Airan Ltd.
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ABOUT
AI Sector View
AI GENERATEDInformation Technology
IT is supported by a still-expanding services backdrop and a weaker rupee. Export of services grew 13.0% YoY (2026-06), services PMI was 54.1 (Aug/26), and the currency at 95.23 (Sep/26) is depreciated versus the previous 95.16, which helps INR translation of export revenues. FPI positioning is only neutral-to-soft with net 3-month flow of INR -5 crore to 2026-08-31, so the positive stance is primarily macro-driven.
PROS
- Company has delivered good profit growth of 21.3% CAGR over last 5 years
- Company is almost debt free
- Latest quarter profit grew 130.8% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.06x)
- Company comfortably covers its interest (717.2x coverage)
- Company generates healthy free cash flow
CONS
- A large part of profit comes from other income (47.9% of PBT)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| TCS | 2300.90 | 16.72 | 832485.76 | 4.78 | 13420.00 | 4.69 | 72275.00 | 13.93 | 66.25 | 25.67 |
| INFY | 1130.00 | 15.14 | 458580.27 | 4.25 | 7775.00 | 12.29 | 48211.00 | 14.03 | 42.84 | 23.66 |
| HCLTECH | 1294.00 | 20.15 | 351148.26 | 4.17 | 4626.00 | 20.34 | 34579.00 | 13.94 | 31.20 | 19.87 |
| WIPRO | 176.80 | 13.25 | 175109.01 | 6.22 | 3356.30 | 0.59 | 24478.60 | 10.59 | 18.49 | 18.93 |
| TECHM | 1592.00 | 30.38 | 156037.29 | 3.20 | 1486.30 | 31.67 | 15711.90 | 17.68 | 23.04 | 17.43 |
| LTM | 4550.00 | 25.80 | 134962.70 | 1.65 | 1468.60 | 17.06 | 11608.00 | 17.96 | 30.25 | 17.75 |
| OFSS | 12067.35 | 30.79 | 105086.26 | 3.31 | 1415.50 | 120.52 | 3125.20 | 68.73 | 45.50 | 60.04 |
| PERSISTENT | 5655.00 | 46.38 | 89207.62 | 0.71 | 483.04 | 13.67 | 4303.23 | 29.09 | 35.09 | 16.19 |
| COFORGE | 1967.45 | 49.61 | 87153.72 | 0.80 | 531.70 | 49.19 | 5527.70 | 49.86 | 24.70 | 19.14 |
| MPHASIS | 2425.35 | 24.23 | 46294.46 | 2.56 | 489.51 | 10.82 | 4384.05 | 17.46 | 23.31 | 18.15 |
| LTTS | 3492.45 | 28.07 | 37047.05 | 1.66 | 357.10 | 12.97 | 2940.10 | 11.47 | 27.70 | 18.65 |
| AIRAN | 15.53 | 12.37 | 194.16 | 0.00 | 66.97 | 1972.73 | 265.53 | 933.23 | 17.42 | 12.95 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 21 | 24 | 22 | 26 | 23 | 23 | 24 | 25 | 23 | 24 | 27 | 28 | 24 | |
| 19 | 19 | 18 | 19 | 18 | 21 | 19 | 20 | 20 | 21 | 24 | 23 | 22 | |
| Operating Profit | 2 | 4 | 4 | 7 | 4 | 2 | 5 | 5 | 3 | 2 | 3 | 5 | 2 |
| OPM % | 11.50% | 17.45% | 16.17% | 25.19% | 19.43% | 7.72% | 19.83% | 18.69% | 13.94% | 10.49% | 9.47% | 17.06% | 6.68% |
| 1 | 0 | 1 | 0 | 22 | -2 | -3 | -7 | 1 | -1 | 8 | -3 | 6 | |
| Interest | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | 2 | 4 | 3 | 6 | 25 | -1 | 1 | -3 | 4 | 1 | 10 | 1 | 8 |
| Tax % | 21.30% | 18.93% | 17.00% | 29.12% | 15.18% | -137.84% | -156.60% | -3.22% | 24.29% | 60.78% | 17.63% | 65.85% | 19.09% |
| Net Profit | 2 | 3 | 2 | 4 | 22 | -3 | 1 | -4 | 3 | 0 | 8 | 0 | 6 |
| 0.14 | 0.23 | 0.20 | 0.32 | 1.73 | -0.21 | 0.11 | -0.28 | 0.20 | 0.01 | 0.63 | 0.00 | 0.48 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 26 | 29 | 33 | 44 | 57 | 63 | 77 | 86 | 92 | 94 | 102 | |
| 21 | 24 | 26 | 35 | 46 | 53 | 67 | 72 | 76 | 79 | 91 | |
| Operating Profit | 5 | 5 | 7 | 9 | 10 | 10 | 10 | 15 | 16 | 16 | 11 |
| OPM % | 17.56% | 15.92% | 21.56% | 19.66% | 18.38% | 16.02% | 12.78% | 16.83% | 17.77% | 16.49% | 11.15% |
| 1 | 2 | 3 | 3 | 2 | 2 | 5 | 2 | 2 | 10 | 10 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 3 | 2 | 2 | 5 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Profit before Tax | 2 | 3 | 6 | 5 | 8 | 7 | 10 | 12 | 15 | 21 | 18 |
| Tax % | 32.22% | 26.09% | 26.38% | 29.25% | 15.93% | 23.19% | 16.65% | 22.60% | 22.99% | 21.79% | 21.57% |
| Net Profit | 1 | 2 | 5 | 4 | 6 | 6 | 8 | 9 | 11 | 17 | 14 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.44 | 0.67 | 0.72 | 0.91 | 1.34 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 17%
- 5 Years:
- 11%
- 3 Years:
- 7%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 35%
- 5 Years:
- 21%
- 3 Years:
- 26%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -8%
- 3 Years:
- -12%
- 1 Year:
- -39%
RETURN ON EQUITY
- 10 Years:
- 9%
- 5 Years:
- 10%
- 3 Years:
- 11%
- Last Year:
- 14%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 5 | 13 | 13 | 13 | 25 | 25 | 25 | 25 | 25 | 25 |
| 14 | 23 | 67 | 62 | 56 | 61 | 69 | 78 | 90 | 106 | |
| 8 | 13 | 9 | 7 | 8 | 6 | 2 | 2 | 0 | 1 | |
| Trade Payables | 1 | 1 | 0 | 0 | 1 | 2 | 2 | 2 | 2 | 2 |
| 2 | 1 | 4 | 11 | 11 | 14 | 14 | 17 | 18 | 19 | |
| Total Liabilities | 30 | 51 | 92 | 91 | 100 | 108 | 112 | 124 | 135 | 153 |
| 14 | 15 | 55 | 54 | 56 | 59 | 56 | 62 | 67 | 66 | |
| Capital Work in Progress | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 2 |
| 4 | 0 | 13 | 9 | 3 | 7 | 18 | 14 | 14 | 21 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 28 | 19 | |
| Cash & Bank | 2 | 12 | 1 | 2 | 1 | 1 | 0 | 13 | 4 | 23 |
| 9 | 23 | 24 | 27 | 40 | 41 | 38 | 35 | 22 | 22 | |
| Total Assets | 30 | 51 | 92 | 91 | 100 | 108 | 112 | 124 | 135 | 153 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 11 | -9 | 10 | 4 | 2 | 13 | 13 | 21 | 2 | 19 | |
| Cash from Investing | -8 | 1 | -14 | 1 | 1 | -10 | -7 | -5 | -10 | -1 |
| Cash from Financing | -2 | 18 | -5 | -3 | 0 | -2 | -4 | -0 | -2 | 0 |
| 1 | 10 | -11 | 1 | -0 | -1 | -0 | 13 | -9 | 19 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 2.71 | 1.84 | 3.71 | 0.61 | 0.51 | 0.45 | 0.68 | 0.74 | 0.91 | 1.34 |
| Book Value (₹) | 40.91 | 28.77 | 33.26 | 11.86 | 6.44 | 6.88 | 7.55 | 8.27 | 9.16 | 10.50 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 0.42 | 0.37 | 0.54 | 0.71 | 0.83 | 0.78 | 1.02 | 1.06 | 1.21 | 1.69 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 20.71% | 22.67% | 29.73% | 25.71% | 21.78% | 18.92% | 19.15% | 18.88% | 17.77% | 16.49% |
| Net Margin % | 4.82% | 7.96% | 13.96% | 8.62% | 11.28% | 8.86% | 11.01% | 10.75% | 12.28% | 17.86% |
| ROE % | 6.89% | 8.39% | 11.95% | 6.58% | 8.27% | 6.69% | 9.37% | 9.37% | 10.40% | 13.67% |
| ROCE % | 10.02% | 11.04% | 15.61% | 9.60% | 9.85% | 8.58% | 10.99% | 12.23% | 13.60% | 17.47% |
| 4.15% | 5.68% | 6.49% | 4.14% | 6.68% | 5.37% | 7.68% | 7.84% | 8.74% | 11.64% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 89 | 124 | 119 | 68 | 77 | 99 | 84 | 69 | 87 | 90 |
| Inventory Days | 5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable Days | 184 | 422 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| -91 | -298 | 119 | 68 | 77 | 99 | 84 | 69 | 87 | 90 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.45x | 0.35x | 0.21x | 0.09x | 0.09x | 0.07x | 0.02x | 0.02x | 0.00x | 0.00x |
| Interest Coverage (x) | 3.05x | 3.89x | 5.41x | 6.84x | 11.47x | 16.50x | 52.42x | 36.12x | 65.47x | 717.25x |
| 2.12x | 14.42x | 7.35x | 13.05x | 6.56x | 2.94x | 5.45x | 4.84x | 4.08x | 4.96x | |
| GROWTH | ||||||||||
| Revenue Growth % | 35.39% | 11.36% | 15.00% | 32.89% | 28.42% | 10.94% | 22.05% | 12.40% | 7.01% | 1.95% |
| Operating Profit Growth % | 55.73% | 21.91% | 50.84% | 14.91% | 8.79% | -3.63% | 23.50% | 10.87% | 14.90% | 37.92% |
| Net Profit Growth % | 53.38% | 84.18% | 101.51% | -17.91% | 68.07% | -12.88% | 51.66% | 9.72% | 22.30% | 48.26% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 22.30% | 48.26% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 25.26x | 19.88x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 2.50x | 2.54x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 15.11x | 12.07x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-05 - Airan Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-04 - Airan Limited has informed the Exchange regarding Notice of undefined to be held on September 26, 2026
2026-08-31 - Airan Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-08-31 - Airan Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-08-31 - Airan Limited has informed the Exchange regarding Resignation of Mr Siddharth Sampatji Dugar as Non- Executive Independent Director of the company w.e.f. August 31, 2026.
2026-08-31 - Airan Limited has informed the Exchange regarding Resignation of Mrs Bhoomika Aditya Gupta as Non- Executive Independent Director of the company w.e.f. August 31, 2026.
2026-08-31 - Airan Limited has informed the Exchange regarding Outcome of Board Meeting held on August 31, 2026.
2026-08-13 - Airan Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-14 - The Exchange had sought clarification from Airan Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company was required to clarify the following: The response of the Company is enclosed.
News
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