Target: ₹540

CMP: ₹446.20

Laxmi Dental (Laxmiden) is distinguished as India’s only fully integrated provider of dental solutions, led by a highly experienced management team with extensive expertise in the field. Over the past two decades, the company has established an extensive Business-to-Business-to-Consumer (B2B2C) network that encompasses over 22,000 dental clinics and dentists across 320 cities, while also exporting its products to more than 90 countries. Its early investment in digital dentistry, with more than 160 intraoral scanners (IOS) deployed domestically, has reinforced its leadership in technology adoption

The healthcare services sector is evolving, with business models focusing on specific therapies and subsequently creating a comprehensive ecosystem. The customised service aspect not only adds value for patients but also benefits companies, establishing a strong competitive advantage for sustainable growth.

Considering the supportive industry trend and Laxmiden’s potential for sustained growth, we assign a 43x 12M forward earnings multiple to arrive at our TP of ₹540. It is important to note that Laxmiden has no direct competitors in the listed space. The healthcare services sector is currently trading at an average 12M forward P/E multiple of 43-45x. We initiate coverage on the stock with a Buy rating.

Published on July 14, 2025