Aakaar targets 100 Xelix clinics before a marketing push

Aakaar Medical Technologies Limited has onboarded more than 70 doctors to its Xelix platform and plans a more aggressive performance-marketing push after reaching 100 onboarded clinics. Management expects each doctor to generate Rs 2 lakh to Rs 3 lakh of product purchases once large-scale marketing begins, although it disclosed no Xelix revenue to date.

What is Aakaar's Xelix clinic platform?

Aakaar describes Xelix as a consumer-facing platform for independently owned and operated aesthetic clinics, rather than a conventional clinic chain. The company is initially onboarding dermatologists and plastic surgeons, while management said maxillofacial surgeons could be added later. Consumers are intended to find area-specific doctors offering aesthetic procedures through the platform.

The model places the doctor, rather than Aakaar, at the centre of the clinic relationship. On the October 30, 2026 call, management said chain-clinic models can face doctor turnover, whereas Xelix onboards the doctor's own clinic. A backend call centre is intended to receive consumer enquiries and direct people to doctors based on the requested service.

Aakaar has launched a Xelix Clinic webpage plus Instagram and Facebook handles, and has begun a softer digital and paid-marketing launch. Management said doctors' educational videos will support consumer awareness of aesthetic services, while also increasing the visibility of participating doctors and Aakaar products.

How many Xelix doctors does Aakaar need before marketing expands?

Aakaar had completed more than 70 doctor onboardings after beginning the Xelix process in the last financial year. Management's next operating threshold is 100 onboarded customers, after which it plans to spend more aggressively on performance marketing and consumer lead generation. It did not state a date for reaching 100 or disclose a marketing budget.

The current Xelix network is small beside Aakaar's overall customer base of about 12,000 doctors and other customers that have purchased at least once. The company has also held more than 75 workshops and attended more than 20 conferences to support doctor engagement. Management said the wider sales objective is to raise productivity per doctor and per brand.

The order of the rollout is deliberate: Aakaar wants a larger clinic network before generating leads at scale. Management said it expects to recognise revenue from onboarded clinics as lead generation begins, but it has not disclosed the number of consumer leads, conversion assumptions or any reported Xelix sales.

How does Aakaar expect Xelix to earn revenue?

Aakaar's initially quantified Xelix revenue mechanism is product purchasing by participating doctors. Management expects a minimum of Rs 2 lakh to Rs 3 lakh in product purchases from each onboarded doctor after large-scale marketing starts. It said doctors will not be required to buy a particular Aakaar brand because product selection will depend on clinical practice.

The proposed model links direct-to-consumer marketing with Aakaar's existing aesthetic-products distribution business. Management's stated rationale is that consumer campaigns can increase awareness of aesthetic procedures, while doctor content and clinic listings can provide exposure for the company's product brands. The platform therefore seeks to generate demand for services as well as potential sales to doctors.

Management also mentioned possible future franchise fees, software costs and other charges connected with operating the marketing platform. Those income streams remain prospective: Aakaar did not provide a fee schedule, contractual structure, software price or expected timetable for charging clinics. The Rs 2 lakh to Rs 3 lakh figure is an expectation, not a contracted minimum or reported revenue.

Xelix could also become a channel for Aakaar's planned hair-transplant device. Management said platform clinics may become future hair-transplant clinics, but commercial scaling depends first on a test licence from the Central Drugs Standard Control Organisation. The company said research and development funding had been allocated over the past two or three periods, without stating an amount.

What financial and execution factors could affect Xelix?

Aakaar reported revenue from operations of Rs 43.72 crore in H1 FY27 ended September 2026, up 72.64% from Rs 25.30 crore in September 2025 and 5% above H2 FY26 ended March 2026. Earnings before interest, tax, depreciation and amortisation were Rs 5.59 crore, while profit after tax was Rs 3.54 crore. Management did not separate Xelix spending, sales or profit from these group figures.

Gross margin was 51.39% in H1 FY27, down from 57.88% in H2 FY26. Management attributed the change to foreign-exchange movements, higher European supply costs, sampling through workshops and conferences, and a shift in mix: Aakaar-brand sales were 34% in the first half versus 39% earlier. Management wants Aakaar brands to represent about 36% to 37% by year-end.

Working capital is another execution consideration. Debtor days rose to 219 in September 2026 from 206 in March 2026, while cash and cash equivalents declined to Rs 1.05 crore from Rs 16.20 crore. Management said its distributor model had begun with 40 distributors and aims to bring debtor days to 180 to 160 by the end of H2, with below 130 days described as an aggressive internal target.

Management also said increased marketing expenditure affected H1 margins, including digital activity for Aakaar brands. It expects gross margin to improve somewhat in H2 if foreign-exchange conditions soften, marketing-related sampling falls and sales of Aakaar brands increase. These are management expectations rather than financial guidance.

Conclusion

Aakaar is extending its role beyond aesthetic-product supply by building a doctor-owned clinic platform that can connect consumers, clinics and product purchases. More than 70 doctors are onboarded, and the commercial trigger is 100 clinics, after which management plans performance marketing and expects Rs 2 lakh to Rs 3 lakh of purchases per doctor.

The next disclosures to watch are progress toward 100 onboardings, the start of reported Xelix revenue and the scale of marketing spending. Management's plan also depends on reducing debtor days from 219 through its 40-distributor model, while the hair-transplant device remains contingent on obtaining a Central Drugs Standard Control Organisation test licence.