OSEL Devices Ltd(OSELDEVICE)

NSE: OSELDEVICE

₹ 340+2.41%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 605 crUpdated: 24 Oct 2026

About

OSEL Devices Ltd makes and develops hearing aids and LED displays, and sells Philips-branded mobile phones in India under an exclusive licence. In FY26, hearing aids made up about 42% of revenue, LED displays about 41% and mobile phones about 17%. FY26 revenue from operations was Rs292.7 cr.^[1][2][3]

Business segments

Revenue mix in FY26: hearing aids about 42%, LED displays about 41%, mobile phones about 17%.^[1]
In H1 FY26, LED displays were 48.9% of sales (up 99.4% YoY), hearing aids 35.2% (up 0.73% YoY) and mobile phones 15.9%.^[4]
In FY25, LED displays were 45% of sales (up 82% YoY) and hearing aids 55% (up 18%).^[2]

Products and brands

The company has an exclusive Philips brand licence in India for mobile phones, tablets and IT products. It covers design, manufacturing, marketing and distribution (announced in the FY25 call).^[2]
Philips feature phones came first. Philips smartphones were commercialised in March 2026.^[2][1]
The company runs a proprietary signage CMS, live at more than 300 locations as of FY26. It earns Rs700 - 800 per display per month.^[1]
FY26 AGM proposal: new object clauses to cover mobile phones, tablets, wearables and power banks as an OEM or ODM, plus hearing aids, audiology, diagnostic and medical electronic devices.^[3]

Key operating numbers

Mobile unit sales: 4.55 lakh units in H2 FY26.^[1]
Phone realisation was about Rs850 per unit in H1 FY26. Management estimated 1,800-2,000 activations a day at that time.^[4]
Hearing aid units sold: 1.45 lakh in FY25.^[2]
Orders in hand were about Rs 40-45 cr in FY25. In the Q2 FY26 call, orders of about 70-80 were stated (unit not given), due for delivery before March 2026.^[2][4]
The company had 2 SMT lines in FY25.^[2]

Customers and distribution

Phones are sold through 268 distributors and more than 13,800 touchpoints (H2 FY26). This compares with 120+ distributors in 18 states and 600+ retail outlets in H1 FY26.^[1][4]
Phone distribution runs through national distributor Zenotel, with 650+ service locations (H1 FY26).^[4]
Hearing aids have relied on government tenders. Management attributed flat H1 FY26 hearing-aid sales to tender delivery deviations.^[4]
Exports were about Rs23 cr in FY26.^[1]
LED OEM: about Rs20 cr of H1 FY26 business came from a US display brand. Audits were done for three more brands.^[4]

Expansion and capex

A JNPA SEZ export manufacturing and EMS hub is planned to start commercial operations from April 2027. About Rs 8-10 cr had been advanced for the land as of the FY25 call.^[1][2]
A Philips tablets launch is expected in December 2026.^[1]
Plans include scaling CMS signage to 1 lakh+ locations and expanding the SFL clinic network across India.^[1]

Recent developments

FY26: the company acquired audiologist-staffed SFL Hearing for Rs30 cr and now has about 40 clinics. The aim is to shift hearing-aid sales toward private channels.^[1]
FY26 AGM proposals: raise authorised capital from Rs 20 crore to Rs 25 crore, and set a related-party limit of up to Rs 50 crore with promoter entity Guardian Technologies for FY27.^[3]
The MD and the Whole Time Director are proposed for reappointment for 3 years from Jan 16, 2027. WTD and CFO Jyotsna Jawahar is on the board up to August 27, 2026.^[3]
The company listed on NSE Emerge on Sept 24, 2024 through an IPO of 44,16,000 shares.^[5]

Market Cap

₹605 Cr

High / Low

₹835 / 349

Stock P/E

21.6

Price / Book

0.0

Book Value

₹115

EPS

₹16.5

No. of Shares

1.77 Cr

ROCE

17.8%

ROE

14.0%

OPM

18.3%

Debt / Equity

0.46

Sales

₹293 Cr

Net Profit

₹29 Cr

Promoter holding

64.8%

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