At a glance
Atishay Ltd — a Madhya Pradesh-based IT consultancy — grew its revenue from ₹21 Cr to ₹51 Cr and net profit from ₹0.65 Cr to ₹7 Cr in 2 years. That’s a 10x PAT surge and consistent ROCE above 20%. It even pays dividends. Yet, it’s a ghost in the market. Why is nobody talking about it?
1. 💻 About the Company
Incorporated in 1989, Atishay Ltd (AL) operates in:
- Custom software development
- E-Governance project execution
- Fintech, smart classrooms, ICT labs
- Turnkey IT implementation for govt orgs
It provides integrated business and knowledge process services, acting as a single-window digital transformation partner for state and central govt departments — especially in education, smart infra, and citizen services.
2. 👨💼 Key Managerial Personnel (KMP)
- Anil Jain – CMD: The man behind the scenes since incorporation.
- 25th AGM Update (June 2025): Dividend declared, director reappointment, and secretarial auditor appointment all approved.
The promoters have held 75% stake steadily for years — consistent and confident.
3. 📊 Financial Performance (FY21–FY25)
Revenue (₹ Cr)
| Year | Revenue |
|---|---|
| FY21 | ₹26.28 |
| FY22 | ₹19.75 |
| FY23 | ₹21.46 |
| FY24 | ₹43.26 |
| FY25 | ₹51.15 |
The jump began in FY24 — thanks to turnkey infra contracts and execution of ICT lab orders.
Net Profit (₹ Cr)
| Year | PAT |
|---|---|
| FY21 | ₹2.48 |
| FY22 | ₹0.11 |
| FY23 | ₹0.65 |
| FY24 | ₹5.55 |
| FY25 | ₹7.01 |
From ₹0.65 Cr to ₹7.01 Cr in 2 years = 10x profit explosion
3-year CAGR = 300% — legit, not accounting magic.
Margins & Ratios
| Metric | FY25 |
|---|---|
| OPM | 18.8% |
| ROCE | 20.4% |
| ROE | 15.4% |
| EPS | ₹6.38 |
| P/E | 21.4x |
| Book Value | ₹44.3 |
| P/B | 3.1x |
| Debt | ₹4.4 Cr (low) |
| Working Cap Days | 74.4 |
This is a lean, profitable, debt-light microcap — something that’s rare even in the IT smallcap jungle.
4. 🧮 Forward-Looking Fair Value (FV)
Assumptions:
- FY26E PAT: ₹9 Cr
- P/E Range: 18x–25x
- FV Market Cap Range: ₹162 Cr – ₹225 Cr
- Shares: ~1.1 Cr
- Fair Value = ₹147–₹205 per share
⚠️ CMP = ₹137 → trading at lower band of fair value = potential 50% upside if growth sustains.
5. 🚀 Growth Triggers & Strategic Bets
- 🏫 ₹12.36 Cr Bihar ICT order: Executed via FY25–FY26, adds revenue visibility
- 📈 Expanding presence in e-gov & education infra: Classroom tech, biometric infra, ID projects
- 🧾 Recurring SaaS/AMC on turnkey projects: Stickier margins than typical software services
- 💵 Dividend-paying smallcap: ₹1/share dividend shows cash confidence
6. 🧠 EduInvesting Take
This is the kind of company you miss while chasing Tanla or MapMyIndia at 65x P/E.
Atishay:
✅ Is debt-light
✅ Has 20%+ ROCE
✅ Has visible order flow
✅ Has 6x profit growth
✅ And pays dividends
Yet…
❌ No analyst coverage
❌ No FII/DII interest
❌ Liquidity is tight
Why?
Because it’s boring. It doesn’t sell dreams. It executes tenders.
And that’s precisely why it’s a hidden gem.
7. ⚠️ Risks & Red Flags
- Low float: Illiquid. You won’t get out easily in a crash.
- Dependent on Govt Orders: One policy reversal or delay = revenue hiccup.
- Debtor days (89) still on the higher side
- No moat: Competes in a crowded e-gov market — execution and pricing power are limited.
TL;DR — Should You Even Bother?
If you like:
✔️ Smallcaps with improving profit
✔️ Honest capital allocation
✔️ Steady dividend yield
✔️ No pump-n-dump drama
Then Atishay Ltd is a quiet winner.
Just don’t expect it to trend on Twitter.
It’ll trend on your portfolio returns, if it gets even 2–3 good years more.
Author: Prashant Marathe
Date: 13 June 2025
Tags: Atishay Ltd, IT Smallcaps, E-Governance Stocks, Dividend Microcaps, EduInvesting Hidden Picks
