EarkartShare price, financial results, shareholding and management
- Market cap
- ₹153 cr
- Stock P/E
- 30.9peers 23.6
- Book value
- ₹46.8
- Price to book
- 2.37
- EV / operating profit
- -
- Market cap to sales
- 2.83
- ROCE · FY26
- 17.5%
- ROE · FY26
- 11.7%
- ROE, 3-year average
- 28.3%
- Operating margin · FY26
- 15.4%peers 12.7%
- Sales growth, 3 years
- 23.2%
- Profit growth, 3 years
- 55.7%
- Debt to equity
- 0.00peers 0.11
- Borrowings
- ₹0 cr
- Interest cover
- 14.4×
- Cash from business / op. profit
- -150%
- Debtor days
- 142
- Pledged
- 0.00%
- Promoter holding
- 57.34%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 246
- 52-week high / low
- ₹243 / ₹104
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Earkart share price chart
Close on 6 Nov 2026 · -5.13% on the day · Vol 4,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -14.6%
- 3 months
- -20.7%
- 6 months
- -25.0%
- 1 year
- -53.4%
- Traded a day, 20 days
- ₹0.06 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +25% | -28% |
| 3 years, a year | +23% | +56% |
About Earkart: business, products and customers
Earkart makes hearing aids in Noida and sells them mainly to government welfare buyers, and is building a chain of hearing test corners inside ENT and eye clinics that its audiologists run from a distance. Its shares trade on BSE SME.
Earkart, set up in 2021 and controlled by Rohit Misra since October 2021, assembles digital behind-the-ear and receiver-in-canal hearing aids under the EQFY, Fame, Radius and Tiny names at a Noida facility certified to ISO 13485 and approved by CDSCO and BIS. It also trades other brands' hearing aids and parts, and sells walkers and learning kits for people with disabilities. About half of the materials it used in FY26 were imported.
Most sales come from government tenders on the GeM portal, chiefly supplying ALIMCO, a government company under the social justice ministry; orders come tender by tender, are paid in about 45 to 60 days, and their timing can move sales from one half year to the next. Retailers and distributors pay in about 60 to 90 days, so money owed by customers and stock take up much of the working capital. In the Shop-in-Shop model the company puts its OMNI remote audiometer and a soundproof room inside ENT and optical clinics at its own cost, its audiologists test and fit patients from head office, and the clinic shares in the profit, so costs come first and sales build up over months.
Read more about the business
The documents name no competitors; the offer document warns that rivals may be more effective or technologically advanced, while the company says few Indian hearing aid makers hold its ISO 13485 certificate. It formed a US subsidiary, Earkart Inc., in January 2026, which was not yet operating at March 2026, and its June 2026 presentation cites an exclusive distribution tie-up with Arphi Electronics. In September 2026 the board approved an education services subsidiary, which the company says is outside its existing business.
From the prospectus of 2025, the FY26 annual report filed on BSE, the June 2026 investor presentation, the December 2025 earnings call and BSE announcements of September 2026.
Read the deeper study ↓In its favour
- Sales have grown fast: 23% a year over three years.
- It has little debt for its size: debt to equity 0.00.
To watch
- Results for the half to September 2026, due after the trading window that closed on 1 October 2026: whether margins recover as clinic sales catch up with costs (BSE announcement, 28 September 2026; Earnings call, December 2025, p.9).
- The auditor said paying promoters their gross offer for sale money on 8 October 2025 without deducting their ₹0.56 cr share of issue costs breached Section 185; it was recovered by cheque on 27 May 2026 with interest (Annual report FY26, p.46 to p.48 and p.69).
- The secretarial auditor found unrecorded insider information entries, cost records not kept, and a missing RBI filing for the US subsidiary; balance confirmations were not received from most parties (Annual report FY26, p.68 and p.95 to p.96).
- Moves outside hearing care: an education services subsidiary approved on 24 September 2026 and a planned pharmaceutical segment, while ₹14.1 cr of share sale money was unspent at March 2026 (BSE announcement, 24 September 2026; Investor presentation, June 2026, p.20; Annual report FY26, p.48).
- Customers take longer to pay than before: 142 days in FY26, against 104 in FY22.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Earkart revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit fell even as sales rose, so the company kept less from each rupee of sales.
SME companies report every six months.
Earkart half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|
| Sales | 23.55 | 22.29 | 31.75 |
| Expenses | 18.59 | 19.15 | 26.53 |
| Operating profit | 4.96 | 3.13 | 5.22 |
| OPM | 21.1% | 14.1% | 16.4% |
| Interest | 0.19 | 0.39 | 0.16 |
| Depreciation | 0.16 | 0.23 | 0.43 |
| Profit before tax | 4.67 | 2.55 | 4.71 |
| Net profit | 3.31 | 1.85 | 3.08 |
Earkart profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 5.66 | 28.92 | 31.75 | 43.11 | 54.04 |
| Expenses | 5.52 | 27.29 | 28.17 | 33.32 | 45.69 |
| Operating profit | 0.14 | 1.63 | 3.58 | 9.79 | 8.35 |
| OPM | 2.5% | 5.6% | 11.3% | 22.7% | 15.4% |
| Other income | 0.04 | 0.05 | 0.21 | 0.09 | 0.11 |
| Interest | 0.01 | 0.08 | 0.36 | 0.44 | 0.54 |
| Depreciation | 0.06 | 0.15 | 0.19 | 0.42 | 0.66 |
| Profit before tax | 0.11 | 1.45 | 3.24 | 9.02 | 7.26 |
| Tax rate | 0.0% | 9.7% | 5.6% | 23.7% | 32.0% |
| Net profit | 0.11 | 1.31 | 3.06 | 6.88 | 4.94 |
| EPS ₹ | 0.14 | 1.72 | 4.03 | 6.59 | 3.99 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Earnings per share before FY23 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Earkart profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 2.5% | 5.6% | 11.3% | 22.7% | 15.4% |
| Tax rate | 0.0% | 9.7% | 5.6% | 23.7% | 32.0% |
| ROCE | · | 23.9% | 29.0% | 45.1% | 17.5% |
| ROE | · | 23.2% | 31.3% | 41.8% | 11.7% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Earkart debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It has almost no borrowings. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Earkart balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.05 | 0.05 | 0.05 | 10.44 | 13.75 |
| Reserves | 4.72 | 6.49 | 12.97 | 9.48 | 50.59 |
| Net worth | 4.77 | 6.54 | 13.02 | 19.92 | 64.34 |
| Borrowings | 0.27 | 1.23 | 4.02 | 4.96 | 0 |
| Other liabilities | 0.91 | 6.96 | 2.21 | 5.41 | 5.15 |
| Total liabilities | 5.95 | 14.73 | 19.25 | 30.29 | 69.49 |
| Fixed assets | 0.22 | 0.25 | 1.06 | 1.17 | 5.88 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 |
| Investments | 1.46 | 0.10 | 0.19 | 0.83 | 0.15 |
| Other assets | 4.27 | 14.38 | 18 | 28.29 | 63.46 |
Earkart cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | -2.83 | -0.30 | -1 | 0.71 | -12.56 |
| Cash from investing | -1.78 | 0.40 | -1.29 | -1.32 | -5.18 |
| Cash from financing | 4.68 | 0.41 | 3.08 | -0.41 | 39.06 |
| Net cash flow | 0.07 | 0.51 | 0.79 | -1.02 | 21.32 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 104 | 59 | 73 | 157 | 142 |
| Inventory days | 138 | 101 | 113 | 96 | 121 |
| Days payable | 92 | 107 | 19 | 44 | 20 |
| Cash conversion cycle | 151 | 53 | 167 | 209 | 243 |
| Working capital days | 192 | 61 | 108 | 139 | 237 |
Earkart peers and competitors
Listed SME companies in the same industryBy sales, Earkart is number 10 of the 15 listed SME companies in healthcare equipment & supplies.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Mohini Health & Hygiene | 57 | - | 144 | -16.7 | -1.8% | 0.39 |
| Vaidya Sane Ayurved Laboratories | 177 | 19.7 | 107 | 9 | 14.4% | 0.04 |
| Royal Sense | 39 | 5.5 | 103 | 7 | 11.0% | 0.33 |
| Prevest Denpro | 472 | 23.6 | 72 | 20 | 35.0% | 0.00 |
| Aprameya Engineering | 187 | 36.6 | 55.1 | 5.1 | 19.1% | 0.10 |
| Earkart | 153 | 30.9 | 54 | 4.9 | 15.4% | 0.00 |
| Avience Biomedicals | 149 | 17.0 | 52.5 | 8.8 | 28.4% | 0.92 |
| Amkay Products | 58 | 25.3 | 42 | 2.3 | 9.2% | 0.15 |
| Galaxy Medicare | 29 | 8.4 | 40 | 3.4 | 10.6% | 0.10 |
| KMS Medisurgi | 44 | 175.3 | 12.2 | 0.3 | 7.6% | 0.09 |
| Transpact Enterprises | 4 | 45.7 | 0.2 | 0.1 | 66.7% | 0.11 |
| Median of the 10 others | 58 | 23.6 | 53.8 | 4.3 | 12.7% | 0.11 |
Earkart shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
Earkart shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 25 | Mar 26 | Sep 26 | |
|---|---|---|---|
| Promoters | 57.34% | 57.34% | 57.34% |
| Foreign investors (FIIs) | 5.14% | - | - |
| Indian institutions (DIIs) | 12.61% | - | - |
| Number of shareholders | 530 | 240 | 246 |
Earkart study: the business from its own documents
Read from 5 of the company's own documentsEarkart key facts from the filings
Each figure with the document it comes from
- Government sales
- 61%
- Share of FY26 revenue from government buyers; the rest came from private customers and clinics.Investor presentation, June 2026, p.17
- Largest customer
- 67%
- Share of FY25 revenue from the single largest customer; the top ten took 91%.Offer document, p.38
- Uttar Pradesh
- 76%
- Share of FY26 revenue from Uttar Pradesh; the company says a significant share of it comes from government orders.Investor presentation, June 2026, p.17
- Shop-in-Shop clinics
- 82
- Clinics in more than 40 cities in June 2026, up from 49 when the prospectus was filed.Investor presentation, June 2026, p.4; Offer document, p.148
- Money owed by customers
- ₹21.1 cr
- Trade receivables at March 2026, of which ₹3.6 cr was six months to a year old, against ₹0.2 cr a year earlier.Annual report FY26, p.75
Show 5 more facts
- Stock
- ₹10.9 cr
- Inventories at March 2026, up from ₹6.5 cr, mostly raw materials and finished goods.Annual report FY26, p.76
- Imported materials
- 52%
- Share of materials used in FY26 that were imported.Annual report FY26, p.84
- Share sale
- ₹44.8 cr
- Fresh shares sold at ₹135 in the October 2025 listing; ₹14.1 cr was still unspent at March 2026.Annual report FY26, p.48 and p.56
- Fund holder
- 16.92%
- Stake of Neomile Growth Fund Series I, an alternative investment fund, at March 2026.Annual report FY26, p.54
- Staff
- 58
- Permanent employees at March 2026.Annual report FY26, p.98
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company gives no figure for future sales or profit. On the December 2025 call the Managing Director said the company aims to have 500 clinic installations by the end of 2028, expects each clinic to reach ₹80,000 of sales a month at full use after 15 to 18 months against ₹18,000 to ₹20,000 then, and expects government sales to settle at about a fifth to at most three tenths of the total within five years. The prospectus set ₹10.1 cr of the share sale money for clinic and infrastructure spending in FY27.
| What management said | When | What happened |
|---|---|---|
| Growth of about 25% in FY26 | December 2025 call | FY26 revenue ₹54.0 cr, up about 25% |
| About 110 clinic installations by the end of the year | December 2025 call | 82 clinics in the June 2026 presentation |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Earkart earns most of its money selling hearing aids it assembles to government welfare buyers, and is trying to grow a private business through clinics it equips and runs from a distance.
Its weak spots are dependence on one kind of buyer in one state, costs that arrive before clinic sales do, and lapses the auditors found around the share sale.
WatchCan it set its own prices?Not for most of its sales, which are won in government tenders where price decides.
AverageHow strong is it against rivals?Its certificates and remote testing set it apart among Indian makers, but it is small next to the global brands.
WatchWho are its customers?One customer and one state account for most of its sales.
WatchDoes it need a lot of money?Yes. Customers pay slowly, stock is high, and each new clinic needs equipment the company pays for.
AverageCan it keep finding new work?Clinics and private sales are growing, but clinic targets have slipped and government orders come one tender at a time.
WatchDo good and bad years swing a lot?Yes. A late tender can sink a half year, and fixed costs then squeeze profit.
Who runs Earkart?
Promoters, directors and officers; tap a name for the background
RMRohit MisraPromoter, Chairman, Managing Director and CEO · holds 55.04%
Took a majority stake from founders Priyadarshi Jha and Shailendra Yadav in October 2021; Managing Director for five years from 31 January 2025. B.Sc. from Meerut University and a marketing diploma from IMT Ghaziabad, with over 30 years in healthcare including senior roles at Glaxo, Allergan, Lumenis and Starkey. Sold 3,34,000 shares in the IPO and was paid ₹0.92 cr in FY26; the patent application for the OMNI system was made by Rohit Misra and Monika Misra, who gave the company a no-objection to use it.
Offer document, p.143, p.149, p.175 and p.176; Annual report FY26, p.53, p.56 and p.67MMMonika MisraPromoter and Whole Time Director · holds 0.98%
Stated in the documents to be the spouse of Rohit Misra. B.Sc. and M.Sc. from Meerut University and B.Ed. from Annamalai University; ran the Skin Appeal dermatology centre for ten years and manages daily operations, audiology and customer service. Paid ₹0.53 cr in FY26.
Offer document, p.177 and p.178; Annual report FY26, p.53, p.67 and p.68AKAjay Kumar GiriDirector and Chief Financial Officer
CFO since 31 January 2025 and with the company since 2021; M.Com from Sikkim Manipal University and earlier Assistant Manager, Finance at Starkey Laboratories India. Pay rose 82% in FY26 to ₹0.27 cr.
Offer document, p.177 and p.187; Annual report FY26, p.68 and p.100RSRahul SaleshaExecutive Director
Director since March 2023, overseeing product development and strategy; B.Com from Mumbai University and M.Sc. from Aston University, earlier with Starkey Laboratories India. Paid ₹0.42 cr in FY26 and up for re-appointment by rotation at the July 2026 AGM.
Offer document, p.175 and p.177; Annual report FY26, p.18 and p.38RJRajhkumar JaainIndependent Director
Chartered Accountant since 1989 with over 30 years in finance and accounts, including LG Electronics India; on the board since January 2025.
Offer document, p.177LSLakshman Shyam SinghIndependent Director
Degrees in science and electronics engineering from the University of Allahabad and a Ph.D. in management from Amity University; on the board since January 2025.
Offer document, p.177; Annual report FY26, p.67SPSidhartha PradhanIndependent Director
MA and M.Phil. in political science from JNU, a law degree and an MBA from the University of Hull.
Offer document, p.177PSPreeti SrivastavaCompany Secretary
Company Secretary and Compliance Officer since 17 February 2025.
Offer document, p.187Earkart latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 30 Sept 2026: promoters unchanged at 57.34%.
Earkart announcements
2 on record, latest first; each opens the filing on the exchange
Earkart annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 31 Dec 2025 ↗read
- FY26 ↗read
Earkart share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Earkart's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,37,53,932 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Earkart
What does Earkart do?
Earkart makes hearing aids in Noida and sells them mainly to government welfare buyers, and is building a chain of hearing test corners inside ENT and eye clinics that its audiologists run from a distance. Its shares trade on BSE SME.
What is the share price of Earkart?
₹111 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Earkart?
₹153 cr at the close on 6 Nov 2026, on 1,37,53,932 shares.
What is the P/E of Earkart?
30.9 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Earkart's revenue and profit?
Revenue ₹54 cr and profit after tax ₹5 cr in FY26.
Who are the promoters of Earkart?
Rohit Misra, Monika Misra; promoters held 57.34% at 30 Sept 2026.
What is Earkart's website?
www.earkart.in
More SME companies like Earkart
Other listed SME companies in healthcare equipment & supplies, the closest in size first, each read from its own documents.
- Vaidya Sane Ayurved LaboratoriesMADHAVBAUG · NSE Emerge · Healthcare Equipment & Supplies · listed 2022Market cap ₹143 cr
- Avience BiomedicalsAVIENCE · NSE Emerge · Healthcare Equipment & Supplies · listed 2026Market cap ₹137 cr
- Aprameya EngineeringAPRAMEYA · NSE Emerge · Healthcare Equipment & Supplies · listed 2024Market cap ₹248 cr
- Mohini Health & HygieneMHHL · NSE Emerge · Healthcare Equipment & Supplies · listed 2018Market cap ₹49 cr
- Prevest DenproPREVEST · BSE SME · Healthcare Equipment & SuppliesMarket cap ₹478 cr
- Amkay ProductsAMKAY · BSE SME · Healthcare Equipment & SuppliesMarket cap ₹46 cr
Every listed SME company in Healthcare Equipment & Supplies →
Built from 1 offer document, 1 result filing, 1 earnings call transcript, 1 investor presentation, 1 annual report, 2 exchange announcements, 3 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.