1. At a Glance
Aurionpro isn’t your average IT shop. With a smart mix of fintech, smart cities, and cybersecurity solutions, they’re surfing the AI + BFSI wave. But with promoter holding slipping faster than a VPN in China and a P/E of 46, is it innovation or inflation?
2. Introduction with Hook
Imagine if Infosys and MasterCard had a hyperactive lovechild raised on smart cities and digital kiosks. That’s Aurionpro.
– Revenue FY25: ₹1,173 Cr (up 33% YoY)
– Net Profit FY25: ₹188 Cr (up 31% YoY)
From deploying iCashPro+ in Saudi to AI platforms in Europe, they’ve gone global… but the real story? Only 26.88% promoter holding left. Oof.
3. Business Model (WTF Do They Even Do?)
Aurionpro has 4 core verticals:
1. Banking & Fintech (56% of rev in H1 FY25):
iCashPro+, SmartLender, AuroPay, AuroCheck, Queue Management Systems. Basically, if a bank wants to act smart, Aurionpro’s the nerd it calls.
2. Smart Cities & Transport (via AFC systems):
Remember those metro swipe gates? Aurionpro probably built ‘em. Projects in Delhi, Chennai, Egypt, etc.
3. Cybersecurity (Enterprise):
Yes, even your data’s guardian angel. From firewalls to threat detection.
4. Customer Experience (ACE Platform):
Self-service kiosks, customer feedback tools. Because nobody wants to talk to humans anymore.
4. Financials Overview
| FY | Revenue (₹ Cr) | Net Profit (₹ Cr) | EPS | OPM | ROCE | ROE |
|---|---|---|---|---|---|---|
| 2022 | 505 | 76 | 15.5 | 22% | 22% | 15% |
| 2023 | 659 | 102 | 21.34 | 22% | 25% | 18% |
| 2024 | 887 | 143 | 27.43 | 22% | 22% | 15% |
| 2025 | 1173 | 188 | 33.72 | 21% | 18% | 15.3% |
Commentary:
Topline up, margins steady. Growth engine? BFSI + smart cities. But ROCE/ROE slipping just a bit. Efficiency could be better.
5. Valuation
Current Price: ₹1,565
TTM EPS: ₹33.7
P/E: ~46x
Valuation Methods:
- Relative (Peer Avg P/E ~30x)
Fair Value = ₹33.7 x 30 = ₹1,011 - Growth-Adjusted P/E (GARP style, 30–40% EPS growth)
FV Range = ₹1,200–₹1,400 - Premium Valuation for Niche BFSI SaaS Player
FV Range = ₹1,400–₹1,700
EduInvesting FV Range: ₹1,200 – ₹1,700
Buy high, sell higher? Depends how much you believe in the fintech fairy tale.
6. What’s Cooking – News, Triggers, Drama
- Jul 2025: Won deal with African bank for iCashpro platform.
- Jul 2025: Deployed AI-native credit engine in UK.
- Jun 2025: Big AFC system win in Egypt (yes, MasterCard-backed).
- Apr 2025: Acquired Fintra Software to boost trade finance.
- Q2 FY25 Growth: 30% profit jump YoY.
Trigger Radar:
– AI platform expansion in EU
– BFSI boom in MEA
– Metro projects pipeline = annuity-style cash
7. Balance Sheet
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Equity | ₹23 Cr | ₹25 Cr | ₹54 Cr |
| Reserves | ₹475 Cr | ₹905 Cr | ₹1,450 Cr |
| Borrowings | ₹88 Cr | ₹81 Cr | ₹30 Cr |
| Total Liabilities | ₹849 Cr | ₹1,398 Cr | ₹1,950 Cr |
| Fixed Assets | ₹213 Cr | ₹449 Cr | ₹752 Cr |
| Investments | ₹36 Cr | ₹0 Cr | ₹0 Cr |
| Cash | ₹16 Cr | ₹226 Cr | ₹19 Cr |
Commentary:
Minimal debt (now ~₹30 Cr), healthy reserves, heavy investment in infra. Balance sheet = fit but bulking.
8. Cash Flow – Sab Number Game Hai
| Year | CFO | CFI | CFF | Net CF |
|---|---|---|---|---|
| FY23 | ₹41 Cr | ₹-56 Cr | ₹-2 Cr | ₹-16 Cr |
| FY24 | ₹164 Cr | ₹-203 Cr | ₹265 Cr | ₹226 Cr |
| FY25 | ₹157 Cr | ₹-421 Cr | ₹283 Cr | ₹19 Cr |
Commentary:
High cash burn on investing (infra, acquisitions), but operations throw cash. Good sign: CFO remains positive.
9. Ratios – Sexy or Stressy?
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| ROCE | 25% | 22% | 18% |
| ROE | 18% | 15% | 15.3% |
| Debtor Days | 110 | 120 | 95 |
| Cash Conversion Cycle | 110 | 120 | 95 |
| Debt/Equity | 0.18 | 0.08 | 0.02 |
Commentary:
Leverage? Almost nil.
Efficiency? Improving.
ROE/ROCE? Slightly softening, but still respectable.
10. P&L Breakdown – Show Me the Money
| FY | Revenue | Expenses | OPM | PAT | EPS |
|---|---|---|---|---|---|
| 2022 | ₹505 Cr | ₹394 Cr | 22% | ₹76 Cr | ₹15.5 |
| 2023 | ₹659 Cr | ₹515 Cr | 22% | ₹102 Cr | ₹21.3 |
| 2024 | ₹887 Cr | ₹694 Cr | 22% | ₹143 Cr | ₹27.4 |
| 2025 | ₹1,173 Cr | ₹931 Cr | 21% | ₹188 Cr | ₹33.7 |
Commentary:
Margins flat = pricing power stable. But costs are creeping in. Need tech leverage soon or margin squeeze may arrive.
11. Peer Comparison
| Company | P/E | ROCE | ROE | OPM | MCap (₹Cr) |
|---|---|---|---|---|---|
| TCS | 23.4 | 64.6% | 52.4% | 26.4% | 11,54,134 |
| Infosys | 24.9 | 37.5% | 28.8% | 24.1% | 6,58,909 |
| HCL Tech | 24.8 | 31.9% | 25.2% | 21.6% | 4,20,292 |
| Persistent | 63.9 | 30.4% | 24.1% | 17.2% | 86,763 |
| Aurionpro | 46.4 | 18.1% | 15.3% | 20.6% | 8,639 |
Commentary:
Valuation punchy for a microcap, but growth justifies some premium. Still, Persistent and HCL offer better margins + track record.
12. Miscellaneous – Shareholding, Promoters
| Category | Mar 2023 | Mar 2024 | Jun 2025 |
|---|---|---|---|
| Promoters | 33% | 26.88% | 26.88% |
| FIIs | 2.9% | 13.93% | 14.59% |
| DIIs | 0.22% | 1.44% | 3.08% |
| Public | 65.7% | 57.74% | 55.45% |
| Shareholders | 12K | 24K | 35K |
Commentary:
Promoters slowly exiting? Either they’re generous or cautious. FIIs piling in, though. Retail loves the story.
13. EduInvesting Verdict™
Aurionpro is the nerdy fintech kid suddenly getting global attention. With BFSI SaaS, smart city contracts, and iCashPro love from banks, it’s doing all the right things.
But…
– High valuation
– Shrinking promoter stake
– Need for margin maintenance
So while the story’s hot, execution now needs to be flawless. If they fumble, this may be less iCashPro, more iCrashPro.
Metadata
– Written by EduInvesting | 19 July 2025
– Tags: Aurionpro, Fintech, SmartCity, ITStocks, AIbanking, EduInvestingAnalysis
