1. At a Glance
A low-key IT services player based in Madhya Pradesh, Atishay Ltd has somehow become the government’s favorite “tech sidekick.” From Ayushman cards to smart classrooms, they bag orders like it’s a grocery list. Revenue doubled in FY24–25. Market cap is just ₹148 Cr. Wait… what?
2. Introduction with Hook
If Infosys is the suit-wearing uncle at a tech conference, Atishay is the startup intern who builds the actual software overnight with Red Bull and jugaad.
- YoY Revenue Growth: 93% (FY24: ₹26 Cr → FY25: ₹51 Cr)
- Net Profit Growth: 26% CAGR (last 5 years)
- Current Market Cap: ₹148 Cr
And despite trading at just ₹134/share, the company is everywhere: Bihar, Rajasthan, Odisha, Himachal — supplying Micro ATMs, Ayushman cards, Smart Classrooms, and even ICT Labs like they run a government delivery startup.
3. Business Model (WTF Do They Even Do?)
Atishay Ltd is a tech implementation partner for Bharat Sarkar’s pet projects. They specialize in:
- Turnkey IT projects: Setup + Software + Support
- E-Governance: Digitizing banks, government ID cards, cloud hosting
- Retail Fintech: Micro ATM, Aadhaar services, etc.
- EdTech Infra: ICT Labs, Smart Classroom setups
- Partnered with ITI Limited, got CMMI Level 3 certified
They don’t just write code — they show up, install servers, and leave with a cheque.
4. Financials Overview
| Metric | FY23 | FY24 | FY25 | TTM |
|---|---|---|---|---|
| Revenue (Cr) | ₹21.5 | ₹43.3 | ₹51.1 | ₹53.3 |
| EBITDA (Cr) | ₹0.9 | ₹7.7 | ₹9.6 | ₹9.9 |
| Net Profit (Cr) | ₹0.65 | ₹5.5 | ₹7.0 | ₹7.57 |
| EPS (Rs) | ₹0.59 | ₹5.05 | ₹6.38 | ₹6.89 |
| ROCE | 3.03% | 19.1% | 20.4% | — |
| Net Debt | ₹0.47 Cr | ₹0.01 Cr | ₹2.1 Cr | — |
Yes, that’s a 6.8x earnings jump in 2 years. And no, it’s not a Ponzi.
5. Valuation
Let’s cook up a range:
- TTM EPS: ₹6.89
- P/E Scenarios:
- 15x (Conservative): ₹103
- 20x (Fair): ₹137
- 25x (Bullish): ₹172
Fair Value Range: ₹103 – ₹172
Current Price: ₹134
Translation: Slightly above fair, but still juicy for believers in “GovTech multibaggers.”
6. What’s Cooking – News, Triggers, Drama
Atishay has been serving order hotcakes every month:
- ₹12.36 Cr for ICT Labs in Bihar
- ₹1.5 Cr for RCS office computerization in Odisha
- ₹98.09 Lakhs for Ayushman cards
- ₹3.02 Cr from Odisha Govt
- ₹19.95 Lakhs for Smart Classrooms
- ₹85.54 Lakhs for Micro ATMs
- CMMI Level 3 Certification
Even their PR team needs extra RAM.
7. Balance Sheet
| FY Ending | Equity | Reserves | Debt | Total Liabilities | Total Assets |
|---|---|---|---|---|---|
| FY23 | ₹10.98 | ₹25.71 | ₹2.60 | ₹41.32 Cr | ₹41.32 Cr |
| FY24 | ₹10.98 | ₹31.39 | ₹2.13 | ₹48.24 Cr | ₹48.24 Cr |
| FY25 | ₹10.98 | ₹37.62 | ₹4.41 | ₹58.39 Cr | ₹58.39 Cr |
Key Takeaways:
- Net worth jumped 46% in 2 years
- Still virtually debt-free (Debt:Equity < 0.1)
8. Cash Flow – Sab Number Game Hai
| FY | Operating CF | Investing CF | Financing CF | Net CF |
|---|---|---|---|---|
| FY23 | ₹-1.51 Cr | ₹0.60 Cr | ₹-0.82 Cr | ₹-1.73 Cr |
| FY24 | ₹7.62 Cr | ₹-6.31 Cr | ₹-0.66 Cr | ₹0.65 Cr |
| FY25 | ₹4.03 Cr | ₹-0.25 Cr | ₹-0.87 Cr | ₹2.91 Cr |
Clean cash flows, well managed. Even the auditor didn’t fall asleep.
9. Ratios – Sexy or Stressy?
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| ROCE | 3.03% | 19.1% | 20.4% |
| ROE | 5.9% | 15.4% | 15.4% |
| Working Capital Days | 149.8 | 58.3 | 74.4 |
| Debt/Equity | 0.10 | 0.06 | 0.11 |
| Cash Conv. Cycle | 122.4 | 56.1 | 89.3 |
Verdict: Improving, lean, and profitable.
And yes, they’ve started spending money like adults.
10. P&L Breakdown – Show Me the Money
| Year | Revenue | EBITDA | PAT | EPS |
|---|---|---|---|---|
| FY23 | ₹21.5 Cr | ₹0.88 Cr | ₹0.65 Cr | ₹0.59 |
| FY24 | ₹43.3 Cr | ₹7.72 Cr | ₹5.55 Cr | ₹5.05 |
| FY25 | ₹51.1 Cr | ₹9.63 Cr | ₹7.01 Cr | ₹6.38 |
That’s a 2.4x revenue and 10.7x PAT jump in 2 years. Wild.
11. Peer Comparison
| Company | Price | P/E | ROE | OPM | Mcap |
|---|---|---|---|---|---|
| Atishay Ltd | ₹134 | 19.5 | 15.4% | 18.6% | ₹148 Cr |
| Tanla Platforms | ₹632 | 16.7 | 24.1% | 17.2% | ₹8,509 Cr |
| CE Info Systems | ₹1,795 | 76.4 | 17.6% | 38.0% | ₹9,769 Cr |
| Nucleus Software | ₹1,159 | 23.2 | 16.8% | 20.2% | ₹3,103 Cr |
For its size, Atishay punches way above its weight. The others are in another league — but this one’s a sprinting toddler.
12. Miscellaneous – Shareholding, Promoters
| Holder Type | Mar ’23 | Mar ’24 | Mar ’25 |
|---|---|---|---|
| Promoters | 74.99% | 74.99% | 74.99% |
| Public | 25.01% | 25.01% | 25.01% |
| Shareholders | 2,503 | 3,194 | 7,113 |
- Stable promoter holding
- Retail participation exploding (3x in 2 years)
- No FII/PE circus yet
13. EduInvesting Verdict™
Atishay Ltd is what you get when a small-town IT firm grows up on government contracts and delivers results better than its bloated peers. The stock may not have hype, but it has grit, growth, and government orders.
This might just be India’s quietest multibagger-in-training.
Metadata
– Written by EduInvesting | 12 July 2025
– Tags: Atishay Ltd, E-Governance, GovTech, Smallcap IT, EduInvesting Premium
