1. At a Glance
Alankit Ltd runs India’s paperwork back-office – PAN, GST, Aadhaar, e-governance, forex, you name it. The irony? While they streamline compliance for others, their own compliance history looks like a game of musical chairs with auditors. From forex trading to smart card printers, the company does a bit of everything except paying dividends. Revenues are growing, profits exist (barely), but the stock has been halved in the last year.
2. Introduction
Picture this: you walk into a PAN centre, get your Aadhaar e-KYC verified, maybe even apply for Atal Pension Yojana… and the same company that facilitates your pension also moonlights as a full-fledged RBI-licensed money changer. That’s Alankit Ltd.
Founded in 1989, Alankit is the Swiss Army knife of government outsourcing. It’s everywhere — PAN cards, GST filings, insurance repositories, e-governance kiosks, even forex. They call themselves a “regtech” and “managed services” company, but at heart they are middlemen with licences. Think of them as the Jio Mart of compliance: they don’t make the rules, but they sell the ropes you hang your forms on.
So why is a company that handles lakhs of government documents trading at ₹14 a share with a market cap of just ₹388 Cr? Because while revenues are growing (32% last year), profits are stuck in slow gear, auditors keep resigning faster than Bigg Boss contestants, and contingent liabilities of ₹199 Cr loom like a sword.
3. Business Model (WTF Do They Even Do?)
Alankit’s services include:
- E-Governance: GST Suvidha Provider, PAN & TIN centres, Aadhaar services, Atal Pension facilitation.
- Financial/RegTech: Insurance repository, KYC services, business correspondent.
- Forex: RBI-licensed subsidiary doing foreign exchange and Indo-Nepal remittances.
- Trading Products: Printers, ribbons, PVC smart cards for govt IDs.
Revenue Mix FY23:
- 58% Forex
- 26% e-Governance services
- 9% e-Governance products
- 4% Financial services
- 3% Other
Essentially: a fintech-meets-forex-meets-bureaucracy
