Aptech wins Rs 7.23 crore work order from State Government Body for computer-based exams
- Aptech secured a Rs 7.23 crore order from The State Government Body for computer-based exams in Q2FY27.
- Total disclosed order book increased to Rs 85.10 crore across 14 orders in the last three quarters.
- Q2FY27 order inflow totals Rs 24.04 crore, down from Rs 61.06 crore in Q1FY27.
- Order book covers 0.64 quarters of average quarterly revenue.
- Company maintains a current ratio of 1.69x and positive operating cashflows.
*this image is generated using AI for illustrative purposes only.
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.
| Quarter | Total Order Inflow (Rs Cr) | Key Awarding Entities |
|---|---|---|
| Q2FY27 (Jul-Sep 2026) | 24.04 | The State Government Body |
| Q1FY27 (Apr-Jun 2026) | 61.06 | Autonomous body under Central Government, Autonomous body under State Government, The State Government Body |
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.
| Quarter | Revenue (Rs Cr) | Net Profit (Rs Cr) | OPM (%) |
|---|---|---|---|
| Q1FY27 | 137.50 | 7.70 | 6.81% |
| Q4FY26 | 114.90 | 1.80 | 2.62% |
| Q3FY26 | 140.40 | 8.60 | 8.19% |
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.
Historical Stock Returns for Aptech
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.91% | -1.13% | +0.37% | +5.18% | -28.90% | -55.55% |
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