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Airan Ltd

AIRAN

NSE

₹14.19-3.93%19 Oct 2026

Reports

IT Enabled Services and BPO

Airan Ltd

AIRAN

NSE

₹14.19

-3.93%

19 Oct 2026

SOICxStockScans Reports

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IT Enabled Services and BPO

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.

Airan Limited is a technology-enabled outsourcing company built on the idea that complex, compliance-heavy back-office work - the kind banks and telecoms cannot afford to get wrong - can be done faster and more accurately by combining proprietary software with trained people. Founded in 1995 in Ahmedabad and run by the same managing director ever since, it has grown from a local transaction processor into a provider serving clients across ten countries. The recurring approach is to build its own AI tools and automation engines in-house, then wrap them around high-volume, regulation-sensitive processes so that clients get both the technology and the execution from a single partner.

Business segments

A single engine powering the whole group - IT-enabled outsourcing services, reinforced by proprietary technology and delivered across India and nine international markets - where every other activity feeds the same client promise.

1. IT-enabled outsourcing: the bank-office and telecom back-end, run at scale

The company takes over the document-heavy, compliance-bound processes that banks, payment providers and telecoms need to run daily - cheque clearing, doorstep cash collection, customer onboarding - and executes them from its own processing centres using automation tools it built itself.

Cheque clearing that kept running through lockdown - when India shut down, the company was classified as an essential service by the Ministry of Home Affairs and was one of the only vendors in the country that continued clearing cheques without interruption, a feat recognised by the Economic Times Gujarat.
Doorstep banking at national reach - it sends staff to collect cheques and cash and to complete physical KYC (know-your-customer) verification at clients’ premises, a field operation that expanded to new locations across India during FY24.
A 500-seat processing hub and multiple centres - the company operates a state-of-the-art 500-seat centre in Ahmedabad, opened in FY22-23, alongside several other processing centres around the country, and onboarded a significant number of employees after lockdowns ended.
Voice and non-voice under one roof - its BPO (business process outsourcing) line covers both back-office document work and voice-based customer contact, with voice services deliberately expanded in FY25 so clients can hand over their entire customer-engagement chain.
Paid by the task, the hour or the project - contracts are structured on a time, unit-of-work, fixed-price or fixed-timeframe basis; for fixed-price development work, revenue is recognised as costs are incurred, based on management’s estimate of the percentage completed.

2. Proprietary technology platforms: the automation layer that makes the outsourcing faster

Rather than buying off-the-shelf software, the company writes its own AI-driven character-recognition engines, transaction-processing tools and mobile apps, then embeds them directly into the services it delivers - so the technology and the process are inseparable.

OCR and ICR engines built in-house - the company invests in R&D for Optical Character Recognition and Intelligent Character Recognition, which read and extract data from documents with higher accuracy than manual entry, improving the speed of everything from cheque processing to KPO (knowledge process outsourcing) analytics.
A mobile app that shortens the doorstep-banking loop - it launched its own application to streamline cheque and NACH (National Automated Clearing House) transactions, cutting turnaround times for field staff.
AI baked into security and monitoring - machine-learning models now run anomaly detection on transactions, while real-time dashboards track service levels and capacity; the company also runs red-team simulations to test its cyber defences.
Clients want one throat to choke - the integrated model, where the same vendor provides both the software platform and the outsourced process execution, matches a rising preference among buyers for a single accountable partner rather than stitching together separate suppliers.

3. International delivery: the same model, exported to ten countries

The company takes the outsourcing-and-technology formula developed in India and delivers it to clients in the UK, Australia, North America, the Gulf and Asia-Pacific, using local subsidiaries and a presence at industry events to win mandates.

A global mandate from Standard Chartered Bank - the company won a contract to provide IT-enabled services across 34 countries including India, covering transaction processing, business process management and other value-added services.
First US client came through a subsidiary - in June 2022, Airan Global Private Limited signed a BPO agreement with United Gaming LLC of Atlanta, Georgia, marking the company’s entry into the American market.
Feet on the ground in Malaysia and Dubai - a new office opened in Malaysia during FY25 strengthened the Asia-Pacific foothold, while Dubai operations established in FY24 gave the company a base to explore the Gulf region.
Exhibitions, not just emails - the go-to-market playbook includes exhibiting at the Accounting Business Expo in Melbourne and Accountex in London (Europe’s largest accounting and finance exhibition, drawing over 10,000 visitors), plus sponsoring the Annual Auditor’s Day Conference of the SMSF Auditor’s Association of Australia.

Group structure and partners

The company operates through a web of wholly-owned subsidiaries in India, Singapore, the UK, Australia and Malaysia, plus a controlling stake in a listed Indian ITeS firm and a strategic minority investment in a SEBI-licensed trusteeship - each piece designed to open a local door or cross-sell services.

Four wholly-owned subsidiaries - established in Thailand, Malaysia, the USA, and Canada, with Airan Malaysia SDN. BHD. incorporated in July 2022 to carry on IT and data-processing services in Malaysia.
70% stake in Quadpro ITES Ltd., now listed - the company acquired a 70.45% equity interest in Quadpro ITES Ltd. (Previously known as Quadpro E-Service Private Limited), a Bangalore-based IT-enabled services provider with a strong presence in southern India and a developer team focused on the BFSI industry; Quadpro listed on the NSE Emerge SME platform in September 2021.
A 16% bet on a trusteeship platform - during FY22-23, Airan acquired a 16.32% stake in Beacon Trusteeship Limited, a SEBI-licensed firm that acts as a debenture trustee, security trustee and escrow agent, with the explicit objective of cross-selling Airan’s outsourcing services to Beacon’s client base.
Compliance services through a subsidiary LLP - SCS & Co. LLP provides secretarial and compliance services to listed and unlisted companies, covering company law, SEBI regulations, RBI matters and the Insolvency and Bankruptcy Code, operating from three offices in Ahmedabad and Jamnagar.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹178Cr

Close Price

₹14.20

Industry

IT Enabled Services and BPO

Price To Earnings

11.83

Price To Sales

1.57

Revenue

₹113Cr

Rev Gr TTM

Revenue Growth TTM

6.65%

PAT Gr TTM

PAT Growth TTM

6,695.65%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	27	25	30	26	26	27	27	26	26	29	31	27
Growth YoY Revenue Growth YoY%	10.1	-4.4	15.7	9.6	-1.5	6.1	-8.2	-1.8	0.1	9.3	13.4	3.3
Expenses ExpensesCr	22	21	22	21	23	21	23	22	24	27	26	23
Operating Profit Operating ProfitCr	5	4	8	5	3	6	5	4	3	3	5	3
OPM OPM%	17.5	17.7	26.5	19.8	10.5	20.9	16.7	15.2	9.9	9.2	16.3	12.9
Other Income Other IncomeCr	1	1	0	22	-1	-3	-7	2	0	8	-3	6
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	2	1	1	1	2	1	1	1	1	1	1
PBT PBTCr	4	4	7	26	0	1	-3	4	1	10	1	8
Tax TaxCr	1	1	2	4	2	-1	0	1	0	2	1	2
PAT PATCr	3	3	5	22	-2	2	-3	3	1	8	0	7
Growth YoY PAT Growth YoY%	21.4	-13.2	67.8	1,090.2	-149.4	-37.3	-171.7	-85.2	150.0	292.9	111.0	107.4
NPM NPM%	11.7	12.5	16.1	83.3	-5.9	7.4	-12.6	12.6	2.9	26.6	1.2	25.2
EPS EPS₹	0.3	0.3	0.3	1.7	-0.1	0.1	-0.3	0.3	0.1	0.6	0.0	0.5

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	27	25	30	26	26	27	27	26	26	29	31	27
Growth YoY Revenue Growth YoY%	10.1	-4.4	15.7	9.6	-1.5	6.1	-8.2	-1.8	0.1	9.3	13.4	3.3
Expenses ExpensesCr	22	21	22	21	23	21	23	22	24	27	26	23
Operating Profit Operating ProfitCr	5	4	8	5	3	6	5	4	3	3	5	3
OPM OPM%	17.5	17.7	26.5	19.8	10.5	20.9	16.7	15.2	9.9	9.2	16.3	12.9
Other Income Other IncomeCr	1	1	0	22	-1	-3	-7	2	0	8	-3	6
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	2	1	1	1	2	1	1	1	1	1	1
PBT PBTCr	4	4	7	26	0	1	-3	4	1	10	1	8
Tax TaxCr	1	1	2	4	2	-1	0	1	0	2	1	2
PAT PATCr	3	3	5	22	-2	2	-3	3	1	8	0	7
Growth YoY PAT Growth YoY%	21.4	-13.2	67.8	1,090.2	-149.4	-37.3	-171.7	-85.2	150.0	292.9	111.0	107.4
NPM NPM%	11.7	12.5	16.1	83.3	-5.9	7.4	-12.6	12.6	2.9	26.6	1.2	25.2
EPS EPS₹	0.3	0.3	0.3	1.7	-0.1	0.1	-0.3	0.3	0.1	0.6	0.0	0.5

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	29	37	49	58	66	87	97	106	107	112	113
Growth Revenue Growth%		29.2	30.1	18.9	14.9	31.6	11.6	8.3	0.9	5.4	6.7
Expenses ExpensesCr	24	30	40	47	56	75	81	86	88	98	99
Operating Profit Operating ProfitCr	5	7	9	11	10	12	17	20	18	14	14
OPM OPM%	15.9	20.1	18.1	19.0	15.8	13.6	17.1	18.6	17.0	12.7	12.2
Other Income Other IncomeCr	2	3	3	2	2	6	3	3	11	7	12
Interest Expense Interest ExpenseCr	1	1	1	1	1	0	1	0	0	0	0
Depreciation DepreciationCr	2	2	5	4	4	5	5	5	5	5	5
PBT PBTCr	3	7	6	8	8	12	14	17	24	16	20
Tax TaxCr	1	2	2	1	2	2	3	4	5	4	5
PAT PATCr	2	5	4	7	6	10	11	13	19	12	16
Growth PAT Growth%		120.3	-18.2	62.3	-12.5	70.4	7.0	20.2	45.6	-35.2	6,695.6
NPM NPM%	8.0	13.6	8.5	11.7	8.9	11.5	11.0	12.2	17.6	10.8	13.8
EPS EPS₹	0.2	0.4	0.3	0.6	0.5	0.8	0.8	1.0	1.5	0.9	1.2

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	29	37	49	58	66	87	97	106	107	112	113
Growth Revenue Growth%		29.2	30.1	18.9	14.9	31.6	11.6	8.3	0.9	5.4	6.7
Expenses ExpensesCr	24	30	40	47	56	75	81	86	88	98	99
Operating Profit Operating ProfitCr	5	7	9	11	10	12	17	20	18	14	14
OPM OPM%	15.9	20.1	18.1	19.0	15.8	13.6	17.1	18.6	17.0	12.7	12.2
Other Income Other IncomeCr	2	3	3	2	2	6	3	3	11	7	12
Interest Expense Interest ExpenseCr	1	1	1	1	1	0	1	0	0	0	0
Depreciation DepreciationCr	2	2	5	4	4	5	5	5	5	5	5
PBT PBTCr	3	7	6	8	8	12	14	17	24	16	20
Tax TaxCr	1	2	2	1	2	2	3	4	5	4	5
PAT PATCr	2	5	4	7	6	10	11	13	19	12	16
Growth PAT Growth%		120.3	-18.2	62.3	-12.5	70.4	7.0	20.2	45.6	-35.2	6,695.6
NPM NPM%	8.0	13.6	8.5	11.7	8.9	11.5	11.0	12.2	17.6	10.8	13.8
EPS EPS₹	0.2	0.4	0.3	0.6	0.5	0.8	0.8	1.0	1.5	0.9	1.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	13	13	13	25	25	25	25	25	25	25
Reserves ReservesCr	23	68	63	57	63	79	89	101	119	131
Current Liabilities Current LiabilitiesCr	2	11	7	10	21	14	16	16	17	18
Non Current Liabilities Non Current LiabilitiesCr	12	9	15	13	7	9	9	8	9	10
Total Liabilities Total LiabilitiesCr	51	100	97	105	117	135	148	158	179	193
Current Assets Current AssetsCr	34	35	41	47	52	72	70	75	82	97
Non Current Assets Non Current AssetsCr	16	64	56	58	65	63	78	83	96	96
Total Assets Total AssetsCr	51	100	97	105	117	135	148	158	179	193

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	13	13	13	25	25	25	25	25	25	25
Reserves ReservesCr	23	68	63	57	63	79	89	101	119	131
Current Liabilities Current LiabilitiesCr	2	11	7	10	21	14	16	16	17	18
Non Current Liabilities Non Current LiabilitiesCr	12	9	15	13	7	9	9	8	9	10
Total Liabilities Total LiabilitiesCr	51	100	97	105	117	135	148	158	179	193
Current Assets Current AssetsCr	34	35	41	47	52	72	70	75	82	97
Non Current Assets Non Current AssetsCr	16	64	56	58	65	63	78	83	96	96
Total Assets Total AssetsCr	51	100	97	105	117	135	148	158	179	193

Consolidated

Standalone

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-10	2	6	0	11	11	22	4	21	4
Investing Cash Flow Investing Cash FlowCr	1	-14	1	1	-6	-7	-15	-10	-3	-19
Financing Cash Flow Financing Cash FlowCr	18	1	-6	-1	-2	8	-1	-4	1	-1
Net Cash Flow Net Cash FlowCr	10	-11	2	0	3	12	6	-11	20	-16
Free Cash Flow Free Cash FlowCr	-13	-3	2	-6	3	8	2	-7	17	3
CFO To PAT CFO To PAT%	-424.9	34.1	154.9	-4.5	191.2	109.6	203.4	30.4	113.1	30.4
CFO To EBITDA CFO To EBITDA%	-212.6	23.0	72.9	-2.7	107.8	92.8	131.3	20.0	117.3	25.9

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-10	2	6	0	11	11	22	4	21	4
Investing Cash Flow Investing Cash FlowCr	1	-14	1	1	-6	-7	-15	-10	-3	-19
Financing Cash Flow Financing Cash FlowCr	18	1	-6	-1	-2	8	-1	-4	1	-1
Net Cash Flow Net Cash FlowCr	10	-11	2	0	3	12	6	-11	20	-16
Free Cash Flow Free Cash FlowCr	-13	-3	2	-6	3	8	2	-7	17	3
CFO To PAT CFO To PAT%	-424.9	34.1	154.9	-4.5	191.2	109.6	203.4	30.4	113.1	30.4
CFO To EBITDA CFO To EBITDA%	-212.6	23.0	72.9	-2.7	107.8	92.8	131.3	20.0	117.3	25.9

Consolidated

Standalone

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	424	1,480	381	118	195	226	174	286	334	161	178
Price To Earnings Price To Earnings	36.8	58.5	92.3	17.5	33.2	23.5	16.8	22.9	18.1	13.3	11.8
Price To Sales Price To Sales	14.7	39.7	7.8	2.0	2.9	2.6	1.8	2.7	3.1	1.4	1.6
Price To Book Price To Book	2.4	7.0	5.1	1.4	2.2	2.2	1.5	2.3	2.3	1.0	1.1
EV To EBITDA EV To EBITDA	92.3	199.4	44.2	11.6	19.4	18.5	9.6	14.3	17.1	10.6	12.6
Profitability Ratios Profitability Ratios
GPM GPM%	92.5	69.9	63.5	71.8	73.0	70.1	72.5	75.7	75.8	70.5	70.5
OPM OPM%	15.9	20.1	18.1	19.0	15.8	13.6	17.1	18.6	17.0	12.7	12.2
NPM NPM%	8.0	13.6	8.5	11.7	8.9	11.5	11.0	12.2	17.6	10.8	13.8
ROCE ROCE%	8.6	8.5	7.9	9.4	8.6	11.6	12.2	13.6	16.2	10.3	10.3
ROE ROE%	6.4	6.3	5.5	8.2	6.7	9.7	9.4	10.2	13.0	7.8	7.8
ROA ROA%	4.5	5.1	4.3	6.4	5.0	7.4	7.3	8.2	10.5	6.3	6.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	424	1,480	381	118	195	226	174	286	334	161	178
Price To Earnings Price To Earnings	36.8	58.5	92.3	17.5	33.2	23.5	16.8	22.9	18.1	13.3	11.8
Price To Sales Price To Sales	14.7	39.7	7.8	2.0	2.9	2.6	1.8	2.7	3.1	1.4	1.6
Price To Book Price To Book	2.4	7.0	5.1	1.4	2.2	2.2	1.5	2.3	2.3	1.0	1.1
EV To EBITDA EV To EBITDA	92.3	199.4	44.2	11.6	19.4	18.5	9.6	14.3	17.1	10.6	12.6
Profitability Ratios Profitability Ratios
GPM GPM%	92.5	69.9	63.5	71.8	73.0	70.1	72.5	75.7	75.8	70.5	70.5
OPM OPM%	15.9	20.1	18.1	19.0	15.8	13.6	17.1	18.6	17.0	12.7	12.2
NPM NPM%	8.0	13.6	8.5	11.7	8.9	11.5	11.0	12.2	17.6	10.8	13.8
ROCE ROCE%	8.6	8.5	7.9	9.4	8.6	11.6	12.2	13.6	16.2	10.3	10.3
ROE ROE%	6.4	6.3	5.5	8.2	6.7	9.7	9.4	10.2	13.0	7.8	7.8
ROA ROA%	4.5	5.1	4.3	6.4	5.0	7.4	7.3	8.2	10.5	6.3	6.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	DIGITIDE	VAKRANGEE	QUINT	AIRAN	ATISHAY	RELIABLE	GTTDATA
Market CapitalizationMkt CapCr	1,032	645	273	178	159	139	135
Close PriceClose₹	69.21	5.95	57.75	14.20	143.95	134.94	35.40
IndustryIndustry	IT Enabled Services and BPO	IT Enabled Services and BPO	IT Enabled Services and BPO	IT Enabled Services and BPO	IT Enabled Services and BPO	IT Enabled Services and BPO	IT Enabled Services and BPO
Price To EarningsPE		66.11	8.46	11.83	28.17	13.70
Price To SalesPS	0.33	2.67	2.52	1.57	2.78	0.68	0.96
RevenueRevenueCr	3,120	242	108	113	57	205	141
Revenue Growth TTMRev Gr TTM%		-8.8%	229.1%	6.7%	7.2%	37.2%	265.2%
PAT Growth TTMPAT Gr TTM%		34.5%	1,962.8%	6,695.6%	-25.9%	-17.9%	-54.7%

	DIGITIDE	VAKRANGEE	QUINT	AIRAN	ATISHAY	RELIABLE	GTTDATA
Market CapitalizationMkt CapCr	1,032	645	273	178	159	139	135
Close PriceClose₹	69.21	5.95	57.75	14.20	143.95	134.94	35.40
IndustryIndustry	IT Enabled Services and BPO	IT Enabled Services and BPO	IT Enabled Services and BPO	IT Enabled Services and BPO	IT Enabled Services and BPO	IT Enabled Services and BPO	IT Enabled Services and BPO
Price To EarningsPE		66.11	8.46	11.83	28.17	13.70
Price To SalesPS	0.33	2.67	2.52	1.57	2.78	0.68	0.96
RevenueRevenueCr	3,120	242	108	113	57	205	141
Revenue Growth TTMRev Gr TTM%		-8.8%	229.1%	6.7%	7.2%	37.2%	265.2%
PAT Growth TTMPAT Gr TTM%		34.5%	1,962.8%	6,695.6%	-25.9%	-17.9%	-54.7%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26