Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹215Cr
IT Enabled Services/Business Process Outsourcing
Rev Gr TTM
Revenue Growth TTM
9.05%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

ATISHAY
VS
| Quarter | Jun 2023 | Sep 2023 | Dec 2023 | Jun 2024 | Sep 2024 | Dec 2024 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 89.3 | 43.1 | 95.7 | 156.9 | 49.9 | 78.2 | 29.4 | -26.5 | 21.1 | 38.0 | 1.5 | -20.8 |
| 7 | 6 | 9 | 14 | 8 | 11 | 12 | 10 | 10 | 15 | 13 | 7 |
Operating Profit Operating ProfitCr |
| 3.0 | 19.0 | 23.0 | 19.2 | 16.4 | 15.8 | 19.2 | 22.9 | 16.4 | 14.4 | 16.7 | 26.6 |
Other Income Other IncomeCr | 0 | 0 | 0 | 1 | 0 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
Interest Expense Interest ExpenseCr | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Depreciation DepreciationCr | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 |
| 0 | 1 | 3 | 3 | 2 | 2 | 3 | 3 | 2 | 2 | 3 | 2 |
| 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
|
Growth YoY PAT Growth YoY% | 130.6 | 415.0 | 575.0 | 377.4 | 881.8 | 40.8 | 11.6 | -6.7 | 52.8 | 26.2 | -10.4 | -25.0 |
| 1.6 | 14.1 | 16.1 | 14.5 | 10.7 | 11.2 | 13.9 | 18.4 | 13.5 | 10.2 | 12.2 | 17.4 |
| 0.1 | 0.9 | 1.7 | 2.3 | 1.0 | 1.3 | 1.9 | 2.1 | 1.5 | 1.7 | 1.7 | 1.6 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
|
| | -2.2 | 14.4 | 6.3 | 15.0 | -11.5 | 14.0 | -24.8 | 8.6 | 101.6 | 18.2 | 9.0 |
| 14 | 15 | 15 | 18 | 20 | 20 | 22 | 19 | 21 | 36 | 42 | 46 |
Operating Profit Operating ProfitCr |
| 24.8 | 21.6 | 27.4 | 20.2 | 24.1 | 12.2 | 17.5 | 3.0 | 3.8 | 17.7 | 18.7 | 17.7 |
Other Income Other IncomeCr | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 2 | 2 | 2 | 2 | |
Interest Expense Interest ExpenseCr | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Depreciation DepreciationCr | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 1 | 1 | 2 | 2 | 2 |
| 5 | 4 | 5 | 4 | 6 | 3 | 4 | 0 | 1 | 8 | 10 | 10 |
| 1 | 1 | 1 | 1 | 2 | 0 | 1 | 0 | 0 | 2 | 3 | 3 |
|
| | -12.2 | 9.0 | -7.3 | 38.6 | -41.8 | 1.3 | -95.5 | 476.8 | 754.3 | 26.1 | 1.9 |
| 17.9 | 16.1 | 15.3 | 13.4 | 16.1 | 10.6 | 9.4 | 0.6 | 3.0 | 12.8 | 13.7 | 12.8 |
| 3.6 | 2.2 | 3.0 | 2.8 | 3.8 | 2.2 | 2.3 | 0.1 | 0.6 | 5.1 | 6.4 | 6.5 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
Equity Capital Equity CapitalCr | 9 | 9 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 |
| 12 | 14 | 15 | 18 | 22 | 23 | 26 | 25 | 26 | 31 | 37 | 44 |
Current Liabilities Current LiabilitiesCr | 4 | 4 | 2 | 3 | 6 | 7 | 3 | 6 | 4 | 5 | 9 | 7 |
Non Current Liabilities Non Current LiabilitiesCr | 1 | 4 | 4 | 3 | 2 | 1 | 0 | 0 | 0 | 1 | 1 | 2 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 11 | 7 | 6 | 9 | 14 | 15 | 15 | 17 | 15 | 14 | 23 | 30 |
Non Current Assets Non Current AssetsCr | 14 | 24 | 26 | 26 | 26 | 28 | 26 | 26 | 26 | 34 | 36 | 33 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
Operating Cash Flow Operating Cash FlowCr | 1 | 3 | 1 | 1 | 0 | 8 | 0 | -2 | 8 | 4 | -2 |
Investing Cash Flow Investing Cash FlowCr | -9 | -2 | 0 | -1 | 0 | -2 | 1 | 1 | -6 | 0 | 3 |
Financing Cash Flow Financing Cash FlowCr | 3 | -1 | -1 | -2 | -2 | -2 | -2 | -1 | -1 | -1 | 0 |
|
Free Cash Flow Free Cash FlowCr | -11 | 1 | 0 | 1 | 0 | 7 | 0 | -2 | 6 | 2 | |
| 41.8 | 79.4 | 30.9 | 31.4 | 17.1 | 318.1 | 347.2 | -232.8 | 137.2 | 57.6 | -34.5 |
CFO To EBITDA CFO To EBITDA% | 31.3 | 44.4 | 20.4 | 21.0 | 14.9 | 171.3 | 66.5 | -183.7 | 99.4 | 42.1 | -24.9 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 36 | 53 | 78 | 95 | 78 | 30 | 31 | 43 | 32 | 80 | 221 | 241 |
Price To Earnings Price To Earnings | 10.8 | 17.6 | 23.9 | 31.3 | 18.6 | 12.2 | 12.3 | 394.0 | 50.1 | 14.4 | 31.5 | 33.8 |
Price To Sales Price To Sales | 1.9 | 2.8 | 3.7 | 4.2 | 3.0 | 1.3 | 1.2 | 2.2 | 1.5 | 1.9 | 4.3 | 4.3 |
Price To Book Price To Book | 1.8 | 2.3 | 3.0 | 3.3 | 2.4 | 0.9 | 0.8 | 1.2 | 0.9 | 1.9 | 4.6 | 4.4 |
| 6.2 | 13.6 | 13.6 | 20.9 | 12.7 | 11.6 | 6.3 | 71.8 | 36.9 | 10.3 | 22.8 | 24.3 |
Profitability Ratios Profitability Ratios |
| 51.8 | 42.0 | 92.6 | 81.5 | 96.7 | 97.5 | 100.1 | 99.7 | 100.0 | 102.1 | 98.2 | 41.5 |
| 24.8 | 21.6 | 27.4 | 20.2 | 24.1 | 12.2 | 17.5 | 3.0 | 3.8 | 17.7 | 18.7 | 17.7 |
| 17.9 | 16.1 | 15.3 | 13.4 | 16.1 | 10.6 | 9.4 | 0.6 | 3.0 | 12.8 | 13.7 | 12.8 |
| 22.6 | 15.2 | 17.3 | 14.1 | 16.6 | 7.6 | 10.6 | 1.6 | 3.4 | 17.9 | 18.7 | 16.5 |
| 16.7 | 13.0 | 12.5 | 10.4 | 12.9 | 7.2 | 6.7 | 0.3 | 1.8 | 13.1 | 14.5 | 13.0 |
| 13.6 | 9.6 | 10.2 | 8.6 | 10.3 | 5.7 | 6.2 | 0.3 | 1.6 | 11.5 | 12.0 | 11.3 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Atishay Limited is a technology-driven IT services company with over three decades of experience, established in 1989 as Associated Computer Services and incorporated as a public limited company in 2013. Listed on the BSE SME platform, Atishay has evolved into a leading provider of e-Governance, financial inclusion, system integration, and digital transformation solutions across India. Operating in seven states—primarily Rajasthan, Madhya Pradesh, Himachal Pradesh, Maharashtra, and expanding into Haryana and Odisha—the company serves more than 12 government entities and public sector undertakings (PSUs).
Atishay positions itself as a bridge between citizens and public services, aligning its growth strategy with the national vision of *Viksit Bharat@2047*. With a strong emphasis on innovation, operational efficiency, and long-term client relationships, it combines software development, hardware deployment, and network management to deliver scalable, secure, and citizen-centric digital solutions.
---
### **Core Business Segments**
1. **e-Governance & Public Sector Digitization**
- Large-scale digitization of government databases, services, and rural infrastructure.
- System integration for electoral rolls, Aadhaar, voter ID, land records, and cooperative institutions.
- Development and maintenance of government applications compliant with data security standards (ISO 27000, CERT-In).
2. **Financial Inclusion & Retail Fintech**
- Operation of **Zapurse**, a multi-service digital platform offering banking, AePS, mATM, DMT, utility payments, FasTAG, insurance, and mobile recharges.
- Deployment of micro-ATMs and cash-out services through Aadhaar-enabled biometric transactions in rural areas.
- Aggregator role in delivering financial services via E-Mitra kiosks and a decentralized agent network.
3. **System Integration & Software Solutions**
- Turnkey solutions integrating hardware, software, and networking for government and enterprise clients.
- In-house product development including **eSahyog** (PACS automation), **TrackVec** (fleet and asset tracking), and **Maxidoo** (ERP for hospitality).
- Strategic partnerships with BSNL, UIDAI, and state governments to support backend operations and digital infrastructure.
---
### **Recent Developments (2025–2024)**
#### **November 2025**
- Atishay received a **Letter of Acceptance (LOA)** from **RajCOMP Info Services Ltd (RISL)**, a Government of Rajasthan PSU, to act as **Local Service Provider (LSP)** for the **e-Mitra kiosk program**.
- Will be responsible for setting up and managing e-Mitra kiosks across **three divisions** (Ajmer, Bikaner, Jaipur), covering **17 districts**.
- This marks a significant expansion in Atishay’s footprint in Rajasthan’s e-governance ecosystem, enhancing its role in last-mile delivery of G2C and B2C services.
#### **May 2025 (Multiple Highlights)**
- Awarded major contracts to digitize **Primary Agriculture Credit Societies (PACS)** in **Madhya Pradesh (4,536 societies)** and **Himachal Pradesh (1,782 societies)**.
- Achieved **100% Go-Live status in MP**, making it the **first fully digital state** under the national PACS digitization initiative.
- Completed Phase I in HP with **80% Go-Live**, with five-year post-implementation support planned.
- Secured projects in **Agriculture & Rural Development Banks (ARDBs)** in HP and developed software for digital finance initiatives in Rajasthan and HP.
- Received orders for **micro-ATM supply**, **smart classroom integration**, and **Ayushman Card printing and delivery** in Haryana and Odisha.
- Appointed to manage **computerization of Registrar of Cooperative Societies (RCS)** offices in Himachal Pradesh.
- Investing in **AI, Big Data, and Blockchain** to enhance service delivery, data security, and system scalability.
#### **Earlier Contracts (2024–2025)**
| Date | Key Development |
|------|------------------|
| Dec 2024 | ₹19.95 lakh contract for Smart Classroom at Govt. College of Pharmacy, Rohru (HP). |
| Nov 2024 | ₹1.93 crore contract for computerization of ARDBs across all districts in HP. |
| Oct 2024 | ₹16 crore order for digitizing 919 additional PACS in HP (expanding from prior 863). |
| Jul 2024 | ₹90.69 lakh order from Ganganagar KCSB for micro-ATM supply under PACS digitization. |
| Mar 2025 | ₹27.64 lakh order from Udaipur Central Cooperative Bank for micro-ATMs in Rajasthan. |
| Feb 2025 | ₹19.57 lakh order for Smart Classroom at Govt. College of Pharmacy, Kangra (HP). |
| Jan 2025 | ₹3.02 crore contract from **Government of Odisha** to print and deliver **co-branded Ayushman cards** across 10 districts. |
> These recurring contracts underscore strong **client trust, execution capability, and revenue visibility** in the rural and cooperative finance space.
---
### **Flagship Platforms & Products**
#### **1. Zapurse**
- Rebranded from Atishay Online, Zapurse is a **digital self-service platform** aggregating financial and utility services.
- Offers: Banking, DMT, AePS, mATM, FasTAG, insurance, bill payments, recharges.
- Serves over **30,000 E-Mitra kiosks in Rajasthan** and **2,000+ direct agents** in MP, MH, and other states.
- Processed over **₹3,360 crores** in transactions (as of May 2025).
- Targets **micro-entrepreneurs**, enabling financial inclusion through decentralized retail points.
#### **2. e-Mitra @Home**
- Atishay is the **exclusive technology partner** for Rajasthan’s **e-Mitra platform**, delivering over **450 G2C and B2C services** at citizens’ doorsteps.
- Manages **IT infrastructure, e-Sahayaks (field agents), and system integrations** across government departments.
- Enabled **Single Sign-On (SSO), Aadhaar-based authentication**, and digital payments through Aadhaar-enabled systems.
- Recognized as a **best-practice model** for citizen-centric service delivery with national replication potential.
#### **3. TrackVec**
- Proprietary GPS-based platform for:
- Fleet management (real-time tracking, driver behavior, fuel monitoring)
- Asset tracking (logistics, supply chain)
- Workforce monitoring (field staff, attendance)
- Personal tracking (family safety)
#### **4. eSahyog**
- Centralized ERP solution for **PACS automation**, compliant with **NABARD’s Common Accounting Standard (CAS)**.
- Digitizes loan management, member accounts, and daily operations of rural cooperatives.
- Deployed across thousands of societies in MP and HP, with hardware and data migration support.
---
### **Strategic Strengths**
- **Proven Track Record**: Completed **100+ government projects** worth over **₹85 crores** in the last three financial years.
- **Diversified Revenue Model**: Reduced dependence on single states or verticals through multi-state e-governance and fintech expansion.
- **Operational Efficiency**: Achieves cost savings via automation, process optimization, vendor contracts, and skilled workforce deployment.
- **Technology Leadership**: Active in **AI, Big Data, Blockchain**, and real-time analytics to improve service delivery and security.
- **Government Trust**: Empanelled with **UIDAI** across 6 states, technology partner for **e-Mitra**, and trusted system integrator for electoral, cooperative, and urban infrastructure projects.
- **Scalable Agent Network**: Operating **over 36,000 POS terminals** (30,000+ in Rajasthan alone), building **India’s largest last-mile digital distribution network**.
---
### **Financial and Operational Metrics (as of May 2025)**
- **Transaction Volume (Zapurse)**: ₹3,360 crores
- **Agent Network**: 30,000+ E-Mitra kiosks (Rajasthan), 2,000+ agents (Pan-India)
- **Project Execution**: 4,536 PACS (MP), 1,782+ PACS (HP), 17 districts in Raj. (e-Mitra LSP)
- **Years of Experience**: Over 35 years in public sector IT services
- **States Served**: 7 (Rajasthan, MP, HP, Maharashtra, Haryana, Odisha, Chhattisgarh)
- **Clients**: 12+ government entities and PSUs