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Eraaya Lifespaces' subsidiary Ebix Technologies, along with NSDL Payments Bank, has launched India's first statewide National Common Mobility Card (NCMC) programme for MSRTC, serving senior citizens, students, women and persons with disabilities. The programme guarantees a minimum of 70 lakh NCMC cards in Year 1, scaling to over 2 crore cards, distributed through 3,000 retail outlets and all MSRTC depots and bus stations. MSRTC operates over 16,000 buses carrying more than 13 crore passengers monthly across Maharashtra. The contract is valued at hundreds of crores of rupees, with the company highlighting national replication potential across 150+ state road transport undertakings.
This is a high-profile government-backed contract win that could meaningfully boost Eraaya's payments and technology revenues, though the company has not disclosed exact order value or its materiality relative to overall revenue. The replication potential across other states represents a multi-thousand crore opportunity, which could be a positive catalyst for the stock if execution delivers.