# Medical Equipment — company-by-company sector analysis

> Medical Equipment: Poly Medicure Ltd owns the largest revenue base; Prevest Denpro Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Medical Equipment has underperformed NIFTY 500 by 16.3% over 52 weeks and 27.2% over 13 weeks. 2 of 6 covered companies beat NIFTY on Mansfield relative strength, while 2 of 5 beat the sector itself. Poly Medicure Ltd leads with revenue of ₹1,876 crore, based on 5 of 6 comparable companies through Mar 2026.

### Is the Medical Equipment sector outperforming NIFTY 500?

Medical Equipment has underperformed NIFTY 500 by 16.3% over 52 weeks and 27.2% over 13 weeks. 2 of 6 covered companies beat NIFTY on Mansfield relative strength, while 2 of 5 beat the sector itself.

### Which Medical Equipment company is largest by revenue?

Poly Medicure Ltd leads with revenue of ₹1,876 crore, based on 5 of 6 comparable companies through Mar 2026.

### Which Medical Equipment company is growing fastest?

Prevest Denpro Ltd has the fastest current revenue growth at 17.3%, across 5 of 6 comparable companies.

### Which Medical Equipment company has the strongest 4-Factor Sector Score?

Prevest Denpro Ltd ranks first at 71.7/100 with 73% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Medical Equipment company reports the most CAPEX?

Tarsons Products Ltd reports the largest latest CAPEX at ₹28 crore, with 2 of 6 companies comparable.

### Which Medical Equipment company has the least gross debt?

Vasa Denticity Ltd has the lowest comparable gross debt at ₹0 crore. Tarsons Products Ltd has the highest at ₹393 crore.

### Which Medical Equipment company has the lowest comparable PEG?

Poly Medicure Ltd has the lowest comparable Guarded PEG at 3.87, among 1 of 6 companies that pass the metric’s comparability rules.

### How much history does this Medical Equipment comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Medical Equipment has underperformed NIFTY 500 by 16.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 27.2%. 2 of 6 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Prevest Denpro Ltd is the strongest against the sector itself at +21.2%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 27%
52-week sector return versus NIFTY 500: -16%
Stocks leading NIFTY: 2/6
Stocks leading sector: 2/5

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 6
Combined market value: ₹21.5K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Prevest Denpro Ltd (PREVEST): 72/100 — Favorable setup; evidence 73%
   - Growth & earnings 23.4/35 | Capital efficiency 21.2/25 | Valuation 13.8/20 | Relative strength 13.3/20
   - Exact sum: 23.4 + 21.2 + 13.8 + 13.3 = 71.7
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Laxmi Dental Ltd (LAXMIDENTL): 50/100 — Mixed-positive evidence; evidence 74%
   - Growth & earnings 23.1/35 | Capital efficiency 13.2/25 | Valuation 10.3/20 | Relative strength 3.6/20
   - Exact sum: 23.1 + 13.2 + 10.3 + 3.6 = 50.2
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -18.5% and the one-year return is -55.1%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3. Poly Medicure Ltd (POLYMED): 42/100 — Mixed-negative evidence; evidence 94%
   - Growth & earnings 12.6/35 | Capital efficiency 12.3/25 | Valuation 4.3/20 | Relative strength 12.3/20
   - Exact sum: 12.6 + 12.3 + 4.3 + 12.3 = 41.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Tarsons Products Ltd (TARSONS): 33/100 — Adverse evidence; evidence 81%
   - Growth & earnings 8.4/35 | Capital efficiency 7.9/25 | Valuation 5.4/20 | Relative strength 11.3/20
   - Exact sum: 8.4 + 7.9 + 5.4 + 11.3 = 33
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Vasa Denticity Ltd (DENTALKART): 27/100 — Adverse evidence; evidence 81%
   - Growth & earnings 6.7/35 | Capital efficiency 9.1/25 | Valuation 7.0/20 | Relative strength 4.5/20
   - Exact sum: 6.7 + 9.1 + 7 + 4.5 = 27.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Hemant Surgical Industries Ltd (543916): 55/100 — Thin evidence · provisional; evidence 32%
   - Growth & earnings 18.1/35 | Capital efficiency 14.4/25 | Valuation 10.9/20 | Relative strength 11.9/20
   - Exact sum: 18.1 + 14.4 + 10.9 + 11.9 = 55.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Poly Medicure Ltd is the scale leader at ₹1,876 crore, 344% ahead of Tarsons Products Ltd. Prevest Denpro Ltd's growth is 17.3% from a ₹71 crore base, with 13 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Poly Medicure Ltd is the scale benchmark; Prevest Denpro Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Poly Medicure Ltd's growth falls below Prevest Denpro Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Poly Medicure Ltd · ₹1,876 crore | 344% versus #2 · Tarsons Products Ltd | 8/8 recent comparable periods | 5/6 companies · 71 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Poly Medicure Ltd (POLYMED): ₹1.9K Cr
2. Tarsons Products Ltd (TARSONS): ₹423 Cr
3. Vasa Denticity Ltd (DENTALKART): ₹279 Cr
4. Laxmi Dental Ltd (LAXMIDENTL): ₹278 Cr
5. Prevest Denpro Ltd (PREVEST): ₹71 Cr

### Revenue growth — fastest growers
1. Prevest Denpro Ltd (PREVEST): 17%
2. Laxmi Dental Ltd (LAXMIDENTL): 16%
3. Poly Medicure Ltd (POLYMED): 12%
4. Vasa Denticity Ltd (DENTALKART): 12%
5. Tarsons Products Ltd (TARSONS): 7.7%

### 20-quarter Revenue history
- 543916: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹58 Cr | Jun 2025 — | Sep 2025 ₹65 Cr | Dec 2025 — | Mar 2026 ₹167 Cr
- POLYMED: Jun 2021 ₹212 Cr | Sep 2021 ₹223 Cr | Dec 2021 ₹230 Cr | Mar 2022 ₹257 Cr | Jun 2022 ₹249 Cr | Sep 2022 ₹275 Cr | Dec 2022 ₹285 Cr | Mar 2023 ₹307 Cr | Jun 2023 ₹321 Cr | Sep 2023 ₹337 Cr | Dec 2023 ₹340 Cr | Mar 2024 ₹378 Cr | Jun 2024 ₹385 Cr | Sep 2024 ₹420 Cr | Dec 2024 ₹424 Cr | Mar 2025 ₹441 Cr | Jun 2025 ₹403 Cr | Sep 2025 ₹444 Cr | Dec 2025 ₹494 Cr | Mar 2026 ₹535 Cr
- TARSONS: Jun 2021 ₹69 Cr | Sep 2021 ₹76 Cr | Dec 2021 ₹71 Cr | Mar 2022 ₹85 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹62 Cr | Mar 2024 ₹106 Cr | Jun 2024 ₹85 Cr | Sep 2024 ₹99 Cr | Dec 2024 ₹96 Cr | Mar 2025 ₹113 Cr | Jun 2025 ₹91 Cr | Sep 2025 ₹102 Cr | Dec 2025 ₹108 Cr | Mar 2026 ₹121 Cr
- LAXMIDENTL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹48 Cr | Mar 2024 ₹55 Cr | Jun 2024 ₹60 Cr | Sep 2024 ₹57 Cr | Dec 2024 ₹62 Cr | Mar 2025 ₹61 Cr | Jun 2025 ₹66 Cr | Sep 2025 ₹72 Cr | Dec 2025 ₹66 Cr | Mar 2026 ₹74 Cr
- DENTALKART: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹41 Cr | Dec 2023 ₹37 Cr | Mar 2024 ₹57 Cr | Jun 2024 ₹54 Cr | Sep 2024 ₹59 Cr | Dec 2024 ₹63 Cr | Mar 2025 ₹73 Cr | Jun 2025 ₹61 Cr | Sep 2025 ₹73 Cr | Dec 2025 ₹72 Cr | Mar 2026 ₹73 Cr
- PREVEST: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹12 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹18 Cr | Mar 2026 —

### 20-quarter Revenue growth history
- 543916: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 188%
- POLYMED: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 23% | Dec 2022 24% | Mar 2023 19% | Jun 2023 29% | Sep 2023 23% | Dec 2023 19% | Mar 2024 23% | Jun 2024 20% | Sep 2024 25% | Dec 2024 25% | Mar 2025 17% | Jun 2025 4.7% | Sep 2025 5.7% | Dec 2025 17% | Mar 2026 21%
- TARSONS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 55% | Mar 2025 6.6% | Jun 2025 7.7% | Sep 2025 3.1% | Dec 2025 13% | Mar 2026 7.3%
- LAXMIDENTL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 29% | Mar 2025 11% | Jun 2025 10% | Sep 2025 26% | Dec 2025 6.5% | Mar 2026 21%
- DENTALKART: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 46% | Dec 2024 71% | Mar 2025 28% | Jun 2025 13% | Sep 2025 23% | Dec 2025 15% | Mar 2026 0.3%
- PREVEST: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 11% | Mar 2024 18% | Jun 2024 -0.4% | Sep 2024 23% | Dec 2024 9.6% | Mar 2025 14% | Jun 2025 18% | Sep 2025 15% | Dec 2025 23% | Mar 2026 —

## Operating Economics & Margin Trend

What the numbers say: Prevest Denpro Ltd leads opm at 33.9%; Laxmi Dental Ltd leads margin change at +2 percentage points.

Investor read: Prevest Denpro Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Prevest Denpro Ltd · 33.9% | 19.8% versus #2 · Tarsons Products Ltd | 4/8 recent comparable periods | 6/6 companies · 84 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Prevest Denpro Ltd (PREVEST): 34%
2. Tarsons Products Ltd (TARSONS): 28%
3. Poly Medicure Ltd (POLYMED): 21%
4. Laxmi Dental Ltd (LAXMIDENTL): 18%
5. Hemant Surgical Industries Ltd (543916): 9.0%

### Margin change — fastest expanders
1. Laxmi Dental Ltd (LAXMIDENTL): +2.0 pp
2. Hemant Surgical Industries Ltd (543916): 0.0 pp
3. Prevest Denpro Ltd (PREVEST): −0.6 pp
4. Tarsons Products Ltd (TARSONS): −4.5 pp
5. Poly Medicure Ltd (POLYMED): −6.0 pp

### 20-quarter OPM history
- 543916: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 8.0% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 6.6% | Dec 2023 — | Mar 2024 13% | Jun 2024 — | Sep 2024 7.2% | Dec 2024 — | Mar 2025 9.0% | Jun 2025 — | Sep 2025 12% | Dec 2025 — | Mar 2026 9.0%
- POLYMED: Jun 2021 26% | Sep 2021 23% | Dec 2021 22% | Mar 2022 22% | Jun 2022 19% | Sep 2022 24% | Dec 2022 25% | Mar 2023 27% | Jun 2023 27% | Sep 2023 25% | Dec 2023 27% | Mar 2024 26% | Jun 2024 27% | Sep 2024 27% | Dec 2024 27% | Mar 2025 27% | Jun 2025 26% | Sep 2025 26% | Dec 2025 23% | Mar 2026 21%
- TARSONS: Jun 2021 53% | Sep 2021 51% | Dec 2021 47% | Mar 2022 52% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 37% | Mar 2024 29% | Jun 2024 22% | Sep 2024 26% | Dec 2024 31% | Mar 2025 33% | Jun 2025 27% | Sep 2025 27% | Dec 2025 29% | Mar 2026 28%
- LAXMIDENTL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 8.0% | Mar 2024 21% | Jun 2024 23% | Sep 2024 15% | Dec 2024 16% | Mar 2025 16% | Jun 2025 18% | Sep 2025 15% | Dec 2025 11% | Mar 2026 18%
- DENTALKART: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 7.5% | Dec 2022 — | Mar 2023 9.2% | Jun 2023 9.2% | Sep 2023 8.8% | Dec 2023 9.4% | Mar 2024 14% | Jun 2024 8.6% | Sep 2024 11% | Dec 2024 8.8% | Mar 2025 8.8% | Jun 2025 5.0% | Sep 2025 8.0% | Dec 2025 2.4% | Mar 2026 0.4%
- PREVEST: Jun 2021 — | Sep 2021 41% | Dec 2021 43% | Mar 2022 31% | Jun 2022 37% | Sep 2022 39% | Dec 2022 41% | Mar 2023 41% | Jun 2023 37% | Sep 2023 34% | Dec 2023 33% | Mar 2024 36% | Jun 2024 34% | Sep 2024 36% | Dec 2024 34% | Mar 2025 36% | Jun 2025 35% | Sep 2025 36% | Dec 2025 34% | Mar 2026 —

### 20-quarter Margin change history
- 543916: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −1.5 pp | Dec 2023 — | Mar 2024 +1.7 pp | Jun 2024 — | Sep 2024 +0.7 pp | Dec 2024 — | Mar 2025 −3.7 pp | Jun 2025 — | Sep 2025 +4.8 pp | Dec 2025 — | Mar 2026 0.0 pp
- POLYMED: Jun 2021 −0.8 pp | Sep 2021 −5.5 pp | Dec 2021 −6.2 pp | Mar 2022 −3.8 pp | Jun 2022 −7.4 pp | Sep 2022 +0.8 pp | Dec 2022 +2.8 pp | Mar 2023 +5.4 pp | Jun 2023 +8.3 pp | Sep 2023 +1.5 pp | Dec 2023 +2.0 pp | Mar 2024 −1.0 pp | Jun 2024 0.0 pp | Sep 2024 +2.0 pp | Dec 2024 0.0 pp | Mar 2025 +1.0 pp | Jun 2025 −1.0 pp | Sep 2025 −1.0 pp | Dec 2025 −4.0 pp | Mar 2026 −6.0 pp
- TARSONS: Jun 2021 +25.7 pp | Sep 2021 — | Dec 2021 −4.0 pp | Mar 2022 +0.6 pp | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 −6.1 pp | Mar 2025 +4.3 pp | Jun 2025 +4.9 pp | Sep 2025 +1.3 pp | Dec 2025 −1.8 pp | Mar 2026 −4.5 pp
- LAXMIDENTL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 +8.0 pp | Mar 2025 −5.0 pp | Jun 2025 −5.0 pp | Sep 2025 0.0 pp | Dec 2025 −5.0 pp | Mar 2026 +2.0 pp
- DENTALKART: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +1.2 pp | Dec 2023 — | Mar 2024 +5.1 pp | Jun 2024 −0.6 pp | Sep 2024 +2.0 pp | Dec 2024 −0.6 pp | Mar 2025 −5.5 pp | Jun 2025 −3.6 pp | Sep 2025 −2.8 pp | Dec 2025 −6.4 pp | Mar 2026 −8.4 pp
- PREVEST: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.3 pp | Dec 2022 −2.4 pp | Mar 2023 +9.6 pp | Jun 2023 +0.1 pp | Sep 2023 −4.7 pp | Dec 2023 −7.7 pp | Mar 2024 −4.5 pp | Jun 2024 −3.4 pp | Sep 2024 +1.6 pp | Dec 2024 +1.6 pp | Mar 2025 −0.5 pp | Jun 2025 +1.5 pp | Sep 2025 +0.2 pp | Dec 2025 −0.6 pp | Mar 2026 —

## Profit Scale & Acceleration

What the numbers say: Poly Medicure Ltd leads with ₹321 crore of TTM profit, 11.1× the profit of Laxmi Dental Ltd. Prevest Denpro Ltd shows 17% growth from a ₹21 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Poly Medicure Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Poly Medicure Ltd · ₹321 crore | 11.1× versus #2 · Laxmi Dental Ltd | 6/8 recent comparable periods | 5/6 companies · 71 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Poly Medicure Ltd (POLYMED): ₹321 Cr
2. Laxmi Dental Ltd (LAXMIDENTL): ₹29 Cr
3. Prevest Denpro Ltd (PREVEST): ₹21 Cr
4. Tarsons Products Ltd (TARSONS): ₹14 Cr
5. Vasa Denticity Ltd (DENTALKART): ₹10 Cr

### Profit growth — fastest growers
1. Prevest Denpro Ltd (PREVEST): 17%
2. Poly Medicure Ltd (POLYMED): -5.0%
3. Laxmi Dental Ltd (LAXMIDENTL): -9.4%
4. Vasa Denticity Ltd (DENTALKART): -41%
5. Tarsons Products Ltd (TARSONS): -52%

### 20-quarter Net profit history
- 543916: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹5 Cr | Jun 2025 — | Sep 2025 ₹5 Cr | Dec 2025 — | Mar 2026 ₹13 Cr
- POLYMED: Jun 2021 ₹38 Cr | Sep 2021 ₹38 Cr | Dec 2021 ₹35 Cr | Mar 2022 ₹36 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹43 Cr | Dec 2022 ₹50 Cr | Mar 2023 ₹59 Cr | Jun 2023 ₹63 Cr | Sep 2023 ₹62 Cr | Dec 2023 ₹65 Cr | Mar 2024 ₹68 Cr | Jun 2024 ₹74 Cr | Sep 2024 ₹87 Cr | Dec 2024 ₹85 Cr | Mar 2025 ₹92 Cr | Jun 2025 ₹93 Cr | Sep 2025 ₹92 Cr | Dec 2025 ₹71 Cr | Mar 2026 ₹65 Cr
- TARSONS: Jun 2021 ₹25 Cr | Sep 2021 ₹25 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹29 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹10 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹4 Cr
- LAXMIDENTL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹2 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹10 Cr
- DENTALKART: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹4 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr
- PREVEST: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹5 Cr | Mar 2026 —

### 20-quarter Profit growth history
- 543916: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 160%
- POLYMED: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -29% | Sep 2022 13% | Dec 2022 43% | Mar 2023 64% | Jun 2023 133% | Sep 2023 44% | Dec 2023 30% | Mar 2024 15% | Jun 2024 17% | Sep 2024 40% | Dec 2024 31% | Mar 2025 35% | Jun 2025 26% | Sep 2025 5.8% | Dec 2025 -16% | Mar 2026 -29%
- TARSONS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -47% | Mar 2025 -1.2% | Jun 2025 -56% | Sep 2025 -68% | Dec 2025 -4.2% | Mar 2026 -59%
- LAXMIDENTL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 150% | Mar 2025 -50% | Jun 2025 -53% | Sep 2025 50% | Dec 2025 -60% | Mar 2026 150%
- DENTALKART: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 44% | Dec 2024 63% | Mar 2025 -35% | Jun 2025 -21% | Sep 2025 -14% | Dec 2025 -66% | Mar 2026 -70%
- PREVEST: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.4% | Mar 2024 -8.8% | Jun 2024 -11% | Sep 2024 29% | Dec 2024 23% | Mar 2025 13% | Jun 2025 27% | Sep 2025 15% | Dec 2025 15% | Mar 2026 —

## Capacity Spending & Returns On It

What the numbers say: Tarsons Products Ltd reports ₹28 crore of CAPEX; Tarsons Products Ltd has the highest covered intensity at 36.8%. Coverage is only 2 of 6 companies and 5 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Tarsons Products Ltd · ₹28 crore | null versus #2 · Vasa Denticity Ltd | 2/2 recent comparable periods | 2/6 companies · 5 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Tarsons Products Ltd (TARSONS): ₹28 Cr
2. Vasa Denticity Ltd (DENTALKART): ₹0 Cr

### CAPEX intensity — highest reinvestment intensity
1. Tarsons Products Ltd (TARSONS): 37%
2. Vasa Denticity Ltd (DENTALKART): 0.0%

### 20-quarter CAPEX history
- TARSONS: Jun 2021 ₹42 Cr | Sep 2021 ₹28 Cr | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- DENTALKART: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter CAPEX intensity history
- TARSONS: Jun 2021 61% | Sep 2021 37% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- DENTALKART: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Poly Medicure Ltd has the clearest covered balance-sheet capacity with ₹473 crore net cash and gross debt of ₹354 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Vasa Denticity Ltd · ₹0 crore | null versus #2 · Prevest Denpro Ltd | 8/8 recent comparable periods | 6/6 companies · 64 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Vasa Denticity Ltd (DENTALKART): ₹0 Cr
2. Prevest Denpro Ltd (PREVEST): ₹0 Cr
3. Laxmi Dental Ltd (LAXMIDENTL): ₹13 Cr
4. Hemant Surgical Industries Ltd (543916): ₹50 Cr
5. Poly Medicure Ltd (POLYMED): ₹354 Cr

### Net debt — lowest net debt
1. Poly Medicure Ltd (POLYMED): ₹-473 Cr
2. Vasa Denticity Ltd (DENTALKART): ₹-47 Cr
3. Laxmi Dental Ltd (LAXMIDENTL): ₹-9 Cr
4. Tarsons Products Ltd (TARSONS): ₹368 Cr

### 20-quarter Gross debt history
- 543916: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹31 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹50 Cr
- POLYMED: Jun 2021 ₹105 Cr | Sep 2021 ₹136 Cr | Dec 2021 ₹136 Cr | Mar 2022 ₹127 Cr | Jun 2022 ₹127 Cr | Sep 2022 ₹129 Cr | Dec 2022 ₹129 Cr | Mar 2023 ₹149 Cr | Jun 2023 ₹149 Cr | Sep 2023 ₹135 Cr | Dec 2023 ₹135 Cr | Mar 2024 ₹174 Cr | Jun 2024 ₹174 Cr | Sep 2024 ₹161 Cr | Dec 2024 ₹161 Cr | Mar 2025 ₹180 Cr | Jun 2025 ₹180 Cr | Sep 2025 ₹240 Cr | Dec 2025 ₹240 Cr | Mar 2026 ₹354 Cr
- TARSONS: Jun 2021 ₹64 Cr | Sep 2021 — | Dec 2021 — | Mar 2022 ₹22 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹62 Cr | Dec 2022 ₹62 Cr | Mar 2023 ₹111 Cr | Jun 2023 ₹111 Cr | Sep 2023 ₹123 Cr | Dec 2023 ₹123 Cr | Mar 2024 ₹269 Cr | Jun 2024 ₹269 Cr | Sep 2024 ₹317 Cr | Dec 2024 ₹317 Cr | Mar 2025 ₹339 Cr | Jun 2025 ₹339 Cr | Sep 2025 ₹396 Cr | Dec 2025 ₹396 Cr | Mar 2026 ₹393 Cr
- LAXMIDENTL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹50 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹50 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹61 Cr | Jun 2024 — | Sep 2024 ₹47 Cr | Dec 2024 — | Mar 2025 ₹20 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹13 Cr
- DENTALKART: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹0 Cr | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr
- PREVEST: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹1 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 —

### 20-quarter Net debt history
- POLYMED: Jun 2021 ₹-270 Cr | Sep 2021 ₹-268 Cr | Dec 2021 ₹-268 Cr | Mar 2022 ₹-225 Cr | Jun 2022 ₹-225 Cr | Sep 2022 ₹-199 Cr | Dec 2022 ₹-199 Cr | Mar 2023 ₹-152 Cr | Jun 2023 ₹-153 Cr | Sep 2023 ₹-145 Cr | Dec 2023 ₹-145 Cr | Mar 2024 ₹-112 Cr | Jun 2024 ₹-112 Cr | Sep 2024 ₹-1.1K Cr | Dec 2024 ₹-1.1K Cr | Mar 2025 ₹-1.0K Cr | Jun 2025 ₹-1.0K Cr | Sep 2025 ₹-856 Cr | Dec 2025 ₹-856 Cr | Mar 2026 ₹-473 Cr
- TARSONS: Jun 2021 ₹51 Cr | Sep 2021 — | Dec 2021 — | Mar 2022 ₹-55 Cr | Jun 2022 ₹-55 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹-1 Cr | Mar 2023 ₹52 Cr | Jun 2023 ₹52 Cr | Sep 2023 ₹99 Cr | Dec 2023 ₹99 Cr | Mar 2024 ₹252 Cr | Jun 2024 ₹246 Cr | Sep 2024 ₹281 Cr | Dec 2024 ₹281 Cr | Mar 2025 ₹314 Cr | Jun 2025 ₹313 Cr | Sep 2025 ₹365 Cr | Dec 2025 ₹365 Cr | Mar 2026 ₹368 Cr
- LAXMIDENTL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹49 Cr | Jun 2024 — | Sep 2024 ₹46 Cr | Dec 2024 — | Mar 2025 ₹-89 Cr | Jun 2025 ₹-89 Cr | Sep 2025 ₹-16 Cr | Dec 2025 ₹-16 Cr | Mar 2026 ₹-9 Cr
- DENTALKART: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹-29 Cr | Dec 2023 — | Mar 2024 ₹-25 Cr | Jun 2024 ₹-26 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹-46 Cr | Jun 2025 ₹-46 Cr | Sep 2025 ₹-53 Cr | Dec 2025 ₹-53 Cr | Mar 2026 ₹-47 Cr

## Return On Capital Employed

What the numbers say: Prevest Denpro Ltd leads ROCE at 25.2%, 5.6 percentage points above Hemant Surgical Industries Ltd. Laxmi Dental Ltd has the strongest latest improvement at -1.4 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Prevest Denpro Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Prevest Denpro Ltd · 25.2% | 28.6% versus #2 · Hemant Surgical Industries Ltd | Not enough history | 6/6 companies · 47 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Prevest Denpro Ltd (PREVEST): 25%
2. Hemant Surgical Industries Ltd (543916): 20%
3. Laxmi Dental Ltd (LAXMIDENTL): 15%
4. Poly Medicure Ltd (POLYMED): 14%
5. Vasa Denticity Ltd (DENTALKART): 8.6%

### ROCE change — fastest improvers
1. Laxmi Dental Ltd (LAXMIDENTL): −1.4 pp
2. Prevest Denpro Ltd (PREVEST): −2.0 pp
3. Tarsons Products Ltd (TARSONS): −2.6 pp
4. Poly Medicure Ltd (POLYMED): −3.4 pp
5. Vasa Denticity Ltd (DENTALKART): −10.8 pp

### 20-quarter ROCE history
- POLYMED: Jun 2021 — | Sep 2021 15% | Dec 2021 — | Mar 2022 14% | Jun 2022 — | Sep 2022 14% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 20% | Dec 2023 26% | Mar 2024 20% | Jun 2024 27% | Sep 2024 13% | Dec 2024 22% | Mar 2025 13% | Jun 2025 23% | Sep 2025 12% | Dec 2025 17% | Mar 2026 9.8%
- TARSONS: Jun 2021 36% | Sep 2021 — | Dec 2021 — | Mar 2022 26% | Jun 2022 — | Sep 2022 21% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 12% | Dec 2023 — | Mar 2024 6.5% | Jun 2024 — | Sep 2024 4.8% | Dec 2024 8.5% | Mar 2025 4.9% | Jun 2025 7.4% | Sep 2025 3.8% | Dec 2025 6.1% | Mar 2026 2.3%
- LAXMIDENTL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 15% | Jun 2024 — | Sep 2024 27% | Dec 2024 40% | Mar 2025 12% | Jun 2025 20% | Sep 2025 11% | Dec 2025 15% | Mar 2026 11%
- DENTALKART: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 16% | Jun 2023 — | Sep 2023 15% | Dec 2023 — | Mar 2024 25% | Jun 2024 48% | Sep 2024 27% | Dec 2024 37% | Mar 2025 16% | Jun 2025 22% | Sep 2025 11% | Dec 2025 14% | Mar 2026 5.0%

### 20-quarter ROCE change history
- POLYMED: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.4 pp | Dec 2022 — | Mar 2023 +2.7 pp | Jun 2023 — | Sep 2023 +5.8 pp | Dec 2023 — | Mar 2024 +3.1 pp | Jun 2024 — | Sep 2024 −6.9 pp | Dec 2024 −4.7 pp | Mar 2025 −6.5 pp | Jun 2025 −4.0 pp | Sep 2025 −0.9 pp | Dec 2025 −4.8 pp | Mar 2026 −3.4 pp
- TARSONS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −10.4 pp | Jun 2023 — | Sep 2023 −9.3 pp | Dec 2023 — | Mar 2024 −8.8 pp | Jun 2024 — | Sep 2024 −6.8 pp | Dec 2024 — | Mar 2025 −1.6 pp | Jun 2025 — | Sep 2025 −1.0 pp | Dec 2025 −2.4 pp | Mar 2026 −2.6 pp
- LAXMIDENTL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −3.2 pp | Jun 2025 — | Sep 2025 −16.2 pp | Dec 2025 −25.0 pp | Mar 2026 −1.4 pp
- DENTALKART: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +8.8 pp | Jun 2024 — | Sep 2024 +12.3 pp | Dec 2024 — | Mar 2025 −9.4 pp | Jun 2025 −26.1 pp | Sep 2025 −16.4 pp | Dec 2025 −22.5 pp | Mar 2026 −10.8 pp

## Valuation Against Growth & Quality

What the numbers say: Poly Medicure Ltd has the lowest comparable Guarded PEG at 3.87×. Only 1 of 6 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Poly Medicure Ltd · 3.87× | Not enough peers | 0/8 recent comparable periods | 1/6 companies · 16 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Poly Medicure Ltd (POLYMED): 3.9

### P/E — lowest P/E
1. Prevest Denpro Ltd (PREVEST): 24.8
2. Hemant Surgical Industries Ltd (543916): 30.4
3. Laxmi Dental Ltd (LAXMIDENTL): 35.6
4. Poly Medicure Ltd (POLYMED): 51.5
5. Vasa Denticity Ltd (DENTALKART): 72.1

### 20-quarter Guarded PEG history
- POLYMED: Jun 2021 2.2 | Sep 2021 1.6 | Dec 2021 2.1 | Mar 2022 3.7 | Jun 2022 — | Sep 2022 — | Dec 2022 1.4 | Mar 2023 — | Jun 2023 2.8 | Sep 2023 1.1 | Dec 2023 2.0 | Mar 2024 1.0 | Jun 2024 1.6 | Sep 2024 3.2 | Dec 2024 3.5 | Mar 2025 3.1 | Jun 2025 2.5 | Sep 2025 — | Dec 2025 2.7 | Mar 2026 3.9

### 20-quarter P/E history
- 543916: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 42.9 | Dec 2025 — | Mar 2026 27.5
- POLYMED: Jun 2021 65.7 | Sep 2021 60.0 | Dec 2021 60.0 | Mar 2022 54.5 | Jun 2022 48.8 | Sep 2022 61.1 | Dec 2022 61.0 | Mar 2023 58.3 | Jun 2023 61.5 | Sep 2023 61.3 | Dec 2023 61.2 | Mar 2024 61.3 | Jun 2024 71.7 | Sep 2024 81.0 | Dec 2024 83.6 | Mar 2025 70.4 | Jun 2025 63.5 | Sep 2025 55.5 | Dec 2025 49.2 | Mar 2026 35.4
- TARSONS: Jun 2021 — | Sep 2021 — | Dec 2021 0.2 | Mar 2022 0.2 | Jun 2022 36.1 | Sep 2022 43.1 | Dec 2022 36.7 | Mar 2023 28.1 | Jun 2023 31.9 | Sep 2023 27.8 | Dec 2023 27.9 | Mar 2024 20.8 | Jun 2024 26.4 | Sep 2024 54.7 | Dec 2024 65.3 | Mar 2025 53.7 | Jun 2025 68.8 | Sep 2025 59.4 | Dec 2025 59.8 | Mar 2026 44.3
- LAXMIDENTL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.6 | Jun 2025 54.6 | Sep 2025 60.1 | Dec 2025 57.5 | Mar 2026 33.1
- DENTALKART: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 91.8 | Sep 2023 76.9 | Dec 2023 87.7 | Mar 2024 52.1 | Jun 2024 63.5 | Sep 2024 68.7 | Dec 2024 66.8 | Mar 2025 52.7 | Jun 2025 61.5 | Sep 2025 62.0 | Dec 2025 60.3 | Mar 2026 45.5
- PREVEST: Jun 2021 — | Sep 2021 — | Dec 2021 1.7 | Mar 2022 1.5 | Jun 2022 28.2 | Sep 2022 40.7 | Dec 2022 32.7 | Mar 2023 25.6 | Jun 2023 39.2 | Sep 2023 33.9 | Dec 2023 30.4 | Mar 2024 25.6 | Jun 2024 37.1 | Sep 2024 45.9 | Dec 2024 44.4 | Mar 2025 31.9 | Jun 2025 35.4 | Sep 2025 36.3 | Dec 2025 28.8 | Mar 2026 —

## Enterprise Value & Book Value

What the numbers say: Tarsons Products Ltd leads both ev/ebitda at 9.2× and p/bv at 2.63×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Tarsons Products Ltd · 9.2× | 43.6% versus #2 · Hemant Surgical Industries Ltd | 0/8 recent comparable periods | 6/6 companies · 74 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Tarsons Products Ltd (TARSONS): 9.2
2. Hemant Surgical Industries Ltd (543916): 16.3
3. Prevest Denpro Ltd (PREVEST): 17.8
4. Laxmi Dental Ltd (LAXMIDENTL): 18.5
5. Poly Medicure Ltd (POLYMED): 21.5

### P/BV — lowest P/BV
1. Tarsons Products Ltd (TARSONS): 2.6
2. Hemant Surgical Industries Ltd (543916): 3.6
3. Vasa Denticity Ltd (DENTALKART): 4.3
4. Prevest Denpro Ltd (PREVEST): 4.4
5. Laxmi Dental Ltd (LAXMIDENTL): 4.9

### 20-quarter EV/EBITDA history
- 543916: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 31.6 | Dec 2025 — | Mar 2026 16.3
- POLYMED: Jun 2021 40.9 | Sep 2021 36.8 | Dec 2021 36.2 | Mar 2022 32.7 | Jun 2022 28.6 | Sep 2022 35.0 | Dec 2022 34.9 | Mar 2023 33.6 | Jun 2023 36.7 | Sep 2023 37.2 | Dec 2023 37.7 | Mar 2024 38.1 | Jun 2024 44.1 | Sep 2024 52.5 | Dec 2024 53.0 | Mar 2025 44.3 | Jun 2025 39.8 | Sep 2025 34.6 | Dec 2025 30.7 | Mar 2026 21.5
- TARSONS: Jun 2021 — | Sep 2021 — | Dec 2021 32.0 | Mar 2022 33.7 | Jun 2022 23.2 | Sep 2022 26.5 | Dec 2022 22.5 | Mar 2023 17.2 | Jun 2023 19.5 | Sep 2023 17.0 | Dec 2023 17.0 | Mar 2024 12.6 | Jun 2024 16.1 | Sep 2024 23.2 | Dec 2024 22.1 | Mar 2025 15.8 | Jun 2025 18.1 | Sep 2025 14.6 | Dec 2025 12.0 | Mar 2026 9.2
- LAXMIDENTL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 54.1 | Jun 2025 53.9 | Sep 2025 37.5 | Dec 2025 30.6 | Mar 2026 18.5
- DENTALKART: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 83.3 | Sep 2023 70.0 | Dec 2023 73.3 | Mar 2024 41.3 | Jun 2024 46.1 | Sep 2024 49.8 | Dec 2024 49.2 | Mar 2025 38.4 | Jun 2025 42.2 | Sep 2025 43.9 | Dec 2025 42.1 | Mar 2026 30.8
- PREVEST: Jun 2021 — | Sep 2021 — | Dec 2021 47.5 | Mar 2022 39.9 | Jun 2022 18.6 | Sep 2022 25.7 | Dec 2022 20.5 | Mar 2023 15.1 | Jun 2023 26.6 | Sep 2023 23.0 | Dec 2023 20.8 | Mar 2024 17.5 | Jun 2024 24.6 | Sep 2024 29.9 | Dec 2024 28.5 | Mar 2025 20.0 | Jun 2025 22.8 | Sep 2025 22.7 | Dec 2025 17.8 | Mar 2026 —

### 20-quarter P/BV history
- 543916: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 5.4 | Dec 2025 — | Mar 2026 2.6
- POLYMED: Jun 2021 19.9 | Sep 2021 9.5 | Dec 2021 9.0 | Mar 2022 8.0 | Jun 2022 7.4 | Sep 2022 7.3 | Dec 2022 7.6 | Mar 2023 8.4 | Jun 2023 10.1 | Sep 2023 10.6 | Dec 2023 10.7 | Mar 2024 11.4 | Jun 2024 14.9 | Sep 2024 14.8 | Dec 2024 9.9 | Mar 2025 8.8 | Jun 2025 14.0 | Sep 2025 7.2 | Dec 2025 6.1 | Mar 2026 4.3
- TARSONS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 13.4 | Jun 2022 7.6 | Sep 2022 8.9 | Dec 2022 7.5 | Mar 2023 5.8 | Jun 2023 6.5 | Sep 2023 5.7 | Dec 2023 5.7 | Mar 2024 4.3 | Jun 2024 5.4 | Sep 2024 3.8 | Dec 2024 3.7 | Mar 2025 2.6 | Jun 2025 3.3 | Sep 2025 2.6 | Dec 2025 2.0 | Mar 2026 1.5
- LAXMIDENTL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 11.7 | Jun 2025 11.4 | Sep 2025 8.4 | Dec 2025 6.5 | Mar 2026 3.9
- DENTALKART: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 33.2 | Sep 2023 11.4 | Dec 2023 16.6 | Mar 2024 13.2 | Jun 2024 14.0 | Sep 2024 14.9 | Dec 2024 15.2 | Mar 2025 13.4 | Jun 2025 14.8 | Sep 2025 14.3 | Dec 2025 5.7 | Mar 2026 3.6
- PREVEST: Jun 2021 — | Sep 2021 — | Dec 2021 7.4 | Mar 2022 8.1 | Jun 2022 5.7 | Sep 2022 7.3 | Dec 2022 6.8 | Mar 2023 5.8 | Jun 2023 10.8 | Sep 2023 7.5 | Dec 2023 6.2 | Mar 2024 5.3 | Jun 2024 8.2 | Sep 2024 8.1 | Dec 2024 7.3 | Mar 2025 5.4 | Jun 2025 6.4 | Sep 2025 6.2 | Dec 2025 5.0 | Mar 2026 —

## Market action

Tarsons Products Ltd has the strongest one-year price move in Medical Equipment at -18.6%. It also leads on Mansfield relative strength against NIFTY at +27.1%. 2 of 6 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Tarsons Products Ltd (TARSONS): -19%
2. Poly Medicure Ltd (POLYMED): -21%
3. Prevest Denpro Ltd (PREVEST): -26%
4. Vasa Denticity Ltd (DENTALKART): -33%
5. Laxmi Dental Ltd (LAXMIDENTL): -55%

### Strongest relative strength versus NIFTY 500
1. Tarsons Products Ltd (TARSONS): 27%
2. Hemant Surgical Industries Ltd (543916): 25%
3. Poly Medicure Ltd (POLYMED): -0.0%
4. Prevest Denpro Ltd (PREVEST): -13%
5. Laxmi Dental Ltd (LAXMIDENTL): -14%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 3 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Poly Medicure Ltd (POLYMED) — market value ₹16.9K Cr; latest fundamentals Mar 2026
- Tarsons Products Ltd (TARSONS) — market value ₹1.7K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Laxmi Dental Ltd (LAXMIDENTL) — market value ₹1.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Vasa Denticity Ltd (DENTALKART) — market value ₹738 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Hemant Surgical Industries Ltd (543916) — market value ₹554 Cr; latest fundamentals Mar 2026
- Prevest Denpro Ltd (PREVEST) — market value ₹510 Cr; latest fundamentals Dec 2025

## Source standing of each company

Cross-checked: 1. Unverified: 5. Withheld: 0. Graded companies: 6.

3 of 6 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

- UNVERIFIED | TARSONS | Tarsons Products Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | LAXMIDENTL | Laxmi Dental Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | DENTALKART | Vasa Denticity Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Medical Equipment index?

The Nifty Medical Equipment index tracks India's listed Medical Equipment companies as a single basket. This page follows the same 6 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Medical Equipment sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Medical Equipment stocks in India?

Ranked by this page's four-factor score, Prevest Denpro Ltd places first among 6 listed Medical Equipment companies, followed by Laxmi Dental Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Medical Equipment stocks are listed in India?

This comparison covers 6 listed Medical Equipment companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Medical Equipment company is the biggest?

Poly Medicure Ltd is the largest, with trailing-twelve-month revenue of ₹1,876 crore, ahead of Tarsons Products Ltd at ₹423 crore. That covers 5 of 6 companies with comparable reporting through Mar 2026.

### Which Medical Equipment company is growing fastest?

Prevest Denpro Ltd has the fastest revenue growth at 17.3% year on year, across 5 of 6 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Medical Equipment company has the best profit margins?

Prevest Denpro Ltd has the highest operating margin at 33.9%, from 6 of 6 comparable companies. Laxmi Dental Ltd shows the biggest recent improvement, at +2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Medical Equipment company makes the most profit?

Poly Medicure Ltd earns the most, at ₹321 crore of trailing-twelve-month net profit, from 5 of 6 comparable companies. Prevest Denpro Ltd has the fastest profit growth at 17%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Medical Equipment company earns the highest return on capital?

Prevest Denpro Ltd leads on return on capital employed at 25.2%, across 6 of 6 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Medical Equipment stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Poly Medicure Ltd screens cheapest at 3.87×. Only 1 of 6 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Medical Equipment company has the strongest balance sheet?

Vasa Denticity Ltd carries the lowest comparable gross debt at ₹0 crore, from 6 of 6 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Medical Equipment sector beating the market?

Medical Equipment has underperformed NIFTY 500 by 16.3% over the last 52 weeks and 27.2% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 6 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Medical Equipment stock has the strongest price momentum?

Tarsons Products Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Medical Equipment company scores highest for research priority?

Prevest Denpro Ltd scores 71.7 out of 100 with 73% evidence confidence, from 23.4 points on growth and earnings, 21.2 on capital efficiency, 13.8 on valuation and 13.3 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Medical Equipment companies does this comparison cover, and over what period?

It compares 6 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Medical Equipment sector?

The 6 Medical Equipment companies on this page carry ₹21,522 crore of combined market value. Poly Medicure Ltd is the largest at ₹16,866 crore, about 78% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Medical Equipment sector's P/E ratio?

The median price-to-earnings ratio across the 6 Medical Equipment companies on this page is 51.5×, measured on the 6 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Medical Equipment sector performing?

2 of the 6 covered Medical Equipment companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 16.3% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/medical-equipment