Aurionpro Solutions Limited

Aurionpro Solutions reported strong financial results for Q3 and 9M FY26. For the first nine months, revenue from operations grew 26% YoY to ₹1,066 crore, with EBITDA rising 23% to ₹216 crore, maintaining healthy margins above 20%. PAT for 9M FY26 stood at ₹150 crore, a 9% YoY increase, with a 14% margin. Q3 FY26 saw revenue of ₹371 crore, up 21% YoY, and EBITDA of ₹75 crore, an 18% increase, also with margins over 20%. However, Q3 PAT was ₹44 crore, with a 12% margin, impacted by a one-off^📎 cost from a new labor code.

The company achieved its largest sales quarter in history, securing several strategic and high-impact wins. In Banking and Fintech, a landmark lending transformation mandate was won from a leading Singapore-headquartered bank, and iCashpro was chosen by a marquee public sector bank in India, solidifying its market standard position. The Technology Innovation Group (TIG) expanded its Smart Transit portfolio with a significant platform screen door order from Titagarh Rail Systems for Mumbai Metro Line 5 and a major Automated Fare Collection Systems order from Delhi Metro for Bhopal and Indore Metro Projects. Aurionpro also added 23 new logos across its business segments, one of the fastest rates of customer additions.

Aurionpro is making significant investments in AI, with R&D spending expected to remain in the 9-10% of revenues range. Lexsi Labs launched Orion-MSP, an advanced tabular foundation model, and AurionAi, a domain-led enterprise AI platform for banking and financial services. These initiatives aim to make Aurionpro a full-stack AI partner for banks, reimagining its R&D model and software supply chain. Management believes these investments will lead to significant productivity gains and decouple headcount growth from revenue growth, with immediate ROI expected in the next few quarters^⏳ from internal AI adoption.

Management highlighted a manifold increase in the size of its target markets, particularly in data centers and transit. The current order book is estimated to be around ₹1,650 crore, with the deal pipeline growing 65-66% YoY. Recent large deal wins include ₹250 crore from MMRDA, ₹150 crore from Delhi Metro, and ₹100 crore from Titagarh. The company is focused on larger, more complex projects, especially in the data center space, where transactions are expected to play out over the next few months, driven by robust demand.

While H1 FY26 saw negative cash flow of approximately ₹80 crore, management expects to achieve positive operating cash flow for the full year, targeting a 60% EBITDA to cash conversion. The company is intentionally not materially increasing headcounts to drive efficiency and reallocate talent towards long-term objectives, which may cause short-term capacity challenges. This strategy is aimed at resetting the organization to leverage new AI tools and delivery methods, with the impact expected to last a few quarters.

The acquisition of InfraRisk was highlighted as a strategic move to build a full-spectrum lending play, particularly in commercial and auto lending. Management expressed satisfaction with the acquisition's value and the quality of the InfraRisk team and clients. Aurionpro remains aligned with its Vision 2030 to be a leading global player in its chosen segments, continuously refining its strategy to adapt to the rapidly evolving technology landscape and capitalize on expanded market opportunities.