💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations grew 18.24% YoY to INR 51.15 Cr in FY 2024-25 from INR 43.26 Cr. Historical segment splits included E-governance (35%), Retail/E-mitra (58%), and Hospitality (22%), though recent growth is heavily driven by the eMitra @Home services platform which saw a 7% sequential revenue increase in Q3 FY22.

Geographic Revenue Split

The company operates across 13+ Indian states with a significant concentration in Rajasthan, where it serves 450+ G2C and B2C services. It has served 25 government departments across 8 states.

Profitability Margins

Operating Profit Margin improved to 18.73% in FY25 from 17.85% in FY24. Net Profit Margin increased to 13.15% in FY25 compared to 12.28% in FY24, reflecting a 7.08% improvement in bottom-line efficiency.

EBITDA Margin

EBITDA margin stood at 20.58% in FY25, a 0.93% increase from 20.39% in FY24. Absolute EBITDA grew 18.90% YoY to INR 10.96 Cr, driven by strategic cost-effective measures and higher demand for digital service platforms.

Capital Expenditure

The company made notable investments in state-of-the-art infrastructure for data processing and server operations to manage high transaction volumes. While specific INR Cr figures for FY25 are not disclosed, net capital turnover ratio was 4.64.

Credit Rating & Borrowing

The company previously held a CARE BBB; Stable / CARE A3+ rating, which was withdrawn in July 2019 at the company's request. Finance costs were INR 22.91 Lakhs for 9M FY22, and the debt-equity ratio remains low at 0.09 as of FY25.

⚙️ Operational Drivers

Raw Materials

Primary inputs include high-performance hardware (workstations and servers), cloud infrastructure, and software licenses. Direct operational costs and material consumption accounted for INR 8.39 Cr in 9M FY22.

Import Sources

Not disclosed in available documents; however, the company collaborates with 'leading technology firms' for hardware supply.

Capacity Expansion

Current capacity includes 10,500+ agents/outlets and infrastructure to support 46 lakh customers. The company is expanding its eMitra @Home service from an initial 5 services to over 48 services to increase transaction volume.

Raw Material Costs

Cost of materials and operational expenses represented approximately 57% of total expenses in 9M FY22. Procurement strategies focus on strategic collaborations with tech firms to ensure a seamless supply of high-performance hardware.

Manufacturing Efficiency

The company leverages AI to improve operational efficiency and reduce costs. Trade receivables turnover ratio was 5.82 in FY25, a 14.91% decrease from 6.84 in FY24, indicating a slight slowdown in collection efficiency.

📈 Strategic Growth

Expected Growth Rate

18.24%

Growth Strategy

Growth will be achieved by scaling the eMitra @Home monopoly in Rajasthan, expanding into new industry verticals, and leveraging AI to enhance operational efficiency. The company aims to simplify commerce and enhance financial accessibility through its 10,500+ agent network.

Products & Services

e-Governance solutions, eMitra @Home doorstep delivery, data management, scanning solutions, fintech services, and Z-POS retail solutions.

Brand Portfolio

Atishay, eMitra @Home, Z-POS.

New Products/Services

The eMitra @Home platform recently scaled from 5 to 48 services, contributing to a 7% sequential revenue increase in the most recent reported quarter.

Market Expansion

Targeting expansion of digital infrastructure in rural India and increasing geographical presence beyond the current 13+ states.

Market Share & Ranking

The company holds a monopoly in providing doorstep delivery of government services in Rajasthan through the eMitra @Home project.

Strategic Alliances

Collaborations with leading technology firms for hardware and state governments (e.g., Rajasthan) for exclusive service delivery.

🌍 External Factors

Industry Trends

The industry is shifting toward inclusive digital infrastructure for rural India and AI-driven service delivery. Atishay is positioned as a leading provider of e-governance and financial inclusion services with 25+ years of expertise.

Competitive Landscape

Faces intense competition from established large-sized IT players in the tender-driven e-governance segment.

Competitive Moat

Durable advantages include a 25-year track record, exclusive government contracts (monopoly in Rajasthan doorstep delivery), and a massive network of 10,500+ agents which creates high switching costs for government partners.

Macro Economic Sensitivity

Sensitive to Indian government spending on digital infrastructure and fiscal policies. Revitalization of the Indian economy post-COVID has provided a tailwind for capital expenditure projects.

Consumer Behavior

Increasing demand for doorstep delivery of essential services and digital financial inclusion in rural areas.

Geopolitical Risks

Minimal direct exposure, but global economic volatility could lead to reduced IT spending by private sector clients.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with SEBI (Listing Obligations and Disclosure Requirements) and ISO certifications (ISO 27001:2013 for information security and ISO 9001:2015 for quality management).

Taxation Policy Impact

Total tax expenses for 9M FY22 were INR 11.21 Lakhs on a PBT of INR 18.00 Lakhs.

⚠️ Risk Analysis

Key Uncertainties

Cybersecurity vulnerabilities pose a high risk of data breaches and reputational damage. Aggressive competition in government tenders could impact future project wins by 10-15%.

Geographic Concentration Risk

High revenue concentration in Rajasthan due to the eMitra project, making the company vulnerable to state-level political or policy changes.

Third Party Dependencies

High dependency on state government bodies for contract renewals and timely payments.

Technology Obsolescence Risk

Rapid shifts in technology require continuous investment in AI and data analytics to remain competitive against larger IT firms.

Credit & Counterparty Risk

Receivables increased in historical periods due to government project completion cycles, impacting cash flow from operations (which was INR 2.75 Cr in FY18).