Atishay Ltd (ATISHAY) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Atishay Ltd ₹48.08, price ₹142, upside -66.1%, quality 49 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch Atishay Ltd for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 2026.
How to read this chart
60‑month range ₹26.94 – ₹241.29 · fair‑value band ₹42.79 – ₹61.10 · the ₹141.80 price screens above the ₹48.08 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Oct 3, 2026.
Follow Atishay in your weekly email
Every Wednesday you see whether Atishay is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Atishay Limited engages in the information technology (IT), database management, software development, e-governance, and retail fintech businesses in India. It operates through E"Governance and Retail & Others segments.
Show more
Atishay Limited engages in the information technology (IT), database management, software development, e-governance, and retail fintech businesses in India. It operates through E"Governance and Retail & Others segments. The company provides e-governance services; and electoral rolls and electors photo identity cards preparation services, software development, and multi-recharge/retail, as well as other B2G and B2B services. It also operates Zapurse, an online self-service portal which focusses on banking, FasTAG, utility bill payment, DMT, mATM, AePS, and recharge services; eSahyog, a complete day-to-day functionality of the primary agriculture co-operative societies through centralised architecture; TrackVec which provides digital solutions for modern problems; and E-Mitra, a technology partner for the doorstep delivery of government services. In addition, the company offers Aadhaar-enabled biometric attendance systems; Election Project Management; GPS vehicle tracking system; aadhaar enrollment; and legal metrology, electronic measurement book, and document verification and authentication engine solutions, as well as provides database management solutions and systems integration services; and customized turnkey solutions in hardware, software, and networking. The company was formerly known as Atishay Infotech Limited and changed its name to Atishay Limited in January 2016. Atishay Limited was founded in 1989 and is headquartered in Bhopal, India.
Stock analysis
Atishay Ltd (ATISHAY) currently trades at ₹141.80, while our model-based Fair Value estimate is ₹48.08, 66.1% below the price, so the stock looks overvalued today.
Show more
Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹170.63 per share, and 5 of the 15 models we run sit above the ₹141.80 price.
Bear case: the Asset-Based group reads lowest at ₹33.45, and 10 of the 15 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹42.79 (bear) to ₹61.10 (bull), the price of ₹141.80 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 49/100 (below-average quality), in the Technology sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Atishay Ltd reported revenue of ₹558M in FY2025 versus ₹198M in FY2021, a compound +29.6%/yr. Reported net income was ₹71.4M in FY2025, compounding +182.1%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap ₹1.6B (≈ $16.2M) · P/E ratio 27.9 · P/S ratio 3.57 · EPS (TTM) ₹5.08 · Dividend yield 0.7% · Net margin 12.8% · Return on equity 13.8% · Return on assets (EBIT) 7.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 38% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at 44% fair-value upside, at −66%, ATISHAY screens richer than that median.
Fair Value models
Bear ₹42.79Fair Value ₹48.08Bull ₹61.10
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (₹3.09 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+9.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+37.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.2%
Start year 2020 (pandemic)
Revenue growth 9 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.3%
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+24.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+23.8%
Dividend (yield on the price)0.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.23.8% vs 8.1%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.15% → 14%
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Information Technology Services · 461 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score49 · Below median
Fair Value upside−66.1% · Bottom 25%
Profitability
Return on equity (TTM)13.8% · Above median
Return on assets8.0% · Top 25%
Net margin (TTM)9.8% · Top 25%
Operating margin (TTM)−0.7% · Bottom 25%
Growth and dividend
Revenue growth10.8% · Above median
Dividend yield (TTM)0.7% · Bottom 25%
Balance sheet
Debt / equity0.03× · Below median
Valuation Multiplesvs Information Technology Services median · lower = cheaper
P/E (TTM)27.9× · Pricier than median
P/B2.84× · Pricier than median
P/S (TTM)2.74× · Priciest 25%
EV/EBITDA19.5× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 43
FUTURE (revenue growth)54· sector 30
PAST (return on equity)55· sector 36
HEALTH (low debt)98· sector 97
DIVIDEND (yield)14· sector 43
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Atishay Ltd Fair Value". https://www.fairvalue-calculator.com/stock/ATISHAY
Frequently asked questions
Is Atishay Ltd (ATISHAY) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of ₹48.08 versus a price of ₹141.80, about −66% upside (overvalued).
What is the fair value of ATISHAY?
Our model-based fair value for Atishay Ltd is ₹48.08 (as of Oct 3, 2026), built from audited fundamentals. The current price: ₹141.80.
What is the quality score of ATISHAY?
Atishay Ltd has a Quality Score of 49/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Atishay Ltd (ATISHAY)?
Our model-based price target is the fair value of ₹48.08 (as of Oct 3, 2026) from 15 valuation models. Cautious scenario ₹42.79, optimistic scenario ₹61.10. It is a calculation from audited fundamentals, not an analyst target.
What is the Atishay Ltd stock forecast for 2026?
Our models put fair value at ₹48.08, about −66% upside versus a price of ₹141.80 (overvalued). Cautious scenario ₹42.79, optimistic scenario ₹61.10. The calculation is refreshed regularly with new filings.
What is the revenue of Atishay Ltd (ATISHAY)?
Atishay Ltd reported trailing-twelve-month revenue of about ₹571M (latest available figure, as of Oct 3, 2026).
Does Atishay Ltd pay a dividend?
Atishay Ltd currently shows a dividend yield of about 0.71% relative to its recent price (as of Oct 3, 2026).
What is the intrinsic value of Atishay Ltd (ATISHAY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Atishay Ltd it is ₹48.08 per share (as of Oct 3, 2026), against a price of ₹141.80. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Atishay Ltd stock overvalued or undervalued in 2026?
As of Oct 3, 2026, ATISHAY trades above its calculated fair value: price ₹141.80, fair value ₹48.08, a gap of about −66% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ATISHAY?
No. The price is what the market pays today (₹141.80); the fair value is what the company's own numbers justify (₹48.08). For Atishay Ltd the two are ₹93.72 per share apart. That gap is exactly why we show both numbers side by side.
How much is Atishay Ltd worth?
The market values Atishay Ltd at about ₹1.6B (market capitalisation, as of Oct 3, 2026). Per share that is ₹141.80; our models calculate a fair value of ₹48.08 per share.
What do the bullish and bearish scenarios say about ATISHAY?
Our models span a range for Atishay Ltd: cautious scenario ₹42.79, base ₹48.08, optimistic ₹61.10 per share (as of Oct 3, 2026, price ₹141.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ATISHAY?
Atishay Ltd trades at a price-to-earnings ratio of 27.9 (as of Oct 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹48.08 is built from several models across several years. Other multiples: P/B 2.8, P/S 2.7, EV/EBITDA 19.5.
How solid is the balance sheet of Atishay Ltd (ATISHAY)?
Balance-sheet figures for Atishay Ltd (as of Oct 3, 2026): return on equity 13.8%, debt of 0.03 per unit of equity. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is ATISHAY from its 52-week high?
Atishay Ltd trades at ₹141.80, about 38% below its 52-week high of ₹227.52 and 18% above the low of ₹120.42 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹48.08 is for.
Which stocks are comparable to Atishay Ltd?
From the same area (Technology) we also value International Business Machines Corporation, Accenture plc, Tata Consultancy Services Limited, Infosys Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Atishay Ltd stock attractive at the current price?
The data as of Oct 3, 2026: price ₹141.80, calculated fair value ₹48.08 (−66%), Quality Score 49/100, from 15 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ATISHAY calculated?
We run Atishay Ltd through 15 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹48.08, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Atishay Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Atishay Ltd (ATISHAY)?
The closing price on Oct 1, 2026 was ₹141.80. Our model-based fair value is ₹48.08, about −66% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Atishay Ltd right now?
The price sits above even our optimistic bull case (₹61.10). The favourable scenario is already priced in. Solid but not exceptional quality (49/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Atishay Ltd
How large is the market capitalisation of Atishay Ltd (ATISHAY)?
The market capitalisation of Atishay Ltd is ₹1.6B (≈ $16.2M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Atishay Ltd (ATISHAY)?
The price-to-sales ratio of Atishay Ltd is 3.57 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Atishay Ltd (ATISHAY)?
Earnings per share at Atishay Ltd are ₹5.08 (price ÷ EPS = P/E 27.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Atishay Ltd (ATISHAY)?
The dividend yield of Atishay Ltd is 0.7% (payout 19.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Atishay Ltd (ATISHAY)?
The net margin of Atishay Ltd is 12.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Atishay Ltd (ATISHAY)?
The return on equity (ROE) of Atishay Ltd is 13.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Atishay Ltd (ATISHAY)?
On an EBIT basis the return on assets of Atishay Ltd is 7.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Atishay Ltd (ATISHAY)?
The operating margin of Atishay Ltd is −0.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Atishay Ltd (ATISHAY)?
Revenue at Atishay Ltd is growing +10.8% versus a year earlier (3y avg +37.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Atishay Ltd (ATISHAY)?
Earnings per share at Atishay Ltd are growing −92.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Atishay Ltd (ATISHAY) generate?
The free cash flow of Atishay Ltd is −₹69.5M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Atishay Ltd (ATISHAY) carry?
The net debt of Atishay Ltd is ₹467K (fiscal year 2022). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Atishay Ltd in the live analysis
One click puts Atishay Ltd on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
