Motilal Oswal's research report on Laxmi Dental
Laxmi Dental (LAXMIDEN) delivered better-than-expected revenue in 2QFY26, whereas EBITDA and PAT came in lower than expectations. Profitability was impacted by US tariff related policy changes and increased competitive pressure in Bizdent segment. International lab business continues to witness improved traction, led by higher off-take of crown/bridges in new geographies.
Outlook
We reduce our earnings estimates for FY26/FY27/FY28 by 6%/8%/11%, factoring in a prolonged impact of global policies, a gradual uptick in kidz-e-dental business, and a temporary slowdown in Bizdent business. We value LAXMIDEN at 33x 12M forward earnings to arrive at a TP of INR410.
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