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EBITDA better than estimates; earnings in line

•  Laxmi Dental’s 1QFY26 revenue grew 10% YoY to INR656m (in-line).
• Laboratory offering sales grew 14% YoY to INR444m.
• The International business grew 12% YoY to INR176m.
• The Domestic business grew 4.4% YoY to INR210m.
• Within lab offerings for the domestic/international segment, scanner sales grew 93% YoY to INR58m.
• Aligner solution sales grew 7% YoY to INR186m.
• The Bizdent business grew 3.3% YoY to INR93m.
• The Vedia business grew 37% YoY to INR92m.
• Gross Margin (GM) contracted 260bp YoY to 73.3% due to the increase in raw material costs (down 260bp YoY).
• EBITDA margin contracted 530bp YoY to 18.2% (our est: 17%), largely due to a contraction in GM, supported by increased employee expenses (820bp YoY each as a % of sales).
• As a result, EBITDA declined 15% YoY to INR119m (our est: INR112m). ? Kids-e-dental’s 1QFY26 revenue stood at INR 44m, down 48% YoY. ? PAT declined 21% YoY to INR83m (in line) due to ESOP as well as a decline in revenue in Kids-e-dental.

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