Atishay Limited Secures ₹1.90 Crore Aadhaar Services Project in Chhattisgarh

Atishay Limited has announced receiving a significant work order from the Office of CHIPS in Chhattisgarh for an Aadhaar Services Project, valued at ₹1.90 crore inclusive of taxes. The project, valid for 3 years and 3 months from April 22, 2026, covers the development, implementation, operation, and maintenance of Aadhaar and its allied services statewide.

This new contract is expected to strengthen Atishay Limited's existing order book, providing a clearer view of future revenues and enhancing its revenue visibility. The award highlights the company's capabilities in managing large-scale government IT projects and its established role in the Aadhaar ecosystem.

Atishay Limited has a proven track record in executing government-backed projects. In March 2026, it secured a ₹5.49 crore contract for Census 2027 kits. Previous wins include orders for printing Ayushman Cards and digitizing registration records, demonstrating consistent success in state government tenders. The company has been involved in Aadhaar enrollment initiatives across India since 2010.

Despite this positive development, analysts have raised concerns regarding Atishay Ltd's valuation and technical performance. In February 2026, MarketsMOJO downgraded the stock from 'Hold' to 'Sell', citing deteriorating technical indicators and flat recent financial performance. Analysts highlighted elevated valuation multiples, including a PEG ratio of 3.2 and a Price-to-Book ratio of 3.8, suggesting limited upside potential. Nevertheless, the company has historically demonstrated strong long-term returns and maintains low debt levels.

The company operates within the government IT services sector, facing competition from large-cap firms such as Tata Consultancy Services and Infosys, as well as specialized IT firms like Sampark Infoways that focus on government tender execution.

Atishay Limited reported revenue of ₹53.3 crore for the fiscal year 2025.

Moving forward, investors will likely monitor the company's successful execution of this new Aadhaar project, future order wins in the e-governance and IT services domain, the progression of its financial results, and analyst ratings concerning valuation and technical performance.