AURIONPRO - Aurionpro Sol.

📊 NSE: AURIONPRO 🏢 Computers - Software - Medium / Small 📅 Last Updated: 12/13/2025 18:43

💰 Financial Performance

Revenue Growth by Segment

Banking & Fintech segment revenue reached INR 393 Cr in H1 FY26, while the Tech Innovation Group (TIG) contributed the remainder of the INR 460 Cr total H1 revenue. Total revenue for FY25 was INR 1,172.97 Cr, representing a 32.17% increase from INR 887.47 Cr in FY24.

Geographic Revenue Split

As of Q2 FY26, revenue is distributed as: India (66%), APAC excluding India (19%), USA & Europe (13%), and MEA & Others (2%).

Profitability Margins

EBITDA margins remained resilient at 20.1% in Q2 FY26. PAT margin stood at 15.3% for Q2 FY26, compared to 15.6% in Q1 FY26 and 16.7% in Q2 FY25, reflecting a slight compression due to aggressive R&D and market expansion investments.

EBITDA Margin

EBITDA margin was 20.1% in Q2 FY26, consistent with 20.1% in Q1 FY26 but slightly down from 20.7% in Q2 FY25. The company prioritizes a 20-22% band over maximization to fund 30% growth.

Capital Expenditure

The company raised INR 363 Cr through a QIP in April 2024 and INR 200 Cr via preferential issue in February 2024 to fund acquisitions and R&D. Specific maintenance CAPEX is not disclosed, but M&A cash outlays exceeded INR 180 Cr in FY25.

Credit Rating & Borrowing

CRISIL assigned a strong financial risk profile with a gearing ratio of 0.14x in FY24. Interest coverage ratio was healthy at 15.17x. Borrowing costs are minimized by negligible debt levels following the QIP repayment of debt.

⚙️ Operational Drivers

Raw Materials

Key cost drivers include Employee Benefit Expenses (37.7% of revenue), Software Licenses and Material Costs (part of INR 489.19 Cr operating expenses), and Hardware/Equipment for TIG projects.

Import Sources

Not specifically disclosed, but hardware components for the Tech Innovation Group are sourced globally to support transit projects like MMRDA.

Capacity Expansion

Not applicable as a software-led firm; however, the company is expanding its 'Global Delivery Centers' and R&D labs to support a 30% growth trajectory.

Raw Material Costs

Operating and other expenses (including software licenses/materials) were INR 489.19 Cr in FY25, up 35.8% YoY from INR 360.15 Cr. Employee costs rose 32.4% to INR 442.04 Cr.

Manufacturing Efficiency

Not applicable; efficiency is measured by 'operating leverage' which management expects to play out as scale increases, though currently offset by R&D spending.

Logistics & Distribution

Not disclosed as a specific percentage of revenue.

📈 Strategic Growth

Expected Growth Rate

30%

Growth Strategy

Growth is driven by 'Vision 2030' focusing on IP-led products in high-demand segments. Strategy includes aggressive M&A (5 acquisitions in FY25), expanding the sales pipeline in Europe and MEA, and scaling AI-driven banking solutions through the Arya.ai acquisition.

Products & Services

Digital banking suites, lending platforms, corporate banking software, transit ticketing systems (AFC), payment gateways, and AI-integrated fintech solutions.

Brand Portfolio

Aurionpro, Arya.ai, iExceed, IntegraRisk.

New Products/Services

Launched AI-driven banking solutions in partnership with DFCC Bank and expanded transit offerings. New products are expected to sustain the 30% growth trajectory.

Market Expansion

Expanding into Europe with new teams and infrastructure; recently entered the MEA market with a multi-million-dollar digital banking deal in Africa.

Market Share & Ranking

Not disclosed as a specific percentage, but claims 'industry-leading' growth and a 'deepest, widest stack' in the transit/payment space.

Strategic Alliances

Partnered with DFCC Bank for AI innovation and MMRDA for metro transit projects.

🌍 External Factors

Industry Trends

The industry is shifting toward Cloud, AI, Platform Engineering, and Cybersecurity. BFSI digital transformation is a primary driver, with the industry growing as CXOs prioritize digital governance.

Competitive Landscape

Faces intense competition from global IT majors and niche fintech players, particularly in the BFSI segment where pricing pressure is prevalent.

Competitive Moat

Moat is built on IP-led products and a 'deep stack' combining software and hardware in transit, creating high switching costs. Sustainability is driven by consistent R&D and a 30% growth momentum.

Macro Economic Sensitivity

Sensitive to global economic fluctuations and tariff wars which may cause temporary headwinds in international markets like the US and Europe.

Consumer Behavior

Shift toward digital-first banking and contactless transit payments is accelerating demand for Aurionpro's core offerings.

Geopolitical Risks

Global disruptions and trade barriers are noted as external threats that could impact delivery excellence and reputation.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to financial technology regulations and payment licensing requirements in India and other operating jurisdictions.

Taxation Policy Impact

Not disclosed as a specific percentage, but the company follows standard Indian corporate tax norms.

Legal Contingencies

Statutory auditors reported no fraud. Secretarial audit for FY25 contained no qualifications or adverse remarks. Specific pending litigation values were not disclosed.

⚠️ Risk Analysis

Key Uncertainties

Potential for new offerings to fail market acceptance due to defects or security concerns. External economic fluctuations could impact the 30% growth target.