Aptech Limited will hold its 26th Annual General Meeting on Wednesday, September 23, 2026. The meeting is scheduled for 12:00 pm and will be conducted through Video Conferencing or Other Audio-Visual Means (VC/OAVM).

The company confirmed that physical attendance is not required, in accordance with Ministry of Corporate Affairs Circular No. 20/2024 and subsequent updates. Shareholders can participate and vote remotely using the provided VC/OAVM facility.

Meeting Logistics and Voting

The Notice of the AGM and the Annual Report for FY25-26 will be sent electronically to members with registered email addresses. Those without registered emails will receive a letter containing a web-link to access the documents.

Members holding shares in physical form must register their email addresses with KFin Technologies Limited, the Registrar and Share Transfer Agent. Demat holders should contact their Depository Participants for registration.

Regulatory Compliance

The announcement was made pursuant to Regulation 30 and 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Company Secretary and Compliance Officer, Shruti Laud, signed the disclosure on August 26, 2026.

Aptech has secured a confirmed work order valued at Rs 7.23 crore from The State Government Body. The contract mandates the conduct of computer-based examinations in accordance with specific RFP and MSA guidelines, with execution scheduled for Q2 of FY 2026-27.

ORDER IN FINANCIAL CONTEXT

The Rs 7.23 crore order represents approximately 5.4% of the company's average quarterly revenue of Rs 132.97 crore. The total disclosed order book stands at Rs 85.10 crore (sum of the 14 orders disclosed across the last 3 fiscal quarters shown in the table below), resulting in a book-to-bill ratio of roughly 0.16x against trailing twelve-month revenue. This backlog covers 0.64 quarters of average revenue.

COMPANY ORDER TRACK RECORD

Order inflow velocity has decelerated significantly in the current quarter compared to the robust Rs 61.06 crore recorded in Q1FY27. The current order size of Rs 7.23 crore is consistent with the lower end of the company's typical per-order range, which spans from Rs 1.81 crore to Rs 9.92 crore in recent filings.

EXECUTION AND REVENUE QUALITY

Revenue generation remains stable, though operating margins have fluctuated. Q1FY27 saw an OPM of 6.81%, a recovery from the compressed 2.62% margin in Q4FY26. No net losses were reported in the last three quarters, indicating steady execution capabilities.

REVENUE GROWTH - ORDER WINS TRANSLATING TO REVENUE

As Aptech has sustained order wins, its annual revenue has grown from Rs 476.10 crore in FY25 to Rs 503.43 crore in FY26, representing a YoY growth of +5.7% based on the latest annual data. This top-line expansion occurred despite a decline in operating profit margins from 6.30% in FY25 to 5.74% in FY26, suggesting potential pricing pressure or higher cost structures in recent contracts.

WORKING CAPITAL AND EXECUTION CAPACITY

The company maintains a comfortable liquidity position with a current ratio of 1.69x and a Total Liabilities/Equity ratio of 0.72x. Operating cashflow was positive at Rs 20.10 crore in FY25, generating free cashflow of Rs 12.90 crore. This strong cash conversion ability supports the company's capacity to fund working capital requirements for the existing backlog without external financing.

WHAT TO WATCH

• Execution rate: Monitor whether the smaller order sizes in Q2FY27 translate into consistent quarterly revenue run-rates or if revenue growth slows alongside order inflows.
• OPM trajectory: Watch if the margin recovery seen in Q1FY27 (6.81%) sustains as these examination contracts execute, given the historical volatility between 2.62% and 8.19%.
• Client concentration: The State Government Body remains the dominant awarding entity; any policy shifts or budget constraints at this level could disproportionately impact order flow.
• Order velocity: A significant uptick in order inflow is required to rebuild the thin 0.64-quarter backlog coverage to more sustainable levels.

KEY OBSERVATIONS

• Backlog signal: Book-to-bill of 0.16x. At this low level, continuous order acquisition is essential to maintain revenue visibility beyond the immediate quarter.
• Margin stress: Net profit dropped to Rs 1.80 crore in Q4FY26 with OPM at 2.62%; while Q1FY27 showed improvement, margin stability remains a key execution risk.