Aakaar Medical Technologies Limited IPO

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Incorporated in 2013 under the leadership of Mr. Dilip Meswani—an industry veteran with over 25 years of experience in the aesthetics sector—Aakaar Medical Technologies Private Limited is a leading player in India’s medical aesthetics and cosmetic devices market. Mr. Meswani began his journey in 1999 through a proprietary venture and later consolidated operations under Aakaar, scaling it into a professionally managed private limited company.

Business Model & Operations

Aakaar operates a pure B2B (Business-to-Business) model, catering primarily to dermatologists, aesthetic physicians, and plastic surgeons across India. These professionals either use Aakaar’s products in clinical treatments or retail them to end consumers. The company has built a robust portfolio that includes both own brands and imported brands, covering a wide spectrum of aesthetic solutions—from skincare and haircare to injectables and high-tech aesthetic devices.

Revenue Mix (FY25)

a) Imported Brands: 62.28%
Products are sourced from international partners (South Korea, Spain, Italy, Austria) and sold under exclusive distribution arrangements.

b) Own Brands: 37.72%
Products are manufactured domestically either through:

– White labelling (with Aakaar as the marketing agency), or

– Loan licensing (with Aakaar as both manufacturer and marketer).

Product Portfolio

a) Own Brands

i) Swyada – Skin moisturizers, gels, masks, and medi-facial kits
ii) Tubelite – Injectables, cleansers, sunscreens, and haircare solutions
iii) Etrelume, Etreluxe, Exoluxe, Etreclaire – Advanced skincare and mesotherapy products
iv) Etrehair, Balback – Hair serums and nutraceuticals
v) Lytec, DRS1512 – Skin lightening and post-procedure products
vi)Femichair, Synergy+, Magnus – Aesthetic devices for urinary incontinence, hydra-facial, tattoo removal, and pigmentation treatment

b) Imported Brands

1. AQULIFT, Saypha (Croma), Tesslift – Injectable threads, dermal fillers, and anti-aging solutions
2. Theraderm, Innoaesthetics, Meline – Serums, depigmentation products, and sunscreens
3. Platina, Xelix, Regenera – Laser hair reduction and hair transplant devices
4. Siax (Medytox), Brand 1 – Purified botulinum toxin and scar treatment
5. Tinefcon – Skin treatment products, including solutions for psoriasis

Strategic Focus

Aakaar’s strategic differentiation lies in its exclusive B2B distribution model, depth in product variety, and partnerships with globally reputed aesthetic brands. Its dual approach of importing international bestsellers and launching in-house brands using cost-effective Indian manufacturing provides both margin advantage and product depth.

Future Outlook

With a clear focus on expanding its aesthetic product pipeline, leveraging its pan-India dermatologist and clinic network, and launching new-age, clinically effective formulations, Aakaar Medical Technologies is well-positioned to tap into the growing demand for professional aesthetic solutions in India.

Objects of the Aakaar Medical Technologies Limited IPO:

The Company  proposes to utilise the net proceeds from the Issue towards the following objects: 1. Funding working capital requirements of the Company (₹20.35 cr) 2. General corporate purposes

Aakaar Medical Technologies Limited IPO Details:

Open Date: Jun 20 2025
Close Date: Jun 24 2025
Total Shares: 37,50,400
Face Value: ₹ 10 Per Equity Share
Issue Type: book Building
Issue Size: 27 Cr.
Lot Size: 1600 Shares
Issue Price: ₹ 68-72 Per Equity Share
Listing At: NSE Emerge

Promoters And Management:

1. Dilip Ramesh Meswani – Managing Director & Promoter, A science graduate from the University of Bombay with a Post Diploma in Medical Electronics, Mr. Meswani has over 24 years of experience in medical aesthetics. He founded Coherent Medical Systems in 1998 and has been with Aakaar since its inception in 2013. He also serves as Director at Revigen Medicare Pvt. Ltd. 2. Rahul Babasaheb Sawakhande – CEO & Executive Director, A qualified MBBS from MUHS, Nashik, with a Diploma in Business Management, Mr. Sawakhande has 15+ years of experience in dermatology and medical regulatory affairs. He joined Aakaar in 2015 and has previously worked with Piramal, Abbott, Pfizer, and Galderma. 3. Bindi Dilip Meswani – Chairperson & Non-Executive Director, Holding a Master’s in Commerce from MS University of Baroda, Mrs. Meswani has over 10 years of experience in medical aesthetics. She has been associated with Aakaar since 2013 and is also a Director at Revigen Medicare Pvt. Ltd.

Financials of Aakaar Medical Technologies Limited IPO:

Particulars (In lakh) March-2025 March-2024 March-2023
Revenue from Operations 6,158 4,611 3,278
EBITDA 974 500 353
EBITDA Margin (%) 15.81 10.84 10.76
PAT 604 287 215
PAT Margin (%) 9.81 6.22 6.57
Net Worth 2,320 1,253 966
Return on Net Worth (%) 33.81 25.88 24.35
RoCE 21.02 17.68 22.3
Revenue from own brands 2,311 1,394 774

Comparison With Peers:

There are no listed peers with the similar business model.

Lead Manager of Aakaar Medical Technologies Limited IPO:

  1. Indorient Financial Services

Registrar of Aakaar Medical Technologies Limited IPO:

  1. Bigshare Services Private Limited

Discussion on Aakaar Medical Technologies Limited IPO:

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