Key Highlights

• Atishay Limited (BSE: 538713) received a Work Order from the Government of West Bengal, Department of Health and Family Welfare, on June 13, 2026.
• Scope: Printing and delivery of AB PM-JAY (Ayushman Bharat Pradhan Mantri Jan Arogya Yojana) Cards and AB Vay Vandana Cards for eight districts in West Bengal.
• Districts covered: Bankura, Birbhum, Jalpaiguri, Kalimpong, Murshidabad, Nadia, Purba Bardhaman, and Uttar Dinajpur.
• Total quantity: 2,25,74,669 cards.
• Contract value: Rs. 11,16,13,678/- (Rs. 11.16 crore) inclusive of GST.
• Stipulated completion: nine months from Work Order issuance.
• Atishay also holds similar Ayushman Card printing assignments in Odisha, Haryana, Chhattisgarh, Uttar Pradesh, Goa, and Maharashtra.

Company Overview

Atishay Limited is a Bhopal-headquartered company operating in the e-Governance, public welfare implementation, and printing services space. Listed on BSE (scrip code 538713), the company has built a presence as a trusted government services partner across multiple Indian states, particularly in the health and identity documentation space. As of June 12, 2026, Atishay traded at Rs. 203 — down 1.24% on that session — with a market capitalisation of Rs. 224 crore. The stock P/E stands at 32.9, ROCE at 17.0%, and ROE at 13.1%. Its 52-week range is Rs. 117 to Rs. 235.

Business and Sector Context

Atishay Limited operates in the government e-Governance services segment, specialising in printing and physical delivery of government-mandated benefit cards. Its core competency lies in large-scale print and logistics operations for health, welfare, and identity programmes backed by central and state government mandates. The Ayushman Bharat PM-JAY programme is India's largest publicly funded health insurance scheme, and the physical card distribution requirement across all beneficiary states creates a recurring, tender-driven revenue opportunity for companies like Atishay.

Details of the Announcement

The Work Order was awarded by the Government of West Bengal, Department of Health and Family Welfare, Swasthya Bhavan, Salt Lake City, Kolkata. The order covers 2,25,74,669 (approximately 2.26 crore) cards across eight districts. Printed cards are to be delivered to designated Block or Municipal officials, or other officials authorised by the respective District Magistrates and the Kolkata Municipal Commissioner, in accordance with NHA operational guidelines. The contract value is Rs. 11,16,13,678 inclusive of GST, with a nine-month completion window. All terms are governed by Atishay's existing contract framework with the National Health Authority.

Impact on Investors

This order, at Rs. 11.16 crore against a market cap of Rs. 224 crore, represents approximately 5% of the company's market capitalisation in fresh order value. More importantly, it adds to a growing pattern of state-level Ayushman Card printing contracts across multiple states, reflecting Atishay's established position as a preferred vendor for the NHA's physical card distribution ecosystem.

The multi-state presence — covering West Bengal, Odisha, Haryana, Chhattisgarh, Uttar Pradesh, Goa, and Maharashtra — provides revenue diversification and reduces dependence on any single state government client. At a P/E of 32.9, the stock is priced at a premium to the broader small-cap market, which may reflect market expectations of continued government order inflows as Ayushman Bharat enrolment expands.

Frequently Asked Questions

What is AB Vay Vandana Card?

AB Vay Vandana is a West Bengal state-specific extension under the Ayushman Bharat umbrella, providing health coverage to senior citizens and other beneficiary categories not covered under the central PM-JAY scheme.

How does Atishay win these government orders?

Government card printing contracts are typically awarded through competitive tendering processes conducted by state health departments. Atishay's track record across multiple states positions it as an established, low-risk vendor for such contracts.

Is the NHA the same as the state government?

No. The National Health Authority (NHA) is the central implementing agency for AB PM-JAY, while state governments run their own variant programmes. Atishay's contracts are with state health departments but governed under NHA guidelines.

What is the revenue recognition timeline for this order?

Revenue will be recognised progressively as card batches are printed and delivered across the eight districts over the nine-month period from the date of the Work Order.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Stock prices and financial data are subject to change. Investors should conduct their own due diligence before making any investment decisions. Past performance is not indicative of future results.