Airan Ltd. (AIRAN) AI Stock Analysis

Airan Ltd.

(NSE:AIRAN)

Select Model

Rating:63Neutral

Price Target:INR 15.00▲(8.23% Upside)

Action:reiterated

Date:09/06/26

The score is primarily driven by solid financial stability from a very low-debt balance sheet, but is capped by weakening latest-year profitability and highly inconsistent operating and free cash flow. Technicals are mixed (short-term strength but longer-term downtrend signals), while valuation looks reasonable based on the moderate P/E.

Positive Factors

Very Low LeverageA very low-debt balance sheet reduces financing strain and preserves flexibility during weaker operating periods. This provides greater capacity to absorb volatility, fund investments internally, and maintain strategic options without relying heavily on refinancing or additional borrowing.

Negative Factors

Profitability DeteriorationFalling gross and operating profit despite revenue growth signals weaker efficiency and margin conversion. If this pressure persists, additional sales may generate less earnings, limiting reinvestment capacity and making future profitability more dependent on reversing the latest deterioration in operating performance.

Airan Ltd. (AIRAN) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 1.75B
Dividend Yield: ―
Average Volume (3M): 15.05K
Price to Earnings (P/E): 11.1
Beta (1Y): 1.24
Revenue Growth: 6.65%
EPS Growth: ―
Country: India
Employees: 1,512
Sector: General
Sector Strength: 55
Industry: Information Technology Services

Airan Ltd. Business Overview & Revenue Model

Company Description

Airan Limited, operating through its subsidiaries, delivers a broad spectrum of information technology (IT) and IT-enabled solutions throughout India. Its extensive service portfolio encompasses various domains, including financial and banking servic...

Airan Ltd. Financial Statement Overview

Summary

Strong, low-leverage balance sheet (very low debt-to-equity) supports stability, and revenue growth has been steady over multiple years. However, the latest year shows clear profitability deterioration (gross and operating profit down despite higher revenue) and volatile cash generation, with operating cash flow and free cash flow weakening sharply in 2026.

Income Statement

62Positive

Balance Sheet

88Very Positive

Cash Flow

45Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	1.13B	1.12B	1.06B	1.05B	973.85M	872.82M
Gross Profit	214.83M	189.81M	265.90M	298.84M	270.24M	203.44M
EBITDA	111.55M	143.40M	291.64M	226.36M	195.76M	177.48M
Net Income	156.95M	121.15M	184.11M	125.47M	103.59M	96.15M
Balance Sheet
Total Assets	0	1.93B	1.79B	1.58B	1.48B	1.35B
Cash, Cash Equivalents and Short-Term Investments	267.88M	267.88M	320.57M	158.74M	289.14M	243.57M
Total Debt	0	10.25M	22.79M	7.57M	48.47M	54.87M
Total Liabilities	-1.65B	276.63M	255.33M	234.59M	256.12M	233.85M
Stockholders Equity	1.65B	1.56B	1.44B	1.26B	1.14B	1.04B
Cash Flow
Free Cash Flow	50.29M	22.79M	158.09M	-96.66M	4.23M	65.73M
Operating Cash Flow	54.95M	49.41M	212.18M	27.71M	218.13M	109.90M
Investing Cash Flow	-288.62M	-198.48M	-30.27M	-93.25M	-148.89M	-72.09M
Financing Cash Flow	-12.82M	-13.49M	14.06M	-43.97M	-11.20M	78.61M

Airan Ltd. Technical Analysis

Technical Analysis SentimentNegative

Last Price13.86

Price Trends

50DMA15.39Negative

100DMA15.51Negative

200DMA15.91Negative

Market Momentum

MACD-0.56Positive

RSI38.06Neutral

STOCH31.97Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:AIRAN, the sentiment is Negative. The current price of 13.86 is below the 20-day moving average (MA) of 14.51, below the 50-day MA of 15.39, and below the 200-day MA of 15.91, indicating a bearish trend. The MACD of -0.56 indicates Positive momentum. The RSI at 38.06 is Neutral, neither overbought nor oversold. The STOCH value of 31.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:AIRAN.

Airan Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:AIRAN against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:DRCSYSTEMS	72Outperform	INR 1.63B	7.39	―	―	32.06%	12.96%
IN:AIRAN	63Neutral	INR 1.73B	11.10	―	―	6.65%	―
IN:FCSSOFT	61Neutral	INR 2.15B	75.90	―	―	84.95%	0.61%
IN:ASMS	60Neutral	INR 1.75B	27.05	―	―	―	―
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:ALANKIT	53Neutral	INR 1.93B	10.00	―	―	7.45%	8.72%
IN:DEVIT	42Neutral	INR 1.03B	1.37	―	0.56%	6.99%	462.47%

* General Sector Average

Performance Comparison

IN:AIRAN and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:AIRAN	Airan Ltd.	13.86	-9.48	-40.62%
IN:ALANKIT	Alankit Limited	7.13	-4.86	-40.53%
IN:ASMS	Bartronics India Limited	5.73	-7.49	-56.66%
IN:DEVIT	Dev Information Technology Ltd	17.99	-22.08	-55.10%
IN:DRCSYSTEMS	DRC Systems India Limited	11.30	-8.38	-42.58%
IN:FCSSOFT	FCS Software Solutions Limited	1.26	-0.99	-44.00%

Airan Ltd. Corporate Events

Airan Ltd. Non-Executive Director Abhishek Agrawal Resigns from Board

Oct 1, 2026

Airan Ltd. has announced that non-executive director Abhishek Sandeepkumar Agrawal has resigned from the board with effect from 1 October 2026, citing professional commitments and preoccupation with other responsibilities. The board has formally ackn...

Airan Limited Revamps Board and Auditor Line-Up After AGM Approvals

Sep 29, 2026

Airan Limited has announced board and auditor changes following shareholder approvals at its Annual General Meeting on 26 September 2026. The company appointed Mrs. Indu Shaktibhusan Shukla as a non-executive, non-independent director effective 1 Sep...

Airan Limited Overhauls Board and Statutory Auditor After AGM Approvals

Sep 29, 2026

Airan Limited has announced boardroom changes following shareholder approvals at its Annual General Meeting held on September 26, 2026. The company appointed Mrs. Indu Shaktibhusan Shukla as a non-executive, non-independent director effective Septemb...

Airan Ltd. Confirms Dispatch and Publication of 31st AGM Notice

Sep 5, 2026

Airan Ltd. has announced that it has dispatched the notice for its 31st Annual General Meeting along with the annual report for financial year 2025-26 to shareholders, in line with Indian listing and disclosure regulations. The company has also confi...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 06, 2026

Airan Ltd. AI Stock Analysis