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Airan Ltd

AIRAN
NSE
14.96
6.02%
Last Updated:
02 Apr '26, 3:59 PM
Company Overview
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Airan Ltd

AIRAN
NSE
14.96
6.02%
02 Apr '26, 3:59 PM
Company Overview
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6M
Price
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Quick Ratios

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Mkt Cap
Market Capitalization
187Cr
Close
Close Price
14.96
Industry
Industry
IT Enabled Services/Business Process Outsourcing
PE
Price To Earnings
23.02
PS
Price To Sales
1.72
Revenue
Revenue
109Cr
Rev Gr TTM
Revenue Growth TTM
-0.32%
PAT Gr TTM
PAT Growth TTM
-69.13%

Quarterly Results

Consolidated
Standalone
Numbers
Percentage
QuarterMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Revenue
RevenueCr
262427253026262727262629
Growth YoY
Revenue Growth YoY%
0.613.210.1-4.415.79.6-1.56.1-8.2-1.80.19.3
Expenses
ExpensesCr
212122212221232123222427
Operating Profit
Operating ProfitCr
535485365433
OPM
OPM%
19.711.717.517.726.519.810.520.916.715.29.99.2
Other Income
Other IncomeCr
0111022-1-3-7208
Interest Expense
Interest ExpenseCr
000000000000
Depreciation
DepreciationCr
111211121111
PBT
PBTCr
424472601-34110
Tax
TaxCr
1111242-10102
PAT
PATCr
3233522-22-3318
Growth YoY
PAT Growth YoY%
-18.813.021.4-13.267.81,090.2-149.4-37.3-171.7-85.2150.0292.9
NPM
NPM%
11.17.711.712.516.183.3-5.97.4-12.612.62.926.6
EPS
EPS
0.20.10.30.30.31.7-0.10.1-0.30.30.10.6

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue
RevenueCr
29374958668797106107109
Growth
Revenue Growth%
29.230.118.914.931.611.68.30.91.9
Expenses
ExpensesCr
24304047567581868895
Operating Profit
Operating ProfitCr
57911101217201814
OPM
OPM%
15.920.118.119.015.813.617.118.617.012.7
Other Income
Other IncomeCr
23322633113
Interest Expense
Interest ExpenseCr
1111101000
Depreciation
DepreciationCr
2254455555
PBT
PBTCr
376881214172412
Tax
TaxCr
1221223453
PAT
PATCr
25476101113198
Growth
PAT Growth%
120.3-18.262.3-12.570.47.020.245.6-55.6
NPM
NPM%
8.013.68.511.78.911.511.012.217.67.7
EPS
EPS
0.20.40.30.60.50.80.81.01.50.7

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
Equity CapitalCr
13131325252525252525
Reserves
ReservesCr
23686357637989101119123
Current Liabilities
Current LiabilitiesCr
211710211416161719
Non Current Liabilities
Non Current LiabilitiesCr
1291513799899
Total Liabilities
Total LiabilitiesCr
5110097105117135148158179185
Current Assets
Current AssetsCr
34354147527270758293
Non Current Assets
Non Current AssetsCr
16645658656378839692
Total Assets
Total AssetsCr
5110097105117135148158179185

Cash Flow

Consolidated
Standalone
Financial YearMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating Cash Flow
Operating Cash FlowCr
-10260111122421
Investing Cash Flow
Investing Cash FlowCr
1-1411-6-7-15-10-3
Financing Cash Flow
Financing Cash FlowCr
181-6-1-28-1-41
Net Cash Flow
Net Cash FlowCr
10-11203126-1120
Free Cash Flow
Free Cash FlowCr
-13-32-6382-717
CFO To PAT
CFO To PAT%
-424.934.1154.9-4.5191.2109.6203.430.4113.1
CFO To EBITDA
CFO To EBITDA%
-212.623.072.9-2.7107.892.8131.320.0117.3

Ratios

Consolidated
Standalone
Financial YearMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
4241,480381118195226174286334
Price To Earnings
Price To Earnings
36.858.592.317.533.223.516.822.918.1
Price To Sales
Price To Sales
14.739.77.82.02.92.61.82.73.1
Price To Book
Price To Book
2.47.05.11.42.22.21.52.32.3
EV To EBITDA
EV To EBITDA
92.3199.444.211.619.418.59.614.317.1
Profitability Ratios
Profitability Ratios
GPM
GPM%
97.9100.0100.0100.0100.0100.0100.0100.0100.0
OPM
OPM%
15.920.118.119.015.813.617.118.617.0
NPM
NPM%
8.013.68.511.78.911.511.012.217.6
ROCE
ROCE%
8.68.57.99.48.611.612.213.616.2
ROE
ROE%
6.46.35.58.26.79.79.410.213.0
ROA
ROA%
4.55.14.36.45.07.47.38.210.5
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. --- ### **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. --- ### **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. --- ### **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. --- ### **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. --- ### **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. --- ### **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. ---