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 22.8% CAGR over last 5 years
- Company is almost debt free
- Latest quarter profit grew 107.3% YoY, showing strong momentum
- Company has consistently been profitable over the last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.11x)
CONS
- A large part of profit comes from other income (46.9% of PBT)
- Operating margins have contracted to 17.0% from 20.4%
- Though reporting repeated profits, the company pays out little dividend (0.0%)
* 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
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 24 | 27 | 25 | 30 | 26 | 26 | 27 | 27 | 26 | 26 | 29 | 31 | 27 | |
| 21 | 22 | 21 | 22 | 21 | 23 | 21 | 23 | 22 | 24 | 27 | 26 | 24 | |
| Operating Profit | 3 | 5 | 4 | 8 | 5 | 3 | 6 | 5 | 4 | 3 | 3 | 5 | 2 |
| OPM % | 11.65% | 17.49% | 17.70% | 26.50% | 19.76% | 10.52% | 20.90% | 16.73% | 15.14% | 9.94% | 9.22% | 16.60% | 8.24% |
| 1 | 1 | 1 | 0 | 22 | -1 | -3 | -7 | 2 | -0 | 8 | -3 | 6 | |
| Interest | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 2 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | 2 | 4 | 4 | 7 | 26 | 0 | 1 | -3 | 4 | 1 | 10 | 1 | 8 |
| Tax % | 25.31% | 17.29% | 17.28% | 30.03% | 15.38% | 2025.00% | -70.69% | -5.83% | 23.28% | 30.00% | 19.04% | 62.10% | 20.10% |
| Net Profit | 0 | 0 | 0 | 0 | 22 | -2 | 2 | -3 | 3 | 1 | 8 | 0 | 7 |
| 0.14 | 0.25 | 0.24 | 0.35 | 1.74 | -0.13 | 0.14 | -0.28 | 0.25 | 0.06 | 0.62 | 0.00 | 0.52 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| 29 | 37 | 49 | 58 | 66 | 87 | 97 | 105 | 106 | 113 | |
| 24 | 30 | 40 | 47 | 56 | 75 | 81 | 86 | 88 | 100 | |
| Operating Profit | 5 | 8 | 9 | 11 | 11 | 12 | 17 | 20 | 18 | 13 |
| OPM % | 15.92% | 20.60% | 18.15% | 18.33% | 15.93% | 13.57% | 17.07% | 18.59% | 17.01% | 11.17% |
| 2 | 3 | 3 | 2 | 2 | 6 | 3 | 3 | 11 | 12 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
| Depreciation | 2 | 2 | 5 | 4 | 4 | 5 | 5 | 5 | 5 | 5 |
| Profit before Tax | 3 | 7 | 6 | 8 | 8 | 12 | 14 | 17 | 24 | 20 |
| Tax % | 26.09% | 26.50% | 29.00% | 16.34% | 23.75% | 17.49% | 22.38% | 23.60% | 20.87% | 22.70% |
| Net Profit | 2 | 5 | 4 | 7 | 6 | 10 | 11 | 13 | 19 | 16 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.46 | 0.77 | 0.81 | 1.00 | 1.48 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 13%
- 3 Years:
- 7%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 22%
- 3 Years:
- 24%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -8%
- 3 Years:
- -12%
- 1 Year:
- -39%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 10%
- 3 Years:
- 12%
- Last Year:
- 14%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 13 | 13 | 13 | 25 | 25 | 25 | 25 | 25 | 25 |
| Minority Interest | 0 | 0 | 0 | 0 | 1 | 8 | 8 | 9 | 9 |
| 23 | 68 | 63 | 57 | 63 | 79 | 89 | 101 | 119 | |
| 13 | 15 | 11 | 11 | 10 | 5 | 5 | 1 | 2 | |
| Trade Payables | 1 | 0 | 0 | 1 | 4 | 3 | 3 | 3 | 3 |
| 1 | 4 | 11 | 11 | 15 | 15 | 18 | 20 | 21 | |
| Total Liabilities | 51 | 100 | 97 | 105 | 117 | 135 | 148 | 158 | 179 |
| 15 | 57 | 56 | 57 | 65 | 63 | 78 | 82 | 81 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 2 |
| 0 | 10 | 6 | 1 | 1 | 11 | 8 | 8 | 15 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31 | 23 | |
| Cash & Bank | 12 | 1 | 3 | 2 | 2 | 13 | 19 | 8 | 28 |
| 23 | 31 | 33 | 44 | 50 | 48 | 42 | 27 | 30 | |
| Total Assets | 51 | 100 | 97 | 105 | 117 | 135 | 148 | 158 | 179 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| -9 | 4 | 9 | 2 | 13 | 13 | 25 | 4 | 21 | |
| Cash from Investing | 1 | -14 | 1 | 1 | -6 | -7 | -15 | -10 | -3 |
| Cash from Financing | 18 | 1 | -6 | -1 | -6 | 8 | -1 | -4 | 1 |
| 10 | -11 | 2 | -0 | -1 | 12 | 6 | -11 | 20 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | |||||||||
| EPS (₹) | 1.84 | 4.05 | 0.66 | 0.54 | 0.46 | 0.77 | 0.83 | 1.00 | 1.48 |
| Book Value (₹) | 28.77 | 33.67 | 12.00 | 6.54 | 7.00 | 8.28 | 9.10 | 10.08 | 11.54 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 0.37 | 0.58 | 0.74 | 0.87 | 0.82 | 1.21 | 1.27 | 1.47 | 1.94 |
| PROFITABILITY | |||||||||
| Operating Margin % | 22.67% | 28.15% | 24.55% | 22.38% | 19.34% | 20.36% | 20.12% | 18.59% | 17.01% |
| Net Margin % | 7.96% | 13.58% | 8.54% | 11.66% | 8.88% | 11.49% | 11.01% | 12.22% | 17.62% |
| ROE % | 6.39% | 12.98% | 7.08% | 8.58% | 6.95% | 10.50% | 9.87% | 10.75% | 13.88% |
| ROCE % | 8.61% | 15.71% | 9.44% | 9.81% | 8.93% | 12.28% | 12.70% | 14.03% | 17.42% |
| 4.54% | 6.75% | 4.21% | 6.66% | 5.30% | 7.95% | 7.59% | 8.43% | 11.13% | |
| EFFICIENCY | |||||||||
| Debtor Days | 176 | 106 | 64 | 78 | 103 | 85 | 71 | 88 | 94 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable Days | 448 | 573 | 0 | 0 | 2244 | 0 | 0 | 0 | 0 |
| -271 | -467 | 64 | 78 | -2141 | 85 | 71 | 88 | 94 | |
| FINANCIAL HEALTH | |||||||||
| Debt to Equity (x) | 0.35x | 0.36x | 0.15x | 0.13x | 0.11x | 0.05x | 0.04x | 0.01x | 0.02x |
| Interest Coverage (x) | 3.89x | 5.83x | 7.29x | 11.97x | 11.08x | 24.85x | 23.00x | 51.08x | 239.11x |
| 14.42x | 3.36x | 5.60x | 4.71x | 2.53x | 5.05x | 4.27x | 4.73x | 5.00x | |
| GROWTH | |||||||||
| Revenue Growth % | 0.00% | 29.21% | 30.07% | 18.86% | 14.94% | 31.65% | 11.58% | 8.33% | 0.95% |
| Operating Profit Growth % | 0.00% | 60.45% | 13.44% | 8.35% | -0.69% | 38.61% | 10.26% | 15.70% | 29.02% |
| Net Profit Growth % | 0.00% | 120.33% | -18.22% | 62.28% | -12.47% | 70.41% | 6.95% | 20.16% | 45.59% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 21.13% | 47.25% | |
| VALUATION | |||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 22.82x | 18.08x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 2.27x | 2.31x |
| Dividend Yield % | 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 | 12.31x | 10.56x |
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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