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    Information Technology Services
Airan Limited

Airan Limited

AIRAN.BO
Airan LimitedIN flagBombay Stock Exchange
15.66
INR
-0.05
- -
1.96BMarket Cap
Airan Limited
AIRAN.BO
(Bombay Stock Exchange)

Recent

price

15.66

P/E

ratio

- -

div

yld

- -

ROIC.AI

2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
0.79
0.9
1.15
1.53
2.07
2.31
2.98
4
4.61
5.3
6.98
7.79
8.44
8.52
- -
8.98
Revenue per Share
0.06
0.06
0.07
0.07
0.1
0.18
0.41
0.34
0.54
0.47
0.77
0.83
1
1.48
- -
0.97
Basic EPS, GAAP
0.21
0.04
0.02
-0.44
0.53
-1.02
-0.2
0.17
-0.47
0.17
0.53
0.03
-0.68
1.26
- -
- -
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Dividend per Share
0.37
0.37
0.37
0.37
0.92
1.74
4.53
5.01
6.4
6.86
7.62
8.44
9.42
10.88
- -
2
Book Value per Share
1.2
1.27
1.34
1.39
1.51
2.88
5.65
6.14
6.5
6.84
8.66
9.53
10.57
12.03
- -
12.99
Tangible Book Value per Share
125
125
125
125
125
125
125
121
125
125
125
125
125
125
- -
125
Basic Weighted Avg Shares
99
112
144
191
259
289
373
485
577
663
873
974
1,055
1,065
1,122
1,122
Sales/Revenue/Turnover
7.38
8.53
9.93
5.82
7.43
9.03
15.79
7.78
11.9
9.41
7.74
11.82
13.85
11.89
8.13
8.07
Operating Margin (%)
6
7
8
19
26
24
22
21
41
43
51
51
55
54
52
52
Depreciation Expense
7
8
9
8
12
23
51
41
67
59
96
104
125
185
121
121
Net Income, GAAP
44.07
30.9
30.9
29.28
32.22
26.09
26.5
29
16.34
23.02
17.49
22.38
23.6
20.87
24.16
24.16
Effective Tax Rate (%)
7
7.25
6.01
4.25
4.82
7.96
13.58
8.54
11.66
8.83
11.02
10.64
11.89
17.35
10.79
10.79
Profit Margin (%)
79
87
85
103
54
321
319
340
373
318
581
535
590
660
788
788
Working Capital
10
10
9
64
66
122
86
63
60
2
17
18
- -
- -
- -
- -
LT Debt
150
159
167
174
188
360
709
750
817
890
1,116
1,221
1,348
1,533
1,652
1,652
Total Equity
- -
3.58
5.03
3.27
4.77
5.06
6.42
3.12
6.42
5
5.14
7.28
8.44
6.85
4.29
4.26
Return on Invested Capital (%)
- -
13.45
14.41
9.22
10.7
11.31
11.25
6.64
8.97
6.72
9.33
9.2
10.11
13.29
13.23
13.23
Return on Capital (%)
- -
17.65
18.75
17.69
15.5
13.85
12.94
7.06
9.56
7.07
10.62
10.32
11.24
14.55
15.04
15.04
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
11
- -
10
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
125
- -
125
Market Capitalization
3,169
2,281
1,613

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
933
- -
970
Cash, Cash Equivalents & STI
389
- -
291
Accounts Receivable, Net
255
- -
281
Inventories
- -
- -
- -
Total Current Liabilities
187
- -
182
Payables & Accruals
- -
- -
- -
ST Debt
11
- -
10
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
27.85%
13.34%
7.74%
Free Cash Flow
-346.81%
-477.36%
-93.5%
Net Income, GAAP
34.15%
21.17%
-34.43%
Sales/Revenue/Turnover
16.23%
11.58%
5.39%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
239
266
253
297
1,055
2025
262
262
268
273
1,065
2026
257
263
293
310
1,122

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.15
0.25
0.24
- -
1
2025
1.74
-0.13
0.14
-0.28
1.48
2026
0.25
0.06
0.62
0.04
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
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Business
Airan Limited (AIRAN.BO), founded in 1989 and incorporated in 1995, provides information technology and IT-enabled services primarily focused on banking transaction processing and document management services for telecommunication companies, internet service providers, payment banks, finance, and related sectors; its core offerings include cash management and doorstep banking with pickup services, fee collection and counter management, customer onboarding with eKYC verification, cheque truncation and CTS clearing processing, e-stamping and registration fee collection, document management systems with scanning and digitization, contact center operations, records management and warehousing, address and credit verification, back office management, bookkeeping, software development, payroll processing, data migration, labour law compliance, digital document verification, and automobile inspection services. The company serves clients across banking, financial services, telecom, and government sectors, including partnerships with major telecom firms such as Airtel and Videocon for end-to-end customer application form processing in Gujarat, and with the Government of Rajasthan via Stock Holding Corporation of India for e-stamping operations statewide. Headquartered in Ahmedabad, India, Airan operates nationally with a strong presence in Western India, particularly Gujarat and Rajasthan, and internationally through subsidiaries in Singapore, the United Kingdom, Australia, and the United Arab Emirates, including entities like Airan Singapore Private Limited, Airan UK Limited, Airan Australia PTY Limited, Airan Global Private Limited, Quadpro Limited, and CQUB Infosystems Private Limited. Recent developments include robust financial performance with net income rising to $184.11 million for the fiscal year ended March 31, 2025, supported by net cash from operating activities of $212.18 million, alongside ongoing expansions in digital services and customized software solutions for CTS processing and mobile applications for field operations tracking.