Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹604Cr
Rev Gr TTM
Revenue Growth TTM
14.73%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

APTECHT
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 175.7 | 119.3 | 4.1 | -14.3 | -41.7 | -14.7 | 15.7 | 9.5 | 14.1 | 15.0 | 6.6 | 24.4 |
| 143 | 109 | 96 | 92 | 99 | 98 | 119 | 104 | 111 | 113 | 127 | 123 |
Operating Profit Operating ProfitCr |
| 19.6 | 11.3 | 12.4 | 9.0 | 4.6 | 6.7 | 6.1 | 5.8 | 6.5 | 6.1 | 5.7 | 9.9 |
Other Income Other IncomeCr | 3 | 0 | 5 | 2 | 2 | 3 | 4 | 5 | 4 | 5 | 4 | 1 |
Interest Expense Interest ExpenseCr | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
Depreciation DepreciationCr | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| 36 | 11 | 16 | 9 | 4 | 7 | 10 | 9 | 9 | 10 | 9 | 12 |
| 3 | 3 | 5 | 2 | 1 | 2 | 4 | 5 | 4 | 3 | 3 | 4 |
|
Growth YoY PAT Growth YoY% | 30.5 | 169.4 | -15.7 | -62.0 | -91.8 | -37.6 | -51.9 | -47.0 | 79.6 | 33.0 | 17.4 | 139.1 |
| 18.7 | 6.6 | 10.5 | 6.7 | 2.6 | 4.8 | 4.3 | 3.3 | 4.2 | 5.6 | 4.8 | 6.2 |
| 5.8 | 1.0 | 2.0 | 1.2 | 0.5 | 0.9 | 0.9 | 0.6 | 0.8 | 1.2 | 1.1 | 1.5 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| -6.2 | -4.2 | 29.9 | 8.0 | -9.0 | 4.0 | -45.5 | 91.5 | 102.1 | -4.4 | 5.3 | 11.1 |
| 146 | 143 | 183 | 202 | 179 | 191 | 103 | 185 | 381 | 395 | 431 | 475 |
Operating Profit Operating ProfitCr |
| 14.4 | 12.3 | 13.8 | 11.9 | 13.9 | 12.0 | 13.0 | 18.2 | 16.6 | 9.5 | 6.3 | 7.1 |
Other Income Other IncomeCr | 5 | 4 | 4 | 21 | 4 | 5 | 8 | 11 | 13 | 9 | 15 | 13 |
Interest Expense Interest ExpenseCr | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 0 | 0 | 1 | 1 | 2 |
Depreciation DepreciationCr | 10 | 10 | 11 | 11 | 11 | 13 | 12 | 8 | 7 | 8 | 9 | 8 |
| 19 | 13 | 23 | 37 | 22 | 17 | 9 | 43 | 82 | 40 | 35 | 40 |
| 3 | 3 | 4 | 4 | 4 | 4 | -3 | -6 | 15 | 11 | 16 | 13 |
|
| -47.4 | -35.0 | 89.4 | 70.3 | -44.6 | -25.9 | -9.2 | 303.3 | 36.9 | -57.1 | -34.3 | 39.9 |
| 9.2 | 6.2 | 9.1 | 14.3 | 8.7 | 6.2 | 10.4 | 21.9 | 14.8 | 6.7 | 4.2 | 5.2 |
| 2.8 | 1.8 | 3.5 | 5.9 | 3.3 | 2.4 | 2.2 | 8.6 | 11.7 | 5.0 | 3.3 | 4.6 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 40 | 40 | 40 | 40 | 40 | 40 | 41 | 41 | 41 | 58 | 58 | 58 |
| 183 | 189 | 202 | 239 | 239 | 219 | 125 | 168 | 215 | 202 | 302 | 180 |
Current Liabilities Current LiabilitiesCr | 35 | 29 | 37 | 42 | 49 | 78 | 55 | 98 | 217 | 139 | 131 | 159 |
Non Current Liabilities Non Current LiabilitiesCr | 2 | 2 | 2 | 2 | 2 | 4 | 3 | 2 | 8 | 10 | 8 | 16 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 81 | 79 | 105 | 136 | 139 | 145 | 138 | 213 | 330 | 307 | 313 | 314 |
Non Current Assets Non Current AssetsCr | 179 | 181 | 181 | 188 | 191 | 196 | 86 | 98 | 151 | 101 | 77 | 99 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 17 | 14 | 29 | 12 | 14 | -10 | 41 | 45 | 99 | -8 | 20 |
Investing Cash Flow Investing Cash FlowCr | -21 | -14 | -24 | 2 | 0 | 22 | -6 | -1 | -54 | -24 | 16 |
Financing Cash Flow Financing Cash FlowCr | -1 | 0 | 0 | -14 | -17 | -18 | -24 | -6 | -21 | -28 | -29 |
|
Free Cash Flow Free Cash FlowCr | 6 | 5 | 15 | 21 | 4 | -15 | 37 | 39 | 92 | -22 | 13 |
| 110.3 | 141.5 | 149.2 | 37.6 | 76.3 | -72.2 | 333.0 | 91.0 | 145.8 | -29.0 | 105.3 |
CFO To EBITDA CFO To EBITDA% | 70.4 | 71.8 | 98.5 | 45.5 | 47.8 | -37.4 | 266.1 | 109.2 | 130.3 | -20.3 | 69.3 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 231 | 230 | 918 | 1,030 | 704 | 337 | 759 | 1,406 | 1,412 | 1,345 | 679 |
Price To Earnings Price To Earnings | 17.7 | 24.6 | 47.5 | 31.3 | 38.6 | 24.9 | 62.0 | 28.4 | 20.9 | 46.3 | 35.6 |
Price To Sales Price To Sales | 1.4 | 1.4 | 4.3 | 4.5 | 3.4 | 1.6 | 6.4 | 6.2 | 3.1 | 3.1 | 1.5 |
Price To Book Price To Book | 1.0 | 1.0 | 3.8 | 3.7 | 2.5 | 1.3 | 4.6 | 6.7 | 5.5 | 5.2 | 1.9 |
| 7.8 | 9.8 | 30.4 | 36.2 | 22.8 | 13.5 | 48.1 | 32.5 | 17.5 | 32.1 | 22.5 |
Profitability Ratios Profitability Ratios |
| 100.0 | 100.0 | 98.6 | 98.6 | 98.5 | 98.4 | 99.1 | 99.4 | 99.6 | 99.6 | 99.6 |
| 14.4 | 12.3 | 13.8 | 11.9 | 13.9 | 12.0 | 13.0 | 18.2 | 16.6 | 9.5 | 6.3 |
| 9.2 | 6.2 | 9.1 | 14.3 | 8.7 | 6.2 | 10.4 | 21.9 | 14.8 | 6.7 | 4.2 |
| 8.7 | 5.8 | 9.5 | 13.1 | 8.1 | 6.4 | 6.2 | 20.8 | 31.3 | 15.6 | 9.8 |
| 7.0 | 4.5 | 8.0 | 11.8 | 6.5 | 5.2 | 7.4 | 23.6 | 26.4 | 11.2 | 5.3 |
| 6.0 | 3.9 | 6.8 | 10.2 | 5.5 | 4.0 | 5.5 | 15.9 | 14.1 | 7.1 | 4.9 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Aptech Limited, established in 1986, is a leading global provider of non-formal vocational education and skill development training. With over **39 years of experience**, the company has trained **more than 7.5 million learners** across **250+ cities in approximately 35 countries**, operating through a network of **over 1,000 training centers**. Aptech is positioned as a **'Branded Omni-Channel Job-Enablement Platform'**, delivering industry-aligned, career-focused programs through a scalable, asset-light franchise model.
The company operates in high-growth sectors such as **Media & Entertainment (M&E)**, **Beauty & Wellness**, **Aviation**, **IT**, **Banking & Finance**, **Retail**, **Hospitality**, and **Preschool Education**. It serves both individual learners and institutional clients (government, corporations, and educational bodies) through two core business segments:
1. **Retail (Individual Training)**
2. **Enterprise Business Group (EBG) – Institutional Services**
---
### **Core Business Segments**
#### **1. Retail – Individual Training**
Aptech’s retail segment functions as a **job-enablement platform** designed to make learners "industry-ready" through vertical-specific, modular programs. It combines **physical and digital (PHYGITAL)** delivery models—face-to-face, hybrid, and live online—leveraging technology to ensure consistent, scalable outcomes.
Key Brands:
- **Arena Animation** (founded 1996): Focuses on animation, VFX, graphic design, gaming, and immersive media. Offers the **VFX Prime Course** and specializes in real-time 3D, transmedia storytelling, and AI-led content creation.
- **MAAC (Maya Academy of Advanced Creativity)** (acquired 2010): Specializes in 3D animation, VFX, AR/VR, filmmaking, and gaming. Hosts events like *MAAC 24 FPS* and *Deadline Challenge*.
- **Lakmé Academy Powered by Aptech (LAPA)** (launched 2015): A premier beauty and styling institute offering courses in makeup, skincare, hairstyling, and nail art. Partnered with Lakmé Lever and CIDESCO.
- **Aptech Learning**: Delivers IT training in AI, ML, cloud computing, cybersecurity, software development, networking, and English communication (in collaboration with Middlesex University, London).
- **Aptech Aviation Academy**: Provides training in cabin crew, ground staff, airport operations, travel & tourism, and retail hospitality. Placed students in Air India, IndiGo, Hamleys, and JW Marriott.
- **Aptech International Preschool**: Offers early childhood education.
- **The Virtual Production Academy (TheVPA)** (launched 2023): India’s first end-to-end virtual production training center in Mumbai, offering advanced training in Unreal Engine, in-camera VFX, LED volumes, motion capture, and real-time rendering.
- **ProAlley**: A fully digital skilling platform offering live, interactive, expert-led courses in digital content creation, animation, and game design.
#### **2. Enterprise Business Group (EBG) – Institutional Services**
The EBG segment delivers **customized assessment, testing, training, and LMS solutions** to government bodies, PSUs, corporates, and educational institutions. It benefits from strong policy alignment with national skilling initiatives.
Key Offerings:
- **Aptech Assessment & Testing Solutions**: Executes large-scale, secure computer-based exams (over 3.2 million exams delivered in FY22–23). Clients include government recruitment and entrance testing bodies.
- **Aptech Training Solutions**: Provides multi-location corporate training in IT, soft skills, customer service, and AVGC, primarily for lower- to mid-level management.
- **Digital Evaluation**: Converts paper-based exams into digital formats for institutions.
- **LMS and EdOpsTech solutions** using modern platforms for scalable delivery.
EBG is empaneled with key bodies:
- **NICSI, SWAYAM+, NFDC, ASAP Kerala**
- Sector Skill Councils (B&WSSC, BSSC)
- Government skilling missions: **PMKVY 4.0, DDUGKY, Green Jobs, RPL-BOCW**
---
### **Strategic Focus Areas (2024–2025 Onwards)**
#### **1. Embracing the Creator Economy & Orange Economy**
- Launched **future-ready programs** in **personal branding, AI storytelling, content monetization, and video production** to meet demand from digital creators, influencers, and gig economy workers.
- Supports India’s **'Create in India, Create for the World'** vision, positioning the country as a global creative hub.
- MAAC and Arena now offer **Gen-AI-powered content creation courses**.
#### **2. Technology & Digital Transformation**
- **ProAlley Rebranded**: Transitioned from *self-paced* to **live, mentor-led, interactive model** (post-2023 pivot) with three verticals:
- Job-Focused Finishing School
- Emerging Trends Upskilling
- Career Booster Programs
- **AI Integration**:
- **CreVal**: AI-powered visual evaluation tool using AWS Bedrock. Rates creative output (animation, graphics, photography) across 14 parameters.
- **i-Aspire**: Centralized digital placement platform connecting students with employers (integrated with ProAlley, Arena, MAAC).
- **ProConnect**: Mobile-first, gamified student lifecycle platform for engagement, learning, and support.
- **OnlineVarsity & Creosouls**: Global content platforms with AR-enabled e-books and digital portfolios.
#### **3. Curriculum Innovation and Industry Alignment**
- Redesigned long-format courses into **modular, short-duration programs** to match **Gen Z preferences** (flexibility, faster job entry).
- Programs now lead to **specific job roles** (e.g., Motion Graphics Artist, VFX Generalist), with stackable skill paths.
- Curriculum updated to include:
- **Generative AI, transmedia storytelling, immersive experiences, virtual production, real-time 3D**
- **Gamification in education, retail, and healthcare**
#### **4. Institutional Business Revival & Expansion**
- Overcame slowdown due to **election-related delays in government orders** with **strong Q4 FY24–25 recovery**.
- Secured **multi-year government contracts** and onboarded **global training partners** including:
- ActionCOACH
- Brian Tracy Solutions
- Sales Geek
- AWS (now an AWS Training Partner)
- Restructured leadership with new **Chief Business Officers for Global Retail and EBG** to enhance agility.
#### **5. Global Expansion and International Growth**
- **International Retail segment grew 31% YoY** in FY24–25, with strong demand in:
- **Qatar, Egypt, Nigeria, Vietnam, UAE**
- Expanded into **Senegal, Zambia, Uganda, Dubai**, and signed **33 new international centers**.
- **Vietnam franchise renewed for a third term**.
- Engaged in **India-Vietnam Business Forum** to deepen international partnerships.
- Hosted global events: **TECHWIZ**, **100 Hours Creative Marathon**, **Deadline Challenge**.
---
### **Operational Highlights (FY24–25)**
- **Network Expansion**:
- Added **89 new domestic** and **33 international centers**.
- **Arena Animation** and **Lakmé Academy** opened new centers across Tier 2/3 cities (Patna, Kochi, Mysore, Bhubaneshwar, etc.).
- **Enrollments**:
- **Domestic Retail up 15%**, **Global Retail up 11%**.
- International enrollments surged by **31%** in key markets.
- **Employability & Placement**:
- **i-Aspire** launched to streamline job applications, portfolio sharing, and recruiter access.
- Conducted **700+ career seminars**, engaging 14,400+ students.
- ICAP (Industry Connects, Alliances & Placements) maintains **strong network** with studios like:
- **StudioVSync, DNEG, MPC, Reliance Games, Famous Studios, Amazon**.
- **Alumni Engagement**:
- Launched **Almanation**, India’s first skilling alumni platform for AVGC sector.
- **39,000 alumni onboarded** (Arena: 24,000, MAAC: 15,000+).
---
### **Growth Drivers**
1. **Demand for Digital & AI-Enabled Skills** in gaming, immersive media, AVGC, and content creation.
2. **India’s online gaming market** (4th largest globally, ₹220 billion in 2023) driving need for animation and VFX talent.
3. **Government support**: PMKVY, NEP 2020, B.Voc. programs, and skill development budgets.
4. **Scalable PHYGITAL model** extending reach into **Tier 3 and rural India** with lower-cost franchise options.
5. **Expansion in Africa and South Asia**, especially Nigeria and Vietnam.
---
### **Challenges & Competitive Landscape**
#### **Operational Challenges**:
- **Skill obsolescence**: Tech skills have a **2.5-year half-life**.
- **Faculty attrition**: 25–30% in VFX domains.
- **Capital intensity**: Need for high-end labs and cloud infrastructure.
#### **Competitive Threats**:
- **Formal Education Institutions**: Offer degree certifications preferred by employers.
- **EdTech Disruptors**: Frequent players using **freemium, low-price, or misleading claims**.
- **Policy Risk**: Regulatory volatility in education and skilling.
---
### **Awards & Recognition**
- **Golden Peacock National Training Award (2024)**
- Recognized as a **trusted skilling partner** for government and industry.
- **Industry leader in assessment services**, managing one of India’s largest-scale exams.