01 — At a Glance
The Software Firm That Trades Like a Penny Stock Lottery Ticket
- 9M FY26 Revenue₹1,066 Cr
- 9M FY26 Revenue Growth+26% YoY
- Q3 Revenue₹371 Cr
- Q3 PAT₹44 Cr
- Full-Year EPS (FY25)₹33.72
- Price-to-Book2.84x
- EBITDA Margin (9M)20.2%
- Order Book₹1,650 Cr
- YTD Stock Return-37.9%
- 52W High / Low₹1,666 / ₹806
The Paradox Nobody Talks About: Aurionpro just delivered its largest sales quarter in history. Won five major data centre and metro transit orders. Added 23 clients in a single quarter. Grew revenues 26% YoY. And the stock has gotten obliterated. Welcome to the beautiful chaos of India’s mid-cap IT software firms—where fundamentals and stock price have agreed to see each other only on Tuesdays.
02 — Introduction
The Invisible Software Company That’s Suddenly Everywhere
Aurionpro Solutions is the kind of company your chartered accountant uses every day and has no idea it’s publicly listed. Your bank’s backend? Probably running on their iCashpro platform. Mumbai Metro fares? Their AFC systems. Delhi Metro gates? Their smart transit hardware. Your data centre’s infrastructure? Soon, their cooling design.
And yet, the stock trades like a penny stock with bipolar disorder—up 30% in a day, down 24% the next week, with retail investors oscillating between “genius contrarian pick” and “absolute pump-and-dump.” The company itself? Methodically building a ₹1,650 crore order book. Quietly entering data centres. Snapping up lending platforms via acquisition. Growing at 26% YoY without anyone on Twitter even noticing.
This is a company that went public in 1997, has been quietly compounding since, and is now entering an inflection point. Data centres, AI-enabled software, metro transit projects, and a pivot from pure software to hardware-plus-software. The Feb 2026 concall was fascinating—management explicitly said they’re decoupling revenue growth from headcount, investing heavily in AI productivity, and expecting margin expansion over time. Translation: they’re preparing to scale without hiring another 5,000 engineers.
Let’s dig into the data, the deals, the drama, and the very real question: Is this the most boring exciting software company, or the most exciting boring hardware-software hybrid?
Concall Insight (Feb 2026): “We intend to largely decouple headcount growth from revenue growth, embedding AI-led intelligence across every layer of the software development lifecycle.” Translation: robots are replacing your engineers’ engineers.
03 — Business Model: WTF Do They Even Do?
Banking Software, Metro Systems, Data Centres, And Also Payments. Yes, All Four.
Aurionpro operates across two clean segments: Banking & Fintech (56% of 9M FY26 revenue) and Technology Innovation Group a.k.a TIG (44% of 9M FY26). Both grew 26% YoY in 9M, which is the textbook definition of balance.
Banking & Fintech: This is the bread and butter. They build transaction banking platforms (iCashpro), wholesale banking solutions (SmartLender, Omnifin), lending transformation engines (Integro), treasury systems (FXConnect), and fintech products (AuroPay, AuroPaybiz). Think “all the unsexy software that makes banking actually function without exploding.” A Singapore-headquartered bank just gave them a major lending modernization mandate. A public sector bank in India crowned iCashpro as their preferred transaction banking platform. These are not small wins.
TIG (Technology Innovation Group): This is where the narrative gets spicy. Smart Mobility (metro systems—the AFC, PSD, platform screen doors). Smart City initiatives (e-governance, utility). Data centre solutions (physical design, infrastructure, cooling). Digital supply chain financing (Aurobees). And emerging AI plays (AurionAI for regulated institutions, Lexsi Labs research). Q3 headline: they won a ₹250 crore metro order from MMRDA. A ₹150 crore order from Delhi Metro. A multi-million-dollar platform screen door order from Titagarh. Plus a brownfield data centre project in Mumbai from a “leading global developer.” These are infrastructure-grade contracts.
The revenue mix is roughly 70% Software Services and 30% Equipment & Product Licenses (slightly shifted from historical 66% / 34%). This diversification is intentional—they’re moving from pure software to hardware-plus-software, which changes unit economics, margins, and competitive positioning.
Banking & Fintech56%of 9M FY26 revenue
TIG44%of 9M FY26 revenue
Both Grew YoY+26%9M FY26 blended
The Acquisition Spice: Bought InfraRisk (Australian lending tech, ₹2 million settlement in Dec 2025) to plug commercial and auto lending gaps. Framework stated clearly: “Buy if cheaper than build.” Cumulative acquisition spend: ₹600 crore. Cumulative R&D spend: ₹400 crore and rising. They’re not just buying; they’re selectively acquiring founder-led teams aligned with culture.
💬 Quick thought experiment: If data centre cooling fluids start generating ₹500+ crore revenue in 3 years, is Aurionpro a banking software firm or an infrastructure tech platform? Comment your take!
04 — Financials Overview
Q3 FY26: The Numbers Game Nobody Expected
Result type: QUARTERLY RESULTS | Q3 FY26 EPS: ₹7.63 | Annualised EPS (Q3×4): ₹30.52 | Full-year FY25 EPS: ₹33.72
| Metric (₹ Cr) |
Q3 FY26
Dec 2025 |
Q3 FY25
Dec 2024 |
Q2 FY26
Sep 2025 |
YoY % |
QoQ % |
| Revenue | 371 | 306 | 358 | +21.2% | +3.6% |
| Operating Profit (EBITDA) | 75 | 64 | 72 | +18.0% | +4.2% |
| EBITDA Margin % | 20% | 21% | 20% | -100 bps | flat |
| PAT | 44 | 48 | 56 | -9.8% | -21.4% |
| EPS (₹) | 7.63 | 8.57 | 9.84 | -11.0% | -22.5% |
The One-Off Elephant in the Room: Q3 PAT down 9.8% YoY despite revenue up 21.2%? One reason: “implementation of new labour code”—a one-off cost item that management explicitly called out in the concall. Strip that, and the operating leverage picture becomes far cleaner. Revenue growing, EBITDA margin holding at “20% plus,” but one-time cost drag hit the bottom line. This is classic: watch the operating metrics, not the PAT noise.
05 — Valuation Discussion: Fair Value Range
What’s This Growth Software Firm Actually Worth?
