DENTALKART

DEN Networks financials

Market cap
₹692 Cr
Sector
Healthcare
Calls analysed
4
Latest concall · Q1 FY27 · call held 12 Aug 2026

DEN Networks Limited Q1 FY27

Stockout Percentage 33% Stockout Percentage 13% Average Order Value Growth 27% Order Volume Growth 8%

What went well

  • Gross margins improved for the first time in three quarters, indicating operational repair efforts are showing results.
  • Cost base is meaningfully lighter than a year ago while shipping more, demonstrating improved efficiency.
  • Stockout percentage reduced significantly from a peak of 33% to 13% last quarter, with a target to bring it below 5% by December.

What to watch

  • Marketing spend was held very tight this quarter, which has a cost at the top of the funnel.
  • Delivery times need improvement, especially for tier 2 and tier 3 cities.
Read the full call →

What DEN Networks Limited does

Dentalkart (operated by Vasa Denticity Limited) runs an e-commerce marketplace for dental professionals, selling consumables, equipment and instruments sourced through a vetted direct-procurement network of manufacturers and importers, supported by its own warehouses and last-mile delivery. It also owns Smileworks Labs, a dental-prosthetics lab, and offers the VASA Dental Cloud Platform for digital case management, order processing and lab integration. Revenue is earned primarily from product sales (consumables, equipment, instruments) on the platform, supplemented by lab/prosthetics services.

Segments

  • Consumables
  • Equipment
  • Instruments
  • Dental lab services (Smileworks Labs)
  • Digital platform / clinical software
Product catalogue (SKUs)
23,000+
Dental professionals on platform
2.7 lakh+ (H1 FY26)
Brands on platform
470+ (H1 FY26)
Warehouses
8, totalling ~57,775 sq ft (FY25)
Monthly active users
4.54 lakh+ (H1 FY26)
Average delivery time
~4.2 days (Q2 FY26)
Headquarters New Delhi, India Company website

Guidance record · Q1 FY27

what the last two calls moved 14 tracked 0 delivered 3 missed 11 open
  • Late Deliveries (SLA breach) went quiet said Q4 FY25 Promised: Reduce from 13% to 6-7% within FY26 Q1 FY27: No update was provided on the specific SLA breach percentage metric. The target deadline has passed.
  • Gross Margin revised up said Q4 FY25 Promised: 26% to 30% going forward Q1 FY27: After missing the target, management issued new, slightly higher long-term guidance of 27-30% gross margin, citing operational repairs and a lighter cost base.
  • EBITDA Margins on track said Q2 FY26 Promised: Move back towards the mid-teens over time Q1 FY27: Management reported improving gross margins and a lighter cost base, with expectations of decreasing opex per order, supporting the path to margin recovery.

All 14 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 36.9%, net profit up 46.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue59 63 73 60 73 +22%71 +14%72 −1%82 +37%
EBITDA6 6 7 3 6 −5%2 −67%0 −97%5 +61%
Net profit5 4 4 3 5 −7%2 −61%1 −69%4 +46%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −34.6% 1Y

₹400₹500₹600Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 17 Nov 2025Q4 FY26 — 5 Jun 2026Q1 FY27 — 12 Aug 2026

1Y: ₹596.65 on 10 Sept 2025 → ₹390. High ₹632.45 (19 Sept 2025), low ₹336.7 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−3.0%
12 Aug
Q4 FY26
−1.1%
5 Jun
Q2 FY26
+0.7%
17 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 27.5% a year over 2 years, FY24 to FY26. Operating margin narrowed to 4.1%.

Year endingFY24FY25FY26
Revenue₹170 Cr₹249 Cr₹277 Cr
Operating profit₹18 Cr₹23 Cr₹11 Cr
Operating margin10.8%9.3%4.1%
Interest₹0 Cr₹0 Cr₹0 Cr
Depreciation₹1 Cr₹2 Cr₹2 Cr
Net profit₹15 Cr₹17 Cr₹11 Cr
Net margin8.9%6.9%3.9%
Cash from operations₹-11 Cr₹-5 Cr₹-27 Cr
Free cash flow₹-14 Cr₹-23 Cr₹-31 Cr
ROCE45.0%22.0%9.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹0 Cr₹0 Cr₹13 Cr₹16 Cr₹17 Cr₹17 Cr
Reserves₹0 Cr₹6 Cr₹3 Cr₹52 Cr₹154 Cr₹157 Cr
Borrowings₹2 Cr₹3 Cr₹1 Cr₹0 Cr₹0 Cr₹0 Cr
Other liabilities₹4 Cr₹10 Cr₹11 Cr₹17 Cr₹19 Cr₹21 Cr
Total liabilities₹7 Cr₹19 Cr₹28 Cr₹86 Cr₹190 Cr₹196 Cr
Fixed assets₹0 Cr₹1 Cr₹2 Cr₹2 Cr₹22 Cr₹23 Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹1 Cr₹0 Cr₹0 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹12 Cr₹52 Cr₹45 Cr
Other assets₹6 Cr₹18 Cr₹26 Cr₹70 Cr₹116 Cr₹128 Cr
Total assets₹7 Cr₹19 Cr₹28 Cr₹86 Cr₹190 Cr₹196 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, promoters trimmed −5.78 pp while FIIs added +3.40 pp. The shareholder count shrank 17% to 2,597.

Promoters
60.2%
FIIs
6.9%
DIIs
2.2%
Public
30.7%

Since Jun 2025

  • Promoters −5.78 pp
  • FIIs +3.40 pp
  • Public +1.97 pp

How it drifted, 12 quarters

Over this window promoters fell from 69.6% to 60.2% — −9.4 pp.

Jun '23Dec '24Jun '26

Ownership split by quarter, oldest first. Jun '23: Promoters 69.6%, FIIs 2.6%, DIIs 2.3%, Public 25.5%.Sep '23: Promoters 69.6%, DIIs 1.7%, Public 28.7%.Mar '24: Promoters 69.6%, DIIs 0.7%, Public 29.7%.Jun '24: Promoters 69.6%, DIIs 0.6%, Public 29.7%.Sep '24: Promoters 69.6%, FIIs 0.0%, DIIs 0.2%, Public 30.1%.Dec '24: Promoters 69.3%, FIIs 0.2%, DIIs 1.3%, Public 29.2%.Mar '25: Promoters 66.5%, FIIs 3.5%, DIIs 1.7%, Public 28.2%.Jun '25: Promoters 66.0%, FIIs 3.5%, DIIs 1.8%, Public 28.7%.Sep '25: Promoters 66.0%, FIIs 4.0%, DIIs 1.0%, Public 30.0%.Dec '25: Promoters 60.8%, FIIs 7.5%, DIIs 0.9%, Public 30.9%.Mar '26: Promoters 60.2%, FIIs 6.9%, DIIs 1.7%, Public 31.2%.Jun '26: Promoters 60.2%, FIIs 6.9%, DIIs 2.2%, Public 30.7%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of DEN Networks Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Vikas Agarwal 36.34%unchanged
Sandeep Aggarwal 23.85%unchanged
Malabar India Fund Limited FPI fund5.62%unchanged
Mukul Mahavir Agrawal 2.36%unchanged
Jatinder Jagdishrai Agarwal 1.57%unchanged
Anjali Aniruddha Malpani 1.51%+0.35 pp
Solidarity Microcap Emerging Leader AIF AIF1.34%newly disclosed
Ashoka India Equity Investment Trust Plc FPI fund1.31%unchanged
Ashish Kacholia 1.28%−1.40 pp
Aniruddha Narayan Malpani 1.19%+0.08 pp

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹390, this stock must grow earnings at 38% every year for 7 years. Our analysis caps realistic growth at ~-24%. At that growth it is worth ₹15 — downside of 96%.

Growth the price implies
37.8% a year
for 7 years, fading to 4%
It has actually compounded at
-21.2% a year
net profit, FY24–FY26 · EPS -23.7%
The gap
0.6 pp
-96% downside if it only repeats history
Price today ₹390 Value at the reference growth ₹15.36

Change the assumptions yourself →

All earnings calls (4)

Read the Q1 FY27 call →

Learn to analyse DEN Networks Limited

Guides on how to read this kind of business and the numbers that matter.