OSELDEVICE
OSEL Devices financials
- Market cap
- ₹662 Cr
- Sector
- Healthcare
- Calls analysed
- 3
OSEL Devices Q4 FY26
What went well
- Revenue grew 56.9% to ₹292.7 crores in H2 FY26, demonstrating strong top-line performance.
- EBITDA expanded 57.9% to ₹53.3 crores, with margins at 18.2%, indicating operational efficiency.
- Profit after tax increased 45.7% to ₹29.2 crores, reflecting healthy bottom-line growth.
What to watch
- Interest costs 'almost doubled' in H2 FY26 due to increased working capital limits and mutual fund-backed borrowings.
- ₹25-30 crores of H2 FY26 revenue were delayed to April due to war-related logistics and supply chain disruptions.
What OSEL Devices does
OSEL Devices designs, manufactures and installs LED display systems (indoor, outdoor, transparent and custom) for banking, retail, government, broadcast and education clients, and layers on a proprietary Digital Signage CMS platform for recurring subscription revenue. It also makes a full range of hearing aids (digital and rechargeable BTE, CIC and RIC) sold through government ADIP tenders, its own SFL audiologist clinics, white-label manufacturing and exports to the Middle East, Africa and the US. Since 2025 it has additionally been India's licensee for Philips-branded feature phones and, from March 2026, smartphones, manufactured under Make in India and sold through a distributor and retail network. Manufacturing, assembly, quality testing (USFDA/ISO/CDSCO/BIS-certified) and after-sales service for all three verticals run out of a single integrated facility in Greater Noida, UP.
Segments
- LED Displays
- Hearing Aids
- Mobile Phones & Accessories
- Operating verticals
- 3 (LED Displays, Hearing Aids, Mobile Phones & Accessories)
- Manufacturing base
- Single integrated facility in Greater Noida, Uttar Pradesh (design, assembly, QA and service under one roof)
- Mobile-phone distribution network
- 268 distributors and 13,800+ retail touchpoints (H2 FY26)
- Mobile-phone units shipped
- 4.55 lakh units (H2 FY26)
- Regulatory/quality certifications
- USFDA-registered facility; ISO 13485; ISO 9001; CDSCO MD-5; BIS (Visual Display Units & Hearing Aids); ZED Gold
- Corporate group structure
- 4 subsidiaries — OSEL Healthcare, SFL Hearing Solutions (90.69% step-down, audiologist-staffed clinics), OSEL Industrial Park (proposed JNPA SEZ hub), Proxima Leasing (proposed)
Guidance record · Q4 FY26
what the last two calls moved 11 tracked 2 delivered 3 missed 6 open- Overall Revenue Growth delivered said Q4 FY25 Promised: 25% CAGR for both the divisions Q4 FY26: Achieved 56.9% YoY revenue growth for FY26, significantly exceeding both the original and diluted targets.
- Receivable Days as % of Sales went quiet said Q4 FY25 Promised: remain to around 30%-35% for next year Q4 FY26: No data provided on receivable days for FY26 in the year-end earnings call. The deadline to verify this promise has passed.
- Smartphone Launch delayed said Q4 FY25 Promised: by this year end, I guess we should have it Q4 FY26: Company 'successfully entered the smartphone market since March', a slight delay from the December 2025 target for trial supplies.
All 11 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 78.0%, net profit up 75.0% against the same quarter last year.
| Line item | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 51 | 82 | 87 | 99 | 147 +188% | 146 +78% |
| EBITDA | 9 | 14 | 13 | 20 | 25 +178% | 29 +107% |
| Net profit | 5 | 8 | 8 | 12 | 15 +200% | 14 +75% |
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 −35.5% 1Y
1Y: ₹576.8 on 10 Sept 2025 → ₹372.15. High ₹803.6 (20 Nov 2025), low ₹363.55 (2 Sept 2026).
How the price took the results
close before → close after
- Q4 FY26
- +1.6%
- 2 Jun
- Q2 FY26
- +2.3%
- 13 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.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹1 Cr | ₹2 Cr | ₹2 Cr | ₹12 Cr | ₹18 Cr | ₹18 Cr |
| Reserves | ₹4 Cr | ₹6 Cr | ₹10 Cr | ₹14 Cr | ₹159 Cr | ₹173 Cr |
| Borrowings | ₹10 Cr | ₹9 Cr | ₹18 Cr | ₹25 Cr | ₹100 Cr | ₹94 Cr |
| Other liabilities | ₹8 Cr | ₹17 Cr | ₹19 Cr | ₹48 Cr | ₹46 Cr | ₹52 Cr |
| Total liabilities | ₹23 Cr | ₹33 Cr | ₹49 Cr | ₹99 Cr | ₹323 Cr | ₹338 Cr |
| Fixed assets | ₹6 Cr | ₹5 Cr | ₹7 Cr | ₹18 Cr | ₹22 Cr | ₹29 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹41 Cr | ₹48 Cr |
| Other assets | ₹17 Cr | ₹28 Cr | ₹42 Cr | ₹80 Cr | ₹259 Cr | ₹261 Cr |
| Total assets | ₹23 Cr | ₹33 Cr | ₹49 Cr | ₹99 Cr | ₹323 Cr | ₹338 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, the public added +9.42 pp while promoters trimmed −6.69 pp. The shareholder count grew 54% to 3,241.
- Promoters
- 64.8%
- FIIs
- 0.2%
- DIIs
- 3.6%
- Public
- 31.4%
Since Jun 2025
- Public +9.42 pp
- Promoters −6.69 pp
- DIIs −1.45 pp
How it drifted, 6 quarters
Over this window the public went from 18.5% to 31.4% — +13.0 pp.
Ownership split by quarter, oldest first. Sep '24: Promoters 71.5%, FIIs 4.1%, DIIs 5.9%, Public 18.5%.Mar '25: Promoters 71.5%, FIIs 1.8%, DIIs 5.4%, Public 21.3%.Jun '25: Promoters 71.5%, FIIs 1.5%, DIIs 5.0%, Public 22.0%.Sep '25: Promoters 65.2%, FIIs 0.6%, DIIs 3.9%, Public 30.3%.Mar '26: Promoters 65.2%, FIIs 0.1%, DIIs 3.6%, Public 31.1%.Jun '26: Promoters 64.8%, FIIs 0.2%, DIIs 3.6%, Public 31.4%.
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.
- Ritu Bapna +0.32 pp 3.66% held
The same filing shows 1 holder trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of OSEL Devices above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Rajendra Ravi Shankar Mishra | 64.84% | −0.37 pp |
| Mukul Mahavir Agrawal | 7.52% | unchanged |
| Ritu Bapna | 3.66% | +0.32 pp |
| Invicta Continuum Fund I AIF | 3.25% | unchanged |
| Ranjana Sharma | 0.00% | unchanged |
| Rahul Jawahar | 0.00% | unchanged |
| Prerna Mishra | 0.00% | unchanged |
| Jyoti Jha | 0.00% | unchanged |
| Gulab Mishra | 0.00% | unchanged |
| Limitless Mobility Solutions Private Limited | 0.00% | unchanged |
| Manjula Mishra | 0.00% | unchanged |
| OSEL Healthcare Private Limited | 0.00% | unchanged |
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 the price implies
- 5.3% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
All earnings calls (3)
Read the Q4 FY26 call →Learn to analyse OSEL Devices
Guides on how to read this kind of business and the numbers that matter.