Starting a discussion on Aprameya Engineering:
Business Summary
Aprameya is a turnkey healthcare infra specialist. They set up ICUs, NICUs, PICUs, modular OTs, dialysis centres, prefabricated wards, mobile CTs, robotic surgery units etc.
They work only with government clients via tenders – no private exposure – giving them access to large, bundled projects with less competition.
Proven, Focused Promoters
Founded in 2003 by engineers with 20+ years of domain expertise.
Successfully executed ₹300+ cr worth of healthcare infra.
Appreciated by Rajasthan govt for performance. Now expanding into Gujarat, Maharashtra & 7 more states by FY28.
High-Margin, Scalable Business
90% of revenue from EPC turnkey projects with ~18% EBITDA margins.
Lean structure: 8–10 regular vendor partners + 30–35 on-demand.
End-to-end model: Design 
Procurement Execution AMC
Massive Healthcare Opportunity in India
• 3M+ hospital beds required to meet WHO norms
• FY25 health budget: ₹98,000+ crore
• Central push for one medical college per district = ₹60–80 cr per project
• Govt prefers turnkey bidders to reduce cost, time, and complexity
FY25 Performance
• Revenue: ₹136 cr (2x YoY)
• PAT: ₹16 cr (12% margin)
• ROE: 37%, ROCE: 26%
• ₹60 cr order book (next 5–6 months)
• FY28 revenue target: ₹600 cr with similar margins
If executed – stock is trading at <2x FY28 forward P/E = huge upside
How They Get Business
• 100% tender-driven govt projects
• Tenders usually float in H2 (post budgeting in H1)
• Tenders are bundle-based (infra + equipment + installation + training)
• Most have strict eligibility: prior execution of 80% of similar project size
Very few companies qualify – Aprameya is among the few with this track record
Business Moat
Turnkey Delivery – End-to-end from design to install to AMC
Entry Barriers – Large tender eligibility filters out smaller/regional players
OEM Partnerships – J&J, Philips, Schiller, ResMed etc. = faster delivery & exclusive products
Innovative Offerings – Mobile CTs, EP Labs, Mobile Stroke Units, Robotic Surgery
Recurring Revenue Kick-in – CAMC/AMC post-warranty (5–8 yr contracts) from FY26
Working Capital
• Govt pays ~80% only post-completion
• Majority of billing happens in March → Receivables spike
• ₹120 cr+ receivables at FY25-end = timing issue, not bad debts
• Collections expected in Q1; debtor cycle improved from 8 to 6 months; targeting 4–5 months
• ₹29 cr IPO proceeds (Aug 2024) used to support WC + scale-up
Competition Landscape
• No listed peer in India with similar turnkey + EPC + medical infra blend
• Small regional players exist but can’t qualify for large ₹50–80 cr tenders due to lack of experience
• Aprameya has strong entry barriers due to proven execution + vendor network + exclusive OEM deals
• Mgmt confirms 80% of tenders are out of reach for newer/smaller players
Risks
• 100% dependency on govt business
• WC-heavy business due to project timing
• Execution challenges while expanding into 7 new states