Initiating coverage

INDIA l Institutional Research l IT Products l 27TH March 2025

Aurionpro Solutions l BUY l TP: Rs 2,020

A tech giant in the making

We initiate coverage on Aurionpro Solutions with a Buy and a TP of Rs 2,020. This Target price 2,020 Key Data

prominent IT products company is rapidly scaling up, with world-class banking Bloomberg Code AUPS:IN

solutions, a dominant transit business, and a fast-growing foothold in data centres. CMP (Rs) 1,378 Curr Shares O/S (mn) 54.0
With top-tier clients like SBI, HDFC Bank, and ADCB Bank (UAE), Aurionpro is rapidly Diluted Shares O/S (mn) 54.0
expanding its global presence. Under the leadership of new CEO Ashish Rai (ex- Upside 47% Mkt Cap (Rs bn/USDmn) 76.03/884.0

Finastra, FIS), revenue and headcount has more than doubled over the last three Price Performance (%) 52 Wk H / L (Rs) 1,992/980

years while maintaining OPM at 22%. Game-changing products like Auropay and 1M 6M 1Yr 3M Average Vol. (thd) 53.64

Aurobees, plus a strategic partnership with Murex, FIS & Finastra (large European Aurionpro
solutions
4.1 (15.5) 32.6

Fintech companies), are set to fuel further momentum. Operating in high-growth Nifty 4.1 (10.4) 6.7

segments with massive TAMs and an orderbook of Rs13bn (to be executed over next Source: Bloomberg, NSE, Company, As on 26th March, 2025
4 quarters), Aurionpro is set to sustain its strong growth trajectory.
▪ Banking product bouquet continues to grow: Aurionpro has spent more than Shareholding pattern (%)
Rs2.5bn over the last 3 years to enhance its existing products and create new Dec-24 Sept-24 Jun-24 Mar-24
Promoters 26.88% 26.88% 26.88% 29.91%
ones. The acquisition of Arya.ai has enhanced the company’s capabilities by
FIIs 14.82% 13.93% 12.85% 6.27%
integrating AI across their existing products. The partnership with Murex has
DIIs 2.73% 1.44% 1.64% 0.73%
improved post the acquisition of Fenixys and it helps the company co-develop IP’s
Public 48.58% 50.74% 52.01% 55.71%
and increase its presence in Europe and NAM. Its existing products - Icashpro+ and
Ashish Rai 7.0% 7.0% 6.64% 7.38%
Smartlender continue to witness strong deal wins globally; Rs 1bn+ of deal with Source: BSE
SBI in FY24 is a testament to its product offering and will provide a gateway to
many more such deal wins across domestic / international banks. Why you should read this report
▪ Transit & Data centers to drive TIG (Technology Innovation group): In the transit • Understand why Aurionpro’s products stands
segment, Aurionpro recently won Delhi Metro and Chennai Metro. This is in out amongst its peers
addition to its deal-wins globally and demonstrates its strong capabilities as fully • How new products are going to drive growth
integrated player (hardware+ software) for smart gates, kiosks, AFC’s (Automated going ahead
fare collection) over its peers. On the data center front, it has won a deal from RBI
• Insights from channel checks on client’s
which was for a complex project highlighting its capabilities in consulting, design perception on Aurionpro’s offerings
& implementation. With GOI thrust towards metro connectivity and focus on data •

centers, we expect these divisions to witness 30%+ CAGR over FY25-27E. On the Strong orderbook growth fortifies Aurionpro’s
smart city project, it is working on the Panvel project (Rs2bn), albeit is cautiously ability to win deals across segments (Rs mn)
optimistic given the nature of business.
14,000
▪ Aurionpro 2.0: Our conviction in Aurionpro stems from various business initiatives 12,000
undertaken by the new CEO (joined the board in FY22 and promoted to CEO in FY24) 10,000
8,000
towards R&D, developing new IPs, global fintech partnerships, and headcount 6,000
addition. These initiatives have already started to yield positive results; and along 10,000

10,000

11,500

13,000
4,000
7,000

7,600

8,200
8,000

8,100

9,000

with strategic acquisitions (funded towards capital raise and internal accruals) are 2,000
0
all steps in the right direction. Our lateral checks across banking product & services
Q2FY23

Q3FY23

Q4FY23
Q1FY24

Q2FY24

Q3FY24

Q4FY24

Q1FY25

Q2FY25
(53% of revenue) & TIG (47%) segment reaffirms our thesis around product Q3FY25
acceptance, and the growth opportunity.
Source: Company, MNCL Research
▪ Valuations, view & risks: Revenue diversification given presence across multiple
tech-segments, huge TAM therein, deal-wins and healthy order book visibility
provide greater comfort. 60%+ OCF / EBITDA conversion, superior return ratios, Vinay Menon
and strong organic growth adds to our conviction. We are factoring in Vinay.menon@mnclgroup.com
25.3%/25.6%/29.6% Revenue/EBITDA/PAT CAGR over FY24-FY27E, and value the NISM-201600112117

company at 35x FY27 PE, resulting in a TP of Rs 2,020. Our base case estimates do
Miloni Mehta
not factor any acquisitions. Our bear case / bull-case TP is at Rs 1,270 / Rs 2,225. miloni.mehta@mnclgroup.com
Key risks: Slowdown in BFSI IT spends; delay in metro projects and data centers. NISM-201800127664

Y/E (Rs mn) Revenue YoY (%) EBITDA EBITDA (%) PAT PAT (%) EPS ROE ROCE P/E (x) EV/EBITDA (x)
FY23 6,593 30.6% 1,435 21.8% 1,018 15.4% 22.3 22.2% 26.4% 92.6 52.7
FY24 8,875 34.6% 1,934 21.8% 1,429 16.1% 26.5 19.6% 22.2% 52.1 38.3
FY25E 12,025 35.5% 2,442 20.3% 1,967 16.4% 36.4 16.4% 17.8% 37.8 30.7
FY26E 14,430 20.0% 3,130 21.7% 2,549 17.7% 47.2 16.3% 18.0% 29.2 23.4
FY27E 17,461 21.0% 3,830 21.9% 3,112 17.8% 57.6 17.2% 19.1% 23.9 18.7
FY28E 20,953 20.0% 4,712 22.5% 3,832 18.3% 71.0 18.1% 20.1% 19.4 14.6
Source: Company, MNCL Research estimates

MNCL Research is also available on Bloomberg

Initiating coverage In the interest of timeliness, this document has not been edited
 Index
Investment Thesis in Charts ................................................................................................................. 4

Company Overview ............................................................................................................................. 5

Established banking products fueling growth, with new offerings accelerating the pace .................... 6

TIG growth to be driven by Transit & Data centers ............................................................................ 16

A technology leader in the making .................................................................................................... 21

Lateral checks .................................................................................................................................... 23

Peer comparisons and Valuations...................................................................................................... 24

Financial Analysis .............................................................................................................................. 26

Financials (Consolidated) ................................................................................................................... 30

Aurionpro Solutions Ltd 3

Initiating coverage
 Investment Thesis in Charts
Exhibit 1: : Banking & Fintech remains steady, While TIG gains Exhibit 2: Geographic mix shows strength in India, While
momentum APAC sees a slight decline
80% Geographic mix
100.0%

80.0% 40.2% 46.8% 60%

47.8%
60.0%
40%
40.0%
59.8% 52.2% 53.2% 20%
20.0%

0.0% 0%
FY22 FY23 FY24 India APAC USA MEA ROW
Banking and fintech TIG FY23 FY24

Source: Company, MNCL Research Source: Company, MNCL Research

Exhibit 3: Strong order book visibility (Rs 13 bn, to be Exhibit 4: Stable software sales with gradual growth in
executed over the next 4 quarters) equipment & product Licenses
14,000 100.0%
(Rs mn)
12,000 32.5% 33.0% 33.8%
80.0%
10,000
8,000 60.0%

6,000 40.0%
67.5% 67.0% 66.2%
4,000
10,000

10,000

11,500

13,000
7,600
7,000

8,200

8,000

8,100

9,000

20.0%
2,000
0 0.0%
Q3FY23
Q2FY23

Q4FY23

Q1FY24

Q2FY24

Q3FY24

Q4FY24

Q1FY25

Q2FY25

Q3FY25

FY22 FY23 FY24

Sales of software Sale of equipment and product licenses

Source: Company, MNCL Research Source: Company, MNCL Research

Exhibit 5: Strong headcount in the banking segment Exhibit 6: Steady improvement in EBITDA margins
60.0% FY24
5,000 21.2%
22.4% 21.9% 21.8% 21.8% 21.7% 21.9% 22.5% 25.0%
20.3%
50.7%
4,000 17.5% 20.0%
50.0%
42.1%
40.0% 3,000 15.0%

2,000 10.0%
30.0%
1,109

1,107

1,435

1,934

2,442

3,130

3,830

4,712

1,000 5.0%
821

839

20.0%
- 0.0%
10.0% 7.1%
FY25E

FY26E

FY27E

FY28E
FY19

FY20

FY21

FY22

FY23

FY24

0.0%
Banking Fintech TIG Support EBITDA EBITDA Margins(%)

Source: Company, MNCL Research Source: Company, MNCL Research

Aurionpro solutions Ltd 4

Initiating coverage
 Company Overview
Aurionpro Solutions Limited is a global technology solutions provider offering a comprehensive suite of
digital transformation services across banking, payments, transportation, and government sectors.
With over two decades of industry expertise, Aurionpro has positioned itself as a trusted partner for
enterprises seeking to navigate the complexities of technological innovation. Headquartered in Navi
Mumbai, India, the company operates with over 30 offices in more than 30 countries. Their technology
solutions have been implemented by over 300 clients worldwide which reinforces their commitment to
delivering high-impact, efficient and scalable innovations.
The company operates under two key business segments:

1. Banking & Fintech Solutions: Aurionpro offers robust digital banking solutions, payment processing
systems, and transaction banking platforms. Their services include retail banking enhancements like
self-service kiosks and queue management, as well as wholesale banking solutions such as cash
management and Loan management.
2. Technology Innovation & Professional Services: Aurionpro's Technology Innovation Group (TIG)
drives digital transformation through creating software and hardware solutions for transit segment
and consulting & design for data centers. The company also plays a key role in smart cities and smart
mobility where it offers e-governance solutions, intelligent transport systems, and automatic fare
collection. As one of the few end-to-end transit solution providers, Aurionpro integrates hardware
and software for metro and bus projects with a strong presence in Delhi, Chennai, Kanpur, Haryana
in India and California, Mexico and Maldives on a global front.
Leadership & Transformation Under Ashish Rai: Since taking over as Group CEO in Oct 2023, Ashish
Rai has played a pivotal role in reshaping Aurionpro’s strategy of driving digital transformation and
unlocking new growth avenues. With an extensive background in global financial technology including
leadership roles at FIS, Finastra, and Coforge, Rai has leveraged his deep industry expertise to
streamline operations, enhance product innovation and expand the company’s global footprint. Under
his leadership, Aurionpro has sharpened its focus on high-growth verticals, optimizing cost structures
and accelerated revenue expansion. Ashish had joined the board of Aurionpro in FY22 as Vice-Chairman
and has played an influential part in the turnaround of the company over the last 3 years.

The company has raised capital through preferential share allotments over the last 2 years. The capital
raise was done with the intention to acquire companies, capex for new offices and upgradation of
facilities and to become a debt-free company. The first round was done at a share price of Rs 440 and
the second round was done at a price of Rs 1050, the company raised a total of Rs 6,450 mn (excluding
issue expenses).

Exhibit 7: Utilisation of funds raised through preferential issue

Particulars Amount (Rs mn)
Net proceeds from cash raised through preferential issue over FY24 and FY25 6,450
Funds used for acquisitions 4,406
Capex 1,380
Repayment of borrowings 490
Source: Company, MNCL Research

Exhibit 8: Company’s acquired by Aurionpro solutions Ltd

Date Company Deal Value (Rs Mn) Revenue (Rs Mn) P/S (x)
24-12-2024 Fenixys SAS 886 709 1.3
19-04-2024 Arya.Ai 1,300 498 2.6
12-10-2023 Omnifin Solutions 820 209 3.9
06-09-2023 Interact Dx 1,400 440 3.2
Source: Company, MNCL Research

Aurionpro solutions Ltd 5

Initiating coverage
 Established banking products fueling growth, with new
offerings accelerating the pace
IcashPro+ to continue its strong deal win streak
IcashPro+ is a niche product specializing in transaction banking, cash management, liquidity, and
corporate banking services. For corporate banks focused on cash management and financial supply
chain, IcashPro+ offers a more tailored solution with advanced automation and ERP integrations.

IcashPro product suite offers a comprehensive, web-based, end-to-end banking solution designed to
streamline banking processes. It features independently functioning Front-End Internet Banking and
Back-End Banking Operations, providing flexibility and robust performance. With its centralized hosting
architecture, IcashPro allows seamless access from multiple branches or operational centers.

IcashPro+ helps banks deliver faster services, improve cash visibility, and reduce operational costs. Its
flexible architecture allows easy integration with various banking systems, making it a powerful solution
for corporate and institutional banking needs.

Capabilities
▪ 100% success ratio in Implementing across 30+ Banks
▪ 5 Mn TPH (Transaction per hour) with a concurrency of 6000 users.
▪ Proficiency in both offshore and on-site implementation & support models.
▪ 55% increase in operational efficiency
It is a legacy product for the company, and it has been in the market for more than 2 decades. Over the
last few years, they have made multiple upgrades and customizations to improve the product. It is the
largest contributor to the banking revenue. We expect more deal wins globally for this product and
expect it to grow 30%+ over the next 2 years. The average deal size for the product is Rs 500-700 mn,
which includes the license fee, implementation and AMC. Renewal of the product can generate 10-15%
of revenue through AMC charges.

Exhibit 9: Key Features and Capabilities of IcashPro+

Source: Company, MNCL Research

Aurionpro solutions Ltd 6

Initiating coverage
 Exhibit 10: Transaction banking growth to be strong up to FY27
Revenue ($ Bn
800 738
6.6%
700

600 536
6.8%
500
531.4

Axis Title
386
400
385.9
300
277.9
200

100 206.6
108.1 150.1
0
2017 2022 2027
Transaction related Non Transaction related
Source: Company, MNCL Research

Case study 1: Transforming Cash Management for a Leading UAE Bank

▪ A leading bank in the UAE sought to enhance its cash management services, improve transaction
volumes, and attract more corporate customers. To achieve this, the bank implemented a
comprehensive cash management system that included account services, payments and collection
reporting, a charge computation engine, a wage protection system (WPS), and seamless integration
with ERP and mobile applications.
▪ As a result, the bank experienced significant growth, with peak transaction volumes increasing by
up to 40%. The solution also enabled the onboarding of over 18,000 new corporate customers,
expanding its user base to more than 80,000 corporate users and 575+ bank users. This
transformation earned the bank industry recognition, as it was awarded the prestigious title of
‘Best Cash Management Bank in the UAE’ by Euromoney for four years (2016-17 & 2020-21).
▪ By deploying an advanced cash management platform, the bank significantly improved operational
efficiency, customer acquisition and transaction processing. This success not only strengthened its
market position but also reinforced its reputation as a leader in digital banking and innovation.

Case Study 2: Enhancing Supply Chain Finance for a Leading Thai Bank
▪ A top bank in Thailand aimed to modernize its Supply Chain Finance (FSCM) operations by
implementing a fully integrated purchase order and invoice processing system. The bank
introduced the IcashPro+ FSCM system, which provided end-to-end purchase order and invoice
processing tailored to local regulations, language, taxation, and calendar requirements.
▪ This transformation led to a 10% reduction in recourse (dispute) management, thanks to API
integration, WHT (Withholding Tax) refunds, and real-time monitoring dashboards. Additionally,
the system enhanced automation by enabling real-time monitoring of backend processes,
scheduled jobs, and manual activities, leading to improved efficiency. The IcashPro+ FSCM system
also facilitated the efficient refund of WHT for buyers, further optimizing financial processes.
▪ With these advancements, the bank strengthened its position as a pioneer in financial innovation
and was recognized as the ‘Most Innovative Bank in Thailand.’ By leveraging automation and API-
based integration, the bank successfully enhanced its supply chain finance operations, reduced
disputes, and improved compliance, solidifying its role as a leader in digital transformation.

Recent deal wins

Aurionpro's IcashPro+ platform has achieved several notable deal wins:

▪ State Bank of India (SBI): In March 2024, Aurionpro secured a significant contract with SBI, valued
at nearly Rs 1 Bn, for the implementation of the IcashPro+ platform to enhance the bank's cash
management and transaction banking services.

Aurionpro solutions Ltd 7

Initiating coverage
 ▪ Saudi Arabian Bank: In October 2024, Aurionpro announced a multi-million-dollar deal with a
leading bank in Saudi Arabia to deploy the IcashPro+ platform, reinforcing its position in digital
banking transformation.
▪ South Asian Bank: In October 2024, Aurionpro secured a multi-million-dollar contract to
implement IcashPro+ for a prominent bank across multiple countries in South Asia, aiming to
enhance the customer experience for the bank's corporate clients.
▪ Public Sector Bank in India: In December 2023, Aurionpro won an order valued at over Rs 3 Bn to
supply, implement, and maintain the IcashPro+ platform for a major public sector bank in India.
Exhibit 11: Competitor Products vs IcashPro
Product Company Key Focus Area
Intellect Cash Comprehensive cash and liquidity management solutions with a focus on
Intellect Design Arena
Management System (CMS) transaction banking for large financial institutions
Strong focus on cash management, payments, and trade finance for banks and
FinnAxia Nucleus Software
corporate clients
Specialized in process automation with some capabilities in cash management
Newgen OmniFlow Newgen Software
workflows
A powerful platform for cash flow forecasting, liquidity management, and
Fusion Cash Management Finastra
transaction processing
Comprehensive core banking platform with cash management modules for
Oracle FLEXCUBE Oracle Financial Services
transaction banking
Source: Company, MNCL Research

Exhibit 12: Here’s a comparison of IcashPro+ with other IT products

Feature/Advantage IcashPro+ (Aurionpro) Intellect Design Arena Nucleus Software Newgen Software
Strong in lending
Deeply focused on cash Broader focus across multiple Focuses heavily on document and
Specialization in solutions but limited
management, payments, and banking verticals including process automation with limited
Transaction Banking focus on transaction
liquidity solutions wealth and retail banking cash management specialization
banking
Offers flexible deployment Primarily focused on cloud-
Strong on-premises Focuses on cloud-based platforms
across cloud, on-premises, and first approach with on-
Deployment Flexibility presence with limited with less focus on hybrid
hybrid models with seamless premises as an additional
cloud-native flexibility deployment
scalability option
Extensive API-driven
Integration capabilities Provides integrations Integration with document
architecture allowing
Integration available but often require but can be more management tools is strong, but
integration with third-party
Capabilities customization for complex complex in hybrid broader system connectivity may
systems, ERPs, and fintech
requirements environments require additional effort
platforms
Limited UI
Highly configurable dashboard Offers a flexible UI but may Strong UI customization for
Customizable User customization for
and custom UI features to require additional document workflows but less
Interface transaction banking
meet diverse customer needs configuration efforts specialized in cash management
modules
Faster deployment with pre- Focuses on phased Strong in workflow-based
Implementation requires
Speed of configured modules and rollouts, which may implementations but may require
detailed customization, often
Implementation minimal customization for extend deployment extended timelines for transaction
resulting in longer timelines
faster go-live timelines banking solutions
Integrates AI-based analytics Offers advanced analytics but
Analytics features focus Strong in AI-driven workflow
for cash flow forecasting, may require additional
AI-Driven Insights heavily on lending and automation, less so in transaction
anomaly detection, and risk configuration for specialized
credit risk analytics
assessment insights
Source: Company, MNCL Research

Aurionpro solutions Ltd 8

Initiating coverage
 Smartlender along with Omnifin to strengthen lending presence

SmartLender streamlines the entire credit loan lifecycle, from origination and assessment to
management, with efficient and optimized processes. Recognizing the labor-intensive nature of
lending, SmartLender simplifies commercial loan origination by leveraging industry best practices for
improved efficiency and ease of use.

Smartlender is the second largest product in terms of revenue contribution in the banking segment.
This has been in the market for more than a decade. Smartlender and Icashpro+ contribute more than
75%+ of the banking revenue. The average deal size for Smartlender is Rs 300-500 mn.

Modules under Smartlender

Commercial Loan Origination

A unified platform for credit assessment, real-time risk evaluation, and reporting to enhance
commercial lending decisions. It consolidates customer data into a single system, improving
transparency and reducing delays. The process covers Pre-Qualification, Approval, Acceptance, and
Post-Approval stages.

Financial Analysis

Automates financial data collection, analysis, and reporting with industry-specific templates and key
ratio analysis for informed decision-making.

Collateral Management

Ensures effective control of legal, operational, liquidity, and market risks post-approval, minimizing
manual efforts and proactively managing concentration risks in line with Basel II principles.

Limit Management

A centralized system that integrates with host platforms to track limits, ensuring no threshold breaches.
It efficiently manages concentration risks across multiple risk dimensions and group levels.

Exhibit 13: Loan origination dashboard

Source: MNCL Research

Aurionpro solutions Ltd 9

Initiating coverage
 Exhibit 14: "Market Positioning of Loan Origination Solution Providers – 2022"

Source: Company, MNCL Research

Aurionpro unveiled SmartLender ESG Platform to Drive Sustainable Banking

Integro Technologies, an Aurionpro Company, introduced its SmartLender ESG platform, a

comprehensive lending suite designed to accelerate banks' digital transformation in Environmental,
Social, and Governance (ESG) strategies.

This launch was followed by a significant deal with a leading Southeast Asian bank, reinforcing
Aurionpro’s dedication to advancing green and sustainability-linked financing. The platform’s
digitalized checklist capabilities streamline operations, ensuring accurate, up-to-date information for
managing green certifications and performance targets.

Recently recognized as a Category Leader in five Corporate Lending Quadrants by Chartis, Integro
continues to innovate. The SmartLender ESG platform empowers banks with robust ESG data
classification, greenwashing risk mitigation, and ensures compliance with the Green Loan Principles
and evolving global ESG regulations. It also facilitates comprehensive tracking of sustainability-linked
products, enhancing transparency and accountability throughout the lending lifecycle.

Exhibit 15: Comparison of SmartLender Suite with other Indian IT product players
Aurionpro SmartLender FinnOne Neo (Nucleus Intellect Lending Suite (Intellect Newgen Loan Origination
Feature / Product
Suite Software) Design Arena) System
End-to-end digital lending & Advanced loan lifecycle Modular lending platform for retail Low-code-based loan
Overview
credit management management & corporate loans origination
Loan Servicing Yes Yes Yes Limited
AI-powered risk & fraud Credit scoring &
Risk & Credit Assessment Credit assessment tools Compliance-focused
detection monitoring
Workflow Automation Fully automated Customizable workflows AI-driven process automation Low-code configurable
Strong in Indian regulatory AML & regulatory
Regulatory Compliance Basel III, IFRS 9 Global regulatory compliance
framework compliance
Integration with Core Seamless API & ERP Deep banking system Strong external system
Blockchain & AI-driven integration
Banking integration integration connectivity
Customer Digital Supports digital lending Mobile & web-based loan AI-driven personalized loan Omnichannel
Experience channels applications offerings engagement
Highly configurable & Supports varied lending Customizable based on lending
Customization & Flexibility Low-code customization
modular models needs
Source: Company, MNCL Research

Aurionpro solutions Ltd 10

Initiating coverage
 Deal wins for SmartLender
Malaysian Bank: Aurionpro Solutions won a $3 Mn deal to modernize a bank's corporate processes,
including loan origination and credit risk management. The bank has chosen Integro Technologies, a
subsidiary of Aurionpro to transform its loan origination system using SmartLender, a commercial loan
origination solution.

Omnifin Loan Management System

Omnifin was acquired in 2023 for a deal value of Rs 820 mn. The reason behind the acquisition was to
increase the company’s presence in the SME segment in across India. Omnifin works with smaller banks,
NBFC’s, and had a product which improved Aurionpro’s overall offering. The deal size is small for the
product, but the company has plans to improve the product and take it global over the next few years.

Omnifin is a comprehensive solution designed to manage loan portfolios while supporting operations,
regulatory requirements, and decision-making. It offers end-to-end functionality for asset
management, accounting, risk control, and customer service across multiple branches and locations.

Key Modules:

The solution includes several essential modules to streamline financial processes. The Lead
Management module efficiently captures, allocates, and tracks leads. The Credit Processing module
handles critical functions such as deal capture, verification, underwriting, and fund flow analysis. For
comprehensive loan oversight, the Credit Management module manages loan initiation, disbursal,
rescheduling, closure, and customer service. The Debt Management module effectively tracks
delinquencies, manages collections, and monitors follow-ups. Additionally, the GL & Fixed Assets
module handles accounting, asset tracking, and bank reconciliation. Lastly, the Security Module
provides robust user and role-based access control for enhanced security.

Key Features:

The platform supports both Installment and Non-Installment loans, offering flexible repayment options
like EMI, Step-up, Step-down, and Graded Installments. It effectively manages Fixed and Floating
Interest Rates, ensuring comprehensive tracking of customer exposure by linking multiple loans. The
system also automates NPA classification and supports diverse repayment methods such as Cash,
Cheque, ECS, and more. Document tracking is available across three crucial stages: Pre-Sanction, Pre-
Disbursal, and Post-Disbursal. Additionally, the platform’s open architecture enables seamless
integration with other systems.

Benefits:

This solution is ideal for businesses engaged in Consumer Finance, Housing Finance, Trade Finance, and
Equipment Finance. Its flexibility and adaptability ensures it can meet dynamic market and regulatory
changes. Built on modern technology, the platform efficiently handles large transaction volumes while
ensuring data security. Its web-enabled design allows for easy access via browsers, supporting
operations across multiple branches and locations.

Aurionpro solutions Ltd 11

Initiating coverage
 Exhibit 16: Comparison with other similar products
Feature Omnifin (Aurionpro) FinnOne (Nucleus) LoanIQ (Finastra) Flexcube (Oracle)
Loan Lifecycle
End-to-end (Lead to Closure) Full lifecycle coverage Limited to corporate loans Full lifecycle coverage
Coverage
Primarily Installment
Loan Types Supported Installment & non-installment Corporate-focused loans Installment & Corporate
loans
Automated NPA
NPA Classification Automated with diverse criteria Limited NPA classification Automated NPA tracking
tracking
Document Tracks Pre-Sanction to Post- Integrated document Integrated document
Limited document tracking
Management Disbursal handling handling
Customer Exposure Links multiple loans per Manual tracking Comprehensive exposure
Automated exposure tracking
Tracking customer required tracking
Open architecture for seamless Requires extensive API
Integration Capabilities Limited third-party integration Flexible integration with APIs
integration setup
Compliance Built-in NPA & regulatory Extensive regulatory Requires customization for Comprehensive compliance
Management controls controls compliance features
User Interface Intuitive and user-friendly UI Complex interface Outdated interface Modern and intuitive UI
Built-in support for multiple Multi-branch
Multi-Branch Support Limited multi-branch support Full multi-branch support
locations capabilities
Source: Company, MNCL Research

Arya.ai to enhance product offering

Arya.ai is a company which was started with the purpose to simplify the adoption of AI, enabling
enterprises to solve complex problems faster, more efficiently, and with greater precision.

It has multiple products and services like – Apex, Nexus, AryaXAI, AI Cashflow forecasting, Intelligent
document processing and AI onboarding. It caters to Banks, NBFC’s and Insurance companies.

Aurionpro acquired 70% stake in Arya.ai for Rs 1300 mn. They have an option to acquire the remaining
30% over the next 3 years at the same valuation (2.6x P/S). Arya.ai came with a strong pedigree as it
was started by 2 IIT graduates who have been working on AI for more than a decade. It also came with
a strong clientele which included Axis Bank and ICICI Lombard among other top names. They have
multiple products which cater to the BFSI segment, among which the most exciting one from an
Aurionpro point of view is explainable AI. Explainable AI has huge implications for regulators and
governments across the world. Aurionpro sees good demand for this product across Europe and US.
Deal sizes are relatively small at Rs 100-200 mn, but there is huge scope for these to grow. Along with
their own products, Arya.ai will help by adding AI functionality across all of Aurionpro’s products and
that is a huge positive from a product customization perspective.

Explainable AI
DL (Deep learning) -Backtrace is a robust Explainable AI (XAI) technique designed to deliver clear,
accurate, and stable explanations for deep learning models. It supports various AI tasks such as Large
Language Models (LLMs), text classification, image classification, predictive modeling, summarization,
and object segmentation.

DL-Backtrace offers significant improvements in model explainability. It delivers 91% better faithfulness
for image data compared to SmoothGrad, IG, and GradCam. For text and LLMs, it achieves 88%
improved accuracy in MoRef and LeRF metrics. In tabular data, it shows 18% improved MPRT versus
SHAP and 40% better performance than LIME. DL-Backtrace is compatible with popular explainability
methods like SHAP, LIME, and Integrated Gradients, enhancing model transparency and insights. DL-
Backtrace offers versatile deployment methods to suit different infrastructure needs.

Serverless FaaS Components provide scalable, no-infrastructure management for seamless integration.
Cloud & On-Premises Deployment ensures full control, security, and customization for enterprise
environments. By simplifying the understanding of complex model decisions, DL-Backtrace enhances
accuracy and transparency in AI-driven insights, making it a powerful tool for improving decision-
making in AI products.

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 Case study
Challenge
ICICI Lombard faced inefficiencies with manual onboarding workflows, causing delays, errors, and
scalability issues.

Key Issues:
▪ Slow Processing: Manual processes prolonged onboarding, frustrating customers.
▪ Inconsistencies: Data errors and unreliable operations hindered performance.
▪ Implementation Delays: Finding solutions without disrupting services proved challenging.
▪ Operational Bottlenecks: Scaling and improving efficiency became difficult.

Solution
ICICI Lombard partnered with Arya.ai to implement the Arya Apex platform, enhancing onboarding
with:

▪ Automated Identity Verification – Faster, more accurate ID checks.

▪ Streamlined Document Processing – Automated data extraction for improved efficiency.
▪ Enhanced Risk Analysis – Intelligent algorithms for proactive decision-making.

Results:
▪ 98% automation of onboarding workflows
▪ Only 2% of workflows require manual checks
▪ Deployment completed in 3 months

Auropay to ramp up over the next few years

Auropay is a payment solutions platform designed to provide businesses with a seamless and efficient
way to manage digital payments across various channels. Auropay offers a comprehensive suite of
payment services, catering to both domestic and international transactions.

The company is targeting B2B transactions as a major segment for Auropay as the margins are much
better than B2C and there is less competition in the B2B segment. Auropay works as a standalone
product, but it also helps with transit solutions and in Kiosks. Its key clients include Yes Bank, Stripe,
Doku, Mastercard among others. Auropay received RBI’s approval to operate as a payment aggregator
in June 2024. This opens up more avenues for the product.

Benefits of using Auropay

▪ Multiple Payment Options: Accepts UPI, 50+ Net Banking options, Credit/Debit Cards, Wallets, and
both Domestic & International cards.
▪ Flexible Collection Tools: Create customized payment links, forms, buttons, and QR codes to suit
your needs.
▪ Efficient Invoicing: Generate GST-enabled invoices, track payments, and manage paid/unpaid
statuses seamlessly.
▪ Customer Management: Maintain customer records, preferred payment methods, and transaction
history.
▪ Dashboard & Reports: Gain insights into cash flow, invoices, and customer activity with data
exports available.
▪ User Management: Control access and permissions for enhanced security and efficiency.

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 Exhibit 17: Comparable Payment Solutions in India
Feature / Product Auropay (Aurionpro) Razorpay PayU CC Avenue BillDesk
RBI Authorization Yes (Payment Aggregator) Yes Yes Yes Yes
UPI, Net Banking, Cards, UPI, Cards, EMI, UPI, Cards, BNPL, UPI, Cards, EMI, Net
Payment Methods UPI, Net Banking, Cards
Wallets Wallets EMI Banking
Startups, SMEs, SMEs, E- E-commerce, Retail, Large Enterprises, Bill
Target Market B2B, SMEs, Enterprises
Enterprises commerce Enterprises Payments
e-Invoicing Yes (GST-enabled) Yes Yes Limited Yes
Custom Payment
Yes Yes Yes Yes No
Links
Subscription Billing Yes Yes Yes Yes No
Customer
CRM Integration Limited Limited No Yes
Management
Dashboard &
Advanced Analytics Analytics Analytics Basic Advanced
Reporting
International
Yes Yes Yes Yes No
Payments
Settlement Speed T+1 or faster T+1 or T+2 T+1 or T+2 T+2 T+2
Source: Company, MNCL Research

Exhibit 18: Auropay: RBI-Approved Digital Payment Aggregator

Source: Company, MNCL Research

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 Services segment to drive positive outcomes

Murex a key partnership

Aurionpro Solutions has partnered with Murex, a globally recognized leader in trading, risk
management, and treasury solutions. This collaboration leverages Aurionpro's deep expertise in
financial technology services and Murex's powerful MX.3 platform, widely adopted by leading financial
institutions for capital markets operations. Through this partnership, Aurionpro offers implementation,
integration, and support services for Murex solutions, enhancing its presence in the capital markets
and risk management space. With this capability, Aurionpro helps banks and financial institutions
streamline their trading, risk, and treasury operations while ensuring regulatory compliance and
operational efficiency.

Aurionpro Market Systems Pte Ltd., a subsidiary of Aurionpro Solutions, enhanced its partnership with
Murex in May 2022, achieving 'Business Partner' status. Initially established in September 2018 as an
Associate Partner, this advancement reflects Aurionpro's robust team and global expansion efforts in
Murex practices. This upgraded partnership allows Aurionpro to be featured on Murex's official website
under the Partnership section, facilitating joint participation in new projects across various regions.
Additionally, Aurionpro is now authorized to host Murex environment setups, enhancing their Learning
& Development capabilities and enabling their delivery teams to upscale Murex skillsets, thereby
delivering quality solutions to clients.

In August 2022, Aurionpro secured an order from a major public sector bank in India to provide 24x7
support monitoring services for the Murex Treasury Platform. This engagement underscores
Aurionpro's strengthened market position and deepened relationship with Murex, following the
partnership upgrade. Overall, the enhanced partnership between Aurionpro and Murex signifies a
collaborative effort to deliver comprehensive solutions to clients in the banking and financial services
industry.

Fenixys acquisition has aided this segment

In December 2024, Aurionpro announced its acquisition of Fenixys, a consulting firm specializing in
capital markets services. This strategic move, valued at €10 mn (Rs 886 mn, P/S of 1.3x) in an all-cash
transaction, aims to bolster Aurionpro's presence in Europe and the Middle East.

Fenixys, headquartered in Paris with offices in the United Kingdom, Denmark, and the Middle East,
brings over a decade of experience in IT transformations and has established strong relationships with
major financial institutions in these regions. The firm's expertise encompasses advisory, project
management and enterprise architecture.

By integrating Fenixys into its operations, Aurionpro aims to enhance its banking and fintech offerings,
leveraging Fenixys' deep domain expertise to provide a comprehensive portfolio of solutions for the
banking and capital markets industry. This acquisition aligns with Aurionpro's strategy to expand its
global footprint and become a preferred partner for banks and financial institutions worldwide.

We expect Fenixys to contribute Rs 500-700 mn in FY26.

Exhibit 19: Aurionpro acquires Fenixys to expand Fintech solutions

Source: Company, MNCL Research

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 TIG growth to be driven by Transit & Data centers
TIG contributes 45-47% of revenues for Aurionpro. It is split into 3 main segments- Transit, Smart city
The global automated & smart mobility (SCSM) and Data centers. Transit contributes 20-30% of revenue contribution to the
fare collection market TIG segment. Data centers account for 30-40% of the revenues, while SCSM contribute 30%.
size was evaluated at
USD 10.81 Bn in 2022 In the Transit segment the company provides multiple services-
and is expected to
expand at a compound ▪ AFC (Automated fare collection)
annual growth rate
(CAGR) of 14.1% from ▪ EMV card readers
2023 to 2029 (Source -
Grandview research) ▪ Ticketing Kiosks
▪ Smart gates
The company has a plant in Ghaziabad where they produce the hardware required for these products.
Along with this they also have a contract manufacturer in Singapore and Malaysia for global orders. The
company is one of the few integrated players in the world for these solutions.

Exhibit 20: AFC Market Growth Forecast

Source: Company, MNCL Research

Exhibit 21: How Aurionpro compares to other players in the transit segment:
Feature / Company Aurionpro AGS Transact Datamatics C-DAC XIPHIAS
Automated Fare Yes (Govt-backed
Yes (Metro, Bus, Parking) Yes (Metro, Bus) Yes (Mumbai Metro) No
Collection (AFC) NCMC)

Yes (Contactless, QR,

Smart Ticketing Solutions Yes Yes Yes No
NCMC)

Metro Kiosks & Ticketing

Yes Yes Limited Limited Yes
Machines

Transit & Mobility

Yes (Integrated ITS) Yes Limited Limited No
Solutions

Presence in Metro Rail Delhi, Chennai among

Kochi, Amritsar Mumbai Multiple Govt projects General kiosk solutions
Projects others
Source: Company, MNCL Research

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 Key Competitive Advantages of Aurionpro:
• Strong Presence in Transit Tech: Aurionpro has delivered AFC and ticketing solutions for major
metro and bus projects in India and abroad.

• Integrated Fare Collection: It offers a multi-modal fare collection system that supports contactless
cards, QR codes, and NCMC cards.

• Smart Kiosk Solutions: Unlike some competitors, Aurionpro also provides kiosk-based solutions
for metro ticketing, including automated vending machines.

• End-to-End Transit Solutions: Competes directly with AGS Transact and Datamatics by providing
both hardware and software solutions for metro fare collection.

Strong metro deal pipeline

List of Proposed Metro / Metrolite / Metro Neo Projects in India

India has seen strong pipeline of metro projects in the last few years. We expect this momentum to
continue, and we expect Aurionpro to benefit from it. We estimate that an average phase of metro
project (20-25 kms) has a project cost of Rs 50 Bn – 60 Bn, out of which Aurionpro competes for Rs 1.5-
2 Bn (smart gates, AFC and Kiosks). On the back of its deal wins from Delhi and Chennai metro (each Rs
1 Bn), we expect the company to continue its strong deal win trajectory going ahead.

Exhibit 22: The following table lists out cities / towns with serious proposals that could possibly
materialize as light rail (Metrolite) and be built in the next 10 years.
City & State Proposed Network Length
Aurangabad Metrolite, Maharashtra TBD
Bangalore Metrolite, Karnataka 60 km
Bhavnagar Metrolite / Metro Neo, Gujarat TBD
Chandigarh Metro, Chandigarh, Punjab & Haryana 77 km
Chennai Metrolite, Tamil Nadu 15.50 km
Coimbatore Metro, Tamil Nadu 136 km
Delhi Metrolite, Delhi 40.88 km
Guwahati Metro, Assam 61.40 km
Jamnagar Metrolite / MetroNeo, Gujarat TBD
Jammu Metro, J&K UT 43.50 km
Madurai Metro, Tamil Nadu 31 km
Mathura Metrolite, Uttar Pradesh 12 km
Prayagraj Metro, Uttar Pradesh 42 km
Raipur Metro, Chhattisgarh TBD
Rajkot Metrolite / Metro Neo, Gujarat TBD
Srinagar Metro, J&K UT 25 km
Uttarakhand Metro, Uttarakhand 58 km
Vadodara Metrolite / Metro Neo, Gujarat TBD
Varanasi Metro, Uttar Pradesh 29.235 km
Vijayawada Metro, Andhra Pradesh 66.2 km
Visakhapatnam Metro, Andhra Pradesh 79.91 km
Warangal Metro Neo, Telangana 17 m
Source: MNCL Research

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 Besides the above cities, metro projects are proposed in Amritsar, Bareilly, Ludhiana, Chandigarh,
Jalandhar, Jabalpur, Ranchi, Hubli, Mathura, Dholera, Thane, Gwalior, Bareilly, Dehradun, Mysore, and
Mangalore.

Aurionpro and its subsidiaries have secured several notable deals in the transit sector:
▪ California Integrated Travel Project (Cal-ITP): In June 2022, SC Soft Pte Ltd, an Aurionpro
subsidiary, was empaneled under Cal-ITP, opening opportunities with over 300 transit agencies in
California. Subsequently, SC Soft secured contracts with:
▪ Humboldt Transit Authority
▪ Lake Transit Authority
▪ Mendocino Transit Authority
▪ Redwood Coast Transit Authority
These contracts involve supplying validators and providing software for five years.

▪ Sacramento Light Rail Transit Project, California: Aurionpro Transit implemented an EMV open-
loop contactless ticketing system for Sacramento's light rail, covering all 54 stations.
▪ Monterey-Salinas Bus Ticketing System: Aurionpro Transit provided an EMV open-loop contactless
ticketing system for Monterey-Salinas Transit.
▪ Integration with Google Wallet: In May 2024, Aurionpro Transit integrated its app-based Online
Reservation System (ORS) ticketing solution with Google Wallet, allowing passengers to store
purchased tickets as co-branded cards or QR code passes.
These engagements demonstrate Aurionpro's commitment to enhancing transit systems through
innovative fare collection and ticketing solutions.
Partnerships to play a key role in the Transit space
In October 2023, Mastercard partnered with Aurionpro Transit, a global provider of smart ticketing and
payment systems, to enhance digital payment solutions for public transportation.

This collaboration aims to integrate Mastercard's payment technologies with Aurionpro Transit's
Automatic Fare Collection (AFC) systems, offering commuters fast, convenient, and secure contactless
payment options across various transit modes, including trains, buses, bikes, scooters, taxis, and ride-
hailing services. Commuters can utilize any digital wallet linked to a Mastercard, enabling seamless tap-
and-go experience without the need for multiple cards or frequent top-ups. For transit agencies, this
partnership facilitates the deployment of user-friendly payment solutions, enhancing the overall travel
experience.

In December 2023, Aurionpro Transit, a subsidiary of Aurionpro Solutions, announced a strategic

partnership with Vix Technology to enhance public transit operations. This collaboration focuses on
integrating Aurionpro Transit's Automatic Fare Collection (AFC) products with Vix Technology's
intelligent transport solutions.

Data centers to grow at 30%+

Aurionpro provides consulting, design and implementation services for data centers. These services
Data Center Infrastructure form 5-6% of the total project cost for data centers. We expect projects worth Rs 1000 Bn to be
Market was valued at
USD 62.5 bn in 2023 and
executed over the next 5 years in India. India stores only 2% of its data within the country and this led
is estimated to register a to a huge demand to localize data. We see a TAM of about Rs 60 Bn for Aurionpro in this segment and
CAGR of over 12.5% we expect this segment to grow 30%+ over the next few years. The Indian data center market,
between 2024 and 2032. projected to reach 2,100 MW by FY27, presents significant growth opportunities for Aurionpro.
The market is growing
due to increasing The data center division is headed by Bhaskar Bhattacharya, who has previously worked at IBM and has
government efforts across
the globe to enable 20+ years’ experience in the data center industry. As of 2024, they have a team of 100+ employees who
enhanced data centers are dedicated to this segment.
creating a huge demand
in the market. (Source: Aurionpro Solutions has secured several significant data center projects in India over the past few years:
Global Market Insights).
▪ October 2024: Aurionpro announced major orders in the data center sector, including:
▪ A Rs 1.5 Bn turnkey project for designing and building an edge data center in the National
Capital Region (NCR).

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 ▪ Design consultancy services for data centers in Mumbai (85MW IT load) and Chennai (20MW
IT load), collectively valued at Rs 200 mn.
These projects were awarded by a leading colocation provider in India.

▪ July 2022: The company secured two notable deals:

▪ Setting up a data center (DC) and disaster recovery center (DRC) for Surat Diamond Bourse
(SDB), the world's largest diamond trading hub, valued at approximately Rs 75 mn.
▪ Partnering with Web Werks India to design and operationalize data centers across multiple
cities, with initial projects in Pune and Navi Mumbai valued around Rs 200 mn.
▪ Designing and building data centers and disaster recovery centers for Tata Power's process
automation (SCADA) systems across Maharashtra.
▪ Establishing a High-Performance Computing Data Center at IIT Guwahati as part of India's
National Supercomputing Mission.
Exhibit 23: Strong data center pipeline
Particulars Rs Bn MW
Adani Connex 180 226
Reliance 32 40
AWS 360 454
Webwerks & Iron Mountain 14 18
Blackstone 255 319
Anant Raj 100 125
TOTAL 945 1,181
Source: MNCL Research Estimates

Partnerships playing an important role

Aurionpro Solutions entered into a strategic partnership with Web Werks India Pvt. Ltd. in July 2022
to support the expansion of data center infrastructure across multiple cities in India. The collaboration
is part of Aurionpro’s broader push into the data center build and consultancy domain, aiming to
capitalize on India's growing demand for hyperscale and colocation data centers.

Key Highlights of the Partnership

1. Scope of Work:

o Aurionpro is responsible for designing, consulting, and operationalizing data centers for Web
Werks.

o The partnership involves turnkey projects, covering end-to-end execution from planning and
procurement to deployment.

o Aurionpro’s expertise in automation, networking, and infrastructure solutions will be

leveraged to build these facilities.

2. Initial Projects & Investment:

o The first set of projects includes data centers in Pune and Navi Mumbai, two of India’s key
technology and business hubs.

o The estimated contract value for these projects is around Rs 200 mn (approx. $2.5 mn).

o Web Werks, backed by Iron Mountain Data Centers, aims to expand across Tier 2 and Tier 3
cities in India, and Aurionpro will play a major role in these expansions.

3. Strategic Importance:

o The collaboration aligns with India’s data localization policies and the rapid adoption of cloud
services.

o It supports Web Werks in scaling up its data center footprint, catering to enterprises,
government agencies, and hyperscalers.

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 o Aurionpro, leveraging its technology solutions and automation expertise, will enable Web
Werks to offer more efficient, scalable, and secure data center solutions.

Cautious approach towards SCSM

Aurionpro entered the SCSM (Smart city & smart mobility) business 4 years ago on the back of the
government’s push for smart cities across India. The company provides solutions like development of
digital twin city, 5D BIM, Software development, surveillance systems, centralized project management
systems among other services. They have worked with the states of Haryana and Rajasthan for multiple
projects related to smart cities. Even though it saw good growth initially, these projects have slowed
down over the last year and the company is also facing trouble with receivables from state
governments. The company has decided to slow its pace in this segment and are looking to cautiously
go ahead with future projects.

Panvel deal a positive

In September 2024, Aurionpro Solutions secured a significant five-year contract valued at over Rs 2 Bn
from the Panvel Municipal Corporation (PMC) for the implementation of the "Panvel Safe City"
initiative. This project aims to enhance the city's safety and security infrastructure through the
deployment of advanced surveillance and smart city technologies.

Key Components of the Project

▪ Establishment of Data Centers and Control Command Center: Aurionpro will set up state-of-the-
art data centers and a centralized control command center to facilitate real-time monitoring and
efficient management of city operations.
▪ Advanced Surveillance Systems: The project includes the installation of AI-powered technologies
such as facial recognition systems, automatic number plate recognition (ANPR), and an e-Challan
mechanism to enhance crime prevention and traffic management.
▪ IP-based Public Announcement System: An integrated public announcement system will be
deployed to improve communication across the city, especially during emergencies.

Implementation Timeline:
The initial phase of the project is scheduled to be completed over the next 12 months, focusing on the
deployment of core infrastructure and technologies. This will be followed by a long-term maintenance
and support phase to ensure sustained operational efficiency.

Opportunity in the SCSM space continues to be large

The global smart cities

Notable Upcoming Smart City Projects:
market 2030 size was ▪ Amaravati Smart City, Andhra Pradesh: Envisioned as a futuristic city with sustainable
valued at USD 549.1 bn
in 2023 and is expected
infrastructure, Amaravati aims to serve as the state's administrative capital, incorporating
to grow at a CAGR of advanced urban planning and green technologies.
15.2% from 2023 to
2028 . The revenue ▪ Dholera Smart City, Gujarat: Located approximately 40 km from Ahmedabad, Dholera is being
forecast for 2028 is developed as a sustainable and livable urban center, focusing on creating a high-quality living
projected to reach environment for current and future generations.
$1,114.4 bn. (Source:
Marketsandmarkets) ▪ GIFT City, Gujarat: The Gujarat International Finance Tec-City (GIFT City) is designed to be a global
financial and IT services hub, offering state-of-the-art infrastructure and facilities to attract
international businesses.
▪ Naya Raipur, Chhattisgarh: Planned as a modern city with robust infrastructure, Naya Raipur aims
to decongest Raipur and provide a sustainable urban environment with efficient public services.
▪ Aurangabad Industrial City (AURIC), Maharashtra: Part of the Delhi-Mumbai Industrial Corridor,
AURIC is envisioned as a smart industrial city integrating modern technology with sustainable
practices to promote industrial growth.

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 A technology leader in the making
Strong R&D and new product launches a key
Aurionpro has consistently demonstrated its commitment to innovation and technological
advancement through robust research and development (R&D) initiatives over the past three years.
During this period, the company has invested over Rs 2.5 Bn to enhance its existing product portfolio
while simultaneously developing new solutions aimed at addressing emerging market needs. This
substantial investment underscores Aurionpro's strategic focus on strengthening its capabilities,
improving product functionality, and ensuring its offerings remain competitive in a rapidly evolving
technological landscape.

Looking ahead, Aurionpro is expected to continue allocating a significant portion of its revenue—
approximately 7-8%—toward R&D activities. This sustained investment reflects the company's
dedication to fostering innovation and expanding its solution suited to cater to diverse customer
requirements. In particular, Aurionpro has recently introduced two new products, Auropay and
Aurobees, which were developed over the past two years. Although these products are yet to generate
meaningful revenue contributions, their future growth prospects appear promising. With large total
addressable markets (TAM) for both solutions, these products are expected to gain traction and start
delivering substantial revenue from FY26 onwards.

While many of Aurionpro’s competitors are also investing heavily in R&D to enhance their offerings,
Aurionpro’s consistent success in securing key deal wins sets it apart. The company's ability to maintain
a strong sales pipeline, coupled with a solid order book, further highlights its capacity to translate its
R&D investments into real-world business outcomes. These achievements reinforce the notion that
Aurionpro’s strategic focus on innovation is yielding tangible results, positioning the company well for
sustained growth and continued success in the industry.

Client profile speaks for itself

Aurionpro’s clients include top banks and financial institutions across India, SEA and ME. Banks like
HDFC Bank and SBI use its IcashPro+ product, while banks like AU small finance bank and South Indian
bank use its Smartlender and other products. In kiosks and digital transformation, they work with Kotak
Bank, Federal Bank and IDBI Bank among others.

Globally they work with ADCB Bank, which has one of the largest banks in UAE. They work with OCBC
Bank, which is the second largest bank in Singapore. They also work with CIMB, which is the second
largest bank in Malaysia.

In the TIG segment they have won orders from Delhi and Chennai metro over the last year for multiple
phases and are confident of winning more phases for these cities. They have worked with the state of
California for their transit solutions, and they have also delivered some solutions for buses in Mexico.

In the Data center front, they have partnered with Web werks and Iron Mountain for multiple projects
in India. They have also done work for RBI in Odisha, IIT Guwahati and Tata Power.

Exhibit 24: Aurionpro's Key Clientele Across Banking, Data Centers and Smart Mobility

Source: Company, MNCL Research

US & Europe the target going ahead

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 The company has a large presence in India, SEA and ME. The exposure to the US & Europe is less than
15% across all segments. The company is targeting to change that over the next 5 years. They have
started taking steps for that already.

▪ They acquired Fenixys, a French company who is also a Murex implementor. The company will help
them gain access to European markets and improve their product portfolio. Fenixys comes with
expertise in capital markets, something the company was looking to add.
▪ Deepening ties with partners like Murex, FIS and Finastra will help the company on multiple fronts.
These companies don’t share their IP easily as they work with complex products. Being an
implementor for these companies showcases Aurionpro’s capabilities. The company is looking to
co-develop IPs with these companies over the next few years to gain access to the European and
US markets. Beyond which they will also look to take their products to these clients.
▪ They are aiming to double their share from 15% to 30% in US & Europe over the next 5 years.

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 Lateral checks
We spoke to an industry expert who has worked for a large bank and a top tier IT company over his 10+
years of experience. We got some key insights into Aurionpro and the industry at large.

Key Insights
▪ Aurionpro specializes in giving niche products to banks and other institutions. It does not compete
for the core banking services of the bank, which is dominated by large IT players like TCS and
Infosys.
▪ Their partnership with Murex is impressive as Murex does not share their IP with many players.
The fact that they can implement Murex’s products shows their engineering prowess.
▪ They have grown well in the Indian market, which is one of the toughest and competitive markets
for IT product companies especially in the BFSI space. Their partnerships will give them a good
chance to grow in Europe and US.
▪ The SBI deal win speaks volumes of their capabilities. The expert assumes there would be at least
20+ companies who must have competed for the RFP, among them only 2-3 might have reached
the last stages and pricing would not play a big role in winning this RFP. If the software does not
meet the requirements of the bank, pricing is irrelevant for them.
▪ On the demand front, there are enough RFPs in the market from banks. There are a lot of changes
also coming up over the next few years, which will give the smaller players more opportunities.
▪ NBFC’s and Insurance companies are also areas where Aurionpro can target over the next few years
as they are also spending big on tech upgradation.
▪ RBI has mandated banks to upgrade their tech to avoid any issues and banks are aggressively
increasing their IT budgets every year to meet the requirement.

Banking clients who use Aurionpro’s products

▪ We spoke with 2 mid-tier banks who use Aurionpro’s products and got positive feedback from both
of them.
▪ They use at least 1-2 products given by Aurionpro along with Arya.ai products too.
▪ They have been impressed by the AI capabilities shown by the company’s products over the last 2
years.
▪ It has enabled them to improve efficiency, streamline operations and upgrade their technology
offerings to customers.
▪ They have been using Aurionpro’s products for more than 3 years and have had no issues in terms
of quality of product or service from the company.

Data center client feedback

▪ We spoke to a client who uses Aurionpro’s data center services across all their segments.
▪ They believe Aurionpro is among the top players in terms of quality and pricing in the consultation,
design and implementation for data centers.
▪ They have been working with Aurionpro for more than 3 years and have executed more than 3
large projects with them.
▪ They are very positive on the growth for data centers on the back of a) Strong push from the
government to store data within the country. b) RBI has asked banks to store their data in co-
location centers against storing it in their own premises. c) Overall data consumption to increase
manifold across India over the next few years.

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 Peer comparisons and Valuations
REVENUE
PARTICULARS (in mn) 2019 2020 2021 2022 2023 2024 5Y CAGR 3YCAGR
Aurionpro solutions ltd 5,222 4,698 3,740 5,050 6,593 8,875 11.2% 33.4%
Nucleus Software Export 4,840 5,208 5,135 4,972 6,345 8,265 11.3% 17.2%
Intellect Design Arena 14,496 13,469 14,975 18,782 22,313 25,064 11.6% 18.7%
Newgen Software Technologies 6,206 6,608 6,726 7,790 9,740 12,438 14.9% 22.7%
OFSS 49,589 48,613 49,839 52,215 56,983 63,730 5.1% 8.5%
Source: Ace Equity

Aurionpro has outperformed its peers in over the last 3 years, driven by strong leadership and strategic
execution. Over a five-year period, its performance remains in line with industry trends reflecting steady
and sustainable growth.

EBITDA
PARTICULARS (in mn) 2019 2020 2021 2022 2023 2024 5Y CAGR 3YCAGR
Aurionpro solutions ltd 1,109 821 839 1,107 1,435 1,934 11.8% 32.1%
Nucleus Software Export 766 942 1,260 370 1,568 2,204 23.5% 20.5%
Intellect Design Arena 1,321 755 3,586 4,751 4,385 5,422 32.6% 14.8%
Newgen Software Technologies 1,277 1,046 1,919 1,947 2,122 2,883 17.7% 14.5%
OFSS 20,761 22,061 24,136 24,927 24,557 27,682 5.9% 4.7%
Source: Ace Equity

Aurionpro has demonstrated exceptional EBITDA growth over the past three years, outpacing its peers
which reflects strong operational efficiencies and strategic execution under new leadership.

EBITDA MARGIN (%)

PARTICULARS (in mn) 2019 2020 2021 2022 2023 2024
Aurionpro solutions ltd 21.2 17.5 22.4 21.9 21.8 21.8
Nucleus Software Export 15.8 18.1 24.5 7.4 24.7 26.7
Intellect Design Arena 9.1 5.6 23.9 25.3 19.7 21.6
Newgen Software Technologies 20.6 15.8 28.5 25.0 21.8 23.2
OFSS 41.9 45.4 48.4 47.7 43.1 0.7
Source: Ace Equity

Aurionpro reports relatively lower EBITDA margins compared to peers due to its higher R&D
investments and a broad segment focus, which inherently demands greater operational costs. This
diversified approach requires continuous technological advancements and custom solutions, driving
higher costs but positioning the company for long-term growth for the company.

PAT
PARTICULARS (in mn) 2019 2020 2021 2022 2023 2024 5Y CAGR 3YCAGR
Aurionpro solutions ltd 603 314 -1174 755 1018 1429 18.8% ~
Nucleus Software Export 745 890 1,180 409 1,278 1,916 20.8% 17.6%
Intellect Design Arena 1,313 177 2,646 3,504 2,686 3,227 19.7% 6.8%
Newgen Software Technologies 1,022 727 1,265 1,642 1,770 2,516 19.7% 25.8%
OFSS 13,859 14,622 17,619 18,888 18,061 22,194 9.9% 8.0%
Source: Ace Equity

Aurionpro has staged a strong profitability turnaround, driven by strategic R&D investments, business
diversification, and operational efficiencies. Despite past challenges, the company has delivered robust
PAT growth, aligning with other industry players.

Aurionpro solutions Ltd 24

Initiating coverage
 PAT Margin (%)
PARTICULARS (in mn) 2019 2020 2021 2022 2023 2024
Aurionpro solutions ltd 11.6% 6.7% -31.4% 15.0% 15.4% 16.1%
Nucleus Software Export 15.4% 17.1% 23.0% 8.2% 20.1% 23.2%
Intellect Design Arena 9.1% 1.3% 17.7% 18.7% 12.0% 12.9%
Newgen Software Technologies 16.5% 11.0% 18.8% 21.1% 18.2% 20.2%
OFSS 27.9% 30.1% 35.4% 36.2% 31.7% 34.8%
Source: Ace Equity

Aurionpro’s PAT margins have rebounded strongly, which reflects operational efficiency and strategic
execution. While past volatility impacted margins but company’s focus on cost control and investments
in high-growth segments have driven a steady recovery, positioning the company for sustained
profitability.
ROE (%)
PARTICULARS (in mn) 2019 2020 2021 2022 2023 2024
Aurionpro solutions ltd 11.1% 5.0% -34.6% 18.7% 22.2% 19.6%
Nucleus Software Export 15.4 16.6 19.1 7.0 23.1 27.6
Intellect Design Arena 14.9 1.8 22.7 23.0 14.7 15.2
Newgen Software Technologies 23.0 14.1 21.0 22.4 20.1 23.5
OFSS 29.8 26.2 26.9 27.7 25.4 29.5
Source: Ace Equity

Aurionpro Solutions' ROE is lower than its peers due to its recent fundraise. The company also operates
across multiple segments where peers have limited or no presence, leading to higher investment
requirements. Once the raised capital is strategically deployed, ROE is expected to improve over time.
ROCE (%)
PARTICULARS (in mn) 2019 2020 2021 2022 2023 2024
Aurionpro solutions ltd 13.8% 6.3% -14.7% 23.4% 26.4% 22.2%
Nucleus Software Export 20.0 22.0 25.1 9.7 31.2 37.0
Intellect Design Arena 14.8 3.6 22.1 25.8 19.1 20.8
Newgen Software Technologies 27.5 17.8 29 27.9 24.6 27.9
OFSS 47.0 40.0 37.2 36.4 35.5 39.8
Source: Ace Equity

Aurionpro Solutions' ROCE is lower than peers due to its recent fundraise and diversified segment focus,
requiring higher investments. However, with improving capital efficiency and business scalability, ROCE
is poised for further expansion.

Exhibit 25: Peer Valuation

SALES (in mn) EPS in Rs) P/E (x) PEG
Particulars (in mn) CMP (Rs) M-CAP
FY24 FY25E FY26E FY27E FY24 FY25E FY26E FY27E FY24 FY25E FY26E FY27E CAGR (%) PEG(x)

Aurionpro solutions ltd 1,378 76,190 8,875 12,025 14,430 17,461 26.5 36.4 47.2 57.6 43.7 37.9 29.2 23.9 25.8% 1.7

Nucleus Software Export 805 21,580 8,265 9,170 10,610 12,310 72 85 103 112 14.4 9.5 7.8 7.2 14.8% 1.0

Intellect Design Arena 717 99,660 25,064 27,430 31,610 33,340 24 33 40 44 36.9 21.7 17.9 15.9 16.8% 2.2

Newgen Software Technologies 972 1,37,730 12,438 15,467 19,177 23,703 16.9 22.6 27.8 35.6 47 43 35 27.3 25.5% 1.8

OFSS 7,856 6,83,110 63,730 70,620 78,790 88,250 256 283 320 353 29.8 27.8 24.6 22.3 11.7% 2.5
Source: MNCL Research

We have compared Aurionpro with other IT product companies on a P/E and PEG basis and we have
assigned it a PE of 35x and a PEG of 2x in-line with other players growing at a similar rate. Among IT
product players, only Newgen and Aurionpro have grown at 25%+ over the last 3 years. We believe
these companies will continue to grow faster than its peers for the next few years and sustain premium
valuations.

Aurionpro solutions Ltd 25

Initiating coverage
 Financial Analysis
Exhibit 26: Revenue from Operations (Rs mn)
25,000 50.0%
35.0% 34.6% 35.5% 40.0%
30.6%
20,000
20.0% 21.0% 20.0% 30.0%

15,000 20.0%
10.0%
10,000 0.0%
-10.0%
-20.4% -10.0%

20,953
12,025

14,430

17,461
5,000

5,222

4,698

3,740

5,050

6,593

8,875
-20.0%
- -30.0%
FY19 FY20 FY21 FY22 FY23 FY24 FY25E FY26E FY27E FY28E

Revenue from operation Growth YoY(%)

Source: Company, MNCL Research Estimates

We are expecting a 25.3%/25.6%/29.1% Revenue/EBITDA/PAT CAGR over FY24-FY27E. The company

has an orderbook of Rs 13 Bn for the next 4 quarters (Q4FY25-Q4FY26). The company grew by 30%+
over the last 3 years on the back of strong deal wins and acquisitions (24-25% organic growth, 8-10%
inorganic growth). We expect the company to continue growing at 20%+ organic growth over the next
2 years. We expect strong deal wins from IcashPro+, SmartLender, Omnifin, interactdx on the banking
product side. We expect the company to ramp up its revenue from the implementation for Murex with
the Fenixys acquisition. On the transit side, we expect 2-3 deals on the transit and data center side on
a yearly basis with an average deal size of Rs 500- 1000 mn.

Exhibit 27: EBITDA and EBITDA margin (Rs mn)

5,000 22.4% 21.9% 22.5% 25.0%
21.2% 21.9% 21.8% 21.8% 21.7%
4,500 20.3%
4,000 17.5% 20.0%
3,500
3,000 15.0%
2,500
2,000 10.0%
1,500
1,000 5.0%
3,830
1,109

1,107

1,435

2,442

4,712
1,933

3,129
821

839

500
- 0.0%
FY19 FY20 FY21 FY22 FY23 FY24 FY25E FY26E FY27E FY28E

EBITDA EBITDA Margins(%)

Source: Company, MNCL Research Estimates

EBITDA margins will be in the range of 21-22% over the next 2 years. We expect margins to be stable as
the company continues to focus on growth. R&D expenses are expected to be 7-8% of revenue for the
next few years. Employee cost also is expected to remain elevated as the company continues to add
200-300 employees every year. Employee count has grown 2.5x over the last 3 years, since Ashish Rai
joined the board.

Aurionpro solutions Ltd 26

Initiating coverage
 Exhibit 28: PAT and PAT margin (Rs mn)

4,000 18.3% 30.0%

15.0% 15.4% 16.1% 16.4% 17.7% 17.8%

3,000 20.0%
11.6%
6.7%
10.0%
2,000
0.0%

(1,174)
1,000

1,429
1,018

1,967

2,549

3,112

3,832
603

314

755
-10.0%
-
FY19 FY20 FY21 FY22 FY23 FY24 FY25E FY26E FY27E FY28E -20.0%

(1,000) -30.0%
-31.4%
(2,000) -40.0%

PAT PAT %

Source: Company, MNCL Research Estimates

PAT growth is expected to be 29.1% over the next 2 years on the back of strong deal wins, steady EBITDA
margins and lower interest cost. The company has delivered a PAT growth of 18.8% on a 5-year CAGR,
while turning around the business over the last 3 years. The tax rate is low on a consolidated basis as
most of the revenue is booked abroad and hence tax rates are at 16%.

Exhibit 29: Return Ratios

40.0%
26.4%
30.0% 23.4% 22.2%
19.1% 20.1%
17.8% 18.0%
20.0% 13.8%
22.2%
6.3% 19.6% 18.1%
10.0% 16.4% 16.3% 17.2%
11.1% 5.0% 18.7%
0.0%
FY19 FY20 FY21 FY22 FY23 FY24 FY25E FY26E FY27E FY28E
-10.0%

-20.0% -14.7%

-30.0%

-40.0% -34.6%
ROE(%) ROCE(%)

Source: Company, MNCL Research Estimates

Return ratios have fallen over the last 2 years as the company raised capital twice for acquisitions. The
company raised Rs 2,973 mn in FY24 and 3,649 in FY25 through a preference share issue. We expect
return ratios to normalize over the next 2 years. We expect ROCE to go back to 19%+ and ROE to return
to 17%+ by FY27E. The company is well capitalized and is expected to generate FCF of Rs 3500+ mn over
the next 2 years, which will also supplement inorganic growth.

Exhibit 30: DuPont Analysis

Particulars FY22 FY23 FY24 FY25E FY26E FY27E FY28E
Profit to sales 15.0% 15.4% 16.1% 16.4% 17.7% 17.8% 18.3%
sales to asset 78.9% 78.5% 63.7% 64.8% 66.7% 68.6% 69.1%
Asset to equity 158.6% 163.1% 147.2% 127.9% 128.9% 130.7% 132.5%
ROE 18.7% 22.2% 19.6% 16.4% 16.3% 17.2% 18.1%
Source: Company, MNCL Research Estimates

Aurionpro solutions Ltd 27

Initiating coverage
 Assessing Base Case, Upside, and Downside Possibilities
Base case
(a) PE: We have attributed 35x P/E multiple (In-line with other IT product companies and a 20%
premium to its 3-year average PE on the basis of strong earnings growth). This yields a TP of Rs 2,020

(b) PEG: We have attributed a PEG multiple of 2.0x (On account of the strong growth the company has
shown over the last 3 years and the orderbook it has for the next 4 quarters). This yields a TP of Rs 1,825

Upside scenario

(a) PE: We have attributed 35x P/E multiple (In-line with other IT product companies) and taken
earnings growth of 30%+ on the back of 2 acquisitions over the next 2 years which could add a revenue
of up to Rs 2,000 mn and PAT of 250 mn. This yields a TP of Rs 2,225.

(b) PEG: We have attributed a PEG multiple of 2.0x (On account of the strong growth the company has
shown over the last 3 years and the orderbook it has for the next 4 quarters) and factored in 2 acquisitions
over the next 2 years. This yields a TP of Rs 2,125.

Downside scenario
(a) PE: We have attributed 30x P/E multiple (3-year average PE) along with earnings growth of 15%+.
This yields a TP of Rs 1,270.

(b) PEG: We have attributed a PEG multiple of 2.0x (On account of the strong growth the company has
shown over the last 3 years and the orderbook it has for the next 4 quarters) against a trailing PEG of
2.6x on lower EPS growth over the next 2 years. This yields a TP of Rs 1065.

(c) We have also taken another bear case scenario where the company has to amortize 50% the goodwill
it has on its books as on account of the acquisitions not giving the desired results. The company
currently has goodwill of more than Rs 3 Bn on its book and we have amortized this across FY26-FY28E.
This gives a PAT of Rs 1,839 mn for FY27E and at a PE of 30x (3-year average PE) it gives us a TP of Rs
1025.

Exhibit 31: Risk-reward scenario

Particulars Base Upside Downside
Implied P/E 35 35 30
Target Price 2,020 2,225 1270
Upside 46.4% 61.2% -7.7%
Implied P/E 35x 35x 30x

PEG (50% weights)

EPS growth (%) 29.1 33.9 17.0
PEG (50% weights) 1.5 1.3 2.6
Target PEG 2.0 2.0 2.0

Estimated share price

Upside 1,825 2,125 1,065
32.3% 54.1% -22.7%
Multiples Method (50% weights)
P/E 2,020 2,225 1,270
PEG 1825 2125 1065
Estimated share price 1925 2175 1170
Upside 39.7% 57.7% -15.1%
Source: MNCL Research Estimates

Key risks to target price:

▪ Lower IT spends in the BFSI segment across India, SEA and ME.
▪ Delay in metro projects would impact the transit segment.
▪ Leadership risk as Ashish Rai is the person who has helped the company turnaround over the last
3 years. Any change in the leadership team would be a risk to our thesis.
▪ Higher receivable days will have a negative impact on cashflows.

Aurionpro solutions Ltd 28

Initiating coverage
 Leadership team and Corporate governance
Ashish Rai (Group CEO): With over 22 years of experience in fintech and enterprise software, Ashish
Rai has led global technology businesses in banking, payments, and financial markets. Before joining
Aurionpro, he was the Group MD for APAC & MEA at FIS, driving significant expansion. He has also held
leadership roles at Sungard, Finastra, and Coforge. Passionate about fostering innovation and a values-
driven culture, he is based in Singapore and holds a degree in Computer Engineering from Bhopal
University and an MBA from IIM.

Vipul Parmar (CFO): Mr. Vipul Parmar is a finance professional with over 20 years of experience,
including 15 years at Aurionpro. He has led finance functions, set up accounting procedures, and
supported strategic transactions such as mergers, acquisitions, and demergers. With expertise in
financial management, stability, processes, restructuring, fundraising, audits, and regulatory
compliance, he is known for his strong leadership and track record.

Paresh Zaveri (Chairman & Managing Director): Paresh Zaveri co-founded Aurionpro in 1997 and has
been instrumental in shaping its corporate strategy, driving both organic and inorganic growth. With
over 20 years of experience in corporate finance, supply chain, strategic planning, and general
management, he oversees the company's executive, financial, and business operations. Based in
Singapore, he holds an engineering degree and an MBA in finance.

Amit Sheth (Chairman & Director): Amit Sheth has played a key role in expanding the company’s
banking and financial services portfolio across India, Southeast Asia, the Middle East, and Africa. With
over 22 years of experience in corporate finance, equities, and banking technology, he specializes in
cash management and banking operations. Prior to Aurionpro, he held leadership roles at Twentieth
Century Finance and Lloyds Securities. Based in Mumbai, he holds an engineering degree and a
postgraduate degree in finance.

Frank P. Osusky (Independent Directors): A finance veteran with 30+ years of experience in
corporate finance, M&A, and global expansion. Currently with BDP International Inc., he has held
executive roles, including CFO and Chief Development Officer, leading 26+ acquisitions. Previously, he
held leadership positions at ADP and Wechsler Corporation. He holds a BA in Accounting (Villanova)
and an MBA in Finance (LaSalle). He chairs the Shareholders’ Relationship Committee and is a member
of the key board committees.

Mr. Ajay Sarupria (Director): With 20 years of experience in capital markets and private equity, he
specializes in funding and scaling businesses from early-stage investment to IPO or acquisition. He has
successfully raised multiple funding rounds and supported management teams in building sustainable
businesses.

Company has improved its corporate governance over the years

Aurionpro's Promoter Pledge reduction signals good corporate governance: Aurionpro Solutions
Limited has significantly reduced promoter share pledging in recent years, demonstrating improved
financial health and strong corporate governance. As of June 2024, 7.41% of the total equity was
pledged by promoters which has been completely reduced to 0% by December 2024. This strategic
move underscores the company’s commitment to deleveraging, strengthening its balance sheet and
enhancing shareholder confidence for long-term sustainability. Although the reported promoter
holding is 30%, a significant portion of shares held by CEO Ashish Rai and certain independent directors
is classified under public shareholding, when we combine these holdings the effective control of the
management comes to approximately 40%.

Aurionpro's shift from capitalizing to expensing R&D Costs: Since 2015, Aurionpro Solutions Limited
has transitioned from capitalizing its Research and Development (R&D) costs to expensing them in the
same fiscal year. This shift aligns with global accounting practices and helps company to improve
transparency in financial reporting. By expensing R&D, the company provides a more accurate
representation of its operational costs and profitability. This change may have initially impacted
reported earnings but reflects a strategic move toward better financial disclosure.

Aurionpro solutions Ltd 29

Initiating coverage
 Financials (Consolidated)
Exhibit 32: Consolidated Income Statement
Y/E March (Rs mn) FY22 FY23 FY24 FY25E FY26E FY27E FY28E
Net Revenues 5,050 6,593 8,875 12,025 14,430 17,461 20,953

Revenue growth (%) 35.0% 30.6% 34.6% 35.5% 20.0% 21.0% 20.0%

Cost of software development 1,799 2,549 3,023 3,825 4,600 5,850 7,050
% of revenues 35.6% 38.7% 34.1% 31.8% 31.9% 33.5% 33.6%
Employee Cost 1,760 2,195 3,339 5,082 6,000 7,000 8,300
% of revenues 34.9% 33.3% 37.6% 42.3% 41.6% 40.1% 39.6%
Others 384 414 579 675 700 780 890
% of revenues 7.6% 6.3% 6.5% 5.6% 4.9% 4.5% 4.2%
EBITDA 1,107 1,435 1,934 2,442 3,130 3,830 4,712
EBITDA margin (%) 21.9% 21.8% 21.8% 20.3% 21.7% 21.9% 22.5%
Depreciation & Amortization 140 159 206 250 320 375 450
Other income 57 59 91 210 225 250 300
EBIT 1,024 1,335 1,819 2,402 3,035 3,705 4,562
Net interest cost 78 108 131 60 0 0 0
PBT 946 1,223 1,687 2,342 3,034 3,705 4,562
Taxes 191 204 259 375 486 593 730
Effective tax rate (%) 20% 17% 15% 16% 16% 16% 16%
Reported PAT 755 1,018 1,429 1,967 2,549 3,112 3,832
Source: Company, MNCL Research Estimates

Exhibit 33: Consolidated Balance Sheet

Y/E March (Rs mn) FY22 FY23 FY24 FY25E FY26E FY27E FY28E
SOURCES OF FUNDS
Equity Share Capital 228 228 247 542 542 542 542
Reserves & surplus 3,741 4,749 9,052 13,799 16,073 18,785 22,167
Shareholders' fund 4,036 5,150 9,459 14,501 16,775 19,487 22,869
Minority Interest 67 173 160 160 160 160 160
Def tax liab. (net) (70) (85) (54) (54) (54) (54) (54)
Trade payables 735 1,196 1,462 1,812 2,056 2,440 2,985
Current liabilities 1,956 2,850 4,074 3,972 4,626 5,690 7,085
Total non-current liabilities 408 401 390 76 221 291 351
Total Liabilities 6,400 8,401 13,923 18,549 21,622 25,468 30,305

Net Block 766 1,272 1,326 5,040 5,140 5,340 5,740

Goodwill 679 855 3,160 3,160 3,160 3,160 3,160

Non-current assets 2,267 2,833 4,965 9,730 9,755 9,750 9,860

Inventories 210 280 330 659 791 1,005 1,263

Sundry debtors (current) 1,304 1,994 2,909 3,954 4,665 5,597 6,602
Cash 577 428 2,687 1,008 2,613 4,468 7,292

Loans & Advances 1,137 1,635 2,373 2,500 3,000 3,700 4,315
Other assets 905 1,231 659 700 800 950 975
Total Current Assets 4,133 5,568 8,957 8,821 11,868 15,719 20,447
Net Current Assets 2,177 2,718 4,883 4,848 7,242 10,029 13,361
Total Assets 6,400 8,401 13,923 18,549 21,622 25,468 30,305
Source: Company, MNCL Research Estimates

Aurionpro solutions Ltd 30

Initiating coverage
 Exhibit 34: Cash Flow Statement
Y/E March (Rs mn) FY22 FY23 FY24 FY25E FY26E FY27E FY28E
Operating profit bef working capital changes 1,092 1,530 2,042 2,442 3,130 3,830 4,712
Trade and other receivables -631 -1,522 -1,019 -1,045 -712 -932 -1,005
Inventories 23 -70 -50 -329 -132 -214 -258
Trade payables 339 677 964 350 244 384 545
Current/ non-current financial and other assets 0 0 0 -168 -600 -850 -640
Changes in working capital 822 616 1,937 1,369 2,340 2,898 4,204
Direct taxes -201 -207 -301 -375 -486 -593 -730
Cash flow from operations 621 409 1,636 994 1,854 2,305 3,474
Net Capex -130 -459 -323 -5,244 -200 -300 -500
Interest income 438 -98 -1,710 210 225 250 300
Cash flow from investments 308 -557 -2,033 -5,034 25 -50 -200
FCF 490 -50 1,313 -4,250 1,654 2,005 2,975
Proceeds from issue of equity share capital 2,973 3,649
Increase/(decrease) in debt -288 6 -364 -698 0 0 0
dividend 0 -57 -60 -221 -275 -400 -450
Others -402 96 220 64 0 0 0
Cash flow from financing -746 -16 2,654 2,551 -275 -400 -450
Net change in cash 183 -164 2,257 -1,489 1,604 1,855 2,824
Source: Company, MNCL Research Estimates

Exhibit 35: Key Ratios

Y/E March FY22 FY23 FY24 FY25E FY26E FY27E FY28E
Growth Ratio (%)
Revenue 35.0% 30.6% 34.6% 35.5% 20.0% 21.0% 20.0%
EBITDA 31.9% 29.6% 34.7% 26.3% 28.1% 22.4% 23.0%
PAT 34.9% 40.3% 37.7% 29.5% 22.1% 23.1% 20.1%
Margin Ratios (%)
EBITDA 21.9% 21.8% 21.8% 20.3% 21.7% 21.9% 22.5%
PAT 15.0% 15.4% 16.1% 16.4% 17.7% 17.8% 18.3%
Return Ratios (%)
ROE 18.7% 22.2% 19.6% 16.4% 16.3% 17.2% 18.1%
ROCE 23.4% 26.4% 22.2% 17.8% 18.0% 19.1% 20.1%
Turnover Ratios (days)
Debtors 134 127 141 120 118 117 115
Inventory 22 19 17 20 20 21 22
Creditors 53 53 55 55 52 51 52
Cash conversion cycle 102 92 103 85 86 87 85
Solvency Ratio (x)
Current Ratio 2.1 2.0 2.2 2.2 2.6 2.8 2.9
Per share Ratios (Rs)
Adjusted EPS 16.5 22.3 26.4 36.4 47.2 57.6 71.0
BVPS 89 113 175 269 311 361 424
Valuation (x)*
P/E 124.8 92.6 52.1 37.8 29.2 23.9 19.4
P/BV 155.7 12.2 7.9 5.1 4.4 3.8 3.3
EV/EBITDA 67.9 52.7 38.3 30.7 23.4 18.7 14.6
Source: Company, MNCL Research Estimates

Aurionpro solutions Ltd 31

Initiating coverage
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Aurionpro solutions Ltd 32

Initiating coverage
 We further undertake that

Research analyst has served as an officer, director or employee of subject Company:

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Key to MNCL Investment Rankings

Buy: Upside by >15%, Accumulate: Upside by 5% to 15%, Hold: Downside/Upside by -5% to +5%, Reduce: Downside by 5% to 15%, Sell: Downside by >15%

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Price chart

Aurionpro Solutions Ltd.

2,500.00
2,000.00
1,500.00
1,000.00
500.00
0.00
25-Jan-25
25-May-24

25-Nov-24
25-Jul-24
25-Mar-24

25-Mar-25
25-Sep-24

Source: Ace Equity

Aurionpro solutions Ltd 33

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