1. ₹300-350 Cr order-book target - Management targets scaling the order book from the current \~₹60 Cr to ₹300-350 Cr over the next three years, with an active bid pipeline already at ₹190-200 Cr. At the guided 22-24% EBITDA margin, that order book implies \~₹66-84 Cr of EBITDA - roughly 6-8x the current annual EBITDA of ₹10.5 Cr.
2. Maharashtra DMER order execution - A ₹146 Cr order from Maharashtra’s Directorate of Medical Education and Research is underway, with ₹112.5 Cr executed in FY25 and the balance executable within 5-6 months. This single order is 2.6x FY25 total revenue of ₹55 Cr, so completing it nearly triples the topline from the reported base.
3. Receivables unwind and debt paydown - Trade receivables halved from ₹119 Cr in FY25 to ₹55.5 Cr in FY26, operating cash flow swung from -₹10.6 Cr to +₹31.2 Cr, and borrowings dropped from ₹30.3 Cr to ₹7.1 Cr. The balance-sheet repair directly strengthens the company’s ability to fund larger turnkey projects without stretching working capital.
4. Aprameya Medtech manufacturing subsidiary - The 70%-owned subsidiary launched its first product (HystroPress) in FY26, plans 5-6 new MedTech products by FY27, and targets a \~45,000 sq. ft facility operational by Q4 FY27, adding 200-250 bps to group margins. In-house manufacturing shifts the mix away from pure distribution toward higher-margin proprietary products.
5. SonoScape MIS exclusive partnership - A strategic marketing agreement signed in June 2026 gives Aprameya Medtech exclusive rights to sell SonoScape’s full MIS portfolio across Western and Southern India through March 2027, with renewal provisions. The partnership adds a dedicated surgical-equipment vertical that plugs directly into the company’s existing turnkey OT projects.
6. New-state medical-college tenders - The government’s one-district-one-medical-college policy is creating complete turnkey tenders of ₹60-80 Cr each in Bihar, Chhattisgarh, Sikkim, and other states, with high entry barriers requiring 80% past performance. Aprameya’s ₹300 Cr+ execution track record positions it to bid for these large, lumpy contracts that smaller competitors cannot touch.
7. CAMC and recurring revenue ramp - Post-warranty CAMC contracts yield 4-6% of project value annually for 5-8 years, and the company expects the ₹115-120 Cr of projects delivered in FY22 to enter this phase in FY26. Management targets ₹12-15 Cr of annual recurring revenue by FY29, which would add a high-margin, capex-light earnings stream on top of the project business.