NSE: APTECHT · BSE: 532475
APTECH LIMITED
Operates vocational and skills training across IT, media, retail, aviation, beauty, banking and pre-school segments through a network of more than 747 training centres globally, of which 177 centres sit across 16 international markets. Revenue is split between a Retail segment that delivers training directly to students (61.1% of segment revenue at ₹174.2351 crore in FY26, EBIT of ₹46.2703 crore) and an Institutional segment that runs training and examination contracts for government and large clients (38.9% of segment revenue at ₹110.7131 crore, EBIT of ₹9.6428 crore). The Retail segment is shifting from a franchise model to direct student delivery and is integrating AI into its curricula, including a Virtual Production Academy. The Institutional segment has landed several recent domestic orders, including a ₹9.30 crore state-government computer-based examination contract, a ₹4.79 crore state-government skill development training programme, a ₹3.5 crore central autonomous-body training programme, and a ₹1.81 crore state-government examination contract. Costs are dominated by other operating expenses at 79.0% of revenue, with employee costs at 14.4% and depreciation at 1.6%. The company is debt-free. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Retail (61%), Institutional (39%). Asset-light, services-heavy vocational training and education
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 226 | 457 | 437 | 460 | 503 |
| EBITDA (ex other income) | 41 | 76 | 34 | 28 | 29 |
| margin % | 18.2 | 16.6 | 7.8 | 6.1 | 5.7 |
| Owners' profit | 0 | 68 | 0 | 0 | 24 |
| EPS, as reported (₹) | 12.07 | 16.36 | 5.01 | 3.29 | 4.06 |
| ROE % · ROCE % | 23.6 · 20.5 | 26.4 · 31.1 | 11.2 · 15.5 | 7.6 · 13.8 | 9.5 · 14.1 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 45 | 99 | (8) | 20 | 24 |
| Capex | (6) | (7) | (14) | (7) | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 126 | 110 | 119 | 120 | 135 | 137 | 111 | 134 |
| Profit before tax | 10 | 9 | 9 | 10 | 9 | 12 | 5 | 10 |
| Net profit | 6 | 4 | 5 | 7 | 6 | 9 | 2 | 8 |
| EPS (₹) | 0.95 | 0.62 | 0.85 | 1.16 | 1.11 | 1.48 | 0.31 | 1.32 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Retail | 389 | 77.3 |
| Institutional | 114 | 22.7 |
| Total, before eliminations | 503 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SHANTI EDU INITIATIVES L | 2,866 | 494.4 | 36.95 | 286.3 | 7.7 | 9.7 | — | 9.2 |
| NIIT LEARNING SYSTEMS LTD | 2,756 | 10.7 | 1.79 | 6.1 | 16.1 | 16.7 | — | 19.2 |
| NIIT LIMITED | 1,114 | 123.5 | 1.04 | 25.7 | 0.6 | 1.1 | (16.3) | 17.6 |
| GLOBAL EDUCATION LIMITED | 719 | 27.6 | 5.48 | 18.6 | 20.2 | 25.9 | — | 42.3 |
| APTECH LIMITED ◆ | 493 | 20.1 | 1.98 | 10.3 | 9.5 | 13.4 | 41.4 | 9.7 |
| CAREER POINT EDUTECH LTD | 324 | 13.6 | 4.28 | 10.1 | 30.3 | 40.6 | — | 76.3 |
| Golden Crest Education & Servi | 170 | 721.8 | 15.50 | — | 1.6 | 2.2 | — | 27.0 |
| VJTF EDUSERVICES LTD. | 114 | 49.6 | 0.98 | — | (0.1) | — | (9.7) | 415.5 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 20.1 | 23.9 | 7 of 14 | 54% |
| P/B | 2.0 | 2.0 | 8 of 15 | 50% |
| ROCE | 13.4 | 2.5 | 6 of 17 | 69% |
| ROE | 9.5 | 1.6 | 5 of 15 | 71% |
| Debt / Equity | 0.0 | 0.0 | 1 of 14 | 54% |
| EBITDA margin | 9.7 | 18.4 | 11 of 14 | 23% |
| Revenue growth | 11.1 | (0.0) | 7 of 16 | 60% |
| Profit growth | 13.6 | 12.5 | 7 of 15 | 57% |
| Market cap | 493 | 89 | 5 of 18 | 77% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 1 Oct 2026 · Aptech postal ballot for promoter reclassification of Mr. Utpal Sheth | compliance | minimal | — | — |
| 30 Sept 2026 · Postal ballot to reclassify promoter Utpal Sheth as Public | ownership changes | medium | — | — |
| 30 Sept 2026 · Trading Window Closure for Q2 Results | compliance | minimal | — | — |
| 29 Sept 2026 · Postal Ballot notice published for promoter reclassification | compliance | minimal | — | — |
| 29 Sept 2026 · Aptech wins Rs 3.9 cr state govt exam contract | business updates | medium | — | — |
| 23 Sept 2026 · All 6 resolutions at Aptech 26th AGM passed with over 99.97 percent approval | compliance | minimal | — | — |
| 23 Sept 2026 · Aptech 26th AGM held Sept 23, 2026; all 6 resolutions passed with strong majority | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Aptech 26th AGM: All 6 resolutions passed, revenue up 9.4% | board shareholder meetings | low | — | — |
| 9 Sept 2026 · Utpal Sheth reclassified from promoter group to public | ownership changes | high | — | — |
| 8 Sept 2026 · GST inspection at Aptech head office concluded; Rs 4.14 crore deposited | regulatory legal | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.