Atishay Limited

Technology — Information Technology Services · BSE

₹143.40+₹4.70 (+3.39%)

DalalBaazaar Score

65 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity, falling profits.

In simple words: Strong business and financial position, though profits are falling even as sales grow. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:59 pm

Understanding the Business

Company site ↗

The 60-second version of Atishay Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Atishay Limited engages in the information technology (IT), database management, software development, e-governance, and fintech businesses in India. It operates through EGovernance and Retail & Others segments.

IndustryInformation Technology Services

SectorTechnology

Employees305

Annual revenue₹56 Cr

How does it make money?

Turns over ₹56 Cr a year. Of every ₹100 of sales, about ₹13 reaches shareholders as profit, with ₹21 left at the operating level before interest, tax and depreciation. Each of its 305 employees supports ₹18.3 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹18.3 lakh

Who are its competitors?

The closest listed comparisons in its industry are TATA CONSULTANCY SERV LT, INFOSYS LIMITED, HCL TECHNOLOGIES LTD, WIPRO LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Some evidence

ROCE of 17.5% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE32.0%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +160% while net margin moved +322% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+160%

Margin effect+322%

DalalBaazaar Score

65/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of -0.90 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

71/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

56/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

28.3x

3Y Median

31.9x

40 monthly readings · mean 56.4x · range 19.1x–244.9x

Sector Median

16.5x

median of 4 sector peers

🟢Current valuation is approximately 11% below its 3y median of 31.9x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

⚠️Against its sector it trades 71% above the peer median of 16.5x.

vs. its own history

Fair

31.9x median over 40 months · -11%

vs. sector peers

Expensive

16.5x median of 4 peers · +71%

vs. generic bands

Fair

15x–35x

EV/EBITDA

13.1x

PEG

0.23

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from 12.6% to 21.4% over 3 years.
Return on equity is rising
ROE has improved from 1.8% to 13.0%.
Return on capital is rising
ROCE has improved from 3.6% to 17.5%.
Very low debt
Debt/Equity of 0.10x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

3 items require attention · 2 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 118% over 3 years, from ₹3 Cr to ₹6 Cr.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹7 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 12.6% to 21.4%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

A premium to the sector to defend
It trades 71% above the peer median. That premium needs a reason that persists, or it closes.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 28% a year✓ 37.5% CAGR
Latest reported year was 10.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 19%✓ 21.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹7 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.5x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 14%✓ 17.5%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

6 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 5 neutral · 2 weak

Market Cap

₹158 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

28.3x

Fair

Fairly valued against the generic band

P/B Ratio

2.87x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹5.07

Profitable

Profitable on a per-share basis

ROE

13.0%

Moderate

Moderate capital efficiency

ROCE

17.5%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.10x

Low

Conservative leverage

Revenue Growth (YoY)

10.8%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-92.6%

Falling

Profits are shrinking

Dividend Yield

0.70%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

-₹7 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-0.7%

Weak

Thin margins leave little room for error

Net Margin

9.8%

Average

Average bottom-line conversion

Current Ratio

4.63

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.90

Defensive

Steadier than the market

52W Range Position

19%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

138.6 / 148.0

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

59.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹21 Cr	₹43 Cr	₹51 Cr	₹56 Cr	+37.5%
EBITDA	₹3 Cr	₹10 Cr	₹12 Cr	₹12 Cr	+64.0%
EBITDA Margin	12.6%	22.2%	22.8%	21.4%	—
PAT (Net Profit)	₹1 Cr	₹6 Cr	₹7 Cr	₹7 Cr	+122.2%
EPS	₹0.59	₹4.99	₹6.31	₹6.45	+121.9%
ROE	1.8%	13.1%	14.4%	13.0%	—
ROCE	3.6%	18.3%	19.8%	17.5%	—
Total Debt	₹3 Cr	₹2 Cr	₹4 Cr	₹6 Cr	+29.6%
Free Cash Flow	-₹2 Cr	₹6 Cr	₹2 Cr	-₹7 Cr	—

🟢 Revenue has grown at 37.5% a year over 3 years.

🟢 EBITDA has grown at 64.0% a year over 3 years.

🟢 EBITDA Margin has risen from 12.6% to 21.4% over 3 years (+8.8 pts).

🟢 PAT (Net Profit) has grown at 122.2% a year over 3 years.

🟢 EPS has grown at 121.9% a year over 3 years.

🟢 ROE has risen from 1.8% to 13.0% over 3 years (+11.2 pts).

🟢 ROCE has risen from 3.6% to 17.5% over 3 years (+13.9 pts).

🔴 Total Debt has grown at 29.6% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹63 Cr

Total Liabilities

₹8 Cr

Cash & Equivalents

₹7 Cr

Operating Cash Flow

-₹2 Cr

Capex

-₹4 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

74.6%

Corporate Actions

Dividend Rate

₹1

Ex-Dividend Date

19 May 2026

Peer Comparison

Company	P/E	ROE
TATA CONSULTANCY SERV LT	17.3x	45.6%
INFOSYS LIMITED	15.8x	32.0%
HCL TECHNOLOGIES LTD	20.4x	24.6%
WIPRO LTD	14.5x	15.9%

Recent News

1 mixed5 general

Atishay Share Price Fall: Price Action and Fundamentals

Univest, 15 SeptPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Atishay Bags ₹47.71 Lakh Micro ATM Order From Alwar Bank

HDFC Sky, 20 Jul

Atishay Ltd empanelled by BSNL as system integrator in MP circle; stock in focus

Alice Blue, 04 Mar

Atishay receives LoI from Punjab Urban Planning & Development Authority

Business Standard, 28 Sept

Atishay Limited Allots 50,250 Equity Shares Under Employee Stock Option Plan 2020

scanx.trade, 25 Feb

ATISHAY Stock Price and Chart — BSE:ATISHAY

TradingView, 11 Feb

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth

MiddlingProfitability · Valuation

WeakRisk

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 2 high-severity red flags sit above this conclusion and should be read first.

1 of 5 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑