Laxmi Dental is India's only end-to-end integrated dental products company. Based on FY23 revenue & PAT, the company is the largest and most profitable vertically integrated, indigenous B2B2C dental aligner solutions provider. Laxmi Dental Limited was initially incorporated as `Laxmi Dental Export Private Limited` on July 8, 2004. In June 2024, the company name was changed to `Laxmi Dental Private Limited`, and it subsequently converted into a Public Company as `Laxmi Dental Limited` on August 02, 2024.
The company operates through a comprehensive business model encompassing manufacturing, distribution, and service provision in the dental industry. It manufactures a wide range of dental products including custom-made crowns and bridges, branded dental products such as clear aligners, thermoforming sheets, aligner-related products, and paediatric dental products. Production takes place across six manufacturing facilities.
Laxmi Dental's operations are divided into three main segments: Laboratory Business, Aligners Business, and Other Business.
- Laboratory Business: This segment focuses on dental prostheses, including metal-free crowns and bridges, and porcelain-fused-to-metal (PFM) crowns and bridge dentures.
- Aligners Business: This segment includes dental aligners, retainers, raw materials for aligners, sport guards, night guards, and sleep apnea devices.
- Other Business: This segment covers dental distribution products used in dental laboratories, dental clinical services, and dental educational courses.
The company has a strong presence in the thermoforming and 3D printing space for dental applications. It manufactures and supplies thermoforming sheets, thermoforming machines, dental consumables, and biocompatible resins for 3D printing under its brand `Taglus`, specifically tailored for manufacturing clear aligners. Additionally, Laxmi Dental offers a range of pediatric products, including pre-formed branded pediatric crowns, silver diamide fluoride (SDF), space maintainers, fissure sealant, reinforced splints, and mineral trioxide aggregate.
Laxmi Dental boasts a significant market presence, operating in over 300 cities domestically and exporting to 95 countries, including major markets like the USA, UK, and Europe. Its B2B2C model effectively connects over 20,000 clinics and dentists with end-users, ensuring broad market penetration. The company's robust infrastructure includes six US FDA-certified facilities across India, ensuring high-quality production that meets global standards such as ISO 13485:2016 and ANVISA certifications across its 146,804 square meter facilities.
Laxmi Dental has demonstrated strong financial performance, with a market capitalization of ₹2,357 crore, revenue of ₹239 crore, and a profit of ₹31.8 crore. The company recorded a 24% year-over-year revenue growth, reaching Rs 2,391 million for FY25, while maintaining a robust gross profit margin of 76%. Its EBITDA and PAT margins stood at 17.5% and 13.3%, respectively.
The company has shown consistent profitability with a strong profit growth of 58.2% CAGR over the last 5 years and a good return on equity (ROE) track record, with a 3-year ROE of 33.0%.
- Market Capitalization: ₹2,357 Crore (as of March 2025)
- FY25 Revenue: Rs 2,391 million (up 24% YOY)
- FY25 Gross Profit Margin: 76%
- FY25 EBITDA Margin: 17.5%
- FY25 PAT Margin: 13.3%
- FY24 Revenue: Rs 1,953 million (up 19.2% from FY23)
- Q4 2024 Profit: Rs 3.64 crore on a total income of Rs 62.25 crore
- Profit Growth: 58.2% CAGR over the last 5 years
- 3-Year ROE: 33.0%
- Debt Position: Almost debt-free, with reduced debt.
Laxmi Dental has achieved several significant milestones throughout its journey:
- 2004: Founded by Rajesh Vrajlal Khakhar as a dental laboratory business.
- 2011: Moved to a larger manufacturing facility in Kandivali Co-operative Industrial Estate Limited, Mumbai.
- 2012: Incorporated foreign subsidiary, Laxmi Dental Lab USA, Inc.
- 2019: Established Vedia Solutions Division for manufacturing Taglus thermoforming sheets, 3D printing resins, thermoforming machines, and aligner accessories.
- 2021: Launched `Illusion Aligners`, the first Indian brand to receive 510(k) clearance from US FDA. Acquired a 60% stake in Jointly Controlled Entity, Kids-E-Dental LLP, expanding into paediatric dental services and products.
- Current Price: ₹428
- 52-Week High / Low: ₹584 / ₹308
- Stock P/E: 87.7
- Book Value: ₹37.9
- Promoter Holding: 41.7% (as of March 2025)
The company trades on both NSE and BSE under the symbol LAXMIDENTL. The stock has shown volatility, with a 52-week low of Rs. 313.2 and a 52-week high of Rs. 584.
Laxmi Dental successfully raised Rs. 698 crore through its IPO in 2025. The IPO, which was open for subscription from January 13 to January 15, 2025, with shares expected to be listed on January 20, 2025, will fund loan repayments, investments in subsidiaries, and expansion initiatives.
The company has been actively expanding its operations through strategic acquisitions and partnerships, including the recent completion of equity share acquisitions of subsidiaries, underscoring its focus on vertical integration and market expansion.
Over the next 3-5 years, Laxmi Dental expects to continue its growth trajectory, aiming for a CAGR of 20% to 25%. The company is well-positioned to capitalize on the expanding dental care market both in India and globally, supported by its comprehensive product portfolio and strong manufacturing capabilities.
The Indian dental industry is experiencing significant growth, driven by increasing awareness of oral health, rising disposable incomes, and a growing demand for cosmetic dentistry. Laxmi Dental's strategic positioning as an integrated player with capabilities across the entire value chain provides it with a distinct competitive advantage in capturing these emerging growth opportunities.
