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Health Care
In a significant move, Nuvama Institutional Equities has initiated coverage on Laxmi Dental with a 'Buy' recommendation, highlighting the company's robust growth potential and strategic advantages. This first 'Buy' call for the stock post-IPO comes with a price target of ₹570, suggesting a potential upside of nearly 40% from recent levels[1][2]. Here are three key reasons why Nuvama and investors are betting big on Laxmi Dental:
Laxmi Dental is India's only fully integrated dental products company, offering a diverse range of customized crowns, bridges, aligner solutions, and pediatric products[1][4]. It holds the position of the second-largest domestic dental laboratory, with a vast network of over 22,000 dental professionals, and is the largest exporter in the segment[1][2]. This integrated structure allows for significant cross-selling opportunities, positioning Laxmi Dental as a leader in a highly fragmented market[4].
Key Features of Laxmi Dental’s Integrated Portfolio:
The Indian dental care market, while facing high oral disease burdens, remains significantly underpenetrated, with the organized sector holding only a single-digit market share[1][3]. This presents substantial opportunities for Laxmi Dental to expand its market share, driven by trends such as increasing demand for aesthetics, digitalization, and growing disposable incomes[2][3].
Growth Drivers for Laxmi Dental:
Nuvama projects robust financial growth for Laxmi Dental, with revenue and adjusted PAT expected to grow at CAGRs of 26% and 59%, respectively, over FY25E–28E[1][3]. This growth is complemented by improved operational efficiency, with the return on capital employed (RoCE) anticipated to rise from 19% to 29% during the same period[1][3]. Additionally, margin expansion in the lab business is expected to reach 22% by FY28E, supported by digitalization and backward integration[3][4].
Financial Highlights:
In conclusion, Nuvama's strong buy call on Laxmi Dental highlights the company's strategic positioning in a rapidly growing market, its comprehensive product portfolio, and robust financial projections. As the Indian dental care market continues to expand, Laxmi Dental appears poised to capitalize on these trends, offering investors an attractive growth opportunity.
