Atishay Limited has secured an additional work order worth ₹33.67 lakhs from the Government of Maharashtra for printing PVC Ayushman Cards, reinforcing its position as a preferred partner for government welfare initiatives. The order was announced through a regulatory filing under SEBI Regulation 30.

Contract Details and Scope

The work order has been awarded by the Government of Maharashtra's State Health Assurance Society (SHAS) under the integrated Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana & Mahatma Jyotirao Phule Jan Arogya Yojana. The contract encompasses printing of PVC Ayushman Cards for three districts in Maharashtra State: Satara, Kolhapur, and Sangli.

Operational Requirements

Under the contract terms, the printed PVC cards must be delivered to concerned Taluka Health Officers (THO) and Medical Officers of Health (MOH) of the respective Municipal Corporations. The delivery process must strictly adhere to operational guidelines prescribed by the National Health Authority, New Delhi, ensuring compliance with national healthcare standards.

Broader Business Portfolio

Atishay Limited has established a strong presence in the government healthcare card printing sector, having secured similar work orders across multiple states. The company currently holds contracts for printing and supply of Ayushman Cards in:

• Odisha
• Haryana
• Chhattisgarh
• Maharashtra

This diversified geographical presence demonstrates the company's operational excellence and execution capabilities in handling critical government welfare initiatives.

Strategic Impact

The successive order awards highlight the continued trust reposed by various government authorities in Atishay Limited's capabilities. The company emphasized that this additional contract not only augments its order book but also enhances revenue visibility and strengthens its strategic positioning in the public sector welfare ecosystem. The management remains committed to delivering superior quality outcomes and creating sustained long-term value for all stakeholders.

Regulatory Compliance

The announcement was made in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, under Regulation 30. The company confirmed that the order does not involve any related party transactions and that promoters have no interest in the awarding entity, ensuring arm's length transaction principles.

Atishay Limited announced its unaudited standalone financial results for the quarter and nine months ended December 31, 2025, showing mixed performance with quarterly profit declining while nine-month results demonstrated growth. The Board of Directors approved these results at their meeting held on January 19, 2026.

Quarterly Financial Performance

The company's Q3 FY26 performance showed modest revenue growth but declining profitability compared to the previous year. Revenue from operations increased marginally while profit margins faced pressure during the quarter.

Nine-Month Performance Shows Strength

Despite quarterly challenges, the nine-month period ending December 31, 2025, demonstrated robust growth across key financial metrics. The company achieved double-digit growth in both revenue and profitability for the extended period.

Segment-wise Analysis

The E-Governance segment remained the dominant contributor to the company's revenue stream, while the Retail & other services segment showed mixed performance during the reporting period.

E-Governance Segment:

• Q3 FY26 revenue: ₹1,266.95 crores (down 3.0% from ₹1,306.11 crores in Q3 FY25)
• Nine-month revenue: ₹3,885.43 crores (up 23.2% from ₹3,152.81 crores)
• Segment result before tax and interest for Q3 FY26: ₹414.72 crores

Retail & Other Services:

• Q3 FY26 revenue: ₹278.21 crores (up 28.8% from ₹216.06 crores)
• Nine-month revenue: ₹675.29 crores (down 0.4% from ₹677.84 crores)

Earnings Per Share and Tax Position

The company's earnings per share reflected the quarterly profit decline while maintaining reasonable returns for shareholders. Tax expenses remained well-managed during the reporting period.

Total tax expenses for Q3 FY26 stood at ₹62.43 crores compared to ₹74.24 crores in the corresponding quarter of the previous year. The paid-up equity share capital remained stable at ₹1,098.13 crores with a face value of ₹10 per equity share.

Operational Metrics

The company's expense management showed mixed results during Q3 FY26. While total expenses increased to ₹1,341.50 crores from ₹1,287.35 crores in Q3 FY25, the company maintained operational efficiency in several areas. Employee benefits expense decreased to ₹246.74 crores from ₹271.59 crores year-on-year, while purchases and other operating expenditure rose significantly to ₹883.72 crores from ₹748.75 crores.

The financial results were reviewed by M/s B M Parekh & Co., Chartered Accountants, Mumbai, the company's statutory auditors, and approved by the Board of Directors on January 19, 2026.