Aptech Limited (APTECHT) share price
₹88.20 on NSE as of 2026-09-11. +0.81% on the day. market cap ₹512 Cr. P/E 20.9. 52-week range ₹70.21 to ₹132.93. Consumer Services.
Aptech Q1 FY27: Revenue ₹133.75 Cr, Institutional Revenue Up 225% in FY26, and a 21x Multiple
At a glance
Aptech booked ₹133.75 crore of revenue in the June 2026 quarter, against ₹120.43 crore a year earlier — a rise of 11.1%. Operating profit came in at ₹9.11 crore versus ₹7.33 crore, and net profit at ₹7.65 crore versus ₹6.73 crore. Operating margin was 6.81%.
The sequential comparison is where the numbers get loud. The March 2026 quarter produced ₹2.92 crore of operating profit on ₹111.00 crore of revenue — a 2.63% margin, the thinnest in the ten quarters on record here. Three months later the same business turned ₹133.75 crore into ₹9.11 crore. A company that trains people in animation, beauty therapy and airport ticketing apparently also trains its own margin to do interval work.
The full year that ended in March 2026 gave revenue of ₹503.43 crore and net profit of ₹23.52 crore, with earnings per share of ₹4.05. Inside that year, the institutional segment — computer-based exams, assessments, government contracts — went from ₹35.18 crore of revenue to ₹114.19 crore, a rise of 225%. Retail, the six-brand franchise network that most people think of when they think of Aptech, went the other way: ₹424.92 crore to ₹389.23 crore, down 8%. The mix that was 92:8 in favour of retail is now 77:23.
Which of those two engines was pulling in the June quarter, and what the promoter register looks like after a very famous name passed through it, are further down.
Introduction
Aptech Limited was established in 1986 and has spent four decades in non-formal education and training — IT, media and entertainment, retail and aviation, beauty and wellness, banking and finance, and pre-school. It runs two streams: Individual Training, where the customer is a student, and the Enterprise Business Group, where the customer is an institution or a corporation. The company describes itself as a pioneer in the business with a significant global presence.
As of 31 March 2026, the domestic network stood at 570 centres across 26 states and union territories and 173 cities, split 47% Tier-1, 34% Tier-2 and 19% Tier-3 and 4. Internationally there were 177 centres across 16 countries, with Africa the largest continent by country count — Nigeria, Egypt, Swaziland, Kenya, Uganda and Zambia. Aptech Learning/ACE accounts for 100 of those international centres, Arena Multimedia 66.
The recent announcement flow is dominated by state examination work. In October 2025 the company disclosed a state government computer-based exam contract worth ₹24.77 crore, with exams estimated to start that month. In January 2026 came a state autonomous body's training contract worth ₹4.22 crore for FY2025-26. In May 2026 two more state government computer-based examination contracts were disclosed — ₹9.92 crore starting May 2026, and ₹9.30 crore starting June 2026.
On the board side, Mr. Atul Jain resigned as Managing Director and CEO effective 30 January 2025. The board today is chaired by Mr. Ameet Hariani, a Non-Executive Independent Director, with the executive layer running through two Whole-time Directors and Chief Business Officers — Mr. Sandip Weling for Global Retail and Mr. Neeraj Malik for Institutional Business.
In February 2026 the company disclosed an income-tax assessment order for AY 2024-25 carrying a demand of ₹6,36,92,990, received on 10 February 2026, against which a Section 154 rectification was planned.
Business model
Aptech does not, for the most part, teach anyone. It licenses the teaching.
The Global Retail business runs through Business Partners — franchisees — who operate learning centres under six brands. Lakmé Academy Powered by Aptech has 172 centres across 25 states and 105 cities. Arena Animation has 169 centres, MAAC 136, Aptech Learning 66, Aptech International Pre-school 15, and Aptech Aviation 12. Somewhere in India there is a strip-mall corridor containing a nail-art course, a VFX compositing course and a cabin-crew course, all with the same logo family, and it is doing exactly what the model intends.
The revenue comes as course fees, startup and renewal fees, and training revenue — enrolment-driven with repeat intakes. The company describes the structure as asset-light with business-partnered expansion, and pricing power as moderate, higher overseas. Depreciation for the whole consolidated group in the June quarter was ₹2.24 crore, which tells you how much of the physical estate sits on somebody else's books.
The second business is Institutional — the one that sounds boring in a deck and then quadruples. It has two divisions: Assessment & Testing, which runs computer-aided assessments, digital evaluation of paper-based descriptive exams, pen-and-paper assessments and document digitalisation; and Training Solutions, which does multi-location rollouts of IT, soft-skills and customer-service training for lower and middle management. Revenue here is project and contract based, and the company lists client concentration and contract renewals among the risk factors for the segment. In FY24 institutional revenue fell 68% from FY23, which the company attributed mainly to a drop in business from its top two customers.
Newer additions include The Virtual Production Academy — LED volume walls, motion capture, Unreal Engine, hybrid green screen — launched to teach the technique of filming things in front of a screen that pretends to be a place. The company has also disclosed a three-year collaboration with the National Film Development Corporation of India, under the Ministry of Information & Broadcasting.
Five wholly owned subsidiaries sit under the holding company: MEL Training & Assessments in India, Aptech Training Limited FZE in Dubai, AGLSM SDN BHD in Malaysia, Aptech Ventures in Mauritius, and Aptech Investment Enhancers under Aptech Ventures.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Aptech Limited.
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