Annual report
Annual Report 2026
Source: Nse
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.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result01 Jun, 08:20 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
50Neutralfull bear SMA stack · SMA20 -15.0% / mo · MACD − · near 52W low · sector +3.8pp vs Nifty 500 (3M)
Stock trend: 18
Sector RS: 98
Sector 3M: -1.8% vs Nifty 500 -5.6%
Pharma FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
APRAMEYAD candles · FIT view-59.4%Latest close ₹86.50 on 2026-10-19
Bar
-0.6%
RSI
32
MACD hist
-1.18
52W pos
1%
2026-10-19O ₹87.00H ₹87.00L ₹85.00C ₹86.50Vol 4,500 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
APRAMEYANifty PharmaNifty 500
- APRAMEYA
- -43.8%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- -38.2 pp
Chart stats
19 Oct 2026- From 52W high
- -76.0%
- 52W range position
- 1%
- ATR (14)
- 8.8%
- Volume vs 20D
- 0.29x
- Avg traded value
- ₹0.2 Cr
- 20D price channel
- ₹84 - ₹118
₹360
₹84 - ₹360
₹7.6
Latest completed session
20-session average
80.8% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED16
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Neutral50
Price trend and sector-relative-strength timing.
Valuation
Legacy model-8176.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence68
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹13 Cr | NDF | -89.7% |
| EBITDA | ₹-0.5 Cr | NDF | -104.4% |
| Operating margin | -3.7% | NDF | -2970 bps |
| PAT | ₹-1.6 Cr | NDF | -109.1% |
| PAT margin | -12.6% | NDF | -2922 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 33.00
- P/B
- 2.43
- EV/EBITDA
- 16.49
- Market Cap
- 168.00Cr
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
- 15.94%
- FCF Positive Y
- 1/5
- OCF
- 31.23 Cr
- EPS TTM
- 2.68
Shareholding
- Promoter Hold
- 74.05%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 2%
Financial History
Updated 18/10/2026
Revenue
₹ CrLatest: 13.0-69.1% vs prev
Net Profit
₹ CrLatest: -1.6-123.3% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 32.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~17.7% over last month) — short-term momentum negative.
- RSI(14) at 32 — 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.
Nifty 500 leadership
Relative Strength & Trend Stage
2
RS percentile
Stage 4 Downtrend
1M return
-24.1%
3M return
-41.2%
6M return
-63.0%
1Y return
-67.8%
RS 1D
0
RS 20D
0
Sector rank
#1
Industry rank
-
Stage evidence
- Price is 46.9% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -9.0%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
258 observations
19 Oct 2026Value 31.36-1.04%
RS vs Nifty 50031
Valuation & peers
U-Score 16 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 16 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation3/30
Growth2/25
Quality0/20
Balance Sheet10/15
Cash Flow5/10
Piotroski
5/9 (+3)
Penalties
-7
Raw sum
16
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
16/100 · legacy band OVERVALUED
Positive drivers
- FCF yield is supportive at 15.9%.
- Balance sheet contributes 10/15 to the score.
- Cash flow contributes 5/10 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Fair-value margin of safety is negative at -8176.9%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
33.0
PB
2.4
EV/EBITDA
16.5
ROE
7.6%
ROCE
12.8%
FCF Yield
15.9%
Debt/Equity
0.1
MoS
-8176.9%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
16
Previous: 16
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-8176.9%
Previous: -8176.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
14
14
14
14
15
15
15
16
16
16
16
16
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹46.85
-84.6% MoS
Growth-justified P/E
0.4
Growth-justified Value
₹1.05
-8176.9% MoS
PEG
—
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
NEPHROCARE
SME
Nephro Care India Ltd.
Healthcare Services
match 26
14
27.7
4.9%
-464%
OVERVALUED
CURIS
SME
Curis Lifesciences Ltd.
Pharmaceuticals
match 26
33
30.0
—
+57%
WATCHLIST
MADHAVBAUG
SME
Vaidya Sane Ayurved Laboratories Ltd.
Healthcare Services
match 25
51
18.8
12.0%
+59%
FAIR VALUE
NEOCHEM
SME
Neochem Bio Solutions Ltd.
Pharmaceuticals
match 24
56
23.8
48.4%
+64%
FAIR VALUE
QUESTLAB
SME
Quest Laboratories Ltd.
Pharmaceuticals
match 23
70
11.3
16.6%
+78%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-20T23:53:30.909Z
Management commentary snapshot
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.
Current business mix
Revenue by Business Segment (H1FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Turnkey Project Supply88.0%
Medical Equipment Solutions12.0%
Growth engines
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.
Capacity and execution
MedTech Manufacturing Facility
New manufacturing facility for MedTech products is expected to go live in Q4FY27, projected to enable 200-250 bps margin accretion.
Tailwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
68Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
3 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
56th percentile
overall median 67 · Pharma: 43rd pctile, median 70 · SME: 70th pctile, median 64
Evidence depth
Financial-only
3 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
65
acceptable · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
52
watch · capital discipline
Results
45
watch · quarterly consistency
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.
Continue researching Aprameya Engineering Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Investor presentationNov 2025
Nov 2025 · Analysts/Institutional Investor Meet/Con. Call Updates 27 November 2025 - Investor meeting on Dec 2, 2025 at Emerging Ideas Conference 2025; presentation public.
Source: Nse
Concall transcriptMay 2025
May 2025 · Transcript
Source: Nse
Investor presentationMay 2025
May 2025 · PPT
Source: Nse
Annual report
Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.