Atishay Ltd (538713)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Atishay's revenue was ₹13.5 Cr (+10.8% year on year, +32.9% on the previous quarter), and net profit ₹0.1 Cr (-92.7% year on year); the operating margin was 3.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹13.5 | +10.8% | +32.9% |
| Operating profit | ₹0.5 | -75.1% | -81.5% |
| Net profit | ₹0.1 | -92.7% | -93.2% |
| EPS (₹) | 0.11 | -92.7% | -93.1% |
| Operating margin | 3.7% | — | — |
📢 Recent Corporate Announcements
Atishay Limited has received a Letter of Intent (LoI) from the Punjab Urban Planning & Development Authority (PUDA) for end-to-end scanning, digitization, indexing, and records management services. The total value of the domestic contract is ₹2.34 crores, inclusive of applicable taxes, with an execution timeline of 12 months. Against Atishay's TTM revenue of ₹57 crores, the contract represents approximately 4.1% of annual sales. The order adds modest revenue visibility to the company's core e-governance and data management division.
- Received Letter of Intent for ₹2.34 crores inclusive of applicable GST
- Contract awarded by domestic entity Punjab Urban Planning & Development Authority (PUDA)
- Execution timeline is stipulated at 12 months
- Scope covers end-to-end scanning, digitization, indexing, and records management services
- Represents ~4.1% of the company's TTM revenue of ₹57 crores
Atishay Ltd has secured a work order worth ₹3.66 crore from the State Health Agency, West Bengal, for printing and delivering PVC cards under the Mukhya Mantri Swasthya Bima Yojana (MMSBY). The project covers 7 districts and is scheduled for completion within 180 days. This order represents approximately 6.6% of the company's FY26 revenue of ₹55.77 crore, providing moderate revenue visibility for the upcoming two quarters. The company continues to leverage its experience in similar projects across states like Odisha and Haryana.
- Total work order value of ₹3.66 crores, inclusive of applicable GST.
- Execution timeline set at 180 days from the date of issuance.
- Project covers 7 districts in West Bengal: Bankura, Birbhum, Kalimpong, Murshidabad, Nadia, Purba Bardhaman, and Uttar Dinajpur.
- Order value constitutes ~6.6% of the company's total FY26 revenue of ₹55.77 crores.
Atishay Ltd has secured a work order worth ₹32.90 lakhs from The Barmer Central Co Operative Bank Ltd, Rajasthan. The contract involves the supply, installation, and maintenance of Micro ATM devices for Primary Agricultural Credit Societies (PACS). While the order aligns with the company's rural banking expansion strategy, its financial magnitude is small, representing approximately 0.59% of the company's FY26 revenue of ₹55.77 Cr. The project is slated for rapid execution with a completion deadline of September 6, 2026.
- Order value of ₹32.90 Lakhs inclusive of all applicable duties and taxes.
- Execution timeline is short, with completion required by 06th September, 2026.
- Scope includes supply, installation, commissioning, and maintenance for Primary Agricultural Credit Societies (PACS).
- Order value represents ~0.59% of FY26 annual revenue (₹55.77 Cr).
Atishay Ltd has received a work order worth ₹ 86.51 lakhs from the Directorate of Health Services, Government of Chhattisgarh. The contract involves printing and delivering PVC Ayushman Cards across 8 districts under the Ayushman Bharat scheme. The project has a 180-day execution timeline. While the order is relatively small, representing approximately 1.55% of FY26 revenue (₹ 55.77 Cr), it reinforces the company's presence in the e-governance sector across multiple states.
- Total order value of ₹ 86.51 lakhs inclusive of applicable GST
- Project execution timeline set at 180 days from the date of issuance
- Contract covers 8 districts including Bilaspur, Korba, and Raigarh
- Company already holds similar orders in 4 other states: Odisha, Haryana, UP, and Maharashtra
- Order represents approximately 1.55% of the company's FY26 annual revenue of ₹ 55.77 Cr
Atishay Ltd has secured a new work order valued at ₹1.73 crore from The Jaipur Central Cooperative Bank Ltd, Jaipur. The contract involves the supply, installation, and maintenance of Micro ATMs for Primary Agricultural Credit Societies (PACS) in Rajasthan. This order represents approximately 3.1% of the company's FY26 annual revenue of ₹55.77 crore. The project has a very tight execution timeline, with completion required by August 31, 2026.
- Total order value of ₹1.73 Crores inclusive of all applicable duties and taxes
- Execution deadline set for August 31, 2026, indicating immediate revenue recognition
- Order represents ~3.1% of the company's FY26 total revenue of ₹55.77 Crores
- Scope covers supply, installation, commissioning, and maintenance for Primary Agricultural Credit Societies (PACS)
Atishay Ltd has secured a work order worth ₹ 47.71 Lakhs from The Alwar Central Co Operative Bank Limited for the supply and maintenance of Micro ATMs. The project targets Primary Agricultural Credit Societies (PACS) in Rajasthan and is scheduled for rapid execution by August 17, 2026. While the order value is small, representing approximately 0.93% of the company's FY25 revenue of ₹ 51.15 Cr, it reinforces the company's presence in the rural fintech and cooperative banking sector.
- Order value of ₹ 47.71 Lakhs inclusive of all applicable duties and taxes
- Execution deadline set for completion by 17th August, 2026
- Scope includes supply, installation, commissioning, and maintenance of Micro ATM devices
- Order magnitude is approximately 0.93% of FY25 annual revenue of ₹ 51.15 Cr
Atishay Ltd has secured its first international work order from Global Top Link Technologies Company Limited, Myanmar, for an AI-powered centralized diagnostic platform. The contract includes a fixed fee of USD 295,740 for Phase I development and a recurring USD 80,000 per annum for maintenance and support. The development phase is scheduled for completion within six months, followed by a 12-month maintenance period. This marks a significant entry into the AI-driven healthcare domain and geographical diversification beyond India.
- Total Phase I development consideration of USD 295,740 (approx. ₹2.47 cr at current rates)
- Recurring annual maintenance and support fee of USD 80,000 (approx. ₹67 lakhs)
- Execution timeline of 6 months for Phase I development from the commencement date
- First international order in the AI Diagnostic domain for the company
- Milestone-linked payment structure including a mobilization advance and retention component
Atishay Ltd has secured a domestic work order valued at ₹ 49.35 Lakhs from The Nagaur Central Co-operative Bank, Nagaur. The contract involves the supply, installation, commissioning, and maintenance of Micro ATM devices for Primary Agricultural Credit Societies (PACS) in Rajasthan. The project has a very tight execution window, with completion required by August 15, 2026. While the order value is relatively small, it reinforces the company's footprint in the rural financial inclusion and cooperative banking sector.
- Total order value of ₹ 49.35 Lakhs inclusive of all applicable duties and taxes.
- Execution deadline set for August 15, 2026, approximately one month from the award date.
- Scope covers supply, installation, commissioning, and maintenance of Micro ATM devices.
- Client is a domestic entity operating under the Co-operative Department of Rajasthan.
- Target end-users are Primary Agricultural Credit Societies (PACS) and Dairy Societies.
Atishay Ltd has appointed Mr. Chunky Lalwani as its Whole-time Company Secretary and Compliance Officer, effective July 16, 2026. Mr. Lalwani is a Fellow member of the Institute of Company Secretaries of India (ICSI) with over 7 years of experience in corporate governance and SEBI regulations. His professional background includes previous associations with notable companies such as Dilip Buildcon Limited and Olectra Greentech Limited. This appointment is a routine regulatory requirement to ensure the company adheres to the Companies Act, 2013, and SEBI (LODR) Regulations.
- Appointment of Mr. Chunky Lalwani effective from July 16, 2026
- Mr. Lalwani brings over 7 years of experience in corporate governance and listed company compliances
- He is a Fellow member of the ICSI with membership number F13850
- Previous experience includes roles at Dilip Buildcon Limited, Heritage Foods Limited, and Olectra Greentech Limited
Atishay Ltd reported a robust year-on-year performance for the quarter ended June 30, 2026, with net profit surging 409% to ₹1.78 Cr from ₹0.35 Cr. Total income grew 19% YoY to ₹10.58 Cr, although it faced a sequential decline of 29.5% from the March 2026 quarter. Profitability margins improved significantly, with Profit Before Tax (PBT) margins reaching 22.8% compared to 5.2% in the same period last year. The company also strengthened its leadership by appointing Mr. Chunky Lalwani as Company Secretary and Compliance Officer.
- Net Profit for Q1 FY27 increased by 409.2% YoY to ₹177.69 Lakhs.
- Total Income grew 19% YoY to ₹1,058.26 Lakhs from ₹888.99 Lakhs.
- Profit Before Tax (PBT) margin expanded significantly to 22.8% from 5.2% YoY.
- E-Governance segment remains the primary revenue driver, contributing ₹952.40 Lakhs (90% of total revenue).
- Earnings Per Share (EPS) rose to ₹1.62 from ₹0.32 in the previous year's corresponding quarter.
Atishay Ltd reported a standalone net profit of ₹1.67 Cr for the quarter ended June 30, 2026, which appears flat compared to the same period last year based on the provided figures. Total revenue from operations stood at ₹10.56 Cr, with the E-Governance segment contributing approximately 90% of the total top line. The company also announced the appointment of Mr. Chunky Lalwani as Company Secretary and Compliance Officer, bringing over 7 years of experience from firms like Dilip Buildcon and Olectra Greentech.
- Net Profit for Q1 FY27 stood at ₹1.67 Cr with an EPS of ₹1.51
- Total Revenue from operations reached ₹10.56 Cr for the quarter
- E-Governance segment remains the primary driver, contributing ₹9.56 Cr to revenue
- Profit Before Tax (PBT) for the quarter was reported at ₹224.62 Lakhs
- Appointment of Mr. Chunky Lalwani as CS & Compliance Officer effective July 16, 2026
Atishay Ltd has secured a work order valued at ₹ 82.25 Lakhs from The Udaipur Central Cooperative Bank Ltd, Udaipur. The contract involves the supply, installation, commissioning, and maintenance of Micro ATM devices for Primary Agricultural Credit Societies (PACS) in Rajasthan. The project features a very tight execution window, with a completion deadline set for August 7, 2026. This win reinforces the company's presence in the rural financial inclusion and cooperative banking technology sector.
- Total work order value is ₹ 82.25 Lakhs, inclusive of all applicable duties and taxes.
- Execution timeline is highly compressed, with completion required by 07th August, 2026.
- Scope includes deployment for Primary Agricultural Credit Societies (PACS) under the Co-operative Department Rajasthan.
- The contract covers the full lifecycle: Supply, Installation, Commissioning, and Maintenance of Micro ATM devices.
Atishay Ltd has announced that its Board of Directors will meet on July 16, 2026, to consider and approve the unaudited standalone financial results for the quarter ended June 30, 2026. This is a routine regulatory filing as per SEBI requirements. The trading window for insiders is currently closed and will remain so until 48 hours after the results are made public. Investors should look for the actual financial performance on the meeting date to assess the company's start to the new fiscal year.
- Board meeting scheduled for July 16, 2026, to approve financial results
- Results cover the first quarter (Q1) ended June 30, 2026
- Trading window remains closed for insiders until 48 hours after the results are declared
- The meeting will consider standalone unaudited financial results along with the Limited Review Report
Atishay Ltd has secured a work order valued at ₹ 47.06 Lakhs from Bharat Sanchar Nigam Limited (BSNL), Bhopal. The contract involves the supply, installation, and commissioning of Wi-Fi and network infrastructure at IIFM, Bhopal, including a comprehensive Annual Maintenance Contract (AMC). The project is scheduled for execution within one year from the date of commissioning. While this reflects continued PSU trust in the company's capabilities, the order size is relatively small for a listed entity.
- Total order value of ₹ 47.06 Lakhs inclusive of all duties and taxes
- Execution timeline of 1 year from the date of commissioning certificate
- Contract awarded by domestic public sector entity BSNL, Bhopal
- Scope includes both infrastructure setup and comprehensive AMC services
Financial Performance
Revenue Growth by Segment
Total revenue from operations grew 18.24% YoY to INR 51.15 Cr in FY 2024-25 from INR 43.26 Cr. Historical segment splits included E-governance (35%), Retail/E-mitra (58%), and Hospitality (22%), though recent growth is heavily driven by the eMitra @Home services platform which saw a 7% sequential revenue increase in Q3 FY22.
Geographic Revenue Split
The company operates across 13+ Indian states with a significant concentration in Rajasthan, where it serves 450+ G2C and B2C services. It has served 25 government departments across 8 states.
Profitability Margins
Operating Profit Margin improved to 18.73% in FY25 from 17.85% in FY24. Net Profit Margin increased to 13.15% in FY25 compared to 12.28% in FY24, reflecting a 7.08% improvement in bottom-line efficiency.
EBITDA Margin
EBITDA margin stood at 20.58% in FY25, a 0.93% increase from 20.39% in FY24. Absolute EBITDA grew 18.90% YoY to INR 10.96 Cr, driven by strategic cost-effective measures and higher demand for digital service platforms.
Capital Expenditure
The company made notable investments in state-of-the-art infrastructure for data processing and server operations to manage high transaction volumes. While specific INR Cr figures for FY25 are not disclosed, net capital turnover ratio was 4.64.
Credit Rating & Borrowing
The company previously held a CARE BBB; Stable / CARE A3+ rating, which was withdrawn in July 2019 at the company's request. Finance costs were INR 22.91 Lakhs for 9M FY22, and the debt-equity ratio remains low at 0.09 as of FY25.
Operational Drivers
Raw Materials
Primary inputs include high-performance hardware (workstations and servers), cloud infrastructure, and software licenses. Direct operational costs and material consumption accounted for INR 8.39 Cr in 9M FY22.
Import Sources
Not disclosed in available documents; however, the company collaborates with 'leading technology firms' for hardware supply.
Capacity Expansion
Current capacity includes 10,500+ agents/outlets and infrastructure to support 46 lakh customers. The company is expanding its eMitra @Home service from an initial 5 services to over 48 services to increase transaction volume.
Raw Material Costs
Cost of materials and operational expenses represented approximately 57% of total expenses in 9M FY22. Procurement strategies focus on strategic collaborations with tech firms to ensure a seamless supply of high-performance hardware.
Manufacturing Efficiency
The company leverages AI to improve operational efficiency and reduce costs. Trade receivables turnover ratio was 5.82 in FY25, a 14.91% decrease from 6.84 in FY24, indicating a slight slowdown in collection efficiency.
Strategic Growth
Expected Growth Rate
18.24%
Growth Strategy
Growth will be achieved by scaling the eMitra @Home monopoly in Rajasthan, expanding into new industry verticals, and leveraging AI to enhance operational efficiency. The company aims to simplify commerce and enhance financial accessibility through its 10,500+ agent network.
Products & Services
e-Governance solutions, eMitra @Home doorstep delivery, data management, scanning solutions, fintech services, and Z-POS retail solutions.
Brand Portfolio
Atishay, eMitra @Home, Z-POS.
New Products/Services
The eMitra @Home platform recently scaled from 5 to 48 services, contributing to a 7% sequential revenue increase in the most recent reported quarter.
Market Expansion
Targeting expansion of digital infrastructure in rural India and increasing geographical presence beyond the current 13+ states.
Market Share & Ranking
The company holds a monopoly in providing doorstep delivery of government services in Rajasthan through the eMitra @Home project.
Strategic Alliances
Collaborations with leading technology firms for hardware and state governments (e.g., Rajasthan) for exclusive service delivery.
External Factors
Industry Trends
The industry is shifting toward inclusive digital infrastructure for rural India and AI-driven service delivery. Atishay is positioned as a leading provider of e-governance and financial inclusion services with 25+ years of expertise.
Competitive Landscape
Faces intense competition from established large-sized IT players in the tender-driven e-governance segment.
Competitive Moat
Durable advantages include a 25-year track record, exclusive government contracts (monopoly in Rajasthan doorstep delivery), and a massive network of 10,500+ agents which creates high switching costs for government partners.
Macro Economic Sensitivity
Sensitive to Indian government spending on digital infrastructure and fiscal policies. Revitalization of the Indian economy post-COVID has provided a tailwind for capital expenditure projects.
Consumer Behavior
Increasing demand for doorstep delivery of essential services and digital financial inclusion in rural areas.
Geopolitical Risks
Minimal direct exposure, but global economic volatility could lead to reduced IT spending by private sector clients.
Regulatory & Governance
Industry Regulations
Compliance with SEBI (Listing Obligations and Disclosure Requirements) and ISO certifications (ISO 27001:2013 for information security and ISO 9001:2015 for quality management).
Taxation Policy Impact
Total tax expenses for 9M FY22 were INR 11.21 Lakhs on a PBT of INR 18.00 Lakhs.
Risk Analysis
Key Uncertainties
Cybersecurity vulnerabilities pose a high risk of data breaches and reputational damage. Aggressive competition in government tenders could impact future project wins by 10-15%.
Geographic Concentration Risk
High revenue concentration in Rajasthan due to the eMitra project, making the company vulnerable to state-level political or policy changes.
Third Party Dependencies
High dependency on state government bodies for contract renewals and timely payments.
Technology Obsolescence Risk
Rapid shifts in technology require continuous investment in AI and data analytics to remain competitive against larger IT firms.
Credit & Counterparty Risk
Receivables increased in historical periods due to government project completion cycles, impacting cash flow from operations (which was INR 2.75 Cr in FY18).
