Company Update : Laxmi Dental Ltd by Motilal Oswal Financial Services Ltd
Revenue in line; profitability miss due to adverse impact of US tariff policy
* Revenue for 2QFY26 grew 26.5% YoY to INR723m (our est: INR697m).
* Laboratory business grew 30% YoY to INR410m. International lab business grew 39% YoY to INR185m. Domestic lab business grew 23.6% YoY to INR225m.
* Aligners business grew 5% YoY to INR200m. Vedia business grew 33% YoY to INR97m. Bizdent declined 12% YoY to INR103m.
* Scanner sales zoomed 95% YoY to INR89m for the quarter.
* EBITDA margin came in at 15.3% (our est: 19%), stable YoY. Despite improved sales growth, the profitability for the quarter was impacted by US tariff policy, annual salary increments and ESOP-related expenses, leading to flat EBITDA margin on YoY basis.
* EBITDA grew 26.3% YoY to INR110m (our est: INR129m).
* PAT grew 44.8% YoY to INR65m (our est: INR 97m).
* Revenue/EBITDA/PAT grew 18%/1%/2% YoY in 1HFY26.
* R&D expenditure was INR4,140m in 2QFY26 (~5% of sales).
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