Aprameya Engineering Limited (APRAMEYA)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Aprameya Engineering's revenue was ₹13.0 Cr (-89.7% year on year), and net profit ₹-1.6 Cr (against a profit a year earlier); the operating margin was -3.7%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹13.0 | -89.7% | — |
| Operating profit | ₹-0.5 | to loss | — |
| Net profit | ₹-1.6 | to loss | — |
| EPS (₹) | -0.87 | to loss | — |
| Operating margin | -3.7% | — | — |
APRAMEYA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 81.97% of the APRAMEYA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 88.18%. That is close to its usual level. Turnover was only ₹27 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 77.8% · 78.4% · 84.1% · 79.1% · 82.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Aprameya Engineering Limited has informed the exchange that its trading window will be closed starting October 1, 2026. The closure applies to promoters, directors, key managerial personnel, and designated persons in accordance with SEBI insider trading regulations. It will remain in effect until 48 hours after the declaration of financial results for the period ended September 30, 2026. This is a standard quarterly compliance intimation.
- Trading window closure begins on 1st October, 2026
- Window remains closed until 48 hours post declaration of results for period ended 30th September, 2026
- Applies to Promoters, Directors, KMP, and Designated Persons pursuant to SEBI regulations
Aprameya Engineering Limited held its Annual General Meeting on August 1, 2026, where all five proposed resolutions were passed with 100% of polled votes in favor. A key special resolution was approved, authorizing the board to provide loans, guarantees, or securities to subsidiaries and related entities under Section 185, up to 60% of paid-up capital and reserves. Additionally, the company adopted its FY26 audited financial statements and re-appointed three directors retiring by rotation. The meeting saw a total turnout of 74.87% of the total shareholding for the adoption of accounts.
- Special resolution passed for Section 185 loans/guarantees up to 60% of paid-up capital and free reserves or 100% of free reserves, whichever is higher.
- Total of 1,42,55,500 votes polled for the adoption of FY26 financial statements, representing 74.87% of total shares.
- Re-appointment of three directors (Chetan Mohan Joshi, Pooja Saurabh Bhatt, and Archana Chetan Joshi) approved with 100% favor from polled votes.
- Record date for voting eligibility was July 27, 2026, with a total of 965 shareholders on record.
- Promoter group contributed 1,40,20,000 votes toward the adoption of financial statements, representing 99.43% of their holding.
Aprameya Engineering Limited held its 5th Annual General Meeting on August 1, 2026, to approve FY26 financial statements and re-appoint three directors. Crucially, the company sought shareholder approval for special business items, including loans and guarantees under Section 185 and Related Party Transactions (RPT) with its subsidiary. This follows a difficult Mar 2026 quarter where revenue plummeted to ₹12.99 Cr from ₹126.43 Cr in Mar 2025. The meeting also featured a presentation on the new Medtech subsidiary, which is key to the company's strategy to improve margins by 2-3%.
- 7 resolutions were put to vote, including 3 special business items regarding loans and related party transactions.
- Remote e-voting was conducted from July 29 to July 31, 2026, for members as of the July 27 record date.
- The company reported a net loss of ₹1.63 Cr for the quarter ended March 2026.
- Promoter holding remains stable at 74.05% as of the latest reporting period.
- The AGM concluded within one hour, from 12:30 PM to 1:30 PM.
Financial Performance
Revenue Growth by Segment
Revenue from operations grew 108.2% YoY to INR 135.7 Cr in FY25 from INR 65.16 Cr in FY24. The revenue mix is dominated by Turnkey Infrastructure Projects at 90% (INR 122.13 Cr), followed by Medical Equipment Supply at 8% (INR 10.85 Cr) and Service Revenues at 2% (INR 2.71 Cr). In H1FY26, the mix shifted slightly to 88% Turnkey and 12% Equipment.
Geographic Revenue Split
Historically concentrated in Rajasthan (where 180+ dialysis centers were delivered), growth in FY25 was primarily driven by execution in Maharashtra. The company is actively diversifying into five new states: Odisha, Jharkhand, Madhya Pradesh, Uttar Pradesh, and the North-East to reduce regional dependency.
Profitability Margins
Net Profit (PAT) margin improved significantly from 5.36% (INR 3.49 Cr) in FY24 to 11.88% (INR 16.11 Cr) in FY25, a 121.69% increase in ratio terms. This was driven by higher turnover and better absorption of fixed costs. H1FY26 PAT margin further expanded to 16% (INR 6.8 Cr).
EBITDA Margin
EBITDA margin stood at 18% (INR 25.0 Cr) in FY25, up from 10% (INR 6.8 Cr) in FY24, representing an 800 bps improvement. H1FY26 EBITDA margin reached 26% (INR 11.2 Cr) due to a higher mix of turnkey projects and improved execution efficiency.
Capital Expenditure
The company raised INR 29.23 Cr through an IPO of 50.40 lakh shares at INR 58 per share in FY25. Proceeds were primarily allocated to incremental working capital. Future capex is planned for in-house manufacturing through the new subsidiary, Aprameya Medtech Private Limited, to reduce import dependency.
Credit Rating & Borrowing
Debt-Equity ratio improved drastically from 1.80 in FY24 to 0.47 in FY25, a 73.72% reduction, following the equity infusion and profit growth. Total debt stood at INR 30.34 Cr as of March 31, 2025. Finance costs were INR 3.18 Cr in FY25.
Operational Drivers
Raw Materials
Medical equipment components (40-50% of turnkey costs), modular OT panels, dialysis machines, ICU monitors, and diagnostic tools.
Import Sources
Sourced globally and domestically through strategic OEM partnerships; specific countries include Germany (Draeger), USA (J&J), and various Indian states for construction materials.
Key Suppliers
Key OEM partners include Johnson & Johnson (J&J), Draeger, Schiller, Phillips, Alan, and ResMed.
Capacity Expansion
Currently operates as an asset-light integrator. Planned expansion includes setting up a manufacturing facility under Aprameya Medtech Private Limited to produce medical devices in-house, aiming to improve margins by 2-3%.
Raw Material Costs
Turnkey project expenses (including equipment procurement) rose to INR 94.52 Cr in FY25 from INR 33.02 Cr in FY24, representing ~70% of revenue. Procurement strategies involve vendor consolidation and direct sourcing to mitigate price volatility.
Manufacturing Efficiency
Currently focused on project execution efficiency. Inventory turnover ratio improved 126.88% from 11.32 in FY24 to 25.68 in FY25, indicating faster project cycles and better material management.
Logistics & Distribution
Distribution and logistics are managed as part of the turnkey delivery model, with costs embedded in 'Other Expenses' which stood at INR 10.34 Cr in FY25 (7.6% of revenue).
Strategic Growth
Expected Growth Rate
20-25%
Growth Strategy
Growth will be achieved by expanding into 5 new states, increasing the order book to INR 300-350 Cr from the current INR 60 Cr, and raising the contribution of high-margin AMC/CAMC services to 10-12% of revenue. The launch of in-house manufacturing will further support margin expansion to 14-16% PAT.
Products & Services
Turnkey setup of ICUs, NICUs, PICUs, Modular Operation Theatres, Dialysis Centers, and Prefabricated Wards; supply of high-value diagnostic equipment and AMC/CMC services.
Brand Portfolio
Aprameya Engineering, Aprameya Medtech.
New Products/Services
In-house manufactured medical devices under the new Medtech subsidiary, expected to contribute to margin stability and reduce import costs.
Market Expansion
Targeting Tier 2 and 3 cities in Odisha, Jharkhand, MP, UP, and North-East India over the next 36 months.
Market Share & Ranking
Aims to be among India's top 3 turnkey healthcare companies by FY28.
Strategic Alliances
Authorized distributorships and service partnerships with J&J, Schiller, Phillips, Alan, and ResMed.
External Factors
Industry Trends
The industry is shifting toward modular medical infrastructure and digital diagnostics. Aprameya is positioning itself by adopting AI-driven scheduling and expanding its service-led recurring revenue model.
Competitive Landscape
Competes with large turnkey players; pricing pressure is mitigated through an asset-light model and specialized in-house service teams.
Competitive Moat
Moat is built on 20+ years of execution experience, 2,000+ critical care beds installed, and deep-rooted OEM relationships. This is sustainable due to high entry barriers in specialized hospital infrastructure integration.
Macro Economic Sensitivity
Highly sensitive to government healthcare spending and infrastructure budgets. Increased national healthcare capex directly drives the bid pipeline, currently at INR 190-200 Cr.
Consumer Behavior
Rising demand for quality healthcare in Tier 2/3 cities is shifting demand toward standardized, turnkey hospital solutions.
Geopolitical Risks
Import dependence for high-end medical technology makes the company vulnerable to trade barriers or supply chain disruptions in Europe and the US.
Regulatory & Governance
Industry Regulations
Subject to CDSCO regulations for medical devices and state-specific building codes for hospital infrastructure. Compliance with the Companies Act 2013 and SEBI (LODR) is mandatory.
Environmental Compliance
Complies with medical waste and construction safety norms; specific ESG spend not disclosed beyond CSR.
Taxation Policy Impact
Effective tax rate resulted in a tax expense of INR 5.6 Cr in FY25 on a PBT of INR 21.72 Cr (~25.8%).
Legal Contingencies
Secretarial audit noted lapses in filing MSME returns and some late filings with additional fees. No major pending litigation values in High/Supreme Court were disclosed.
Risk Analysis
Key Uncertainties
Government funding slowdowns or policy changes could impact 90% of the revenue stream. Execution risks related to site readiness can lead to cost overruns.
Geographic Concentration Risk
Historically high in Rajasthan; though diversifying, a significant portion of the INR 60 Cr order book remains tied to specific regional government contracts.
Third Party Dependencies
Heavy reliance on 5-6 key OEMs for equipment supply; any termination of distributorship would impact the 'Equipment' and 'Turnkey' segments significantly.
Technology Obsolescence Risk
Risk of medical equipment becoming obsolete; mitigated by maintaining partnerships with leading global innovators like Phillips and J&J.
Credit & Counterparty Risk
Receivables management is critical due to long government billing cycles; the company monitors this to prevent working capital traps.
