Vasa Denticity H1 revenue rises 28%, cash outflow narrows

Vasa Denticity Limited reported consolidated revenue from operations of Rs 170.2364 crore for the half year ended September 30, 2026, up 27.6% from Rs 133.4560 crore a year earlier, while net operating cash outflow narrowed to Rs 16.7484 crore from Rs 19.8649 crore despite higher inventory and short-term advances.

How did Vasa Denticity perform in H1 2026?

Vasa Denticity increased total income to Rs 171.6885 crore in the half year ended September 30, 2026, from Rs 135.0470 crore in the corresponding 2025 period. Revenue from operations rose by Rs 36.7804 crore, while other income fell to Rs 1.4521 crore from Rs 1.5910 crore.

Vasa Denticity reported profit before tax of Rs 12.1169 crore, compared with Rs 9.7130 crore a year earlier. Profit attributable after minority interest rose to Rs 9.3122 crore from Rs 7.5229 crore, and basic earnings per share, not annualised, increased to Rs 5.33 from Rs 4.49.

What changed in Vasa Denticity's costs and profit?

Vasa Denticity's total expenses rose by Rs 34.2376 crore to Rs 159.5716 crore in H1 2026, compared with Rs 125.3340 crore in H1 2025. Purchases of stock-in-trade increased to Rs 148.1620 crore from Rs 109.5369 crore, while the change in stock-in-trade inventories was negative Rs 22.9394 crore against negative Rs 21.2640 crore a year earlier.

Vasa Denticity's employee benefits expense was Rs 11.4068 crore, broadly unchanged from Rs 11.4002 crore in the prior-year half. Depreciation and amortisation more than doubled to Rs 1.6285 crore from Rs 0.7587 crore, whereas other expenses fell by Rs 3.6966 crore to Rs 20.5651 crore.

Vasa Denticity recorded current tax expense of Rs 3.0793 crore in H1 2026, compared with Rs 2.2793 crore in H1 2025. A deferred-tax credit of Rs 0.2040 crore, against a deferred-tax expense of Rs 0.1199 crore a year earlier, left total tax expense at Rs 2.8753 crore versus Rs 2.3992 crore.

Why was Vasa Denticity's operating cash flow negative?

Vasa Denticity reported net cash used in operating activities of Rs 16.7484 crore in H1 2026, an improvement from an outflow of Rs 19.8649 crore in H1 2025. Operating profit before working-capital changes increased to Rs 13.0369 crore from Rs 9.3213 crore, but changes in current assets and liabilities produced cash generated from operations of negative Rs 14.6908 crore.

Vasa Denticity's largest working-capital cash use was an increase in inventories of Rs 22.9330 crore, compared with Rs 21.6082 crore in the previous half year. Short-term loans and advances increased by Rs 9.0847 crore, versus Rs 2.6954 crore a year earlier, while trade receivables increased by Rs 1.7742 crore compared with Rs 3.7582 crore.

Vasa Denticity received Rs 4.4462 crore from higher trade payables, compared with Rs 0.6952 crore in H1 2025. Other current liabilities and provisions added Rs 1.4069 crore, and income tax paid was Rs 2.0576 crore, lower than Rs 2.3135 crore in the corresponding prior-year period.

How did Vasa Denticity's investing and financing cash flows change?

Vasa Denticity generated net cash of Rs 8.2594 crore from investing activities in H1 2026, compared with cash used of Rs 11.9997 crore in H1 2025. Sales of mutual funds provided Rs 28.6569 crore, exceeding Rs 18.7653 crore invested in mutual funds and Rs 1.6943 crore spent on property, plant, equipment and intangible assets.

Vasa Denticity reported net financing cash inflow of Rs 6.3166 crore in H1 2026, compared with Rs 30.0860 crore in H1 2025. The current-period inflow primarily reflected Rs 6.3236 crore of proceeds from share warrants, while the previous-year period included Rs 30.0840 crore of net proceeds from an issue of shares.

Vasa Denticity's net cash and cash equivalents decreased by Rs 2.1724 crore during H1 2026, compared with a decrease of Rs 1.7786 crore in H1 2025. Cash and cash equivalents, excluding fixed deposits, closed at Rs 2.5620 crore on September 30, 2026, down from Rs 4.7344 crore at the beginning of the year.

What do Vasa Denticity's quarterly figures show?

Vasa Denticity reported revenue from operations of Rs 87.0977 crore for the quarter ended September 30, 2026, compared with Rs 83.1387 crore in the preceding quarter ended June 30, 2026. Quarterly profit before tax increased to Rs 6.9501 crore from Rs 5.1668 crore over the same sequential comparison.

Vasa Denticity's profit attributable after minority interest was Rs 5.1964 crore in the September 2026 quarter, compared with Rs 4.1159 crore in the June 2026 quarter. Basic earnings per share, not annualised, were Rs 2.97 for the September quarter, versus Rs 2.36 in the preceding quarter.

Vasa Denticity said the group primarily trades dental products on a pan-India basis and has no separate reportable segments under Accounting Standard 17, Segment Reporting. The audit committee reviewed, and the board approved, the unaudited quarterly and half-yearly results on November 6, 2026.

How was Vasa Denticity's consolidated result reviewed?

Vasa Denticity's independent auditor said that nothing had come to its attention to indicate that the consolidated unaudited results did not make the required disclosures or contained a material misstatement. The review covered the quarter and half year ended September 30, 2026 under Regulation 33 of the Securities and Exchange Board of India listing regulations.

Vasa Denticity's consolidated results include Waldent Inovations Private Limited, Smileworks Private Limited and Dentalkart Distribution UK Limited. The auditor said one subsidiary had reported revenue of Rs 3.2493 crore and a net loss after tax of Rs 4.89 lakh for the period, while another had revenue of Rs 51,000 and a net loss after tax of Rs 10.41 lakh.

Conclusion

Vasa Denticity combined 27.6% H1 revenue growth with a 23.8% increase in attributable profit, but cash conversion remained affected by working-capital investment. The Rs 22.9330 crore increase in inventories and Rs 9.0847 crore increase in short-term loans and advances outweighed the Rs 13.0369 crore operating profit before working-capital changes.

The next financial results will indicate whether the September 2026 inventory and advances movements reverse and whether operating cash flow turns positive. Vasa Denticity also disclosed that Dr. Vikas Agarwal's reappointment as managing director is to run from January 13, 2027 to January 12, 2032, after the end of his current tenure.