BSE: 538713
Atishay Limited
Builds and operates digital governance and IT systems for Indian state governments, public-sector banks, and election commissions. The bulk of revenue comes from E-Governance projects — ICT labs in Bihar, computerisation of Primary Agricultural Credit Societies (PACS), e-Mitra kiosks in Rajasthan, Aadhaar-seeded Ayushman Bharat PVC cards, and voter-ID printing for state election commissions. A smaller Retail & Other Services line supplies and maintains Micro ATM devices to cooperative banks for PACS deployment and handles IT infrastructure work such as Wi-Fi installation and networking for BSNL. Each engagement is project-based, with revenue recognised on milestone completion plus annual maintenance contracts. The pipeline is built through government and PSU tenders — 20 new work orders were secured in FY26 with 46 tenders under evaluation. The company has recently entered AI-powered diagnostic platforms through a software development contract with a Myanmar counterparty. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. E-Governance, Retail & Other Services. Project-based, tender-driven IT services for government and PSU clients
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 20 | 21 | 43 | 51 | 56 |
| EBITDA (ex other income) | 1 | 1 | 8 | 10 | 10 |
| margin % | 3.0 | 3.8 | 17.7 | 18.7 | 17.7 |
| Owners' profit | 0 | 1 | 6 | 7 | 7 |
| EPS, as reported (₹) | 0.10 | 0.59 | 5.06 | 6.38 | 6.50 |
| ROE % · ROCE % | 0.3 · 1.7 | 1.8 · 3.7 | 13.1 · 18.4 | 14.4 · 19.8 | 13.0 · 17.6 |
| Debt / equity (x) | 0.10 | 0.07 | 0.03 | 0.09 | 0.10 |
| Cash from operations | 0 | (2) | 8 | 4 | (2) |
| Capex | (1) | (0) | (1) | (2) | (4) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10 | 13 | 15 | 13 | 12 | 18 | 15 | 10 |
| Profit before tax | 2 | 2 | 3 | 3 | 2 | 2 | 3 | 2 |
| Net profit | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 |
| EPS (₹) | 0.98 | 1.32 | 1.93 | 2.15 | 1.50 | 1.67 | 1.72 | 1.61 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| E - Governance | 30 | 53.7 |
| Retail & other services | 8 | 14.1 |
| E-Governance | 16 | 28.2 |
| Retail & Other Services | 2 | 3.9 |
| Total, before eliminations | 56 | 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. % |
|---|---|---|---|---|---|---|---|---|
| ORACLE FIN SERV SOFT LTD. | 86,739 | 25.4 | 11.08 | 22.8 | 33.7 | 43.2 | 9.0 | 62.5 |
| TANLA PLATFORMS LIMITED | 7,929 | 14.8 | 3.19 | 9.4 | 20.5 | 25.0 | 13.5 | 17.6 |
| C.E. INFO SYSTEMS LIMITED | 4,555 | 33.1 | 5.03 | 19.7 | 14.8 | 21.3 | — | 54.2 |
| CAPILLARY TECHNO INDIA L | 4,188 | 99.1 | 4.09 | 31.9 | 5.1 | 4.9 | — | 4.9 |
| TECHNVISION VENTURES LTD. | 2,278 | 10371.4 | 151.84 | 304.0 | 1.4 | 5.5 | 25.5 | (3.0) |
| Mobavenue AI Tech Limited | 2,087 | 16.5 | 23.05 | 43.6 | 32.4 | 30.8 | — | 21.8 |
| RAMCO SYSTEMS LTD. | 1,964 | 47.0 | 5.55 | 12.8 | 11.9 | 11.0 | 2.3 | 16.0 |
| NUCLEUS SOFTWARE EXPORTS | 1,746 | 16.6 | 1.92 | 9.9 | 12.9 | 15.2 | 11.3 | 16.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 20.7 | 18.1 | 18 of 32 | 45% |
| P/B | 2.7 | 1.5 | 27 of 38 | 30% |
| ROCE | 16.9 | 4.8 | 6 of 40 | 87% |
| ROE | 13.0 | 3.5 | 6 of 38 | 87% |
| Debt / Equity | 0.1 | 0.0 | 27 of 38 | 30% |
| EBITDA margin | 30.7 | 17.2 | 13 of 35 | 65% |
| Revenue growth | (20.8) | 9.7 | 29 of 33 | 13% |
| Profit growth | (25.2) | (12.0) | 23 of 41 | 45% |
| Market cap | 148 | 41 | 14 of 44 | 70% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Atishay Board to approve September quarter and half-year results | results | low | — | — |
| 12 Oct 2026 · Routine SEBI Regulation 74(5) certificate filing for September 2026 quarter | compliance | minimal | — | — |
| 28 Sept 2026 · Atishay Limited has received Letter of Intent for the work of 'End to End Scanning, Digitization, Indexing and records management services for Punjab Urban Planning & development Authority .... | business updates | medium | — | — |
| 28 Sept 2026 · Atishay Limited Trading Window Closed Ahead of Q2 FY27 Results | compliance | minimal | — | — |
| 11 Sept 2026 · Atishay bags Rs 4.23 Cr order from Ludhiana Municipal Corp for digitization | business updates | medium | — | — |
| 4 Sept 2026 · Atishay adds UPI ATM Cash Withdrawal to e-Mitra platform in Rajasthan | business updates | high | — | — |
| 7 Aug 2026 · Atishay bags Rs 32.90 lakh Micro ATM order from Barmer Co-op Bank | business updates | low | — | — |
| 5 Aug 2026 · Atishay wins order worth Rs 86.51 lakh for Ayushman Card printing in Chhattisgarh | business updates | medium | — | — |
| 3 Aug 2026 · Atishay wins Rs 1.73 cr Micro ATM order from Jaipur Central Cooperative Bank | business updates | low | — | — |
| 20 Jul 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
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.