Earkart Limited IPO
Earkart Limited, incorporated on April 14, 2021, is a leading hearing solutions company in India. Founded to address hearing loss, the company manufactures and distributes advanced hearing aids and related accessories at affordable prices. Earkart also offers mobility aids such as adjustable foldable walkers and educational support tools for physically challenged individuals. With a focus on accessibility, the company leverages technology, including a remote audiometry machine, to provide hearing care across India, particularly in Tier 2 and Tier 3 cities.
Business Model
Earkart generates revenue through multiple channels:
1. Government (B2G): Supplies hearing aids and accessories to government agencies such as ALIMCO via the Government e-Marketplace (GeM), contributing a majority of revenue.
2. Private Parties (Retailers/Distributors): Supplies both Earkart-manufactured and third-party hearing aids to retailers and distributors.
3. Shop-in-Shop (SIS) Model: Franchise partnerships with ENT and optical clinics operating on a profit-sharing basis, providing audiology services directly to patients. As of fiscal 2025, 49 SIS clinics are operational across 22 cities and 6 states.
Products
Earkart offers a comprehensive range of hearing and mobility products:
i) Hearing Aids: Behind-the-Ear (BTE) and Receiver-in-Canal (RIC) models under Fame, EQFY™, and Radius series.
ii) Accessories: Spare parts and components for both domestic and international brands.
iii) Mobility & Support Products: Adjustable foldable walkers and Multi-Sensory Integrated Educational Development (MSIED) kits.
iv) Remote Audiometry: Smart, easy-to-use devices allowing patients to get tested and fitted from anywhere.
Manufacturing & R&D
The Noida-based facility spans 4,500 sq. ft. and houses a dedicated Research & Development department. The R&D and quality assurance teams conduct thorough testing at every stage, ensuring products meet international standards.
Market Presence
Earkart operates across India with a strong focus on Tier 2 and Tier 3 cities. The company also exports hearing aids and accessories to countries like Russia, China, Nigeria, and Nepal.
Objects of the Earkart Limited IPO:
Earkart Limited IPO Details:
| Open Date: | Sep 25 2025 |
| Close Date: | Sep 29 2025 |
| Total Shares: | 36,49,000 |
| Face Value: | ₹ 10 Per Equity Share |
| Issue Type: | Fixed Price |
| Issue Size: | 49.26 Cr. |
| Lot Size: | 1000 Shares |
| Issue Price: | ₹ 135 Per Equity Share |
| Listing At: | BSE SME |
| Listing Date: | Oct 03 2025 |
Promoters And Management:
Financials of Earkart Limited IPO:
| Particulars | FY 2024-25 | FY 2023-2024 | FY 2022-2023 |
| Revenue from Operations (Cr) | 43.10 | 31.75 | 29.91 |
| EBITDA (Cr) | 9.76 | 3.55 | 1.6 |
| EBITDA Margins | 22.65% | 11.18% | 5.56% |
| PAT (Cr) | 6.88 | 3.05 | 1.31 |
| PAT Margins | 15.93% | 9.57% | 4.53% |
| ROCE | 47.32% | 27.44% | 23.00% |
| Debt to Equity Ratio(In Times) | 0.25 | 0.31 | 0.19 |
| Operating Cash Flows (Cr) | 0.71 | -0.99 | -0.29 |
Comparison With Peers:
| Companies | Revenue (in cr) | EBITDA Margins | PAT Margins | ROCE | D/E Ratio | MCap (in cr) | P/E |
| Earkart Limited | 43.10 | 22.65% | 15.93% | 47.32% | 0.25 | 185.67 | 26.99 |
| OSEL Devices Limited | 186 | 18% | 10.75% | 31.10% | 0.46 | 1,015 | 50.6 |
Lead Manager of Earkart Limited IPO:
Registrar of Earkart Limited IPO:
Discussion on Earkart Limited IPO:
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