1. At a Glance
Aurionpro posted a blockbuster Q1 FY26 — 29% revenue growth YoY, 16 new clients onboarded, global expansion in Saudi Arabia, a 10% interim dividend, and strategic acquisitions. But can it hold this pace while promoter holding is quietly vanishing?
2. Introduction with Hook
Imagine if Infosys, TCS, and IRCTC had a love child who built ATMs in Saudi, coded for banks in Singapore, and designed metro card systems in India — that’s Aurionpro for you.
- Revenue Q1 FY26: ₹337 Cr vs ₹262 Cr YoY → +29%
- PAT Q1 FY26: ₹50.64 Cr → +16.6% YoY
- 10% interim dividend announced, investors go “Mashallah!”
But beneath the gloss — a mystery: promoter holding now just 26.88% (down from 33%).
3. Business Model (WTF Do They Even Do?)
Aurionpro = B2B IT + Smart Infra + Fintech Saas + CyberSec.
Main Revenue Buckets:
- Banking & Fintech (56% revenue)
– iCashpro+, Omnifin, FXConnect
– New: AuroPay, AuroPayBiz, AuroCheck
– SmartLender used by global banks - Smart City/Transport Tech (20–25%)
– AFC systems for metros, ticketing, queue mgmt, self-service kiosks - Cybersecurity & Data Centers
– Gov contracts + BFSI clients - Consulting/Tech Infra Services
Clients: BFSI majors, state transport authorities, GCC governments.
Geographies: India, Middle East, North America, APAC.
4. Financials Overview
Revenue TTM: ₹1,248 Cr
EBITDA TTM: ₹254 Cr
PAT TTM: ₹194 Cr
EPS TTM: ₹35.14
5-year CAGR:
- Revenue: 20%
- PAT: 39%
- EPS Growth: from ₹15.5 in FY22 → ₹33.7 in FY25
- Operating Margin: Holding at ~21–22%
💡 Consistent quarterly growth for 8 quarters straight. Chart-topping stuff.
5. Valuation
| Metric | Value |
|---|---|
| Current Price | ₹1,563 |
| TTM EPS | ₹35.14 |
| P/E | ~44.5x |
| Book Value | ₹272 |
| Market Cap | ₹8,629 Cr |
Valuation Methods:
- PE Method (25x–35x): FV = ₹878 – ₹1,230
- DCF Fair Range Estimate: ₹1,150 – ₹1,350
- EV/EBITDA (20x): FV ≈ ₹1,350 – ₹1,500
EduInvesting Fair Value Range™: ₹1,150 to ₹1,400
Current price = Slightly above upper band. Growth optimism already priced in.
6. What’s Cooking – News, Triggers, Drama
- Q1 FY26 results = banger → 29% revenue growth, 16 new clients
- Fintra & UK-based firm acquired = adds BFSI software edge
- Middle East push → Deployed AuroCheck and Transaction Platform in Saudi Arabia
- Smart Mobility biz expanding with metro rail systems
- Dividend declared — 10% = ₹1 per share
- Red flag alert: Promoter holding has fallen from 33% → 26.88% in 2 years
– Who’s exiting? Why? Should we worry?
7. Balance Sheet
| Metric | FY25 (₹ Cr) |
|---|---|
| Equity Capital | 54 |
| Reserves | 1,450 |
| Borrowings | 30 |
| Total Liabilities | 1,950 |
| Fixed Assets + CWIP | 752 |
| Investments | 0 |
| Other Assets | 1,198 |
Key Points:
- Borrowings have come down → almost debt-free
- Reserves have tripled in 3 years
- Asset-light model = high scalability
- No major capex stress or risky leverage
8. Cash Flow – Sab Number Game Hai
| Year | CFO | CFI | CFF | Net Flow |
|---|---|---|---|---|
| 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 |
Highlights:
- Free cash flow positive
- Big cash burn in FY25 due to capex & acquisitions
- Reinvesting heavily in infra and global expansion
9. Ratios – Sexy or Stressy?
| Ratio | FY25 |
|---|---|
| ROCE | 18% |
| ROE | 15.3% |
| OPM | 20–22% |
| EPS | ₹35.14 |
| Debt/Equity | 0.02 |
| Debtor Days | 95 |
Verdict: Sexy.
ROE/ROCE are solid, debt is negligible, margins are consistent.
10. P&L Breakdown – Show Me the Money
| Year | Revenue | EBITDA | PAT | EPS | OPM |
|---|---|---|---|---|---|
| FY22 | ₹505 Cr | ₹111 Cr | ₹76 Cr | ₹15.5 | 22% |
| FY23 | ₹659 Cr | ₹145 Cr | ₹102 Cr | ₹21.3 | 22% |
| FY24 | ₹887 Cr | ₹193 Cr | ₹143 Cr | ₹27.4 | 22% |
| FY25 | ₹1,173 Cr | ₹242 Cr | ₹188 Cr | ₹33.7 | 21% |
| TTM | ₹1,248 Cr | ₹254 Cr | ₹194 Cr | ₹35.1 | 20% |
11. Peer Comparison
| Company | Mkt Cap (Cr) | P/E | ROCE | OPM | EPS | PAT Qtr |
|---|---|---|---|---|---|---|
| TCS | 11,43,098 | 23.2 | 64.6% | 26.4% | ₹128.2 | ₹12,819 Cr |
| Infosys | 6,52,471 | 24.6 | 37.5% | 24.1% | ₹70.3 | ₹7,038 Cr |
| Persistent | 89,468 | 65.9 | 30.4% | 17.2% | ₹39.5 | ₹396 Cr |
| Aurionpro | 8,629 | 44.6 | 18.1% | 20.3% | ₹35.1 | ₹50.6 Cr |
Aurionpro has higher growth, mid-size ops, niche segments, but valuation is catching up fast.
12. Miscellaneous – Shareholding, Promoters
| Holder | % (Jun 2025) |
|---|---|
| Promoter | 26.88% |
| FII | 14.58% |
| DII | 3.08% |
| Public | 55.45% |
| Shareholders Count | 35,915 |
Concerns:
- Promoter stake dilution raises eyebrows
- But FII stake rising = vote of confidence?
13. EduInvesting Verdict™
Aurionpro is on fire — growing fast, minting cash, riding secular tailwinds in BFSI and Smart Infra. Tech stack is solid, margin profile strong, and international ambitions aggressive.
BUT…
The falling promoter stake is a silent plot twist.
Smart investors should track insider activity, not just client wins.
EduInvesting Verdict™:
Future-ready, growth-savvy, but… keep your popcorn ready.
Metadata
– Written by EduInvesting Team | July 23, 2025
– Tags: Aurionpro, Fintech, BFSI IT, Smart Cities, SaaS, IT Services
