Slide 1: Cover letter to NSE
www.dentalkart.com cs@dentalkart.com Dated: May 26, 2026 To, The National Stock Exchange of India Ltd, Exchange Plaza, Bandra-Kurla Complex, Bandra (East), MUMBAI - 400 051 Company Symbol: DENTALKART, ISIN: INE0N5801013 Subject: Investor Presentation Dear Sir / Madam, Pursuant to Regulation 30 read
Slide 2: Q4 & FY26 Investor Update
D E N T A L K A R T Vasa Denticity Limited Q4 & FY26 Investor Update Period: 1 January – 31 March 2026 Full year FY26 review included Listed on NSE Emerge • Scrip: DENTALKART • ISIN: INE0N5801013 Disclosure date: May 2026
Slide 3: Safe Harbor Statement
DISCLAIMER Safe Harbor Statement This presentation has been prepared by Vasa Denticity Limited (“Dentalkart” / the “Company”) and is intended solely for informational purposes. It contains statements that constitute “forward-looking statements” within the meaning of applicable securities laws. These
Slide 4: Letter from the CEO
LETTER FROM THE CEO Dear Shareholders, FY26 was, for Dentalkart, a year of building the muscle the business will need for the next decade. We grew the customer base by 28% to 1.44 lakh active buyers, added 70,746 new dentists to the platform — a 62% jump over last year — and shipped 7.6 lakh orders
Slide 5: FY26 At a Glance
HEADLINE PERFORMANCE FY26 At a Glance T O TA L I N C O M E LIKE-FOR-LIKE GROWTH EBITDA (REPORTED) O P E R AT I N G E B I T D A * ₹283.39 Cr +33% ₹15.43 Cr ₹10.92 Cr +12.8% YoY Continuing ops, ex-exited trading −37.9% YoY 3.91% margin · excl. Other Income ORDERS SHIPPED UNIQUE CUSTOMERS NEW CUSTOMERS
Slide 6: Q4 FY26 At a Glance
HEADLINE PERFORMANCE Q4 FY26 At a Glance Q 4 T O TA L I N C O M E Q4 EBITDA (REPORTED) Q 4 O P E R AT I N G E B I T D A * ORDERS SHIPPED ₹75.30 Cr ₹2.32 Cr ₹0.28 Cr 1.85 Lakh +2.9% YoY −64.7% YoY 0.38% margin · excl. Other Income +14.5% YoY NEW CUSTOMERS CUSTOMERS SERVED AV E R AG E O R D E R VA LU
Slide 7: Five-Year Topline & Customer Growth
THE JOURNEY SO FAR Five-Year Topline & Customer Growth Revenue from Operations (₹ Cr) Unique customers ('000s) 278.9 144 249.4 113 171.0 92 122.0 65 78.0 40 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 FY22 → FY26: Revenue scaled ~3.6×, customer base ~3.6×, while we transitioned from a Delhi-NC
Slide 8: Quarterly Trajectory — Revenue, Orders, EBITDA
FY26 QUARTER BY QUARTER Quarterly Trajectory — Revenue, Orders, EBITDA Revenue from Operations by Quarter ( ₹ Cr) — FY25 vs FY26 Orders Shipped per Quarter (lakh) FY25 FY26 2.04 73.1 72.2 73.0 73.3 1.97 60.4 62.8 59.4 53.5 1.85 1.75 Q1 Q2 Q3 Q4 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Quarter FY26 Q1 FY26 Q2
Slide 9: Where We Grew, Where We Exited — FY26 by Segment
SEGMENT PERFORMANCE Where We Grew, Where We Exited — FY26 by Segment Reported revenue ₹249.4 Cr → ₹278.9 Cr (+11.8%). Like-for-like, excluding the segment we deliberately wound down: +33% YoY (₹210.4 Cr → ₹278.9 Cr). Yo Y G R O W T H BY S E G M E N T Revenue by Segment ( ₹ Cr) — FY25 vs FY26 FY25 FY
Slide 10: Why Margins Compressed Despite Exiting Low-Margin Trading
ADDRESSING THE OBVIOUS QUESTION Why Margins Compressed Despite Exiting Low-Margin Trading “If you exited ₹39 Cr of low-margin trading, why did headline margins still compress in FY26?” THE MECHANIC + STEP 1 − STEP 2 = STEP 3 Trading exit lifted blended GM Own-brand stockouts dragged GM Net effect: F
Slide 11: Consolidated Income Statement — FY26 vs FY25
AUDITED CONSOLIDATED RESULTS Consolidated Income Statement — FY26 vs FY25 (₹ Cr unless stated) FY25 FY26 YoY % Q4 FY25 Q4 FY26 Revenue from Operations 249.37 278.87 +11.8% 73.02 73.26 Other Income 1.94 4.51 +132.7% 0.19 2.04 Total Income 251.30 283.39 +12.8% 73.21 75.30 Gross Profit 74.34 82.88 +11.
Slide 12: Margin Walk — Gross & EBITDA Margin Trajectory
WHY MARGINS MOVED Margin Walk — Gross & EBITDA Margin Trajectory Gross Margin % — FY26 quarterly (cliff in H2 = own-brand stockouts + INR depreciation) W H AT ' S D R I V I N G I T 40 H2 own-brand stockouts — 33.5 33.9 35 28.5 29.7 – lower own-brand mix dragged GM down 30 23.7 25 20 15 INR depreciat
Slide 13: Balance Sheet & Cash — Snapshot at 31 Mar 2026
FINANCIAL POSITION Balance Sheet & Cash — Snapshot at 31 Mar 2026 BALANCE SHEET (CONSOL) CASH FLOW — FY26 (CONSOL) W O R K I N G C A P I TA L V I E W Cash & Equivalents ₹ 4.80 Cr PBT ₹ 13.19 Cr Inventory days — target glide path Current Investments ₹ 42.47 Cr Cash from Operations (₹ 25.09 Cr) Short-
Slide 14: Customer Cohort — New-Customer Cumulative Repeat-Purchase Behaviour
COHORT QUALITY Customer Cohort — New-Customer Cumulative Repeat-Purchase Behaviour 3 0 - D AY C U M U L AT I V E 9 0 - D AY C U M U L AT I V E 1 8 0 - D AY C U M U L AT I V E NEW CUSTOMERS IN FY26 R E P E AT R E P E AT R E P E AT 70,746 40% 50% 68% +61.8% YoY Of FY26 new-customer cohort Of FY26 new-
Slide 15: Promises vs Delivered — FY26 Tracker
ACCOUNTABILITY Promises vs Delivered — FY26 Tracker What we said (quarter, verbatim) When What happened What we are doing about it “Margin normalization from Q2 onward as costs convert EBITDA margin fell to 6.5% in Q1, recovered to 8.8% in Timeline reframed to 2–3 yrs at Q3. Mid-teens target to topl
Slide 16: Own Brands — The Margin Engine
STRATEGIC INITIATIVE #1 Own Brands — The Margin Engine W H Y T H I S M AT T E RS OWN BRAND SHARE OF SALES 1 Pricing power Reduces dependence on third-party distributors and improves control over assortment and pricing. 2 Margin uplift Growing Own-brand contribution is structurally higher-margin than
Slide 17: Digital Dentistry Division — The High-Ticket Story
STRATEGIC INITIATIVE #2 Digital Dentistry Division — The High-Ticket Story EVIDENCE — Q4 FY26 LAUNCHED SEP 2025 A specialist vertical for clinic-grade equipment: intraoral scanners, Avg invoice ticket in Q4 FY26 CAD/CAM milling, 3D printing, sterilisation, imaging. THE THESIS ₹ 6.97 L Digital dentis
Slide 18: Service Quality & Tech — Compounding Operating Leverage
STRATEGIC INITIATIVE #5 Service Quality & Tech — Compounding Operating Leverage SEO TRAFFIC APP SHARE IOS GMV +47% 79% +36% YoY FY26 organic clicks vs FY25 Mobile GMV (Android + iOS) Fastest-growing platform TECH HEADROOM RETURN TICKETS 1-STEP CHECKOUT 3× 23→16% Live Current order capacity Of all cu
Slide 19: IDS Denmed Acquisition — Update & Forward View
STRATEGIC DECISION IDS Denmed Acquisition — Update & Forward View THE TIMELINE Aug 2025 Nov 2025 Feb 2026 May 2026 Agreement to acquire 51% stake NSE approval pending; strategic logic “Condition precedents remain Mutual decision not to proceed announced reaffirmed pending” — caution flagged O F F I
Slide 20: Operating Backbone & Governance
OPERATING DISCIPLINE Operating Backbone & Governance O P E R AT I N G M E T R I C S WA R E H O U S I N G D E L I V E R Y TAT SLA BREACH C A PA C I T Y H E A D R O O M 62.7K sq ft 4.2 days 13% → 6-7% 3× Across 4 hubs Target: ≤ 2 days* Reduction target (FY26) Current order vol *FY26 plan; trend revers
Slide 21: India Dental Market — A Decade of Whitespace
INDUSTRY OUTLOOK (1 OF 3) India Dental Market — A Decade of Whitespace I N D I A P E R - C A P I TA D E N TA L I N D I A C L I N I C A L D E N TA L I N D I A D E N TA L L A B INDIA CROWN & BRIDGE SPEND S U P P LY EQUIPMENT MARKET US$ 4–5 US$ 1.1B US$ 0.5B US$ 0.7B Estimated market size · our Smilewo
Slide 22: Two Structural Shifts — Online + Digital Dentistry
INDUSTRY OUTLOOK (2 OF 3) Two Structural Shifts — Online + Digital Dentistry SHIFT 1 — ONLINE S H I F T 2 — D I G I TA L D E N T I ST RY Dental products move online Clinics digitise the workflow Online share of India dental products Digital dentistry adoption — India vs global Today ~2% India ~4% 20
Slide 23: Where Dentalkart Plays — Position vs Opportunity
INDUSTRY OUTLOOK (3 OF 3) Where Dentalkart Plays — Position vs Opportunity D E N TA L K A R T ' S P O S I T I O N TO DAY I N D I A N D E N TA L M A R K E T ₹22,000+ Cr ~1.3% Estimated India dental products + equipment + services TAM, growing at ~12% of estimated India dental TAM today (FY26 Consol R
Slide 24: Why Dentalkart Compounds Over the Next Decade
THE LONG-TERM INVESTMENT CASE Why Dentalkart Compounds Over the Next Decade TOTA L A D D R E S S A B L E M A R K E T O N L I N E P E N E T R AT I O N — I N D I A D E N TA L K A R T ' S S H A R E TO DAY ₹22,000+ Cr ~2% ~1.3% India dental products + equipment + services Online share of total dental pr
Slide 25: The Moat — Six Reasons the Position Defends Itself
DURABLE COMPETITIVE ADVANTAGES The Moat — Six Reasons the Position Defends Itself 01 Assortment Moat 02 Data Moat 03 Direct-from-Manufacturer ~23,000 SKUs today, on path to 35,000. 10 years of customer-level data drives Bulk volumes + direct sourcing improve Local dealers stock 200–250. pin-code-lev
Slide 26: Watchlist — What We're Working On
HONEST ABOUT WHAT'S UNPROVEN Watchlist — What We're Working On These are the four metrics on which long-term investors will judge us. We track them quarterly and report against them on Slide 14 (Promises vs Delivered). The watch-item Where we stand & why What we are doing Gross & EBITDA Margin Recov
Slide 27: Where We Are Building Toward
LOOKING FORWARD — THE NEXT 3 TO 5 YEARS Where We Are Building Toward DIRECTIONAL AMBITION — NEXT 3 to 5 YEARS REVENUE SCALE O P E R AT I N G E B I T D A GROSS MARGIN INVENTORY PRODUCTIVITY C A P I TA L A P P R O A C H Multi-fold Meaningful Gradual recovery Improving Organic-first Compounding from a
Slide 28: Thank You
Thank You We are happy to take your questions. EARNINGS CALL Live video earnings call — earnings call date and joining details will be disclosed through NSE filing and uploaded on the investor relations page. Registration link: dentalkart.com/investors Questions in advance: cs@dentalkart.com Buildin