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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹66.9 Cr
verification pending
Revenue YoY
8.6%
reported change
EBITDA
₹10.97 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Aakaar Medical reported FY26 revenue of ₹66.9 crore (up 8.6% YoY) with EBITDA of ₹10.97 crore and PAT of ₹6.6 crore, both at record levels. H2 revenue surged 64% over H1 to ₹41.63 crore, driven by deliberate H1 credit tightening that improved collections and reduced debtor days from 209 to 167. Gross margins expanded from 54% to 59% as own-brand contribution rose to 37%. Management reiterated a 30%+ CAGR target and aims for main board listing within three years. New product launches (Latigo botulinum toxin, VM exosomes) and the Zelix clinic platform (16 clinics onboarded, targeting 50 by year-end) provide growth levers. Risk: working capital remains structurally high; IPO proceeds of ₹20 crore are earmarked for rationalization, but cash conversion may lag if distributor model transition falters.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated a 30%+ CAGR growth target, aiming for main board listing within three years.
- Target to onboard 50 clinics under the Zelix partner clinic platform by end of FY27, with minimum monthly business of ₹3-4 lakh per clinic.
- Target to reduce debtor days to 110-100 in the coming year through distributor model shift and tighter credit controls.
- Management aims to maintain gross margins at 60% post-distributor realization, not diluting margins despite model shift.
Risks flagged
- IPO proceeds of ₹20 crore are earmarked for working capital, indicating structurally high inventory and receivable requirements.
- Analyst asked if 26% EBITDA margin in H2 was sustainable or due to one-off lower conference costs; management acknowledged H2 typically has lower expenses.
- H2 revenue growth of 64% HoH may partly reflect deferred demand from H1 credit tightening; FY27 growth could normalize.
- Growth hinges on successful ramp-up of new products (Latigo, VM exosomes) which faced regulatory delays; any further delays could impact revenue.
Key quotes
- We consciously tightened credit terms in H1. We moderated sales growth and took short-term pain in favor of long-term financial discipline.
- I want to keep our CAGR at 30% going forward. So I think we are on track.
- If I want to put it in good parlance, Aakaar is Amazon of aesthetics in India.
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