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 its H1FY26 results like 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 up 365% in one year and 84% in the last three months, currently trading at ₹325 (market cap ₹619 crore).
At a P/E of 25.2 and ROE 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.
From ICUs and NICUs to Operation 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 to turnkey healthcare infra specialist with nationwide reach. They’ve delivered ₹300 crore worth of projects, installed 2,000+ ICU beds, and tied up with 15+ OEMs, including Johnson & Johnson, Philips, Schiller, and ResMed.
Now, they’re also venturing into medical device manufacturing through Aprameya 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 the design, 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 for Johnson & Johnson and Stryker, and also source from Siemens, 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 provides Annual Maintenance Contracts for 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
| Metric | H1FY26 (Apr–Sep’25) | YoY (H1FY25) | Previous Half (H2FY25) | YoY % | HoH % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 42.3 | 9.3 | 126 | 355% | -66.4% |
| EBITDA (₹ Cr) | 11.2 | -1.4 | 26 | — | -57% |
| PAT (₹ Cr) | 6.76 | -1.14 | 18 | 491% | -62% |
| EPS (₹) | 3.55 | -0.91 | 9.37 | — | -62% |
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 EPS (TTM): ₹12.9
- Industry P/E: 48.3
- Aprameya’s P/E: 25.2
→ Fair Value Range = ₹12.9 × (20x to 30x) = ₹258 – ₹387
(b) EV/EBITDA Method:
- EV = ₹654 Cr
- EBITDA = ₹37 Cr
→ EV/EBITDA = 17.5x
If we apply a fair band of 15x–20x → Fair Value = ₹285 – ₹380
(c) Simplified DCF:
Assuming ₹10 Cr FCF growing at 20% for 5 years, terminal 5%, CoC 13% → ₹300–₹410
✅ Fair Value Range (for education only): ₹270 – ₹400 per share
Disclaimer: This range is for learning, not lunging. Do your own due diligence. We install ICUs, not investment advice.
6. What’s Cooking – News, Triggers, Drama
The newsflow around Aprameya could fill a Netflix miniseries.
- H1FY26 Results (Nov 2025): ₹42.3 Cr revenue, ₹11.2 Cr EBITDA. Company launched Aprameya Medtech (HystoPress) — its in-house medical device initiative.
- Order Execution: Completed ₹27 Cr modular OT and ₹8 Cr EP Lab installations across Maharashtra.
- Massive Orders (FY25):
- ₹84 Cr turnkey mobile CT scanner contract (6 govt colleges, Maharashtra)
