In a significant development that reaffirms its operational credibility and leadership in e-governance services, Atishay Limited has announced that it has been awarded a five-year rate contract by the State Election Commission, Karnataka, as the prime bidder in a consortium with M/s Gundal Business Private Limited. The project entails the preparation and printing of photo electoral rolls and other essential documentation for the smooth conduct of local body elections across all 31 districts in the state of Karnataka.

This major contract was disclosed by Atishay Limited to the BSE (Scrip Code: 538713, Scrip ID: ATISHAY) on July 22, 2025, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR Regulations).

Nature and Scope of the Contract

The awarded project, formally titled “Preparation (Generation, Integration & Merging of Electoral Database) and Printing of Photo Electoral Rolls & Other Printing Works activities (Service Tender)”, is part of a critical initiative to digitally streamline the election process in the state. The scope of the contract covers:

• Electoral database generation and integration

• Photo electoral roll printing

• Supportive printing work for elections

These services are to be delivered as and when required by the State Election Commission over a period of five years, i.e., from the date of issuance up to July 20, 2030.

As a rate-based service tender, the contract does not carry a pre-assigned fixed value. Instead, the overall monetary compensation will be determined by the volume and frequency of actual work orders issued by the Election Commission over the tenure of the contract. However, due to the extensive geographic coverage and significance of the project, the potential value is considered to be substantial.

Consortium Structure and Responsibilities

Atishay Limited has taken on the role of Prime Bidder in the awarded consortium. M/s Gundal Business Private Limited is the Consortium Partner. The structure allows the leveraging of specialized capabilities from both firms:

• Atishay Limited brings its technical expertise in data management, software integration, and large-scale project execution, particularly in the public sector domain.

• Gundal Business Private Limited supports in logistics, operations, and on-ground execution across Karnataka.

Together, the consortium is expected to manage the end-to-end project lifecycle, from data handling to the final printing of electoral rolls, ensuring timely and accurate election preparations.

Strategic Implications for Atishay Limited

The award of this rate contract underscores Atishay Limited’s reputation as a reliable service provider in the e-governance and public infrastructure sector. It highlights the company's capability to manage complex data-driven projects at scale, and its ability to forge impactful partnerships.

This development also strategically positions Atishay Limited for:

• Increased market share in government tenders

• Enhanced presence in southern India, particularly Karnataka

• Stronger financial performance in upcoming fiscal years, assuming successful and consistent work order flows

Moreover, the five-year tenure ensures revenue visibility and operational continuity, which is especially valuable in the context of recurring local body elections and the associated logistical demand.

SEBI Disclosure Compliance – Annexure A Insights

As per the formal disclosure in Annexure A, filed along with the stock exchange intimation, the key details of the contract are:

1. Awarding Authority:
   State Election Commission, Karnataka (domestic government entity)

2. Contract Duration:
   Valid for five years, up to July 20, 2030

3. Nature of Contract:
   Rate contract for service tender – no fixed lump-sum value assigned initially

4. Scope of Work:
   Covers electoral database generation, integration, merging, and printing of photo electoral rolls

5. Consortium Structure:
   Atishay Limited as Prime Bidder, Gundal Business Private Limited as Consortium Partner

6. Execution Timeline:
   On-demand issuance of work orders by the Election Commission throughout the contract period

7. Monetary Consideration:
   Based on actual work volume, though expected to be significant in potential value

8. Related Party Involvement:
   No involvement of promoters or related party transactions confirmed by the Company

Regulatory and Governance Alignment

The Company has assured compliance with all relevant provisions of SEBI (LODR) Regulations, 2015, including timely disclosure, transparent reporting, and updates on material developments. The filing also specifies that the contract does not involve any related parties, and all agreements are executed on an arm’s length basis, further reinforcing the governance standards adopted by the Company.

The disclosure was made under Ref: ATL/LH/25-26/839, signed by Ms. Sambedna Jain, Company Secretary & Compliance Officer of Atishay Limited.

Conclusion

This five-year contract from the State Election Commission, Karnataka, is a landmark win for Atishay Limited, solidifying its presence in the public sector data services and e-governance domain. The project not only signifies operational scalability and credibility but also provides an avenue for consistent revenue generation over the next half-decade.

With elections to local bodies forming a critical element of grassroots governance, the execution of this contract is expected to play a pivotal role in ensuring transparency, efficiency, and digital enablement in Karnataka's electoral framework.

The company has committed to keeping the exchanges informed about material progress or updates, in line with its ongoing commitment to shareholder transparency and regulatory compliance.

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