On 6 Nov 2026, Airan was priced at ₹15.57, or 13.0× trailing earnings, against an industry P/E of 17.7×, and the shares are 32% below their 52-week high. Sales and net profit grew 4.8% and 5.2% a year over 3 years; its ROCE of 9.3% is the lowest among the 7 largest Information Technology Services peers. It carries very little debt. It is a small-cap company with a market cap of ₹195 Cr, ranked 68th of 126 Information Technology Services companies by market cap; the shares fell 36% over the past year.
- ₹14.70
- ₹15.79
- ₹13.92
- ₹14.79
- 2 L
Health check
- ReturnsBehind
−35.7% over a year, better than 0 of 7 peers.
- Price tagCheaper
P/E 13.0 vs industry 17.7.
- GrowthSteady
Sales +4.8%, profit +5.2% a year over 3 years.
- ProfitabilityWeak
ROCE 9.3% vs peer median 27.2%.
- Balance sheetFair
Practically debt-free, Piotroski 5 of 9.
- Red flags1 to check
32% below its 52-week high.
Small cap
Defensive
Key metrics
- Market cap
- ₹195 Cr
- Small cap
- P/E
- 13.0
- Industry 17.7
- Price to book
- 1.45
- Peers 5.20
- Dividend yield
- 0.00%
- ROE
- 8.0%
- Peers 22.9%
- ROCE
- 9.3%
- Peers 27.2%
- Debt to equity
- 0.01
- Debt ₹1.03 Cr
- EPS (TTM)
- ₹1.20
- Face value ₹2
- OPM (TTM)
- 10.0%
- Net margin 13.9%
- Sales growth
- +3.3%
- Latest quarter vs a year ago
- Profit growth
- +113.6%
- Latest quarter vs a year ago
- Price to sales
- 1.72
- EV/EBITDA 13.3
Strengths and risks
Strengths
- Practically debt-free.
- Quarterly profit up 113.6% on a year ago.
- P/E of 13.0 against an industry P/E of 17.7.
- Positive operating cash flow in each of the last 4 years.
Risks to check
- 32% below its 52-week high.
About Airan
Airan Limited, together with its subsidiaries, provides information technology (IT) and IT-enabled services in India and internationally. The company offers cash management, door step banking and pickup, fee collection/counter management, customer onboarding eKYC, cheque truncation/processing, e-stamping/registration fee collection, document management, contact center, records management, address verification and credit verification, back office…
- Headquarters
- Ahmedabad
- Employees
- 1,512
- Sector
- Technology
- ISIN
- INE645W01026
- Website
- airanlimited.com
Price range
- Avg volume (3M)
- 1.1 L
- 1-year return
- minus 35.7%
- From 52-week high
- minus 32.4%
Peers · Information Technology Services
| Company | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TCSTata Consultancy Services | 2,498.50 | plus 0.11% | 9,03,979 | 17.5 | 7.60 | 54.9% | 45.6% | 26.5% | 5.8% | 5.3% | 1.92% | minus 16.5% |
| INFYInfosys | 1,181.40 | plus 1.20% | 4,78,511 | 15.7 | 4.91 | 39.0% | 30.0% | 23.1% | 6.7% | 6.9% | 4.40% | minus 20.5% |
| HCLTECHHCL Technologies | 1,440.00 | plus 0.66% | 3,89,754 | 21.3 | 5.20 | 27.2% | 24.6% | 20.8% | 8.7% | 3.9% | 3.33% | minus 6.4% |
| WIPROWipro | 198.00 | minus 0.20% | 1,95,898 | 15.6 | 2.46 | 17.8% | 15.9% | 19.2% | 0.8% | 5.2% | 4.04% | minus 16.6% |
| TECHMTech Mahindra | 1,831.00 | plus 0.46% | 1,79,476 | 29.4 | 5.47 | 19.8% | 19.2% | 17.2% | 2.2% | −0.1% | 2.79% | plus 29.3% |
| LTMLTM | 4,338.00 | minus 1.25% | 1,28,620 | 24.6 | 4.97 | 25.4% | 21.0% | 17.9% | 8.4% | 4.4% | 1.80% | minus 21.8% |
| PERSISTENTPersistent Systems | 6,053.50 | minus 0.92% | 99,859 | 53.0 | 11.12 | 29.4% | 22.9% | 16.9% | 20.9% | 26.5% | 0.59% | plus 4.3% |
| AIRANAiran | 15.57 | plus 5.27% | 195 | 13.0 | 1.45 | 9.3% | 8.0% | 12.2% | 4.8% | 5.2% | 0.00% | minus 35.7% |
| Median of 7 peers | – | 0.11% | 1,95,898 | 21.3 | 5.20 | 27.2% | 22.9% | 19.2% | 6.7% | 5.2% | 2.79% | −16.5% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 25.7 | 26.3 | 29.3 | 31 | 26.6 | |
| 21.8 | 23.7 | 26.6 | 28.4 | 23.1 | |
| 3.9 | 2.6 | 2.7 | 2.6 | 3.4 | |
| 15.2% | 9.9% | 9.2% | 8.4% | 12.9% | |
| 1.6 | 1.6 | 1.7 | −0.4 | 6.2 | |
| 0 | 0 | 0 | 0 | 0 | |
| 1.3 | 1.3 | 1.3 | 1.4 | 1.2 | |
| – | −1.8 | 6.5 | 0.4 | – | |
| 4.2 | 1.1 | 9.6 | 1.2 | 8.4 | |
| 23.2% | 29.9% | 19.0% | 62.0% | 20.1% | |
| 3.2 | 0.8 | 7.7 | 0.5 | 6.7 | |
| 0.25 | – | 0.62 | – | 0.52 |
Profit & loss
- Sales CAGR 3Y
- +4.8%
- Profit CAGR 3Y
- +5.2%
- EPS CAGR 3Y
- +5.4%
- ROE
- 8.0%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 97.4 | 105 | 106 | 112 | |
| – | +8.3% | +0.9% | +5.4% | |
| 80.7 | 85.4 | 88.4 | 97.9 | |
| 16.6 | 20.1 | 18.1 | 14.3 | |
| 17.1% | 19.0% | 17.0% | 12.7% | |
| 2.4 | 2.1 | 3.2 | 2.6 | |
| 0.6 | 0.3 | 0.1 | 0.1 | |
| 5.1 | 5.5 | 5.4 | 5.2 | |
| 0.6 | 0.4 | 7.9 | 4.5 | |
| 13.8 | 16.9 | 23.7 | 16.1 | |
| 22.4% | 23.6% | 20.9% | 24.4% | |
| 10.4 | 12.5 | 18.5 | 12.1 | |
| – | +21.1% | +47.3% | minus 34.7% | |
| 0.83 | 1.00 | 1.48 | 0.97 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 25 | 25 | 25 | 25 | |
| 88.7 | 101 | 119 | 131 | |
| 4.8 | 0.8 | 2.3 | 1 | |
| 29.2 | 31.4 | 32.3 | 35.8 | |
| 148 | 158 | 179 | 193 | |
| 74.9 | 80.7 | 79.9 | 75.7 | |
| 0.4 | 1.7 | 1.9 | 1.9 | |
| – | – | 13.5 | 17.3 | |
| 28.9 | 17.1 | 31.7 | 27.8 | |
| 43.6 | 58.7 | 51.8 | 70 | |
| 148 | 158 | 179 | 193 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 21.8 | 3.9 | 21.2 | 3.7 | |
| −14.9 | −10.5 | −3 | −18.6 | |
| −1.1 | −4.4 | 1.4 | −1.4 | |
| 5.8 | −11 | 19.6 | −16.3 | |
| −21.4 | −12.4 | −5.4 | −2.7 | |
| 0.4 | −8.5 | 15.8 | 1 |
Shareholding pattern
- Promoters72.21%
- Public27.79%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 72.21% | 27.79% | 0.00 | |
| 30 Jun 2026 | 72.21% | 27.79% | 0.00 | |
| 31 Mar 2026 | 72.21% | 27.79% | 0.00 | |
| 31 Dec 2025 | 72.21% | 27.79% | 0.00 | |
| 30 Sep 2025 | 72.21% | 27.79% | – |
Major shareholders
Filings & events
News
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