Laxmi Dental (Laxmiden) is distinguished as India’s only fully integrated provider of dental solutions, led by a highly experienced management team with extensive expertise in the field. Over the past two decades, the company has established an extensive Business-toBusiness-to-Consumer (B2B2C) network that encompasses over 22,000 dental clinics and dentists across 320 cities, while also exporting its products to more than 90 countries. Its early investment in digital dentistry, with more than 160 intraoral scanners (IOS) deployed domestically, has reinforced its leadership in technology adoption. Laxmiden’s business encompasses three high-growth pillars: custom labs (crowns and bridges), aligner solutions (clear aligners, thermoforming sheets, and resins), and pediatric dental products (Bioflex zirconia crowns and SDF), all of which are experiencing strong momentum. The company’s revenue surged to INR2.4b in FY25, up from INR1.4b in FY22, with the EBITDA margin notably improving to ~17.5% from 4%. Laxmiden’s PAT increased to INR262m in FY25, recovering from a loss in FY22.
OutlookConsidering the supportive industry trend and Laxmiden’s potential for sustained growth, we assign a 43x 12M forward earnings multiple to arrive at our TP of INR540.
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