APRAMEYA - Aprameya Enginee

📊 NSE: APRAMEYA 🏢 Healthcare 📅 Last Updated: 12/13/2025 18:26

💰 Financial Performance

Revenue Growth by Segment

Revenue from operations grew 108.2% YoY to INR 135.7 Cr in FY25 from INR 65.16 Cr in FY24. The revenue mix is dominated by Turnkey Infrastructure Projects at 90% (INR 122.13 Cr), followed by Medical Equipment Supply at 8% (INR 10.85 Cr) and Service Revenues at 2% (INR 2.71 Cr). In H1FY26, the mix shifted slightly to 88% Turnkey and 12% Equipment.

Geographic Revenue Split

Historically concentrated in Rajasthan (where 180+ dialysis centers were delivered), growth in FY25 was primarily driven by execution in Maharashtra. The company is actively diversifying into five new states: Odisha, Jharkhand, Madhya Pradesh, Uttar Pradesh, and the North-East to reduce regional dependency.

Profitability Margins

Net Profit (PAT) margin improved significantly from 5.36% (INR 3.49 Cr) in FY24 to 11.88% (INR 16.11 Cr) in FY25, a 121.69% increase in ratio terms. This was driven by higher turnover and better absorption of fixed costs. H1FY26 PAT margin further expanded to 16% (INR 6.8 Cr).

EBITDA Margin

EBITDA margin stood at 18% (INR 25.0 Cr) in FY25, up from 10% (INR 6.8 Cr) in FY24, representing an 800 bps improvement. H1FY26 EBITDA margin reached 26% (INR 11.2 Cr) due to a higher mix of turnkey projects and improved execution efficiency.

Capital Expenditure

The company raised INR 29.23 Cr through an IPO of 50.40 lakh shares at INR 58 per share in FY25. Proceeds were primarily allocated to incremental working capital. Future capex is planned for in-house manufacturing through the new subsidiary, Aprameya Medtech Private Limited, to reduce import dependency.

Credit Rating & Borrowing

Debt-Equity ratio improved drastically from 1.80 in FY24 to 0.47 in FY25, a 73.72% reduction, following the equity infusion and profit growth. Total debt stood at INR 30.34 Cr as of March 31, 2025. Finance costs were INR 3.18 Cr in FY25.

⚙️ Operational Drivers

Raw Materials

Medical equipment components (40-50% of turnkey costs), modular OT panels, dialysis machines, ICU monitors, and diagnostic tools.

Import Sources

Sourced globally and domestically through strategic OEM partnerships; specific countries include Germany (Draeger), USA (J&J), and various Indian states for construction materials.

Key Suppliers

Key OEM partners include Johnson & Johnson (J&J), Draeger, Schiller, Phillips, Alan, and ResMed.

Capacity Expansion

Currently operates as an asset-light integrator. Planned expansion includes setting up a manufacturing facility under Aprameya Medtech Private Limited to produce medical devices in-house, aiming to improve margins by 2-3%.

Raw Material Costs

Turnkey project expenses (including equipment procurement) rose to INR 94.52 Cr in FY25 from INR 33.02 Cr in FY24, representing ~70% of revenue. Procurement strategies involve vendor consolidation and direct sourcing to mitigate price volatility.

Manufacturing Efficiency

Currently focused on project execution efficiency. Inventory turnover ratio improved 126.88% from 11.32 in FY24 to 25.68 in FY25, indicating faster project cycles and better material management.

Logistics & Distribution

Distribution and logistics are managed as part of the turnkey delivery model, with costs embedded in 'Other Expenses' which stood at INR 10.34 Cr in FY25 (7.6% of revenue).

📈 Strategic Growth

Expected Growth Rate

20-25%

Growth Strategy

Growth will be achieved by expanding into 5 new states, increasing the order book to INR 300-350 Cr from the current INR 60 Cr, and raising the contribution of high-margin AMC/CAMC services to 10-12% of revenue. The launch of in-house manufacturing will further support margin expansion to 14-16% PAT.

Products & Services

Turnkey setup of ICUs, NICUs, PICUs, Modular Operation Theatres, Dialysis Centers, and Prefabricated Wards; supply of high-value diagnostic equipment and AMC/CMC services.

Brand Portfolio

Aprameya Engineering, Aprameya Medtech.

New Products/Services

In-house manufactured medical devices under the new Medtech subsidiary, expected to contribute to margin stability and reduce import costs.

Market Expansion

Targeting Tier 2 and 3 cities in Odisha, Jharkhand, MP, UP, and North-East India over the next 36 months.

Market Share & Ranking

Aims to be among India's top 3 turnkey healthcare companies by FY28.

Strategic Alliances

Authorized distributorships and service partnerships with J&J, Schiller, Phillips, Alan, and ResMed.

🌍 External Factors

Industry Trends

The industry is shifting toward modular medical infrastructure and digital diagnostics. Aprameya is positioning itself by adopting AI-driven scheduling and expanding its service-led recurring revenue model.

Competitive Landscape

Competes with large turnkey players; pricing pressure is mitigated through an asset-light model and specialized in-house service teams.

Competitive Moat

Moat is built on 20+ years of execution experience, 2,000+ critical care beds installed, and deep-rooted OEM relationships. This is sustainable due to high entry barriers in specialized hospital infrastructure integration.

Macro Economic Sensitivity

Highly sensitive to government healthcare spending and infrastructure budgets. Increased national healthcare capex directly drives the bid pipeline, currently at INR 190-200 Cr.

Consumer Behavior

Rising demand for quality healthcare in Tier 2/3 cities is shifting demand toward standardized, turnkey hospital solutions.

Geopolitical Risks

Import dependence for high-end medical technology makes the company vulnerable to trade barriers or supply chain disruptions in Europe and the US.

⚖️ Regulatory & Governance

Industry Regulations

Subject to CDSCO regulations for medical devices and state-specific building codes for hospital infrastructure. Compliance with the Companies Act 2013 and SEBI (LODR) is mandatory.

Environmental Compliance

Complies with medical waste and construction safety norms; specific ESG spend not disclosed beyond CSR.

Taxation Policy Impact

Effective tax rate resulted in a tax expense of INR 5.6 Cr in FY25 on a PBT of INR 21.72 Cr (~25.8%).

Legal Contingencies

Secretarial audit noted lapses in filing MSME returns and some late filings with additional fees. No major pending litigation values in High/Supreme Court were disclosed.

⚠️ Risk Analysis

Key Uncertainties

Government funding slowdowns or policy changes could impact 90% of the revenue stream. Execution risks related to site readiness can lead to cost overruns.

Geographic Concentration Risk

Historically high in Rajasthan; though diversifying, a significant portion of the INR 60 Cr order book remains tied to specific regional government contracts.

Third Party Dependencies

Heavy reliance on 5-6 key OEMs for equipment supply; any termination of distributorship would impact the 'Equipment' and 'Turnkey' segments significantly.