Aakaar Medical Technologies Ltd(AAKAAR)

NSE: AAKAAR

₹ 63.8-4.99%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 90 crWebsite: aakaarmedical.in/Updated: 24 Oct 2026

About

Aakaar Medical Technologies is a medical aesthetics company that sells aesthetic and specialised cosmetic products and medical devices. It sells both its own brands, made in India, and brands imported from Korea, Spain, Italy and Austria. It sells only to businesses, mainly dermatologists, plastic surgeons and aesthetic physicians. Revenue was Rs 66.96 Cr in FY26.^[1][2]

Business segments

Aesthetic Products: Rs 59.61 Cr, or 89.0% of revenue, in FY26.^[3]
Aesthetic Devices & Device Consumables: Rs 7.36 Cr, or 11.0% of revenue, in FY26.^[3]
Devices made up 14% of revenue as of H1 FY26, down from 28% earlier. Gross margins on devices are lower.^[4]
Recurring revenue was 93% of the business in FY26: 89% from aesthetic products and 4% from device consumables.^[5]

Products and brands

Own brands made up 37% of revenue in FY26 (Rs 24.57 Cr), up from Rs 19.8 Cr in FY25.^[5]
Gross margin is about 70% on own brands and close to 60% on imported brands (stated in H1 FY26).^[4]
The company had 146 SKUs in FY26, compared with 154 in H1 FY26. The top 10 products made up 28% of FY26 revenue.^[5][4]
Letybo is a USFDA-approved botulinum toxin made by Hugel Inc. of South Korea. Saypha dermal fillers, made by Croma-Pharma of Austria, received USFDA approval.^[1]
Tinefcon is a psoriasis range made in India. It is built on a globally patented phytoactive.^[1]
Professional Haircare grew at about 122% CAGR over three years, led by DRS1512 and Tubelite GFC.^[1]
The top brand, Yellow Peel / Inno Exfo Lightening Cream, brought in Rs 13 Cr. Management targets Rs 20+ Cr by FY27.^[5]

Key operating numbers

Gross margin was 59.34% in FY26, compared with 57.6% in FY25.^[5]
H2 FY26 revenue was Rs 41.6 Cr, up 23.1% year on year. The H1 to H2 revenue split for FY26 was 38:62.^[5]
Quarterly debtor days fell from 209 in June 2025 to 167 in March 2026. The near-term target is 100-110 days.^[1][5]
The field force had 100+ medical representatives in H1 FY26, with attrition of 25-27%. Headcount is planned to stay flat at about 100 in FY27.^[4][5]

Customers and distribution

Active billed doctors rose to 6,300+ in FY26, up from 5,200 the year before.^[5]
The company engages a wider ecosystem of over 12,000 practitioners (FY26 annual report).^[1]
Reach has extended into tier 2 and 3 cities, including Ranchi, Agra, Varanasi and Dehradun (FY26).^[5]
In FY26, 65% of sales were direct and 35% went through stockists. The company plans to move to 90%+ through stockists in FY27, aiming for delivery in under 24 hours.^[5]

Growth initiatives

Xelix is a doctor-owned partner clinic platform with no capex. It had 16 clinics on board, with a target of 50 by the end of FY27 and Rs 3-4 lakh per month in purchases per clinic.^[5]
The Exovea synthetic exosome division, in a tie-up with VM Corporation of Italy, launched in December 2025. It was projected to bring in Rs 6 Cr in its first year.^[5][4]
The DRS1512 clinical study is nearing completion. The company is seeking a medical device licence for it.^[5]
The remaining Rs 14 Cr of IPO proceeds is to go into working capital in FY27.^[5]
Management aims for a main board listing within 3 years of FY26.^[5]

Recent developments

Five products launched in FY26: Letybo, the upgraded Saypha filler, VM Corporation exosomes, Xomage plant exosomes from Korea, and the DermLite device from the USA.^[5]
Letybo launched in April 2026, replacing Siax.^[5]
H1 FY26 revenue fell 8.6% to Rs 25.3 Cr after the company deliberately tightened credit.^[4]
Inventory rose to Rs 19.1 Cr in H1 FY26 from Rs 14.6 Cr at the end of FY25. The reasons given were licence reapplications after the company became a public limited company, and pre-stocking for the new division.^[4]

Market Cap

₹90 Cr

High / Low

₹90 / 46

Stock P/E

15.2

Price / Book

2.1

Book Value

₹38

EPS

₹4.7

No. of Shares

1.42 Cr

ROCE

15.0%

ROE

12.2%

OPM

16.2%

Debt / Equity

0.34

Sales

₹67 Cr

Net Profit

₹7 Cr

Promoter holding

67.0%

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