IT - Education · Founded 2000 · www.aptech-worldwide.com · BSE 532475 · NSE APTECH LTD · ISIN INE266F01018
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Business
Aptech Ltd. is a global education and training company headquartered in India. Its core business involves providing skill-based vocational training in IT, multimedia, animation, and English language. The company operates primarily through a franchise model, offering courses to individuals seeking career-oriented skills. Additionally, Aptech provides enterprise-level training solutions to corporate clients and offers institutional learning programs to schools and colleges. It makes money primarily through course fees from students (collected via its franchise network), franchise fees, and direct contracts for corporate and institutional training.
Revenue Mix
Aptech's major business segments include:
Individual Training: This is the largest segment, offering vocational training through brands like Aptech Computer Education (IT skills), Arena Animation (animation, VFX, gaming, web design), and MAAC (Media, Animation & Arts Communication). These programs cater to students aspiring for careers in these fields.
Corporate Training: Providing customized training solutions to businesses for employee skill development and upskilling.
Institutional Training: Partnering with educational institutions (schools, colleges) to offer specialized courses and curriculum integration.
Aptech English Learning Academy: Focused on English language proficiency training.
Aptech's revenue mix is predominantly driven by its individual training segment through its extensive franchisee network across India and internationally.
Industry
The IT-Education sector in India is highly competitive and fragmented, characterized by a mix of organized national players, numerous local institutes, and a growing number of online learning platforms (Ed-techs). The demand for specialized IT skills is robust. Aptech is one of the oldest and most recognized brands in the vocational IT and multimedia training space, particularly strong in animation and VFX education (Arena Animation, MAAC). It competes with other established offline players, a multitude of smaller regional training centers, and increasingly, large online education providers and MOOC platforms. Aptech holds a strong brand recall and an extensive physical presence through its franchise network, giving it an advantage in reaching diverse geographies.
MOAT
Aptech possesses several competitive advantages:
Brand Recognition: Over three decades of operation have built strong brand equity, especially for Aptech, Arena Animation, and MAAC, making them preferred choices for vocational training.
Extensive Franchise Network: A wide network of training centers both domestically and internationally provides significant reach and distribution capabilities, which is challenging for new entrants to replicate quickly.
Industry Recognition & Alliances: Long-standing tie-ups with industry bodies and companies often lead to better placement opportunities for students and validation of its curriculum.
Specialized Curriculum: Expertise in niche areas like animation, VFX, and gaming provides a differentiated offering compared to general IT training providers.
Growth Drivers
Skill India Initiative & Government Focus: Government emphasis on skill development and vocational training aligns well with Aptech's offerings.
Digital Transformation & IT Upskilling: Continuous evolution of technology (AI, ML, Data Science, Cybersecurity) drives demand for new and updated skills, leading to demand for Aptech's specialized courses.
Growth of Animation/VFX Industry: The booming media and entertainment sector, particularly in animation, VFX, and gaming, directly fuels demand for Aptech's Arena Animation and MAAC programs.
Corporate Training Demand: Companies increasingly invest in upskilling their workforce to stay competitive, creating opportunities for Aptech's corporate training division.
International Expansion: Leveraging its experience to expand its franchise network and offerings in other developing markets.
Risks
Intense Competition: Growing competition from both offline (local players, other national chains) and online (Ed-tech startups, global MOOCs offering certifications) platforms can impact student enrollment and pricing power.
Rapid Technological Changes: The IT sector evolves quickly, requiring continuous and significant investment in curriculum updates, instructor training, and infrastructure to remain relevant. Failure to adapt can lead to obsolescence.
Economic Downturn: A slowdown in the economy can reduce disposable income for discretionary expenses like vocational training, impacting enrollments.
Franchise Management & Quality Control: Maintaining consistent quality and brand standards across a large, diverse franchisee network can be challenging.
Regulatory Changes: Changes in education policies or skill development initiatives by the government could impact operations.
Management & Ownership
Aptech Ltd. is significantly influenced by the promoter group associated with the late Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala, who hold a substantial stake. This promoter backing provides a degree of stability and strategic guidance. The company is professionally managed with a team responsible for operations, curriculum development, and strategic initiatives, leveraging their expertise in the education and training domain.
Outlook
Aptech Ltd. is positioned in a growing market for vocational and specialized IT education, driven by digital transformation and skill development needs. Its established brand, extensive franchise network, and expertise in niche areas like animation and VFX provide a strong foundation. However, the company faces significant challenges from a rapidly evolving technological landscape and intense competition from new-age ed-tech players and online learning platforms. Aptech's ability to continuously innovate its curriculum, enhance placement opportunities, and effectively leverage technology for blended learning will be crucial for sustaining growth and market leadership amidst these competitive pressures.
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| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 104 | 105 | 126 | 110 | 119 | 120 | 135 | 137 | 111 | 134 |
| Other Income | 5 | 3 | 5 | 4 | 4 | 5 | 4 | 3 | 4 | 4 |
| Total Income | 109 | 108 | 131 | 115 | 122 | 125 | 139 | 140 | 115 | 138 |
| Total Expenditure | 99 | 98 | 119 | 104 | 111 | 113 | 127 | 123 | 108 | 125 |
| Operating Profit | 9 | 10 | 13 | 11 | 11 | 12 | 12 | 17 | 7 | 13 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Exceptional Income / Expenses | -3 | -1 | -0 | 0 | -0 | -0 | 0 | -2 | 0 | 0 |
| Profit Before Tax | 4 | 7 | 10 | 9 | 9 | 10 | 9 | 12 | 5 | 10 |
| Provision for Tax | 1 | 2 | 4 | 5 | 4 | 3 | 3 | 4 | 3 | 3 |
| Profit After Tax | 3 | 5 | 6 | 4 | 5 | 7 | 6 | 9 | 2 | 8 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 3 | 5 | 6 | 4 | 5 | 7 | 6 | 9 | 2 | 8 |
| Adjusted Earnings Per Share | 0.5 | 0.9 | 0.9 | 0.6 | 0.9 | 1.2 | 1.1 | 1.5 | 0.3 | 1.3 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 163 | 212 | 229 | 209 | 158 | 118 | 226 | 457 | 437 | 460 | 503 | 517 |
| Other Income | 4 | 4 | 8 | 4 | 5 | 9 | 14 | 22 | 16 | 19 | 19 | 15 |
| Total Income | 167 | 217 | 237 | 213 | 163 | 127 | 241 | 479 | 453 | 479 | 523 | 532 |
| Total Expenditure | 143 | 183 | 205 | 179 | 122 | 104 | 188 | 390 | 395 | 434 | 475 | 483 |
| Operating Profit | 24 | 34 | 33 | 34 | 42 | 23 | 52 | 90 | 58 | 45 | 48 | 49 |
| Interest | 1 | 0 | 0 | 0 | 1 | 2 | 0 | 1 | 2 | 1 | 2 | 1 |
| Depreciation | 10 | 11 | 11 | 11 | 9 | 12 | 8 | 7 | 8 | 9 | 8 | 8 |
| Exceptional Income / Expenses | 0 | 0 | 16 | 0 | 0 | 0 | 0 | 0 | -7 | -1 | -3 | -2 |
| Profit Before Tax | 13 | 23 | 37 | 22 | 32 | 9 | 43 | 82 | 40 | 35 | 35 | 36 |
| Provision for Tax | 3 | 4 | 4 | 4 | 8 | -3 | -6 | 15 | 11 | 16 | 12 | 13 |
| Profit After Tax | 10 | 19 | 33 | 18 | 24 | 12 | 49 | 68 | 29 | 19 | 24 | 25 |
| Adjustments | -0 | 0 | 0 | 0 | -11 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 10 | 19 | 33 | 18 | 14 | 12 | 49 | 68 | 29 | 19 | 24 | 25 |
| Adjusted Earnings Per Share | 1.8 | 3.5 | 5.9 | 3.3 | 2.4 | 2.2 | 8.5 | 11.7 | 5 | 3.3 | 4.1 | 4.2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 9% | 3% | 34% | 12% |
| Operating Profit CAGR | 7% | -19% | 16% | 7% |
| PAT CAGR | 26% | -29% | 15% | 9% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -28% | -32% | -17% | -3% |
| ROE Average | 9% | 9% | 17% | 12% |
| ROCE Average | 15% | 15% | 21% | 14% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 229 | 247 | 279 | 279 | 259 | 166 | 210 | 256 | 260 | 251 | 249 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 40 | -10 | -9 | -11 | -10 | -19 | -22 | -25 | -17 | -24 | -9 |
| Total Current Liabilities | 29 | 37 | 42 | 49 | 78 | 55 | 98 | 236 | 139 | 131 | 163 |
| Total Liabilities | 298 | 275 | 312 | 317 | 327 | 203 | 286 | 468 | 382 | 358 | 403 |
| Fixed Assets | 29 | 33 | 28 | 28 | 29 | 20 | 19 | 23 | 28 | 22 | 34 |
| Other Non-Current Assets | 190 | 137 | 148 | 150 | 153 | 45 | 55 | 96 | 47 | 23 | 93 |
| Total Current Assets | 79 | 105 | 136 | 139 | 145 | 138 | 213 | 350 | 307 | 313 | 275 |
| Total Assets | 298 | 275 | 312 | 317 | 327 | 203 | 286 | 468 | 382 | 358 | 403 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 9 | 9 | 14 | 13 | 11 | 5 | 16 | 54 | 77 | 18 | 25 |
| Cash Flow from Operating Activities | 14 | 29 | 12 | 14 | -10 | 41 | 45 | 99 | -8 | 20 | 24 |
| Cash Flow from Investing Activities | -14 | -24 | 2 | 0 | 22 | -6 | -1 | -54 | -24 | 16 | 8 |
| Cash Flow from Financing Activities | -0 | -0 | -14 | -17 | -18 | -24 | -6 | -21 | -28 | -28 | -30 |
| Net Cash Inflow / Outflow | 1 | 5 | -0 | -3 | -6 | 11 | 38 | 24 | -60 | 8 | 2 |
| Closing Cash & Cash Equivalent | 9 | 14 | 13 | 11 | 5 | 16 | 54 | 77 | 18 | 25 | 27 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 1.82 | 3.46 | 5.89 | 3.26 | 2.4 | 2.15 | 8.54 | 11.67 | 5.01 | 3.29 | 4.06 |
| CEPS(Rs) | 3.68 | 5.38 | 7.9 | 5.19 | 5.89 | 4.34 | 9.97 | 12.8 | 6.45 | 4.76 | 5.44 |
| DPS(Rs) | 0.71 | 2.14 | 2.5 | 2.5 | 8 | 2.25 | 5 | 4.29 | 4.5 | 4.5 | 4.5 |
| Book NAV/Share(Rs) | 40.93 | 43.26 | 46.76 | 47.22 | 43.16 | 27.25 | 35.77 | 43.93 | 44.74 | 43.25 | 42.8 |
| Core EBITDA Margin(%) | 12.51 | 13.78 | 10.71 | 14.08 | 23.12 | 11.67 | 16.64 | 14.7 | 9.48 | 5.7 | 5.72 |
| EBIT Margin(%) | 8.33 | 10.77 | 16.18 | 10.93 | 20.81 | 8.99 | 19.37 | 18.18 | 9.7 | 7.8 | 7.43 |
| Pre Tax Margin(%) | 7.94 | 10.75 | 15.97 | 10.74 | 20.16 | 7.43 | 19.21 | 18 | 9.24 | 7.55 | 7.03 |
| PAT Margin (%) | 6.24 | 9.1 | 14.35 | 8.74 | 15.41 | 10.38 | 21.87 | 14.81 | 6.65 | 4.15 | 4.67 |
| Cash Profit Margin (%) | 12.57 | 14.15 | 19.26 | 13.89 | 20.99 | 20.94 | 25.54 | 16.24 | 8.56 | 6 | 6.27 |
| ROA(%) | 3.44 | 6.74 | 11.2 | 5.79 | 7.56 | 4.63 | 20.23 | 17.95 | 6.83 | 5.15 | 6.18 |
| ROE(%) | 4.51 | 8.21 | 13.08 | 6.94 | 9.61 | 6.15 | 27.3 | 29.32 | 11.3 | 7.48 | 9.43 |
| ROCE(%) | 6.03 | 9.6 | 14.08 | 8.17 | 11.74 | 4.74 | 23.28 | 35.63 | 16.41 | 14.04 | 14.97 |
| Receivable days | 82.57 | 70.59 | 82.22 | 114.22 | 164.95 | 206.42 | 107.22 | 51.47 | 43.09 | 33.05 | 37.32 |
| Inventory Days | 5.85 | 2.64 | 1.37 | 2.12 | 4.17 | 5.53 | 2.34 | 0.97 | 1.01 | 0.75 | 0.4 |
| Payable days | 0 | 1592.86 | 1742.83 | 1992.59 | 1996.05 | 5975.5 | 5541.9 | 0 | 0 | 6235.43 | 0 |
| PER(x) | 22.66 | 47.54 | 31.33 | 38.67 | 24.98 | 61.92 | 28.43 | 20.87 | 46.3 | 35.61 | 17.31 |
| Price/Book(x) | 1.01 | 3.8 | 3.94 | 2.67 | 1.39 | 4.89 | 6.79 | 5.55 | 5.18 | 2.71 | 1.64 |
| Dividend Yield(%) | 1.73 | 1.3 | 1.36 | 1.98 | 9.55 | 1.21 | 1.47 | 1.76 | 1.94 | 3.84 | 6.41 |
| EV/Net Sales(x) | 1.21 | 4.19 | 4.3 | 3.18 | 2.2 | 6.23 | 5.93 | 2.89 | 3.02 | 1.41 | 0.74 |
| EV/Core EBITDA(x) | 8.24 | 26.47 | 30.1 | 19.77 | 8.32 | 31.88 | 25.74 | 14.76 | 22.81 | 14.31 | 7.74 |
| Net Sales Growth(%) | -4.2 | 29.91 | 7.99 | -8.99 | -24.17 | -45.54 | 91.48 | 102.09 | -4.4 | 5.33 | 9.42 |
| EBIT Growth(%) | -31.84 | 67.99 | 62.18 | -38.51 | 44.4 | -42.73 | 312.6 | 89.64 | -48.97 | -15.29 | 4.26 |
| PAT Growth(%) | -35 | 89.38 | 70.29 | -44.57 | 33.74 | -9.23 | 303.25 | 36.92 | -57.09 | -34.31 | 23.3 |
| EPS Growth(%) | -35.01 | 89.83 | 70.29 | -44.57 | -26.54 | -10.16 | 296.67 | 36.68 | -57.1 | -34.31 | 23.29 |
| Debt/Equity(x) | 0 | 0 | 0 | 0 | 0.09 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio(x) | 2.69 | 2.86 | 3.21 | 2.81 | 1.86 | 2.52 | 2.17 | 1.48 | 2.21 | 2.39 | 1.69 |
| Quick Ratio(x) | 2.62 | 2.84 | 3.19 | 2.78 | 1.84 | 2.49 | 2.15 | 1.48 | 2.2 | 2.38 | 1.68 |
| Interest Cover(x) | 21.36 | 556.1 | 76.63 | 58.76 | 32.05 | 5.78 | 118.49 | 105.48 | 21.06 | 31.11 | 18.58 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0.07 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 47.36 | 47.36 | 47.36 | 47.35 | 47.35 | 47.35 | 47.35 | 47.35 | 47.35 | 47.35 |
| FII | 0.49 | 0.4 | 0.48 | 0.47 | 0.4 | 0.41 | 0.39 | 0.58 | 0.66 | 0.46 |
| DII | 2.11 | 3.26 | 3.18 | 2.94 | 2.94 | 2.94 | 2.38 | 1.21 | 1.2 | 0.57 |
| Public | 50.04 | 48.98 | 48.98 | 49.24 | 49.31 | 49.3 | 49.87 | 50.86 | 50.8 | 51.62 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 2.75 | 2.75 | 2.75 | 2.75 | 2.75 | 2.75 | 2.75 | 2.75 | 2.75 | 2.75 |
| FII | 0.03 | 0.02 | 0.03 | 0.03 | 0.02 | 0.02 | 0.02 | 0.03 | 0.04 | 0.03 |
| DII | 0.12 | 0.19 | 0.18 | 0.17 | 0.17 | 0.17 | 0.14 | 0.07 | 0.07 | 0.03 |
| Public | 2.9 | 2.84 | 2.84 | 2.86 | 2.86 | 2.86 | 2.89 | 2.95 | 2.95 | 2.99 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 5.8 | 5.8 | 5.8 | 5.8 | 5.8 | 5.8 | 5.8 | 5.8 | 5.8 | 5.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +9% | +3% | +34% | +12% |
| Operating Profit CAGR | +7% | -19% | +16% | +7% |
| PAT CAGR | +26% | -29% | +15% | +9% |
| Share Price CAGR | -28% | -32% | -17% | -3% |
| ROE Average | +9% | +9% | +17% | +12% |
| ROCE Average | +15% | +15% | +21% | +14% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 47.36 | 47.36 | 47.36 | 47.35 | 47.35 | 47.35 | 47.35 | 47.35 | 47.35 | 47.35 |
| FII | 0.49 | 0.4 | 0.48 | 0.47 | 0.4 | 0.41 | 0.39 | 0.58 | 0.66 | 0.46 |
| DII | 2.11 | 3.26 | 3.18 | 2.94 | 2.94 | 2.94 | 2.38 | 1.21 | 1.2 | 0.57 |
| Public | 50.04 | 48.98 | 48.98 | 49.24 | 49.31 | 49.3 | 49.87 | 50.86 | 50.8 | 51.62 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 2.75 | 2.75 | 2.75 | 2.75 | 2.75 | 2.75 | 2.75 | 2.75 | 2.75 | 2.75 |
| FII | 0.03 | 0.02 | 0.03 | 0.03 | 0.02 | 0.02 | 0.02 | 0.03 | 0.04 | 0.03 |
| DII | 0.12 | 0.19 | 0.18 | 0.17 | 0.17 | 0.17 | 0.14 | 0.07 | 0.07 | 0.03 |
| Public | 2.9 | 2.84 | 2.84 | 2.86 | 2.86 | 2.86 | 2.89 | 2.95 | 2.95 | 2.99 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 5.8 | 5.8 | 5.8 | 5.8 | 5.8 | 5.8 | 5.8 | 5.8 | 5.8 | 5.8 |
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