Earkart IPO

About Earkart IPO

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include up to 33,15,000 Equity Shares of ₹ 10 each aggregating up to ₹ 44.752 crores. The offer for sale portion includes up to 3,34,000 Equity Shares of ₹ 10 each aggregating up to ₹ 4.509 crores. The total number of shares and aggregate amount is 36,49,000 shares (aggregating up to ₹49.26 crores).

The Earkart IPO opens on Sep 25, 2025 and closes on Sep 29, 2025. The tentative allotment date is Sep 30, 2025. The tentative listing date is Oct 3, 2025. The credit of shares to the demat account will take place on Oct 1, 2025. The initiation of refunds will take place on Oct 1, 2025.

Earkart Limited is in the business of manufacturing and distributing modern hearing aids and related accessories at affordable rates throughout India. Their sales of products include sales of their own manufactured hearing aids and trading of hearing aids, parts and accessories manufactured by third parties (other global and domestic brands). Their manufacturing facility, located in Noida, spans 4,500 square feet and produces BTE (Behind the Ear) and RIC (Receiver in Canal) hearing aids under the Fame Series (BTE), EQFY™ (RIC), and Radius Series (BTE) brands. To ensure that they supply quality products which meet the applicable standards, they have set up a research and development department which consists of their quality assurance and quality control teams who check and conduct various tests in their in-house laboratory at various stages, starting from receiving components/parts until the finished products are manufactured by them.

Objectives of IPO

• Funding incremental working capital requirements of the company.
  
• Funding capital expenditure requirements for setting up shop-in-shop (SIS) business model in ENT/ophthalmic clinics across India and setting up of infrastructure for operational activities.
  
• General corporate purposes.
  

Industry Outlook

India's hearing aids market size was estimated at USD 423 crores in 2023. During the forecast period between 2024 and 2030, India's hearing aids market size is projected to grow at a CAGR of 7.89%, reaching a value of USD 719.8 crores by 2030. Prominent drivers of the market are the rising incidence of hearing loss disorders, favourable government policies, and significant investments from both public and private sectors. Additionally, the integration of digital or smart technologies into these devices and advancements in their technology by market players are anticipated to unlock several growth opportunities in the coming years. This indicates a promising trajectory for India's hearing aids market, with innovations and supportive factors driving its expansion during the analysis period.

The concerted efforts of the Indian government under the National Programme for the Prevention & Control of Deafness (NPPCD) have significantly contributed to raising awareness and reducing stigma surrounding hearing impairment. Through initiatives focused on manpower training, capacity building, and service provision, the programme aims to prevent, identify, and manage hearing impairment cases effectively. Additionally, schemes like the ADIP (Assistance to Disabled Persons) and 'Rashtriya Vayoshri Yojana' have played a crucial role in providing free assistive devices such as hearing aids to senior citizens living below the poverty line. This growing awareness and government support are expected to catalyse the growth of India's hearing aids market in the coming years, ensuring accessibility and acceptance of hearing aid solutions across the population.

Company Information

Earkart Limited manufactures and distributes modern hearing aids and related accessories at affordable prices across India. Along with their own manufactured hearing aids, they also trade in hearing aids, parts and accessories of other brands manufactured in India and abroad. In addition, they offer other products such as adjustable foldable walkers and Multi-Sensory Integrated Educational Development (MSIED) and Teaching Learning Material (TLM) kits to support the mobility and daily needs of physically challenged individuals. Their mission is to make quality hearing care more accessible. They've developed a smart, easy-to-use remote audiometry machine that allows people to get tested and fitted for hearing aids from anywhere in the world. By combining advanced technology with a strong focus on customer needs, they aim to improve hearing care across India.

They offer hearing solutions through their network of partners and clinics across India, which sell both domestic and global hearing aid brands. Their focus is on Tier 2 and Tier 3 cities, where they aim to bridge the accessibility gap using innovative delivery models such as branded kiosks and dedicated telehealth services. They provide patients with hearing aid dispensers and access to a wide variety of other products including those manufactured/assembled by them and international brands. Their mission is to provide patients with the right hearing solutions and services, reaching even the most remote areas of India.

They are a trusted supplier on the Government e-Marketplace (GeM) and provide hearing aids to the Artificial Limbs Manufacturing Corporation of India (ALIMCO). ALIMCO is a 100% government-owned enterprise functioning under the administrative control of the Ministry of Social Justice & Empowerment, Department of Empowerment of Persons with Disabilities.

Strengths of Earkart IPO

• Accessibility: Earkart OMNI overcomes geographical barriers, bringing audiology services to every location, including remote areas.
  
• Accuracy: All tests are performed by an RCI (Rehabilitation Council of India) registered audiologist in accordance with the IEC 60645 standard.
  
• Cost-efficiency: OMNI, due to its advanced features and cloud-based technology, can be operated from any location by the audiologist at the head office to test patients in even remote areas. While this tremendously increases the audiologist's output, the travel costs and time spent are significantly reduced for patients.
  
• Efficiency: Enables real-time video interaction, thereby enhancing patient experience. Timely and efficient diagnosis. Enhanced patient experience through real-time interactions. The CRM allows optimal utilisation of the audiologist’s time.
  
• Comprehensive diagnostic capabilities: Addresses a wide range of auditory issues and enables prompt identification and intervention.
  

Risks of Earkart IPO

• Any disruption, breakdown or shutdown of their manufacturing facility located in Noida, Uttar Pradesh.
  
• Any increase in duties on their products by export destination countries.
  
• Exchange rate fluctuations.
  
• Malfunctions or disruptions of information technology systems.
  
• Any disruption in the sourcing of raw materials will impact the business
  

*Source for Peer Group information: www.nseindia.com The figures of Earkart Company are based on the restated financial results for the year ended March 31, 2025. The figures for the Peer group are based on audited results for the Financial Year ended March 31, 2025. #The Scrip of the Peer Company was last traded on March 28, 2025. The Offer price is 13.50 times of the face value of the Equity Shares

Registrar: Skyline Financial Services Private Limited
Book Running Lead Managers: Sarthi Capital Advisors Private Limited

Business Model

The company earns its revenue through the sales of their own manufactured products, traded goods to resellers (including dispensers, distributors, and suppliers), shop-in-shop (SIS) partnerships (with ENT clinics and optical clinics), B2G (sales to government agencies), and services.

Company Growth Trajectory

The total income for fiscal 2025, fiscal 2024 and 2023 was ₹ 43.192 crores, ₹ 31.967 crores and ₹ 28.967 crores respectively.

The company’s Profit After Tax (PAT) for fiscal years 2025, 2024 and 2023 was ₹ 6.882 crores, ₹ 3.058 crores, and ₹1.312 crores respectively.

The company’s EBITDA for fiscal years 2025, 2024, and 2023 was ₹9.763 crores, ₹3.552 crores, and ₹1.609 crores, respectively.

Their major revenue is derived from sale of products to the government, that represents, 69.32%, 75.85% and 86.56% of the revenue from sale of products for fiscal 2025, fiscal 2024 and fiscal 2023 respectively. Private parties (retailers/distributors) contribute 28.96%, 24.15% and 13.44%of the revenue from sale of products for fiscal 2025, fiscal 2024 and Fiscal 2023 respectively. They have started SIS model in April 2024, SIS contributed 1.72% of the revenue from sale of products in fiscal 2025.

Their exports sales contributed 0.80%, 0.35% and 0.08% of the revenue from sale of products for fiscal 2025, fiscal 2024 and fiscal 2023 respectively. Over the past years, they have supplied hearing aids, parts & accessories to Russia, China, Nigeria and Nepal.

Company Market Position

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹43.192 crores, ₹6.882 crores, and ₹9.763 crores, respectively.

The company is a trusted supplier on the Government e-Marketplace (GeM) and provides hearing aids to Artificial Limbs Manufacturing Corporation of India (ALIMCO), ALIMCO is 100% government owned enterprise functioning under the Administrative Control of Ministry of Social Justice & Empowerment, Department of Empowerment of Persons with Disabilities.

How to check allotment status of Earkart IPO?

1. Visit the Registrar's Website

To check the IPO allotment status for Earkart Limited IPO, visit the official website of Skyline Financial Services Private Limited, the registrar for this IPO. On their IPO allotment status page, enter your Permanent Account Number (PAN), application number, or Demat account ID. Then, click the ‘Submit’ button to view your allotment status. Ensure you have the necessary details ready for a quick and accurate check.

2. Check on the Bombay Stock Exchange Website

The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page.

On the BSE IPO page, follow these steps

• Select 'Equity' from the dropdown menu
  
• Choose 'Earkart Limited' in the next dropdown
  
• Enter your application number
  
• Enter your PAN
  
• Click 'Search'
  

Your Earkart Limited IPO allotment status will be displayed.

3. Verify on the National Stock Exchange Website The National Stock Exchange (NSE) has an IPO Bid Verification module. Use this to check Earkart Limited IPO allotment status.
   

Go to the NSE website and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'.

On the NSE IPO Bid Verification page, enter:

• Application number
  
• PAN
  

Then click 'Submit'. Your Earkart Limited IPO bid and allotment details will be displayed.

How to apply for Earkart Limited IPO?

• Step 1: Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.