Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹187Cr
IT Enabled Services/Business Process Outsourcing
Rev Gr TTM
Revenue Growth TTM
-0.32%
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 0.6 | 13.2 | 10.1 | -4.4 | 15.7 | 9.6 | -1.5 | 6.1 | -8.2 | -1.8 | 0.1 | 9.3 |
| 21 | 21 | 22 | 21 | 22 | 21 | 23 | 21 | 23 | 22 | 24 | 27 |
Operating Profit Operating ProfitCr |
| 19.7 | 11.7 | 17.5 | 17.7 | 26.5 | 19.8 | 10.5 | 20.9 | 16.7 | 15.2 | 9.9 | 9.2 |
Other Income Other IncomeCr | 0 | 1 | 1 | 1 | 0 | 22 | -1 | -3 | -7 | 2 | 0 | 8 |
Interest Expense Interest ExpenseCr | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Depreciation DepreciationCr | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 1 |
| 4 | 2 | 4 | 4 | 7 | 26 | 0 | 1 | -3 | 4 | 1 | 10 |
| 1 | 1 | 1 | 1 | 2 | 4 | 2 | -1 | 0 | 1 | 0 | 2 |
|
Growth YoY PAT Growth YoY% | -18.8 | 13.0 | 21.4 | -13.2 | 67.8 | 1,090.2 | -149.4 | -37.3 | -171.7 | -85.2 | 150.0 | 292.9 |
| 11.1 | 7.7 | 11.7 | 12.5 | 16.1 | 83.3 | -5.9 | 7.4 | -12.6 | 12.6 | 2.9 | 26.6 |
| 0.2 | 0.1 | 0.3 | 0.3 | 0.3 | 1.7 | -0.1 | 0.1 | -0.3 | 0.3 | 0.1 | 0.6 |
| Financial Year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | 29.2 | 30.1 | 18.9 | 14.9 | 31.6 | 11.6 | 8.3 | 0.9 | 1.9 |
| 24 | 30 | 40 | 47 | 56 | 75 | 81 | 86 | 88 | 95 |
Operating Profit Operating ProfitCr |
| 15.9 | 20.1 | 18.1 | 19.0 | 15.8 | 13.6 | 17.1 | 18.6 | 17.0 | 12.7 |
Other Income Other IncomeCr | 2 | 3 | 3 | 2 | 2 | 6 | 3 | 3 | 11 | 3 |
Interest Expense Interest ExpenseCr | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 0 | 0 | 0 |
Depreciation DepreciationCr | 2 | 2 | 5 | 4 | 4 | 5 | 5 | 5 | 5 | 5 |
| 3 | 7 | 6 | 8 | 8 | 12 | 14 | 17 | 24 | 12 |
| 1 | 2 | 2 | 1 | 2 | 2 | 3 | 4 | 5 | 3 |
|
| | 120.3 | -18.2 | 62.3 | -12.5 | 70.4 | 7.0 | 20.2 | 45.6 | -55.6 |
| 8.0 | 13.6 | 8.5 | 11.7 | 8.9 | 11.5 | 11.0 | 12.2 | 17.6 | 7.7 |
| 0.2 | 0.4 | 0.3 | 0.6 | 0.5 | 0.8 | 0.8 | 1.0 | 1.5 | 0.7 |
| Financial Year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 13 | 13 | 13 | 25 | 25 | 25 | 25 | 25 | 25 | 25 |
| 23 | 68 | 63 | 57 | 63 | 79 | 89 | 101 | 119 | 123 |
Current Liabilities Current LiabilitiesCr | 2 | 11 | 7 | 10 | 21 | 14 | 16 | 16 | 17 | 19 |
Non Current Liabilities Non Current LiabilitiesCr | 12 | 9 | 15 | 13 | 7 | 9 | 9 | 8 | 9 | 9 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 34 | 35 | 41 | 47 | 52 | 72 | 70 | 75 | 82 | 93 |
Non Current Assets Non Current AssetsCr | 16 | 64 | 56 | 58 | 65 | 63 | 78 | 83 | 96 | 92 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | -10 | 2 | 6 | 0 | 11 | 11 | 22 | 4 | 21 |
Investing Cash Flow Investing Cash FlowCr | 1 | -14 | 1 | 1 | -6 | -7 | -15 | -10 | -3 |
Financing Cash Flow Financing Cash FlowCr | 18 | 1 | -6 | -1 | -2 | 8 | -1 | -4 | 1 |
|
Free Cash Flow Free Cash FlowCr | -13 | -3 | 2 | -6 | 3 | 8 | 2 | -7 | 17 |
| -424.9 | 34.1 | 154.9 | -4.5 | 191.2 | 109.6 | 203.4 | 30.4 | 113.1 |
CFO To EBITDA CFO To EBITDA% | -212.6 | 23.0 | 72.9 | -2.7 | 107.8 | 92.8 | 131.3 | 20.0 | 117.3 |
| Financial Year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 424 | 1,480 | 381 | 118 | 195 | 226 | 174 | 286 | 334 |
Price To Earnings Price To Earnings | 36.8 | 58.5 | 92.3 | 17.5 | 33.2 | 23.5 | 16.8 | 22.9 | 18.1 |
Price To Sales Price To Sales | 14.7 | 39.7 | 7.8 | 2.0 | 2.9 | 2.6 | 1.8 | 2.7 | 3.1 |
Price To Book Price To Book | 2.4 | 7.0 | 5.1 | 1.4 | 2.2 | 2.2 | 1.5 | 2.3 | 2.3 |
| 92.3 | 199.4 | 44.2 | 11.6 | 19.4 | 18.5 | 9.6 | 14.3 | 17.1 |
Profitability Ratios Profitability Ratios |
| 97.9 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 |
| 15.9 | 20.1 | 18.1 | 19.0 | 15.8 | 13.6 | 17.1 | 18.6 | 17.0 |
| 8.0 | 13.6 | 8.5 | 11.7 | 8.9 | 11.5 | 11.0 | 12.2 | 17.6 |
| 8.6 | 8.5 | 7.9 | 9.4 | 8.6 | 11.6 | 12.2 | 13.6 | 16.2 |
| 6.4 | 6.3 | 5.5 | 8.2 | 6.7 | 9.7 | 9.4 | 10.2 | 13.0 |
| 4.5 | 5.1 | 4.3 | 6.4 | 5.0 | 7.4 | 7.3 | 8.2 | 10.5 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Airan Limited is an India-based technology-enabled services (I TeS) provider with a strong focus on the BFSI (Banking, Financial Services, and Insurance), KPO (Knowledge Process Outsourcing), telecommunications, and compliance-heavy industries. Headquartered in Ahmedabad and listed on the National Stock Exchange of India (NSE), Airan combines in-house technology development, domain expertise, and scalable delivery models to serve a global clientele. The company operates through a borderless business model, leveraging subsidiaries such as Airan Global Private Limited (based in GIFT City IFSC) and Airan Australia Pty Ltd to deliver services across international markets.
Airan positions itself as a cost-effective, innovation-driven outsourcing partner, offering integrated solutions that combine advanced IT platforms with business process execution. Its strategic differentiator lies in the fusion of artificial intelligence (AI), automation, and deep industry knowledge to support client transformation in an increasingly digital and regulated environment.
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### **Recent Developments (2025–2024)**
#### **Geographic & Operational Expansion**
- **September 2025**: Expanded into Malaysia with a new office, strengthening its foothold in the Asia-Pacific (APAC) region.
- **September 2025**: Grew client portfolios in the UK and Australia, enhancing revenue diversification.
- **September 2024**: Launched operations in Dubai, UAE, marking entry into the Gulf region, with plans to explore further opportunities across the Middle East.
- **September 2024**: Enhanced presence in Thailand and Malaysia within APAC, supported by Indian teams for data processing.
- **March 2022**: Began marketing and operational presence in the UK and entered the US market via a contract with a US-based gaming company—the world’s largest BPO demand market.
#### **Service Portfolio & Technology Advancement**
- **September 2025**:
- Expanded offerings in **managed payroll** and **manpower solutions**, addressing rising enterprise demand for compliance and operational efficiency.
- Advanced its **IT solutions portfolio** with AI-powered platforms, automation engines, and process intelligence tools for banking and KPO clients.
- Integrated AI into internal software infrastructure to improve **system robustness, adaptability, and cybersecurity**.
- Launched **voice-based BPO services**, complementing existing non-voice operations and enabling end-to-end customer engagement.
- **September 2024**:
- Launched a **mobile application** to streamline doorstep banking, reducing turnaround times for cheque and NACH transactions.
- Upgraded transaction processing software for improved accuracy and efficiency.
- **September 2023**:
- Invested in R&D for **AI-driven ICR/OCR engines** to enhance data processing speed and precision.
- Utilized AI for data analytics and statistical visualization to generate strategic insights for clients.
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### **Strategic Growth Drivers**
1. **Global Demand for AI-Enabled Outsourcing**:
Airan is well-positioned to capitalize on increasing global demand for technology-powered process outsourcing in sectors like BFSI, KPO, and regulated industries. Clients are actively seeking vendors that blend **technology platforms with process execution capabilities**, reinforcing Airan’s value proposition.
2. **Technology-Led Differentiation**:
The company is investing heavily in **AI, automation, and scalable platforms** as core components of its long-term strategy. It aims to develop future-ready solutions with sustained relevance beyond current trends, ensuring competitive advantage.
3. **Borderless Business Model**:
By establishing physical and operational presence closer to clients—especially in mature markets like the UK, Australia, and APAC—Airan improves responsiveness, local execution, and client proximity.
4. **Market Opportunities in Key Regions**:
- **Asia-Pacific**: Strategic expansion into Malaysia, Thailand, and Dubai offers access to growing economies and digitally transforming financial ecosystems.
- **UK & Australia**: Mature regulatory environments and high demand for managed services provide fertile ground for sustained growth.
- **US Market**: Entry into the world’s largest BPO market opens significant revenue potential.
5. **Diversified Revenue Streams**:
- Expansion into **cash logistics and management** domestically.
- Diversification into new verticals including **healthcare and insurance**, supported by the IPO of Quadpro ITeS Limited.
- Growing demand for **integrated payroll and manpower outsourcing** for administrative and compliance efficiency.
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### **Key Clients & Major Mandates**
- **Standard Chartered Bank**: Secured a global mandate in March 2022, marking a significant milestone in international credibility.
- **US Gaming Company**: First US client contract, signaling successful entry into North America.
- **Australian Market**: Strengthened supply chain integration and brand visibility through local exhibitions and partnerships.
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### **Organizational Strengths**
- **Human Capital & Domain Expertise**: Emphasis on hiring and upskilling talent across geographies to support complex, multi-vertical service delivery.
- **Innovation Culture**: Continuous investment in R&D and AI/automation ensures cutting-edge service offerings.
- **Scalable Delivery Model**: Utilizes digital infrastructure and remote collaboration tools—tested during the pandemic—to maintain business continuity and agility.
- **Strategic Mergers & Acquisitions (2021)**:
- Merged with **Synergy Cash Management Services Pvt. Ltd.**, **Synergy Datalinks Pvt. Ltd.**, and **Sri Sairam Enterprises (SSRE)**—expanding operational footprint in South-East India.
- Acquired **Quadpro ITeS Limited**, a Bangalore-based firm with strong research capabilities, boosting innovation and southern India presence.
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### **Post-Pandemic Resilience & Adaptation (2020)**
- Maintained business-as-usual during lockdowns, particularly in **cheque clearing operations**, earning recognition for operational resilience.
- Capitalized on regulatory shifts (e.g., EMI moratorium) to expand collections business.
- Expanded **digital infrastructure** and scaled remote work capabilities, aligning with the “next normal.”
- Built new processing centers and hired extensively post-lockdown, reflecting recovery and growth momentum.
Despite temporary declines in services requiring physical interaction (e.g., KYC, cash collection), the asset-light, service-based model insulated Airan from broader supply chain disruptions.
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### **Governance & Leadership**
- **Mr. Abhishek Agrawal** (Director, Airan ITeS Private Limited; Non-Executive Director, Quadpro ITeS Ltd.): Brings international experience in finance and BPO, with academic background from Queen Mary University of London.
- The company benefits from a seasoned executive team focused on executing a **digital-first strategy** and navigating global expansion challenges.
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