: 69,217 in Q1 FY27 (+4.6% YoY). Average revenue per customer: ₹11,871 (+30.9% YoY).^[6]
Operating cost per order was ₹775 in Q1 FY27, down 19.9% YoY.^[6]
Own-brand stockout rate: 12.87% in Q1 FY27, down from a peak of about 33% in H2 FY26. The target is below 5% by December 2026.^[6][1]
Gross margin: 24.78% in Q1 FY27 vs 33.63% in Q1 FY26. FY26 full year: 29.72%.^[6][3]
National average delivery time was below 4 days in Q1 FY27, vs 4.2 days in Q4 FY26.^[6][3]

Customers and distribution

Unique active customers: 1.44 lakh in FY26 (+27.8% YoY). New dentists added in FY26: 70,746 (+61.8% YoY).^[3]
82% of orders come from Tier II and Tier III cities (FY26).^[1]
About 79% of gross merchandise value flows through the mobile apps (FY26).^[1]
Of the FY26 new-customer cohort, 68% placed a repeat order within 180 days. The target for FY27 is above 70%.^[1][6]
Strategic tie-up with NSK Japan formed in January 2026, plus a collaboration with Purexa.^[1]

Plans and targets

Medium-term gross margin target revised to 27-30% in Q1 FY27, from the earlier 30-33%.^[6]
Inventory days targeted at 120-150 in FY27 and 90-120 in FY28.^[6]
Smileworks targets a ₹10-12 Cr annual run rate by the end of FY27.^[3]
Instant delivery is to expand to Tier 2/3 cities. A decision on Tier 2 dark stores is deferred by 1-2 quarters.^[6]
No inorganic transaction is contemplated in FY27. VP-level hiring across departments is due within FY27.^[6]

Recent developments

The proposed 51% acquisition of IDS Denmed (₹128.01 Cr proposed) was mutually cancelled, as disclosed on 8 May 2026.^[1]
On 29 Sep 2026 the company disclosed the mutual cancellation of a proposed 31.08% share-swap stake in IDS Denmed, with no financial impact.^[7]
On 29 Sep 2026 the company disclosed that NSE fined it ₹1,65,200 for late filing of a listing application for warrant conversion.^[8]
CRISIL reaffirmed its rating at 'Crisil BBB / Stable' on 4 June 2026. ICICI working-capital facilities were closed after FY26 year end.^[1]
The CFO resigned effective 24 March 2026, the company secretary in July 2026 and an independent director in August 2026.^[1]
A UK subsidiary had not commenced trading in FY26.^[1]

Market Cap

₹794 Cr

High / Low

₹616 / 323

Stock P/E

74.6

Price / Book

4.4

Book Value

₹100

EPS

₹5.9

No. of Shares

1.73 Cr

ROCE

8.6%

ROE

6.6%

OPM

4.7%

Debt / Equity

0.00

Sales

₹279 Cr

Net Profit

₹10 Cr

Promoter holding

60.2%

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