Aprameya Engineering Ltd H1FY26 – The ICU Builder That Just Delivered a 491% Profit Revival, Now Launching Its Own Medtech Brand!

1. At a Glance

They started by building ICUs. Now they’re installing profits. Aprameya Engineering Ltd, the Ahmedabad-based healthcare infrastructure specialist, has dropped itsH1FY26 resultslike a defibrillator shock to the SME market —Revenue ₹42.3 crore, EBITDA ₹11.2 crore, and Net Profit ₹6.76 crore, all pointing to one thing: this company’s pulse is strong and steady.

From installing neonatal wards to launching in-house medtech devices, Aprameya is the kind of company that builds hospitals during the day and shocks investors awake at night. The stock, listed in August 2024, is already up365% in one yearand84% in the last three months, currently trading at₹325(market cap ₹619 crore).

At aP/E of 25.2andROE of 36.8%, Aprameya is flexing SME muscles bigger than most mainboard companies. And yet, despite making money hand over fist, the company’s dividend policy still says “Do Not Resuscitate.” Maybe because the only thing they like keeping alive is EBITDA.

2. Introduction

Incorporated in 2003, Aprameya Engineering Ltd was born long before “healthcare infra” became the new buzzword. They didn’t chase glamour or hospital IPOs — they quietly built the rooms where those IPO founders would be born.

FromICUs and NICUstoOperation Theatres and prefabricated hospital wards, Aprameya builds critical care infrastructure that actually saves lives. And when the pandemic made India painfully aware of its ICU shortage, Aprameya didn’t just capitalize — it professionalized.

Fast forward to FY26, and Aprameya has gone from regional contractor toturnkey healthcare infra specialistwith nationwide reach. They’ve delivered₹300 crore worth of projects, installed2,000+ ICU beds, and tied up with15+ OEMs, includingJohnson & Johnson, Philips, Schiller, and ResMed.

Now, they’re also venturing intomedical device manufacturingthroughAprameya Medtech (HystoPress)— their own brand. For a company that used to install others’ devices, that’s like a chef finally launching their own spice mix.

3. Business Model – WTF Do They Even Do?

Aprameya’s business has three strong (and occasionally chaotic) engines:

A) Healthcare Infrastructure Projects (86% of revenue)This is their bread, butter, and bypass machine. Aprameya executes turnkey hospital infrastructure — everything from ICUs, NICUs, PICUs, dialysis centers, modular operation theatres, to prefabricated wards. They handle thedesign, MEP, fire safety, interiors, and integration.Projects include ₹26 crore ICU installations across 45 locations for RMSCL and ₹25.3 crore modular OTs in Maharashtra. When the government calls, Aprameya arrives faster than an ambulance.

B) Medical Equipment Solutions (8% of revenue)They’re authorized distributors forJohnson & JohnsonandStryker, and also source fromSiemens, Schiller, Draeger, Alan, and ResMed.They supply and install critical hospital equipment — anesthesia workstations, surgical lights, ventilators, and diagnostic devices. Think of them as the Flipkart of hospital gadgets — except deliveries come with trained engineers, not flipkart boxes.

C) Service & CAMC Solutions (6% of revenue)The subscription model of healthcare. Aprameya providesAnnual Maintenance Contractsfor ICUs, NICUs, and diagnostic equipment. They handle calibration, spare parts, software updates, and performance tracking. Basically, they’re the “Netflix of uptime” for hospitals.

Together, these three engines keep Aprameya’s revenue flowing and ensure they don’t rely on one-off projects alone.

4. Financials Overview

Annualised EPS = ₹3.55 × 2 = ₹7.10 (since it’s half-year)P/E ≈ 45.7x on annualised basis, but FY25 full-year EPS ₹12.9 brings it to 25x — still comfortably below sector P/E of 48.

Commentary:YoY growth looks wild — because Aprameya has graduated from “early-stage contractor” to “order-backed infra machine.” The QoQ dip? That’s just timing. Their projects are lumpy — some quarters are feast, others fasting. Investors just need to hold their breath like an anesthetist until the next batch of orders converts.

5. Valuation Discussion – Fair Value Range Only

Let’s calculate the fair value like responsible adults (with sarcasm):

(a) P/E Method:

• Annualised