AION-Tech Solutions Ltd.

•

aiontech.aiBSE: 531439NSE: GOLDTECH

Market Cap₹ 249 Cr.

Current Price

High / Low₹ 72 / 30

Stock P/E38.5

Book Value₹ 56

Price to Book2.21

Dividend Yield0.00 %

ROCE25.2 %

ROE20.9 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Software License: 86.4% • Information Technology/Software Services: 13.6%

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 68.6% CAGR over last 5 years
Company is almost debt free
Company has delivered good sales growth of 19.8% CAGR over last 5 years
Company comfortably covers its interest (25.4x coverage)
Institutional investors have been accumulating - FII+DII up 6.3pp

CONS

Operating cash flow has been negative in recent years
Recent results are weak - TTM profit is down 71.5% versus prior year
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.57x)
Company has a low return on equity of 9.9% over last 3 years
Rich enterprise valuation - EV/EBITDA of 29.3x

* 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	3571.00	1029.71	29401.00	1014.73	27.70	18.65
12.	GOLDTECH	47.62	38.54	248.87	0.00	-2.60	-143.83	27.02	40.45	16.07	4.97

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
	14	20	23	22	16	19	22	29	16	20	29	35	149
	13	20	21	21	15	19	22	29	17	20	26	31	162
Operating Profit	0	0	2	1	1	0	0	0	-1	-0	3	4	-13
OPM %	3.48%	1.95%	8.21%	4.65%	6.81%	2.49%	0.18%	0.83%	-6.64%	-0.15%	10.10%	10.07%	-8.66%
	0	0	0	0	0	16	1	2	15	1	0	1	9
Interest	0	0	0	0	0	0	0	0	0	0	0	0	2
Depreciation	0	0	0	1	1	1	1	0	1	1	1	1	5
Profit before Tax	0	0	2	1	1	16	0	1	13	0	3	4	-3
Tax %	43.33%	13.64%	34.32%	-31.82%	30.43%	12.39%	411.11%	41.86%	16.97%	0.00%	23.08%	-21.83%	-0.86%
Net Profit	0	0	1	1	0	14	-0	1	11	0	2	5	-4
	0.05	0.05	0.32	0.26	0.14	4.01	-0.08	0.22	2.39	0.06	0.38	0.86	-0.07

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
	24	22	25	34	35	42	55	75	79	87	99
	24	22	23	31	33	40	56	71	75	85	94
Operating Profit	-0	-0	2	3	2	2	-1	4	4	2	5
OPM %	-0.07%	-0.03%	8.28%	9.02%	5.33%	4.84%	-1.65%	5.02%	4.80%	2.17%	5.16%
	0	0	0	0	0	0	3	1	1	19	3
Interest	0	0	0	0	0	0	0	0	1	1	1
Depreciation	5	0	0	0	0	0	0	1	2	2	2
Profit before Tax	-5	-0	2	3	1	2	1	4	3	18	6
Tax %	81.39%	1089.17%	-46.26%	37.46%	12.89%	23.49%	25.78%	30.45%	18.30%	17.18%	-3.31%
Net Profit	-1	1	2	2	1	1	1	3	2	15	6
EPS	0.00	0.00	0.00	0.00	0.00	0.76	0.37	0.77	0.68	4.28	—
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:: 12%
5 Years:: 20%
3 Years:: 16%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 69%
3 Years:: 148%

STOCK PRICE CAGR

10 Years:: 19%
5 Years:: 18%
3 Years:: -19%
1 Year:: -31%

RETURN ON EQUITY

10 Years:: 6%
5 Years:: 7%
3 Years:: 10%
Last Year:: 21%

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	19	19	19	19	19	19	35	35	35	35
	35	5	8	10	11	12	20	23	25	47
	12	13	6	6	8	4	7	7	12	7
Trade Payables	1	2	3	4	6	5	8	9	12	13
	2	4	4	5	5	5	3	5	8	14
Total Liabilities	68	43	39	43	48	45	73	79	91	117
	20	10	10	10	10	10	10	14	17	12
	9	9	9	9	9	9	9	24	24	25
	0	0	0	0	0	0	0	0	19	19
Cash & Bank	1	1	1	3	1	1	32	16	20	29
	37	22	19	21	28	25	22	24	11	31
Total Assets	68	43	39	43	48	45	73	79	91	117

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
	2	-0	2	4	-1	4	-2	2	3	-16
Cash from Investing	0	0	-0	-0	0	0	-30	-3	-7	20
Cash from Financing	-2	1	0	-0	1	-4	26	0	4	-3
	-1	-1	0	1	-1	-0	-1	0	-0	1

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 (₹)	-0.46	0.63	1.29	0.88	0.58	0.76	0.28	0.77	0.68	4.28
Book Value (₹)	28.52	12.82	14.19	15.16	15.76	16.59	15.86	16.66	17.34	23.68
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 (₹)	1.99	0.85	1.49	1.08	0.75	0.93	0.39	0.98	1.14	4.95
PROFITABILITY
Operating Margin %	0.92%	1.68%	9.37%	9.76%	5.41%	5.72%	3.33%	6.53%	4.80%	2.17%
Net Margin %	-3.64%	5.52%	9.67%	4.87%	3.09%	3.37%	1.77%	3.54%	2.96%	17.06%
ROE %	-1.60%	3.06%	9.56%	6.03%	3.75%	4.67%	2.26%	4.71%	3.98%	20.88%
ROCE %	-6.64%	-0.09%	7.28%	9.98%	4.89%	6.41%	3.23%	7.13%	5.66%	25.19%
	-1.21%	2.14%	5.91%	4.03%	2.38%	3.03%	1.64%	3.49%	2.75%	14.26%
EFFICIENCY
Debtor Days	95	87	90	78	101	95	82	76	84	81
Inventory Days	0	0	0	0	0	0	0	0	0	0
Payable Days	147	155	175	110	110	82	64	62	70	70
	-52	-68	-84	-32	-9	14	18	15	14	11
FINANCIAL HEALTH
Debt to Equity (x)	0.22x	0.06x	0.08x	0.08x	0.14x	0.00x	0.07x	0.00x	0.06x	0.03x
Interest Coverage (x)	-17.66x	-0.50x	6.25x	9.71x	4.84x	9.14x	10.08x	12.34x	6.02x	25.43x
	0.45x	3.33x	2.10x	2.24x	2.00x	2.63x	3.73x	2.96x	2.07x	2.09x
GROWTH
Revenue Growth %	-18.31%	-9.40%	16.61%	35.96%	3.17%	19.88%	30.16%	36.33%	5.54%	9.87%
Operating Profit Growth %	-95.44%	65.29%	549.45%	41.56%	-42.82%	26.90%	-24.27%	167.47%	2.78%	4.97%
Net Profit Growth %	77.24%	237.21%	104.30%	-31.51%	-34.50%	30.51%	-31.69%	173.09%	-11.70%	533.30%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-11.70%	533.26%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	190.12x	12.22x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	7.41x	2.21x
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	85.17x	29.27x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	53.89	53.89	53.89	53.89	58.86	58.86	58.86	52.44	52.44
	0.00	0.08	0.08	0.10	0.08	0.00	0.01	6.43	6.43
	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	46.11	46.02	46.03	46.01	41.05	41.14	41.13	41.13	41.13

Documents

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

2026-09-04

Copy of Newspaper Publication

2026-09-04 - AION-TECH SOLUTIONS LIMITED has informed the Exchange about Copy of Newspaper Publication confirming dispatch of the Notice of the 32nd Annual General Meeting

2026-09-03

General Updates

2026-09-03 - AION-TECH SOLUTIONS LIMITED has informed the Exchange about AnnualReport for the Financial Year 2025-26 under Regulation 30 and 34(1) of SEBI (LODR)Regulations, 2015

2026-09-03

Shareholders meeting

2026-09-03 - AION-TECH SOLUTIONS LIMITED has informed the Exchange regarding Notice of 32nd Annual General Meeting to be held on September 28, 2026

2026-08-29

Copy of Newspaper Publication

2026-08-29 - AION-TECH SOLUTIONS LIMITED has informed the Exchange about Copy of Newspaper Publication

2026-08-28

Outcome of Board Meeting

2026-08-28 - AION-TECH SOLUTIONS LIMITED has informed the Exchange regarding Outcome of Board Meeting held on August 28, 2026.

2026-08-13

Copy of Newspaper Publication

2026-08-13 - AION-TECH SOLUTIONS LIMITED has informed the Exchange about Copy of Newspaper Publication

2026-08-12

Outcome of Board Meeting

2026-08-12 - AION-TECH SOLUTIONS LIMITED has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-07-10

General Updates

2026-07-10 - AION-TECH SOLUTIONS LIMITED has informed the Exchange about Disclosure under Regulation 30 of SEBI (Listing Obligation and Disclosure Regulations, 2015 for further investment in ROQIT GREENFLEET DIGITAL SOLUTIONS PRIVATE LIMITED (wholly owned subsidiary)- 10.07.2026

2026-07-10

General Updates

News

Recent coverage and analyst commentary for GOLDTECH

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AION-Tech Solutions 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

3571.00

1029.71

29401.00

1014.73

27.70

18.65

GOLDTECH

47.62

38.54

248.87

0.00

-2.60

-143.83

27.02

40.45

16.07

4.97

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

149

162

Operating Profit

-1

-0

-13

OPM %

3.48%

1.95%

8.21%

4.65%

6.81%

2.49%

0.18%

0.83%

-6.64%

-0.15%

10.10%

10.07%

-8.66%

Interest

Depreciation

Profit before Tax

-3

Tax %

43.33%

13.64%

34.32%

-31.82%

30.43%

12.39%

411.11%

41.86%

16.97%

0.00%

23.08%

-21.83%

-0.86%

Net Profit

-0

-4

0.05

0.32

0.26

0.14

4.01

-0.08

0.22

2.39

0.06

0.38

0.86

-0.07

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

Operating Profit

-0

-1

OPM %

-0.07%

-0.03%

8.28%

9.02%

5.33%

4.84%

-1.65%

5.02%

4.80%

2.17%

5.16%

Interest

Depreciation

Profit before Tax

-5

-0

Tax %

81.39%

1089.17%

-46.26%

37.46%

12.89%

23.49%

25.78%

30.45%

18.30%

17.18%

-3.31%

Net Profit

-1

EPS

0.00

0.76

0.37

0.77

0.68

4.28

—

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

Trade Payables

Total Liabilities

117

Cash & Bank

Total Assets

117

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-0

-1

-2

-16

Cash from Investing

-0

-30

-3

-7

Cash from Financing

-2

-0

-4

-3

-1

-0

-1

-0

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

-0.46

0.63

1.29

0.88

0.58

0.76

0.28

0.77

0.68

4.28

Book Value (₹)

28.52

12.82

14.19

15.16

15.76

16.59

15.86

16.66

17.34

23.68

Dividend per Share (₹)

0.00

Cash EPS (₹)

1.99

0.85

1.49

1.08

0.75

0.93

0.39

0.98

1.14

4.95

PROFITABILITY

Operating Margin %

0.92%

1.68%

9.37%

9.76%

5.41%

5.72%

3.33%

6.53%

4.80%

2.17%

Net Margin %

-3.64%

5.52%

9.67%

4.87%

3.09%

3.37%

1.77%

3.54%

2.96%

17.06%

ROE %

-1.60%

3.06%

9.56%

6.03%

3.75%

4.67%

2.26%

4.71%

3.98%

20.88%

ROCE %

-6.64%

-0.09%

7.28%

9.98%

4.89%

6.41%

3.23%

7.13%

5.66%

25.19%

-1.21%

2.14%

5.91%

4.03%

2.38%

3.03%

1.64%

3.49%

2.75%

14.26%

EFFICIENCY

Debtor Days

101

Inventory Days

Payable Days

147

155

175

110

-52

-68

-84

-32

-9

FINANCIAL HEALTH

Debt to Equity (x)

0.22x

0.06x

0.08x

0.14x

0.00x

0.07x

0.00x

0.06x

0.03x

Interest Coverage (x)

-17.66x

-0.50x

6.25x

9.71x

4.84x

9.14x

10.08x

12.34x

6.02x

25.43x

0.45x

3.33x

2.10x

2.24x

2.00x

2.63x

3.73x

2.96x

2.07x

2.09x

GROWTH

Revenue Growth %

-18.31%

-9.40%

16.61%

35.96%

3.17%

19.88%

30.16%

36.33%

5.54%

9.87%

Operating Profit Growth %

-95.44%

65.29%

549.45%

41.56%

-42.82%

26.90%

-24.27%

167.47%

2.78%

4.97%

Net Profit Growth %

77.24%

237.21%

104.30%

-31.51%

-34.50%

30.51%

-31.69%

173.09%

-11.70%

533.30%

0.00%

-11.70%

533.26%

VALUATION

P/E (x)

0.00x

190.12x

12.22x

P/B (x)

0.00x

7.41x

2.21x

Dividend Yield %

0.00%

0.00x

85.17x

29.27x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

53.89

58.86

52.44

0.00

0.08

0.10

0.08

0.00

0.01

6.43

0.01

Government

0.00

46.11

46.02

46.03

46.01

41.05

41.14

41.13

AION-Tech Solutions Ltd.

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AION-Tech Solutions Ltd.

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Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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