Aakaar Medical Technologies
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 20 Jun 2025 – 24 Jun 2025
- Listing date
- 27 Jun 2025
- Face value
- ₹10 per share
- Issue price
- ₹72 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹27 Cr
- Market cap at offer price
- ₹102 Cr
- Promoter holding
- 91.11% → 67.01% pre-issue → post-issue
- ISIN
- INE1GYP01013
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Indorient Financial Services Ltd.
- Registered office
- 801, Heritage Plaza, Telli Galli Cross Road, Andheri (East), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 10,67,200 | — | — |
| Market maker | 1,88,800 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹72
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,15,200 |
| S-HNI (min) | 2 | 3,200 | ₹2,30,400 |
| S-HNI (max) | 8 | 12,800 | ₹9,21,600 |
| B-HNI (min) | 9 | 14,400 | ₹10,36,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.79 | 4.26 |
| P/E (×) | 12.44 | 16.90 |
| Price to book (×) | 5.23 | — |
| Market cap | — | ₹102 Cr |
Key performance indicators
- Return on net worth
- 33.81%
- ROCE
- 21.02%
- Debt / equity
- 0.98
- PAT margin
- 9.81%
- EBITDA margin
- 15.81%
- NAV per share
- ₹22.26
- Price to book
- 5.23
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Aakaar Medical Technologies
Incorporated in June 2013 and converted to a public limited company in November 2024, Aakaar Medical Technologies Limited operates in the medical aesthetics and cosmetic dermatology sector. The company supplies aesthetic products and devices to aesthetic physicians such as dermatologists, plastic surgeons, and aesthetic physicians who then sell these products to end consumers or use device consumables as part of treatments. The product portfolio includes both own brands (domestically manufactured via loan licensing and third-party manufacturers) and imported brands from countries such as Korea, Spain, Italy, and Austria. The company generates revenue through a combination of direct sales and sales through its consignment sales agent, Parekh Integrated Services Private Limited (PISPL). Revenue from operations grew from ₹3,278.46 lakhs in FY 2022-23 to ₹6,158.28 lakhs in FY 2024-25.
Company Analysis
from RHPAakaar Medical Technologies Limited is a medical aesthetics company dealing in a wide range of aesthetic and specialized cosmetic products and devices, spanning both domestically manufactured own brands and distribution of imported brands across India.
Incorporated in June 2013 and converted to a public limited company in November 2024, Aakaar Medical Technologies Limited operates in the medical aesthetics and cosmetic dermatology sector. The company supplies aesthetic products and devices to aesthetic physicians such as dermatologists, plastic surgeons, and aesthetic physicians who then sell these products to end consumers or use device consumables as part of treatments. The product portfolio includes both own brands (domestically manufactured via loan licensing and third-party manufacturers) and imported brands from countries such as Korea, Spain, Italy, and Austria. The company generates revenue through a combination of direct sales and sales through its consignment sales agent, Parekh Integrated Services Private Limited (PISPL). Revenue from operations grew from ₹3,278.46 lakhs in FY 2022-23 to ₹6,158.28 lakhs in FY 2024-25.
Objects of the Issue
- Funding working capital requirements of our Company ₹2,035.00 lakhs p.24
- General corporate purposes p.24
- Funding working capital requirements of our Company ₹2,035.00 Lakhs p.92
- General corporate purposes [●] (not to exceed 15% of Gross Proceeds or ₹10 crore, whichever is lower) p.99
Issue Structure
- Total Issue
- Up to 37,50,400 Equity Shares of face value ₹10 each aggregating to ₹[●] lakhs
- Fresh Issue
- Up to 37,50,400 Equity Shares of face value ₹10 each aggregating to ₹[●] lakhs
- Offer for Sale
- Nil
- Price Band
- Floor Price: ₹68 per Equity Share (6.8 times face value); Cap Price: ₹72 per Equity Share (7.2 times face value)
- Lot Size
- 1,600 Equity Shares and in multiples of 1,600 Equity Shares thereafter
- Face Value
- ₹10 each
Business Model
The company operates through a dual revenue model: (1) Own Brands - domestically manufactured products sold under Aakaar's own brand through third-party contract manufacturers and loan licensing partners; (2) Imported Brands - distribution of international aesthetic and cosmetic products sourced from Korea, Spain, Italy, and Austria. The company sells primarily through aesthetic physicians and uses a Consignment Sales Agent (PISPL) for storage, delivery, distribution, and dues recovery. In FY 2024-25, 37.53% of revenue came from own brands and 62.47% from imported brands. The company allows credit periods to customers and operates with significant working capital requirements.
Business Segments
SWOT Analysis
- • Diversified product portfolio across own brands and imported brands(p.24)
- • Strong revenue growth trajectory(p.25)
- • Profitable operations with improving PAT(p.25)
- • Established relationships with international manufacturers(p.19)
- • Presence across multiple states with geographic expansion(p.36)
- • Diverse product portfolio across aesthetic injectables, skincare, and medical devices(p.104)
- • Broad geographic presence through consignment sales partner network(p.104)
- • Growing customer base with 5,236 doctors billed in FY2025(p.106)
- • Strong revenue growth with CAGR of 37.05% from FY2023 to FY2025(p.96)
- • Expanding sales team driving business growth(p.96)
- • Strong profitability with PAT margin of 9.81% in FY2025(p.106)
- • High return on net worth of 33.81% in FY2025(p.106)
- • Pan-India reach via established CSA logistics partnership(p.149)
- • Experienced management team with 24+ years in aesthetics(p.148)
- • Large and diversified customer base of 5,200+ doctors(p.149)
- • Diversified product portfolio across 154 SKUs(p.149)
- • Strong revenue growth and profitability improvement(p.146)
- • Established presence in aesthetic market with diversified product portfolio(p.244)
- • Strong revenue growth trajectory at 35%+ CAGR over three years(p.244)
- • Founder with 25+ years of experience in aesthetic business(p.244)
- • Exclusive B2B distribution model providing direct access to end-users(p.244)
- • Significant increase in own brand revenue growth(p.245)
- • Improved profitability margins with PAT increasing 110% year-over-year(p.247)
- • Significant dependence on imported brands for revenue(p.33)
- • Heavy reliance on single CSA distributor PISPL(p.37)
- • Negative operating cash flows despite revenue growth(p.38)
- • High working capital intensity relative to revenue(p.47)
- • Absence of product liability insurance(p.35)
- • High trade receivable turnover days indicating collection challenges(p.47)
- • Significant unsecured borrowings from promoters repayable on demand(p.48)
- • High employee attrition rate(p.43)
- • Leased registered office and godowns with no ownership; risk of lease non-renewal or increased costs(p.53)
- • Insurance coverage may be inadequate to cover all operational and pandemic-related losses(p.54)
- • Board lacks public company directorship experience, creating compliance and governance risks(p.55)
- • Potential for significant shareholder dilution from future equity issuances(p.56)
- • High levels of trade receivables (131 days in FY2025) indicating extended payment terms to customers(p.96)
- • Significant inventory holdings with substantial older stock creating working capital pressure(p.96)
- • Heavy reliance on top 10 suppliers for 84.89% of COGS(p.144)
- • High employee attrition rate above 27%(p.157)
- • High inventory of devices and spare parts aged beyond 180 days(p.156)
- • Dependence on third-party loan licensing for own brand manufacturing(p.133)
- • Concentration of revenue through single CSA distribution partner(p.150)
- • Negative operating cash flows for three consecutive years indicating working capital stress(p.248)
- • High debt-to-equity ratio indicating leverage dependence(p.242)
- • Significant reliance on customer Parekh Integrated Services Private Limited with balance confirmation discrepancies(p.232)
- • Recent employee fraud incident involving ₹7.39 lacs theft in FY 2023-24(p.238)
- • High finance costs increasing 50% year-over-year due to increased borrowings(p.247)
- • High growth potential in Indian medical aesthetics market(p.24)
- • Expanding global medical aesthetics market(p.24)
- • Strategy to expand product portfolio and categories(p.19)
- • Geographic expansion beyond Maharashtra and Karnataka(p.41)
- • Growing accessibility to aesthetic treatments increasing clinics and practitioners(p.40)
- • India positioned as fastest-growing major economy with nominal GDP growth of 10.4% in 2024(p.113)
- • India expected to become third-largest economy globally by CY27(p.112)
- • Growing aesthetic and dermatological services market with increasing consumer focus on appearance(p.94)
- • Opportunity to increase market penetration through funding working capital for inventory and receivables(p.93)
- • Platform for brand building and market expansion through public listing on NSE Emerge(p.93)
- • Revenue from own brands growing faster, representing higher-margin business opportunity(p.106)
- • Expansion in Tier 2 and Tier 3 markets(p.151)
- • Launch of new brands and healthcare categories(p.151)
- • Strategic focus on higher-margin own brands(p.151)
- • Growing demand from wedding season and consumer spending(p.125)
- • India's medical aesthetics market projected CAGR of 13.9% through 2030(p.120)
- • Rising middle-class population expected to reach 475M by 2030(p.123)
- • Expansion of own brand portfolio as higher-margin revenue driver(p.244)
- • Growing pan-India customer base with potential for geographic expansion(p.250)
- • Increase in sales team reach indicating scalability(p.245)
- • Growth in customer base demonstrating market penetration(p.245)
- • Recent strategic partnership expansion into new product categories(p.250)
- • Volatility in pricing and cost fluctuations from foreign manufacturers(p.33)
- • Supply chain disruptions and import regulatory policy changes(p.33)
- • Disruption risks at third-party manufacturing facilities(p.33)
- • Geographic concentration risk in Maharashtra and Karnataka(p.36)
- • Seasonal fluctuations in aesthetic products demand(p.38)
- • Intense competition from domestic and international players(p.41)
- • Presence of counterfeit aesthetic products(p.40)
- • Safety concerns and adverse outcomes from procedures deterring patients(p.40)
- • Regulatory approvals and licensing dependencies(p.44)
- • Intellectual property infringement and trademark protection risks(p.52)
- • Changing consumer preferences and beauty trends(p.39)
- • Data security and IT system failure risks(p.43)
- • Regulatory and policy environment in India is evolving and subject to change(p.58)
- • Currency exchange rate fluctuations between Indian Rupee and foreign currencies could reduce shareholder returns(p.56)
- • Inflation in India could adversely impact profitability through increased operational costs(p.60)
- • Competition law could restrict business arrangements and acquisitions under the Competition Act, 2002(p.57)
- • Natural calamities and pandemics could severely disrupt business operations and Indian economy(p.61)
- • Foreign investment restrictions under Indian law limit ability to attract foreign investors(p.60)
- • Share price volatility and lack of active trading market could prevent share appreciation(p.58)
- • Proliferation of counterfeit and unregulated aesthetic devices(p.127)
- • Intense price competition from domestic and international players(p.126)
- • Heavy reliance on imports with supply chain vulnerabilities(p.127)
- • Regulatory gaps enabling counterfeit and subpar products(p.127)
- • Safety concerns and adverse effects from aesthetic procedures(p.127)
- • Global supply chain dependence and currency risks(p.127)
- • Pending consumer dispute with potential refund liability of ₹35.60 lakhs(p.235)
- • Contingent liability from third-party deposit potentially non-recoverable(p.235)
- • GST input tax dispute for FY 2019-20 with ₹26.38 lakhs at stake(p.236)
- • Seasonality in business creating revenue volatility(p.250)
- • Dependence on working capital-intensive consignment sales model(p.249)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Dilip Ramesh Meswani | Promoter | 65.48% | — |
| Bindi Dilip Meswani | Promoter | 17.46% | — |
| Dilip Ramesh Meswani | Promoter | 65.48% | [●] |
| Bindi Dilip Meswani | Promoter | 17.46% | [●] |
| Abhash Dilip Meswani | Promoter Group | 3.41% | [●] |
| Milouni Dilip Meswani | Promoter Group | 2.02% | [●] |
| Sharda Ramesh Meswani | Promoter Group | 2.74% | [●] |
| Dilip Ramesh Meswani | Promoter | 65.48% | — |
| Bindi Dilip Meswani | Promoter | 17.46% | — |
| Dilip Ramesh Meswani | Promoter | 65.48% | — |
| Bindi Dilip Meswani | Promoter | 17.46% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.