Aurionpro Solutions Limited

Technology — Software - Application · NSE

₹638.90+₹11.65 (+1.86%)

DalalBaazaar Score

62 / 100

🟢 Good

Verdict

NEUTRAL

Risk

Very High

Driven by high debt relative to equity, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Reasonable but unspectacular business quality, though profits are falling even as sales grow. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:00 pm

Understanding the Business

Company site ↗

The 60-second version of Aurionpro Solutions Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Aurionpro Solutions Limited provides technology solutions in India, Asia-Pacific, and internationally. It operates through Sale of Software Services, and Sale of Equipment and Product License segments.

IndustrySoftware - Application

SectorTechnology

Employees2,281

Annual revenue₹1,411 Cr

How does it make money?

Turns over ₹1,411 Cr a year. Of every ₹100 of sales, about ₹15 reaches shareholders as profit, with ₹22 left at the operating level before interest, tax and depreciation. Each of its 2,281 employees supports ₹61.9 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹61.9 lakh

Who are its competitors?

The closest listed comparisons in its industry are TATA CONSULTANCY SERV LT, INFOSYS LIMITED, HCL TECHNOLOGIES LTD, WIPRO LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 14.4% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE32.0%

What is the outlook?

2 analysts covering the stock expect revenue to grow about 22.0% and earnings to grow about 23.1% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+22.0%

Est. earnings growth+23.1%

Analysts2

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +114% while net margin moved +0% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+114%

Margin effect+0%

DalalBaazaar Score

62/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of -0.18 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ High leverage magnifies any downturn in earnings
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

62/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

71/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

17.1x

3Y Median

48.2x

40 monthly readings · mean 41.7x · range 16.4x–76.2x

Sector Median

16.5x

median of 4 sector peers

🟢Current valuation is approximately 65% below its 3y median of 48.2x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟡Against its sector it is priced broadly in line with the peer median of 16.5x.

vs. its own history

Cheap

48.2x median over 40 months · -65%

vs. sector peers

Fair

16.5x median of 4 peers · +3%

vs. generic bands

Fair

15x–35x

EV/EBITDA

10.9x

PEG

0.59

What's Good / What's Bad

🟢 What's Going Well2

Debt is being paid down
Total debt is down 31% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 19.6% to 12.0% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 23.2% to 14.4% — often a sign of competition or overexpansion.

Red Flags

3 items require attention · 2 high · 1 watch

🔴High leverageFinancial
Debt/Equity of 3.48x — earnings must service borrowings before shareholders see anything.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹115 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 31% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 65% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 3.48x. Interest is payable whether or not the business has a good year.
Returns on shareholder capital are falling
ROE has dropped from 19.6% to 12.0%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 22% a year✓ 28.9% CAGR
Latest reported year was 6.3%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 20%✓ 22.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹115 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.2x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 11%✓ 14.4%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

6 / 12 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

1 good · 7 neutral · 3 weak

Market Cap

₹3,437 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

17.1x

Fair

Fairly valued against the generic band

P/B Ratio

1.98x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹37.47

Profitable

Profitable on a per-share basis

ROE

12.0%

Moderate

Moderate capital efficiency

ROCE

14.4%

Moderate

Moderate return on the capital in the business

Debt/Equity

3.48x

High

High leverage

Revenue Growth (YoY)

6.3%

Modest

Modest growth

Profit Growth (YoY)

-8.3%

Falling

Profits are shrinking

Dividend Yield

0.47%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

-₹115 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

P/E (Forward)

12.5x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

14.1%

Average

Average margins

Net Margin

14.2%

Good

Strong bottom-line conversion

Current Ratio

2.41

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.18

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

635.9 / 675.3

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

38.9

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹659 Cr	₹887 Cr	₹1,173 Cr	₹1,411 Cr	+28.9%
EBITDA	₹151 Cr	₹201 Cr	₹266 Cr	₹310 Cr	+27.1%
EBITDA Margin	22.9%	22.6%	22.7%	22.0%	—
PAT (Net Profit)	₹97 Cr	₹141 Cr	₹186 Cr	₹209 Cr	+29.1%
EPS	₹21.35	₹27.62	₹34.21	₹37.89	+21.1%
ROE	19.6%	15.2%	12.4%	12.0%	—
ROCE	23.2%	18.0%	14.7%	14.4%	—
Total Debt	₹88 Cr	₹81 Cr	₹31 Cr	₹61 Cr	-11.8%
Free Cash Flow	-₹5 Cr	₹131 Cr	₹62 Cr	-₹115 Cr	—

🟢 Revenue has grown at 28.9% a year over 3 years.

🟢 EBITDA has grown at 27.1% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 22.0% over 3 years.

🟢 PAT (Net Profit) has grown at 29.1% a year over 3 years.

🟢 EPS has grown at 21.1% a year over 3 years.

🔴 ROE has fallen from 19.6% to 12.0% over 3 years (-7.5 pts).

🔴 ROCE has fallen from 23.2% to 14.4% over 3 years (-8.8 pts).

🟢 Total Debt has shrunk at 11.8% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹2,335 Cr

Total Liabilities

₹590 Cr

Cash & Equivalents

₹132 Cr

Operating Cash Flow

₹56 Cr

Capex

-₹170 Cr

Shareholding (proxy)

Institutional Holding

14.2%

Insider Holding

54.2%

Corporate Actions

Dividend Rate

₹3

Ex-Dividend Date

22 Sept 2026

Analyst Consensus

Recommendations

2 Buy · 0 Hold · 0 Sell

Target Price (Mean)

₹1,000

+56.5% vs CMP

Target Range

₹900 – ₹1,100

Peer Comparison

Company	P/E	ROE
TATA CONSULTANCY SERV LT	17.3x	45.6%
INFOSYS LIMITED	15.8x	32.0%
HCL TECHNOLOGIES LTD	20.4x	24.6%
WIPRO LTD	14.5x	15.9%

Recent News

1 positive2 mixed3 general

Aurionpro Solutions Ltd. Share Price at Fresh 52-Week Low

Univest, 19 Aug

Aurionpro Solutions Expects Strong Banking Margins Long-Term Despite Lower Short-Term Data Center Margins

Sahi, 29 Jul

Aurionpro shares gain as Matkahuolto selects firm to advance seamless public transport payments in Finland

CNBC TV18, 14 OctPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Aurionpro Solutions bags ₹350 Cr mega order to build AI-ready green data centre, stock jumps 3%

Alice Blue, 13 MarOrder win

🟢Potentially positiveAn order or contract win, which adds to future revenue. How much depends on its size against annual sales and on when it is executed.

Does Aurionpro Solutions (NSE:AURIONPRO) Deserve A Spot On Your Watchlist?

Simply Wall Street, 13 May

Aurionpro Solutions Gets ₹150 Crore Hyperscaler Order; Shares Rise 0.53%

HDFC Sky, 05 OctPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongGrowth · Valuation

MiddlingBusiness Quality · Financial Health · Profitability

WeakRisk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 2 high-severity red flags sit above this conclusion and should be read first.

1 of 5 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑