Aakaar Medical approves ESOP 2026, hikes share capital

Aakaar Medical Technologies Limited has approved the Aakar Medical Technologies Employee Stock Option Plan 2026, enabling the grant of 11,33,825 stock options to eligible employees, subject to shareholder approval. The Board of Directors also sanctioned an increase in the company's authorized share capital from ₹15 crore to ₹15.40 crore. These decisions were taken during a board meeting held on May 25, 2026, under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The ESOP 2026 is established in accordance with the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. The options are available for grant to employees of the company and its subsidiaries in one or more tranches. These options are exercisable into not exceeding 11,33,825 fully paid-up equity shares, each with a face value of ₹10.

The exercise price per option will not be less than the face value of one equity share and will not exceed the fair market price as on the date of grant. The Board or the Nomination and Remuneration Committee retains the authority to determine the exact price within this range. The committee may also facilitate a cashless exercise of options for employees, subject to applicable laws.

Vesting for the options will commence after a minimum period of 12 months from the date of grant. The specific period within which the vested options may exercised will be determined by the Board or the Nomination and Remuneration Committee in accordance with the scheme's terms. Currently, no options have been vested, exercised, or lapsed, and no money has been realized from the exercise of options.

Concurrently, the Board approved an increase in the authorized share capital to accommodate the new issuance. The capital is being raised from ₹15,00,00,000 divided into 1,50,00,000 equity shares of ₹10 each, to ₹15,40,00,000 divided into 1,54,00,000 equity shares of ₹10 each. This change requires a consequent amendment to the capital clause of the Memorandum of Association and is subject to shareholder approval at the ensuing Annual General Meeting.

Key Details of Aakar Employee Stock Option Scheme-2026

Particulars	Details
Total Options Available	11,33,825
Shares Covered	11,38,825 equity shares of ₹10 each
Pricing Formula	Not less than face value; not exceeding fair market price as on date of grant
Vesting Period	Not less than 12 months from date of grant
Options Vested	NIL
Options Exercised	NIL
Money Realized	NIL
Options Lapsed	NIL

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+4.93%	+33.83%	+41.63%	+1.26%	+7.44%	+7.44%

Aakaar Medical Technologies Limited has announced its audited financial results for the year ended March 31, 2026. The company reported a rise in net profit to ₹663.76 lakh for the fiscal year, up from ₹603.24 lakh in the corresponding period last year. Revenue from operations for FY26 stood at ₹6,696.41 lakh, compared to ₹6,158.28 lakh in FY25. Following the board meeting on May 15, 2026, the company confirmed that the transcript of the earnings call has been uploaded to its website.

Financial Performance

The total income for the year increased to ₹6,776.85 lakh from ₹6,176.07 lakh in the previous year. The company's profit before tax for FY26 was reported at ₹919.18 lakh, higher than the ₹811.33 lakh recorded in the prior year. The basic and diluted earnings per share (EPS) for the year were 4.99, compared to 6.12 in the previous year. The following table summarizes the company's annual financial performance:

Particulars:	FY26 (Audited)	FY25 (Audited)
Revenue from Operations (₹ lakh):	6,696.41	6,158.28
Total Income (₹ lakh):	6,776.85	6,176.07
Total Expenses (₹ lakh):	5,857.67	5,364.74
Profit Before Tax (₹ lakh):	919.18	811.33
Net Profit (₹ lakh):	663.76	603.24
Basic EPS:	4.99	6.12

H2 FY26 Performance Highlights

The investor presentation highlighted a sharp recovery in the second half of FY26, with H2 revenue reaching INR 42 Cr against INR 25 Cr in H1 — a half-on-half (HoH) growth of 64.4%. On a year-on-year basis, H2FY26 revenue grew 23.1% compared to INR 34 Cr in H2FY25. EBITDA surged to INR 11 Cr in H2FY26 from near-zero levels (INR 0.02 Cr) in H1FY26, while PAT swung from a loss of INR 1 Cr in H1 to a profit of INR 7 Cr in H2. The following table captures the half-yearly performance:

Metric:	H2FY26	H1FY26	HoH Change	H2FY25	YoY Change
Revenue (INR Cr):	42	25	+64.4%	34	+23.1%
Operating EBITDA (INR Cr):	11	0.02	+546.5%	8	+31.5%
EBITDA Margin:	26.3%	0.7%	+2625 bps	24.6%	+168 bps
PAT (INR Cr):	7	-1	Turnaround to profit	6	+32.1%
PAT Margin:	17.7%	-3.1%	+2080 bps	17.0%	+114 bps

The company attributed the H1 softness to a deliberate tightening of credit terms aimed at strengthening long-term cash flow and working capital discipline. Quarterly debtor days reduced from 209 in June 2025 to 167 by March 2026, reflecting improved collections discipline. H1 EBITDA was also impacted by front-loaded business development costs, described as a one-time investment rather than a structural weakness.

Operational Highlights

The company operates through two primary segments: Aesthetic Devices & Device Consumables and Aesthetic Products. The Aesthetic Products segment contributed the majority of revenue, generating ₹5,960.75 lakh for the year ended March 31, 2026, while the Aesthetic Devices & Device Consumables segment reported revenue of ₹735.66 lakh. Aesthetic Products and Device Consumables together account for over 89% of recurring business. The total number of doctors served expanded to 4,671 in FY26 from 4,403 in FY25, with the company serving 5,000+ doctors and clinics and 1,134 pharmacies across India. Approximately 84% of company revenue is derived from its top 10 states, reflecting a strong pan-India distribution presence.

The investor presentation also highlighted the growth in doctors served across SKU brackets, as shown below:

SKU Range:	FY22	FY23	FY24	FY25	FY26
SKU 1–3:	1,969	2,972	3,571	3,482	3,404
SKU 4–6:	177	370	419	582	623
SKU 7–10:	80	77	106	222	350
SKU 11–20:	27	22	33	102	206
More than 20:	4	2	2	15	88
Total:	2,257	3,443	4,131	4,403	4,671

Strategic Initiatives

Aakaar has launched Xelix, described as India's first doctor-owned, doctor-operated medical aesthetics platform, backed by the company's 6,300+ doctor relationships and a 146-SKU B2B supply chain. Xelix currently operates 16 active clinics across 11 cities, with a roadmap targeting 50 clinics in FY27 and 500+ clinics in the medium term. The company is also expanding its product portfolio through new in-licensing agreements, including LETYBO® (a US FDA-approved botulinum toxin from Hugel, Korea), SAYPHA® dermal fillers, and two exosome-based platforms — VM Corp.'s Italian regenerative suite and XOMAGE, a Korean plant exosome product. The strategic focus has shifted toward cash-first billing, phasing out low-margin products in favour of high-margin SKUs, and broadening the customer base to support sustained profitability. The company also plans to move to 90%+ sales through stockists in FY26-27, in line with its strategy of building a robust logistics supply chain enabling delivery within 24 hours.

Corporate Governance

The Board approved the re-appointment of Mr. Dilip Ramesh Meswani, Non-Independent Director, subject to shareholder and SEBI approval. The statutory auditors, M/s. C.B. Mehta & Associates Chartered Accountants, issued an audit report with an unmodified opinion on the financial results.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE1GYP01013/b7cdb8b261bb4a27.pdf