| Market Cap | ₹222.92 CrSmall Cap |
|---|---|
| Revenue TTM | ₹55.77 CrAnnual Operating |
| RSI | 52.97Neutral Zone |
| Order from | Government of West Bengal, Department of Health and Family Welfare |
| Execution period | 9 months |
| Deal value | ₹11.16 Cr |
| Share of market cap | 5.0% |
| Share of annual revenue | 20.0% |
Key highlights
- Total contract value stands at ₹11,16,13,678 inclusive of GST
- Scope includes the printing and delivery of 2,25,74,669 specialized cards
- Project covers eight districts including Bankura, Murshidabad, and Nadia
- Mandatory completion period set at nine months from the date of issuance
- Company currently manages similar e-governance projects in seven other Indian states
What Is the Order?
Atishay Limited has received a formal work order from the West Bengal Government's Department of Health and Family Welfare for the distribution of Ayushman Bharat (AB PM-JAY) and AB Vay Vandana cards. The contract entails the high-volume printing and logistical delivery of 2,25,74,669 specialized cards. Execution will focus on eight primary districts: Bankura, Birbhum, Jalpaiguri, Kalimpong, Murshidabad, Nadia, Purba Bardhaman, and Uttar Dinajpur.
This project must be completed within a nine-month timeframe, adhering to the operational guidelines established by the National Health Authority for large-scale social welfare deployments.
Client Profile
- Awarded by the Department of Health and Family Welfare, Swasthya Bhavan, Salt Lake City, Kolkata
- Operates under the national Ayushman Bharat–Pradhan Mantri Jan Arogya Yojana framework
- Logistics overseen by respective District Magistrates and the Kolkata Municipal Commissioner
- Requirement for delivery to designated Block and Municipal officials for localized card distribution
Business Impact
This ₹11.16 crore order represents a substantial addition to Atishay’s revenue pipeline, particularly as it accounts for approximately 20% of the company's annual operating revenue. By securing this contract, the company reinforces its standing as a specialized implementation partner for large-scale government welfare initiatives. The project enhances revenue visibility for the upcoming three quarters and leverages Atishay's established technical infrastructure already utilized in similar assignments across Odisha, Haryana, Chhattisgarh, Uttar Pradesh, Goa, and Maharashtra.
This expansion into West Bengal validates the company’s scalability in the competitive e-governance and public welfare technology ecosystem.
Financial Context
Atishay Ltd is currently categorized as a Momentum Trap by technical indicators, despite a strong one-year stock return of 46.68%. The company reported a net profit of ₹7.14 crore for the most recent fiscal year, but has faced challenges including a negative cash flow from operating activities of ₹2.46 crore. With a Price-to-Earnings ratio of 31.24, higher than the industry average of 20.52, the market is pricing in future growth from government contracts such as this one.
The company maintains a robust promoter holding of 74.65%, suggesting stable internal confidence as it executes these high-volume state-level projects.
| Share price | ₹203 |
|---|---|
| Market capitalisation | ₹222.92 Cr |
| Revenue (annual) | ₹55.77 Cr |
| Net profit (annual) | ₹7.14 Cr |
| Revenue (latest quarter) | ₹10.17 Cr-34.21% vs previous quarter |
| Net profit (latest quarter) | ₹1.77 Cr-6.25% vs previous quarter |
| P/E (TTM) | 31.24×Sector 21.74× |
| Promoter holding | 74.65%-0.34% QoQ |
| FII holding | 0%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Atishay Limited announcing the award of a work order for printing and delivery of AB PM-JAY cards in West Bengal. Market figures from a third-party data provider.
