Airan Ltd.

•

airanlimited.comBSE: 543811NSE: AIRAN

Market Cap₹ 194 Cr.

Current Price

High / Low₹ 27 / 13

Stock P/E13.5

Book Value₹ 12

Price to Book2.54

Dividend Yield0.00 %

ROCE17.5 %

ROE13.7 %

Face Value₹ 2

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ABOUT

AI Sector View

AI GENERATED

Information Technology

Buy

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.

Confidence

68%

View full sector analysis →

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

Information TechnologyITIT - Software

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	TCS	2300.90	16.72	832485.76	4.78	13420.00	4.69	72275.00	13.93	66.25	25.67
2.	INFY	1130.00	15.14	458580.27	4.25	7775.00	12.29	48211.00	14.03	42.84	23.66
3.	HCLTECH	1294.00	20.15	351148.26	4.17	4626.00	20.34	34579.00	13.94	31.20	19.87
4.	WIPRO	176.80	13.25	175109.01	6.22	3356.30	0.59	24478.60	10.59	18.49	18.93
5.	TECHM	1592.00	30.38	156037.29	3.20	1486.30	31.67	15711.90	17.68	23.04	17.43
6.	LTM	4550.00	25.80	134962.70	1.65	1468.60	17.06	11608.00	17.96	30.25	17.75
7.	OFSS	12067.35	30.79	105086.26	3.31	1415.50	120.52	3125.20	68.73	45.50	60.04
8.	PERSISTENT	5655.00	46.38	89207.62	0.71	483.04	13.67	4303.23	29.09	35.09	16.19
9.	COFORGE	1967.45	49.61	87153.72	0.80	531.70	49.19	5527.70	49.86	24.70	19.14
10.	MPHASIS	2425.35	24.23	46294.46	2.56	489.51	10.82	4384.05	17.46	23.31	18.15
11.	LTTS	3492.45	28.07	37047.05	1.66	357.10	12.97	2940.10	11.47	27.70	18.65
12.	AIRAN	15.53	12.37	194.16	0.00	66.97	1972.73	265.53	933.23	17.42	12.95

Detailed Comparison with:

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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	72.37	72.34	72.34	72.34	72.34	72.21	72.21	72.21	72.21
	0.00	0.01	0.09	0.00	0.01	0.00	0.13	0.00	0.00
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Public	27.63	27.65	27.57	27.65	27.64	27.78	27.66	27.78	27.79

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-05

Copy of Newspaper Publication

2026-09-05 - Airan Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-04

Shareholders meeting

2026-09-04 - Airan Limited has informed the Exchange regarding Notice of undefined to be held on September 26, 2026

2026-08-31

Resignation of Director/KMP/SMP

2026-08-31 - Airan Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-08-31

Resignation of Director/KMP/SMP

2026-08-31 - Airan Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-08-31

Resignation

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

Resignation

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

Outcome of Board Meeting

2026-08-31 - Airan Limited has informed the Exchange regarding Outcome of Board Meeting held on August 31, 2026.

2026-08-13

Outcome of Board Meeting

2026-08-13 - Airan Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-07-14

Reply to Clarification- Financial results

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

Recent coverage and analyst commentary for AIRAN

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Airan Ltd.

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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

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

Operating Profit

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%

-2

-3

-7

-1

-3

Interest

-0

Depreciation

Profit before Tax

-1

-3

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

-3

-4

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

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

102

Operating Profit

OPM %

17.56%

15.92%

21.56%

19.66%

18.38%

16.02%

12.78%

16.83%

17.77%

16.49%

11.15%

Interest

Depreciation

Profit before Tax

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

EPS

0.00

0.44

0.67

0.72

0.91

1.34

—

Dividend Payout %

0.00%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

106

Trade Payables

Total Liabilities

100

108

112

124

135

153

Capital Work in Progress

Cash & Bank

Total Assets

100

108

112

124

135

153

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-9

Cash from Investing

-8

-14

-10

-7

-5

-10

-1

Cash from Financing

-2

-5

-3

-2

-4

-0

-2

-11

-0

-1

-0

-9

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

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%

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

124

119

Inventory Days

Payable Days

184

422

-91

-298

119

FINANCIAL HEALTH

Debt to Equity (x)

0.45x

0.35x

0.21x

0.09x

0.07x

0.02x

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%

22.30%

48.26%

VALUATION

P/E (x)

0.00x

25.26x

19.88x

P/B (x)

0.00x

2.50x

2.54x

Dividend Yield %

0.00%

0.00x

15.11x

12.07x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

72.37

72.34

72.21

0.00

0.01

0.09

0.00

0.01

0.00

0.13

0.00

DIIs

0.00

Government

0.00

Public

27.63

27.65

27.57

27.65

27.64

27.78

27.66

27.78

27.79

Airan Ltd.

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Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

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Airan Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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