Aprameya Engineering Limited is an Ahmedabad-based healthcare **EPC (Engineering, Procurement, and Construction)** specialist. The company provides end-to-end solutions for hospital infrastructure, medical equipment integration, and long-term maintenance services. Since its listing on the **NSE Emerge** platform on **August 1, 2024**, the company has transitioned from a pure distributor to an integrated MedTech platform, focusing on high-value turnkey projects for both government and private healthcare sectors. --- ### **Core Business Verticals & Revenue Architecture** The company’s revenue model has undergone a strategic shift toward high-margin turnkey execution, which now dominates the top line. | Segment | Revenue Contribution (FY25) | Description | | :--- | :---: | :--- | | **Healthcare Infrastructure Projects** | **~90%** | End-to-end design and execution of **ICUs, NICUs, PICUs, Modular OTs, Dialysis Centers**, and **Prefabricated Wards**. | | **Medical Equipment Solutions** | **~8%** | Planning, supply, and installation of critical care equipment for Cardiology, Radiology, Nephrology, and Anesthesiology. | | **Service & CAMC Solutions** | **~2%** | Post-warranty support and **Comprehensive Annual Maintenance Contracts (CAMC)**; driving high-margin recurring revenue. | **Operational Capabilities:** * **Turnkey Lifecycle:** Handles architectural, **MEP (Mechanical, Electrical, Plumbing)**, and structural design through to final commissioning. * **Scale of Execution:** Successfully executed **₹3,300+ Mn** in projects and installed **2,000+ critical care beds** since 2020. * **Specialized Deployments:** Portfolio includes advanced units such as **Mobile CT Scans, Mobile Stroke Units**, Electrophysiology (EP) Labs, and **Surgical Robotic Systems**. --- ### **Strategic Partnerships & High-Tech Product Portfolio** Aprameya maintains **15+ industry tie-ups** and holds authorized distributorships for global **OEMs**, providing a competitive edge in sourcing and technical support. * **Key Partners:** **Johnson & Johnson**, **Phillips India**, **Samsung**, **Draeger Healthcare**, **Schiller Healthcare**, and **ResMed**. * **Flagship Offerings:** * **Mobile CT Scan (OmniTom Elite):** Portable bedside imaging for ICUs. Recently secured an **₹84.00 Cr** contract for 6 government medical colleges. * **SSI Mantra Surgical Robot:** India’s first indigenous soft-tissue robotic system supporting **100+** types of surgeries with **3D-4K** vision. * **Mobile Stroke Unit (MSU):** Specialized ambulances with onboard CT scanners designed for treatment within the **4-hour "golden hour"**. * **EP Lab (Electrophysiology):** Advanced cardiac arrhythmia diagnosis featuring the **CARTO 3D Mapping System**. Secured a **₹38.80 Cr** order for 8 units in Oct 2024. --- ### **Manufacturing Pivot: Aprameya Medtech Private Limited** To reduce reliance on imports and improve margins, the company incorporated **Aprameya Medtech** (70% stake) in October 2025. * **HystoPress Product Line:** Focuses on fluid management for **IVF and Hysteroscopy** (HystoPress PRO, VAC, and LAP). * **Manufacturing Roadmap:** * **FY26:** Market entry via **contract manufacturing**. * **FY27:** Commencement of **full-scale in-house manufacturing** at a dedicated facility. * **Margin Impact:** Expected to provide **200-250 bps margin accretion** by reducing import dependency. --- ### **Financial Performance & Capital Structure** FY25 marked a milestone year for the company, characterized by triple-digit growth and a successful IPO. **Key Financial Metrics (FY25 vs FY24):** | Metric | FY25 (₹ Crore) | FY24 (₹ Crore) | Y-o-Y Growth | | :--- | :--- | :--- | :--- | | **Revenue from Operations** | **135.71** | **65.60** | **108%** | | **EBITDA** | **25.00** | - | - | | **Profit After Tax (PAT)** | **16.10** | **3.48** | **362%** | | **Earnings Per Share (EPS)** | **₹9.3** | - | - | | **Return on Equity (ROE)** | **31%** | - | - | **IPO & Liquidity:** * **IPO Proceeds:** Raised **₹29.23 Cr** at **₹58/share**. * **Utilization:** **₹21.00 Cr** deployed for working capital; **₹3.73 Cr** for general corporate purposes. * **Debt Reduction:** Total debt decreased to **₹30.34 Cr** in FY25 from **₹42.05 Cr** in FY24. * **Order Book:** **₹600 Mn** (as of May 2025), typically executable within **5-6 months**. --- ### **Growth Strategy & 3-Year Outlook** The company aims to evolve into a Top 3 Indian turnkey healthcare provider by FY28. * **Revenue Targets:** Aiming for **20-25% CAGR** over the next 3 years. * **Order Pipeline:** Targeting an order book of **₹300-350 Cr** (Current active bid pipeline: **₹190-200 Cr**). * **Geographic Expansion:** Moving beyond Gujarat and Rajasthan into **5 new states**: Odisha, Jharkhand, Madhya Pradesh, Uttar Pradesh, and the North-East. * **Recurring Income:** Scaling **CAMC/Service** revenue to **10-12%** of total turnover (Target: **₹12-15 Cr** by FY29) as projects exit their initial **3-year warranty** periods. --- ### **Risk Profile & Mitigation** Investors should note specific operational and compliance-related risks: * **Client Concentration:** Approximately **90%** of revenue is derived from **Government institutions**, leading to seasonal revenue cycles (peaking June–August) and potential payment delays. * **Statutory Compliance:** The company has faced recent challenges with liquidity-driven delays in statutory dues: * **GST & Advance Tax:** Delays ranging from **2 to 18 days** were reported in FY25. * **Regulatory Notices:** Received a **GST Notice** in Nov 2025 resulting in the blocking of **₹45.75 Lakhs** in Input Tax Credit (ITC). * **Working Capital Intensity:** Long project billing cycles and milestone-based payments require disciplined cash flow management. The company is mitigating this through **AI-driven project scheduling** and **supply-chain digitization**. * **Forex Risk:** As a significant importer of high-end medical tech, the company is exposed to currency fluctuations, a risk it seeks to hedge through its new **"Make in India"** manufacturing initiative.