Company Overview
Founded in July 2004, Laxmi Dental Limited stands as a key player in the dental products industry, offering a broad spectrum of dental solutions. Their diverse portfolio includes custom crowns, bridges, clear aligners, pediatric products, thermoforming sheets, and specialized 3D printing resins. Operating under the "Taglus" brand, the company follows a fully integrated approach, managing design, production, and distribution.
Manufacturing Capabilities
As of September 2024, Laxmi Dental runs six production units, three in Mumbai (Mira Road), two in Boisar, and one in Kochi. Additional support facilities are located in Mumbai, Delhi, Bengaluru, and Ahmedabad.
Extensive Dental Network
Laxmi Dental’s vast network spans over 22,000 dental clinics and professionals across 320 cities in India. The company also maintains a global footprint, exporting products to more than 90 countries.
Key Strengths
- India’s sole fully integrated dental product manufacturer.
- The second-largest domestic lab operator with a strong export presence.
- A comprehensive, vertically integrated product range focused on technology and innovation.
- A widespread dental network providing market leverage.
- High-quality production standards driven by advanced technology and regulatory compliance.
Risks
- Historical financial challenges, including negative EPS and asset losses.
- Heavy dependence on expanding its dental network and increasing clinic partnerships.
- Concentrated business operations in Mumbai, raising regional risk.
- Reliance on international trade introduces import/export-related uncertainties.
- Strategic missteps or ineffective growth management may hinder performance.
- Ongoing legal issues involving leadership could impact business stability.
IPO Objectives
- Repay outstanding loans.
- Fund capital investment for new machinery.
- Support general corporate purposes and subsidiary investments.
Summary of Financial Information:
| Period Ended | 30-Sep-24 | 31-Mar-24 | 31-Mar-23 | 31-Mar-22 |
|---|---|---|---|---|
| Total Assets | 158.22 | 134.52 | 96.54 | 102.75 |
| Total Revenue | 117.9 | 195.26 | 163.84 | 138.07 |
| Profit After Tax | 22.74 | 25.23 | -4.16 | -18.68 |
| Net Worth | 67.09 | 44.57 | 19.48 | 22.94 |
| Total Borrowings | 40.91 | 42.03 | 31.44 | 29.63 |
Comparison with Listed Peers:
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio |
|---|---|---|---|---|---|---|
| Laxmi Dental Limited | 4.8 | 4.8 | 8.63 | - | 78.78 | - |
| Poly Medicure Ltd. | 26.92 | 26.9 | 153.22 | 94.02 | 19.05 | 16.53 |
Key IPO Details:
- IPO Dates: 13 to 15 January, 2024
- Price Band: Rs. 407 to Rs. 428 per share
- Lot Size: 33 shares
- Issue Size: Rs. 698.06 Crores (Fresh Issue: 138 Cr.)
- Retail Quota: 10%
- Listing Date: 20th Jan, 2024
- GMP: 35%+ (for informational purposes only)
Note: For additional information & risk factors please refer to the Red Herring Prospectus
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Disclaimer: We are not SEBI registered. All the views are personal and only for educational purposes. Do your due diligence before making any trading or investing decisions. The data provided in this blog post is for illustrative purposes only and does not constitute financial advice. Always consult with a qualified financial advisor before making investment decisions.
