Aprameya Engineering Ltd. (APRAMEYA)
SME CapPharma stocks · SME cap · NSE
Aprameya Engineering (AEL) specializes in setting up and maintaining ICUs, NICUs, OTs, and Dialysis Centers on a turnkey basis for private and government hospitals. It also supplies high-value medical and diagnostic equipment. The company recently entered medical device manufacturing through its subsidiary, Aprameya Medtech Private Limited.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 30/100YoY data unavailable — classification deferred
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹13 Cr | NDF | -89.7% |
| EBITDA | ₹-0.5 Cr | -101.9% | -104.4% |
| Operating margin | -3.7% | -2409 bps | -2970 bps |
| PAT | ₹-1.6 Cr | NDF | -109.1% |
| PAT margin | -12.6% | -2666 bps | -2922 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
H1FY26 revenue surged 343% YoY to Rs 423 Mn, with PAT up 492% YoY to Rs 68 Mn. EBITDA margin expanded significantly to 26% from -11% YoY, driven by strong execution and a robust order book. Company launched its first medical device, HystroPress, in Oct 2025.
H1FY26 results show strong top-line growth and margin expansion, albeit from a low base. The strategic entry into MedTech manufacturing is a positive step towards value chain migration and import substitution. However, the significant increase in trade receivables and negative operating cash flow warrant close monitoring.
Revenue by Business Segment (H1FY26)
Latest issuer-disclosed distribution across 2 reported categories.
MedTech Manufacturing
Entry into medical device manufacturing via Aprameya Medtech Private Limited, targeting Rs 50 Cr cumulative MedTech revenue by FY29.
Turnkey Healthcare Solutions
Executed Modular OT projects for DMER Mumbai and RNT Medical College Udaipur, totaling ~Rs 270 Mn in H1FY26.
Geographic Expansion
Targeting expansion into 5 new states: Odisha, Jharkhand, Madhya Pradesh, Uttar Pradesh, and North-East.
Private Sector Focus
Plan to increase contribution from private hospitals, hospital chains, and diagnostic networks.
MedTech Manufacturing Facility
New manufacturing facility for MedTech products is expected to go live in Q4FY27, projected to enable 200-250 bps margin accretion.
Healthcare Infrastructure Demand
India has 1.3 beds per 1,000 people, significantly below the WHO recommended 2.9 beds per 1,000, indicating a large demand-supply gap.
Government & Private Investments
FY25 healthcare budget is Rs 98,311 Cr (up 9.8% YoY); corporate hospital chains plan to increase capacity by ~32% over FY24-27.
Medical Device Market Growth
The Indian medical device market is projected to grow from USD 11 Bn in 2022 to USD 50 Bn by 2030E.
Working Capital Management
Trade receivables increased from Rs 580.6 Mn (Mar-24) to Rs 1,191.2 Mn (Mar-25) and Rs 1,123.6 Mn (Sep-25), indicating potential cash flow strain.
Dependence on Government Contracts
Management aims to reduce dependence on government/election cycles through private sector and MedTech growth, implying current reliance.
Negative Operating Cash Flow
H1FY26 Net Cash Flow from Operating Activities was -Rs 45.4 Mn, continuing a negative trend observed since FY22.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
H1 results represent a half-year period, making year-over-year comparison more appropriate to account for potential seasonality and provide a meaningful trend against the previous corresponding period.
Healthcare Infrastructure/Equipment Revenue Growth
H1FY26 Revenue from Operations grew 354% YoY to Rs 421.4 Mn (H1FY25: Rs 92.7 Mn).
MedTech Launch
Launched HystroPress, a Fluid Management System for hysteroscopy, in October 2025 through Aprameya Medtech Private Limited.
EBITDA Margin
H1FY26 EBITDA margin was 26%, a significant improvement from -11% in H1FY25.
PAT Margin
H1FY26 PAT margin was 16%, up from -18% in H1FY25.
Revenue Growth Target
Management is targeting 20-25% CAGR in overall revenue over the next 3-year period.
Order Book Target
Order book is expected to scale to Rs 300-350 Cr over the next 3 years, supported by an active bid pipeline of Rs 190-200 Cr.
Margin Sustainability
Management expects to sustain 22-24% EBITDA and 14-16% PAT margins, driven by higher turnkey mix and in-house manufacturing.
MedTech Product Pipeline
Plan to launch 5-6 new MedTech products by FY27 across MIS, Pulmonology & Anesthesia, and ICU Assistive technologies.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Trade Receivables | Rs 1,123.6 Mn (Sep-25) | Monitor collection period and any further increase in receivables relative to revenue, and its impact on cash flow. |
| Operating Cash Flow | -Rs 45.4 Mn (H1FY26) | Track for improvement in operating cash flow as the business scales and working capital management initiatives are implemented. |
| MedTech Facility Commissioning | Q4FY27 target | Monitor progress and timely commissioning of the MedTech manufacturing facility, which is crucial for margin accretion. |
| Order Book Growth | Rs 164 Mn (pending from RMSCL) | Observe conversion of the active bid pipeline into firm orders and the overall growth of the order book towards the Rs 300-350 Cr target. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
34Bearishfull bear SMA stack · SMA20 -11.1% / mo · MACD − · near 52W low · sector +2.2pp vs Nifty (3M)
Technical chart
APRAMEYAdaily · 1Y · AUTO-46.6%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 35.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~12.5% over last month) — short-term momentum negative.
- RSI(14) at 35 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 19 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 19 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 12.1%.
- Balance sheet contributes 10/15 to the score.
- Cash flow contributes 5/10 to the score.
Main drags
- Penalty bucket subtracts 2 points.
- Fair-value margin of safety is negative at -11046.1%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +2 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 56th percentile of the scored universe and 43rd percentile within Pharma. Main check: results consistency is weak at 45/100.
Healthy Trust Lite: Promoter holding is 74.1%. Key concern: Only 1 years of positive FCF.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Pharma: 43rd pctile, median 70 · SME: 70th pctile, median 64
3 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 74.1%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 12.1%.
- ▸Debt/equity is 0.10.
Trust risks
- ▸Only 1 years of positive FCF.
- ▸ROE is low at 7.6%.
- ▸OPM spread across recent quarters is 41%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 43.50
- P/B
- 3.19
- EV/EBITDA
- 21.58
- Market Cap
- 222.00Cr
Profitability
- ROE
- 7.63%
- ROCE
- 12.80%
- ROA
- 6.24%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- -59.38%
- EPS 5Y
- -68.18%
- Revenue 3Y
- -59.38%
- EPS 3Y
- -68.18%
Balance Sheet
- Debt/Equity
- 0.10
- Interest Coverage
- 2.89×
- Altman Z
- 8.25
- Book Value
- 36.40
Cash Flow
- FCF Yield
- 12.06%
- FCF Positive Y
- 1/5
- OCF
- 31.23 Cr
- EPS TTM
- 2.68
Shareholding
- Promoter Hold
- 74.05%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 1%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.