Company entering into UK market by incorporating a 51% owned subsidiary in UK names Dentalkart Distribution UK Ltd.
https://nsearchives.nseindia.com/corporate/VASADENTICITY_05062025125819_Intimations_of_Subsidiary_UK_Investment.pdf
But the notice is completely silent about who will be holding rest 49% of the stake in this company. Does anyone knows who owns rest 49%?
I would prefer if they would have started 100% owned subsidiary unless other shareholder is contributing to something like local knowledge/network or other shareholder is famous dentist in UK or UK company in distribution business etc etc. I hate when companies do not disclose reason for giving away 49% stake in its subsidiary ( I had bad experience from my past investment)
Disclosure - invested so biased and worried…
5 Likes
I was able to find the certificate of incorporation of the Dentalkart Distribution UK limited. on the DENTALKART DISTRIBUTION UK LTD filing history - Find and update company information - GOV.UK.
- Company Name: Dentalkart Distribution UK Ltd
- Incorporation Date: 21 May 2025
- Country: United Kingdom (England & Wales)
- Registered Address: 120 Honeysuckle Avenue, Cheltenham, GL53 0AT
- Total Share Capital: 1,000 GBP (1,000 shares of 1 GBP each)
- Shareholding:
Vasa Denticity Limited – 510 shares (51%)
SRK Equipments Ltd – 490 shares (49%)
- SIC Codes:
32500 – Manufacture of medical and dental instruments and supplies
86230 – Dental practice activities
- Purpose: Trading and distribution of dental products
- Directors:
Mr. Vikas Agarwal
Mrs. Gauri Pradhan
Mrs. Akanksha Aggarwal
Mrs. Shivani Khanna
Mr. Saurabh Agrawal
Mrs. Anuja Sheoran
Mr. Sandeep Aggarwal
Also I was able to find out SRK equipment is the business of Dental practice activities as the SIC mentioned in the incorporation of company documents reflects the following - 86230 – Dental practice activities.
Following are the certificate of incorporation which is publicly available for both Dentalkart Distribution UK Ltd and SRK equipment on the UK gov.in website.
16465504_newinc_2025-05-21.pdf (361.6 KB)
16170041_newinc_2025-01-08.pdf (346.7 KB)
(upload://6LRcQwGWF5Y2L28m1pmd4QUK8PE.pdf) (361.6 KB)
8 Likes
Moats are crucial for a business to survive and thrive. Every company in an industry can create a moat, just as in nature only the fittest survive; companies are simply an extension of this principle.
What I like about this business:
-
Total addressable market (TAM) – The TAM is large, but not so large that it invites extreme competition.
-
“Extremistan” nature of business – A few scalable winners capture the majority of the market.
-
Rising Indian middle class – Increased disposable income is driving higher spending on dental healthcare.
-
Understanding the Indian consumer – The company provides strong value at affordable prices which was not possible earlier.
-
Shift from unorganised to organised supply chain – It is leading the formalisation of the dental product supply chain.
-
White-label branding – Building its own brand increases recognition, supports higher margins, and fosters trust.
-
Limited consolidation among buyers – Even in developed markets, the dental clinics remains fragmented, allowing suppliers to command a premium.
-
Developing a dental ecosystem – The company is actively building an integrated ecosystem (currently in development).
All of these moats are still in the build-up stage and require further strengthening. It is also important to remember that not every brand ultimately becomes profitable. Also to concise this post I have created one liners but each and every point can be expanded to pages for comprehensive understanding.
Disclaimer: Invested and biased. I have created this post with the little understanding that I have of the business will request the reader to do his own research.
7 Likes
Just sharing an update on the recent shareholdings
So while Malabar has increased its holding substantially both Ashish Kacholia and Mukul Aggarwal have partially reduced their stake.
Invested and biased. 6% allocation.
1 Like
I think that’s the effect of dilution? The new Malabar stake is fresh issues and that should have diluted everyone else’s shareholding.
5 Likes
In September shareholding , Malabar is holding ~2% while according to fresh issue they should have 5.6%. Have they sold?
1 Like
Ashish Kacholia’s shareholding has gone up (and not down) to 4% as of 30 Sept as per Screener. This is the highest he ever held
1 Like
Just sharing the latest share holding pattern as per the screener.in
Malbar and Ashish Kacholia have increased but Mukul Agrawal has reduced.
Invested and biased. 5% of the portfolio.
dr.vikas
But According to warrants conversion , Malabar was supposed to have around 5.6 % shareholding. Have they sold some of the share?
1 Like
Just sharing the latest results.
https://nsearchives.nseindia.com/corporate/VASADENTICITY_12112025000916_Signed_Outcome.pdf
Pretty disappointing results. Means, the sales growth is not what the promoters’ were guiding in the past.
Trimmed my position from 7 to 5%. Holding still as some marquee investors are holding. But ‘MAY’ totally exit if find some other better opportunity.
dr.vikas
1 Like
I would not be too upset over here. It’s evident that Dentalkart is in growth at any costs currently so I don’t care about the bottom line anyway (unless they go into loss or something). YoY revenue is up 26% which is better than June’s performance.
I think Dental has a massive tailwind to grow much more bigger as the middle class expands as dental shifts from a luxury to a necessity. They are trying to be the Lenskart of Dental so I won’t be looking at QoQ fluctuations
2 Likes
Sharing the latest Investor Presentation.
https://nsearchives.nseindia.com/corporate/VASADENTICITY_13112025183622_Intimation_of_Investor_PPT.pdf
Waiting for the concall to get more clarity on EBITDA de-growth.
Invested and Biased.
dr.vikas
1 Like
Anyone who attented the concall today? Can you share the key insights?
Various Dental Product Companies are issuing notices to either remove their products from Dentalkart or people should buy at their own risk
Coltene Whaledent has also issued such advisory.
8 Likes
Thanks for the update. Now waiting for the next quarterly result to decide whether to add / exit.
1 Like
Any clue what happened, why so many suppliers have issued such kind of notices?
4 Likes
Just sharing the latest shareholding of Vasa Denticity.
Invested and Biased.
5% of portfolio.
1 Like
