Synopsis: Kody Technolab has executed a three-year Medical Robot Supply and Intellectual Property Agreement with UAE-based Falcon Tech Robotics and Score AI for global deployment of its healthcare screening robots. The deal covers four Medigo product lines and could unlock large-scale international commercialisation but the stock’s 90x P/E demands scrutiny.
Kody Technolab Limited made a significant strategic disclosure on June 21, 2026, informing the exchanges that it has executed a Medical Robot Supply and Intellectual Property Agreement with two UAE-based entities Falcon Tech Robotics LLC and Sccore AI Tech Diagnostic Limited.
The agreement, which runs for three years from the effective date, establishes a full-stack commercial framework covering manufacture, supply, distribution, deployment, and worldwide commercialisation of Kody’s proprietary healthcare screening robots and accompanying software solutions. For a company that was only incorporated in 2017 and listed on the NSE SME Emerge platform, this is a genuinely significant international milestone.
Breaking Down the Agreement — Who Does What
The deal is structured as a three-party arrangement with clearly defined roles. Kody Technolab manufactures healthcare robotic products. Falcon Tech Robotics LLC which is actually Kody’s own joint venture entity in the UAE handles distribution. Sccore AI Tech Diagnostic Limited, an independent UAE company, takes responsibility for global deployment and commercialisation. Think of it as an assembly line for market access: Kody builds, Falcon moves, and Sccore places the robots in healthcare environments worldwide.
The products covered under this agreement span four categories within Kody’s Medigo range Medigo Static, Medigo Kids, Medigo Women, and Medigo Mobile. These are healthcare screening robots designed for patient-facing environments. Medigo Static and Medigo Mobile represent fixed and portable deployment configurations, while Medigo Kids and Medigo Women indicate that the product range has been tailored for specific demographic segments which is a meaningful product differentiation in the medical robotics space where one-size-fits-all solutions rarely find traction in hospital procurement committees.
The agreement includes provisions around exclusivity, software support, intellectual property ownership, confidentiality, warranties, indemnities, and dispute resolution through the Dubai International Arbitration Centre.
Critically, there is a minimum purchase commitment built into the deal on Sccore’s side if Sccore fails to meet those commitments, Kody and Falcon’s exclusive obligations automatically cease and they are free to manufacture and supply the products through third parties. This is an important investor-friendly clause: it means Kody is not locked into an underperforming arrangement with no exit.
Since Falcon Tech Robotics LLC is a joint venture entity of Kody, this transaction qualifies as a related party transaction under SEBI regulations, disclosed and executed on an arm’s length basis in the ordinary course of business.
Why Healthcare Robotics Is the Right Bet Right Now
To understand why this agreement matters beyond the press release, it helps to look at where the global medical robotics market is heading. Healthcare systems across the Middle East, Southeast Asia, and India are under increasing pressure to handle rising patient volumes with constrained medical workforces.
AI-powered screening robots which can measure vitals, conduct preliminary diagnostic assessments, and triage patients before doctor interaction directly address this problem. The UAE in particular has invested heavily in smart healthcare infrastructure as part of its Vision 2031 agenda, making it a natural launch market for products of this nature. By anchoring its UAE distribution and deployment through resident entities, Kody has positioned its Medigo range exactly where early adoption demand is likely to be strongest.
Sccore AI Tech Diagnostic’s involvement as the deployment partner adds a layer of AI-driven diagnostic capability to the hardware suggesting these are not simply kiosk-style robots but integrated health screening systems capable of delivering clinically meaningful outputs. This distinction matters because it moves Kody’s products from the “interesting gadget” category into the “reimbursable healthcare asset” category, which is where long-term institutional demand lives.
Financial Picture — Strong Growth, But Premium Valuation Demands Execution
Kody Technolab’s recent financials show a company that is genuinely scaling. For FY26, consolidated revenue grew to Rs. 80 crore from Rs. 72 crore in FY25, with Q4 FY26 alone delivering Rs. 49 crore in revenue, a 53% quarter-on-quarter jump that shows momentum is accelerating.
Operating profit for Q4 FY26 came in at Rs. 14 crore with a healthy 29% OPM. Net profit for the full year was Rs. 17 crore, with Q4 FY26 contributing Rs. 12 crore and an EPS of Rs. 8.59 a significant step up from Rs. 3.64 in H1 FY26. The company’s May 2026 investor presentation flagged a $10 million-plus order pipeline and 1,500-plus units in deployment pipeline, which contextualises the scale of international ambition the Medigo agreement is designed to serve.
However, investors need to keep one eye on the balance sheet. Free cash flow was negative Rs. 52 crore in FY26, driven by heavy investing activity of Rs. 42 crore and negative operating cash flow of Rs. 19 crore. Debtor days stand at 192 meaning the company is waiting over six months on average to collect payments and working capital days have stretched to 197.
These are common growing pains for a fast-scaling product company with long international sales cycles, but they are worth monitoring closely. Borrowings have actually declined to Rs. 8 crore from Rs. 13 crore, and the debt-to-equity ratio is just 0.04, so the balance sheet itself is clean. The interest coverage ratio of 33.5 times provides enormous comfort on debt servicing.
Kody Technolab shares came under profit booking on June 22, 2026, falling over 6.4% to ₹1,045 after touching a fresh 52-week high of ₹1,148 earlier in the session. Despite strong investor interest around its global healthcare robotics deal, the stock now commands a market capitalization of nearly ₹1,494 crore and continues to trade at a premium valuation, suggesting the market has already priced in high future growth expectations.
Kody Technolab Limited, incorporated in 2017 and headquartered in Ahmedabad with its work address at GIFT SEZ in Gandhinagar, is an AI and robotics company offering digital transformation, application development, and intelligent automation solutions. The company has delivered over 250 projects to clients across 30-plus countries and operates across IT services and proprietary robotics product lines. It is listed on the NSE SME Emerge platform under the symbol KODYTECH and is part of the Nifty SME Emerge index.
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