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Earkart Limited is an Indian company that manufactures and distributes modern hearing aids and related accessories at affordable prices. The company sells its own brands, including EQFYTM, Fame, and Radius, and also trades products from other domestic and international brands. Earkart has developed a proprietary remote audiometry machine called Earkart OMNI, enabling telehealth services for hearing tests and fittings. It primarily serves Tier 2 and Tier 3 cities through a network of partners and a Shop-in-Shop (SIS) model, and is also a key supplier to government institutions like ALIMCO via the Government e-Marketplace (GeM).
Opening Date
Sep 25, 2025
Closing Date
Sep 29, 2025
Listing Date
Oct 03, 2025
IPO Type
SME
IPO Status
Closed
Issue Size
46.77 Cr
Fresh Issue
42.26 Cr
Offer for Sale
4.51 Cr
Price Band
₹135 - ₹135
Lot Size
1000
The main objectives of the issue are to utilize the net proceeds from the Fresh Issue for the following purposes:
Funding incremental working capital requirements to the extent of ₹2,110.13 lakhs to support the company's working capital intensive operations, including financing trade receivables and maintaining inventory levels for raw materials and finished goods to support business growth and the expansion of the SIS model.
Funding capital expenditure requirements of ₹1,733.26 lakhs for the expansion of the Shop in Shop (SIS) business model. This involves setting up 510 new SIS clinics in ENT/Ophthalmic clinics across India by Fiscal 2027 and establishing the necessary operational infrastructure, including the procurement of OMNI audiometers, diagnostic equipment, and IT hardware.
To meet general corporate purposes, which may include strategic initiatives, brand building, meeting ongoing operational needs, and other purposes as approved by the board, ensuring the amount does not exceed 15% of the gross proceeds from the fresh issue.
P/E Ratio
9.53
EPS
14.2
ROE
34.55%
ROCE
47.32%
RONW
34.55%
Debt to Equity Ratio
0.26
PAT Margin
15.93%
EBITDA Margin
22.65%
P/B
7.08
Strong revenue stream from government contracts, being a trusted supplier on the Government e-Marketplace (GeM) to ALIMCO.
Development of proprietary technology, the 'Earkart OMNI', a remote audiometry system that enables telehealth services and scalability.
Innovative and asset-light Shop-in-Shop (SIS) business model for rapid expansion into underserved Tier 2 and Tier 3 cities.
Comprehensive product range including both self-manufactured and traded hearing aids and accessories.
High dependency on government contracts, with over 64% of revenue derived from government institutions in the recent period.
Operational risk concentration with a single manufacturing facility located in Noida, Uttar Pradesh.
The business is working capital intensive, requiring significant funds for inventory and trade receivables.
Reliance on third-party suppliers for critical raw materials and components for manufacturing hearing aids.
Growing demand for hearing care solutions driven by India's large and aging population and increasing awareness of hearing health.
Significant potential for expansion in untapped Tier 2 and Tier 3 cities across India through the scalable SIS model.
Leveraging telehealth capabilities with the Earkart OMNI device to make audiology services more accessible and affordable.
Expansion into international markets, building upon initial export sales to countries like China, Russia, and Nigeria.
Potential loss of business due to failure to secure future government tenders or changes in government procurement policies.
Intense competition from established domestic and international players in the hearing aid market.
Vulnerability to disruptions in the global supply chain, which could affect the sourcing of raw materials and components.
Adverse changes in complex governmental regulations and laws governing medical devices could increase compliance costs and affect operations.
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