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Airan Limited (AIRAN)

₹14.77 +2.07% last close, 16 Oct

📊 NSE: AIRAN 🏢 Computers - Software - Medium / Small 📢 Latest filing: 01 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Airan's revenue was ₹26.6 Cr (+3.3% year on year, -14.3% on the previous quarter), and net profit ₹6.7 Cr (+107.4% year on year); the operating margin was 13.0%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹26.6	+3.3%	-14.3%
Operating profit	₹3.4	-11.8%	-33.1%
Net profit	₹6.7	+107.4%	—
EPS (₹)	0.54	+116.0%	—
Operating margin	13.0%	—	—

Full quarterly financials → Results calendar →

AIRAN delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 79.99% of the AIRAN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 71.2%. That is close to its usual level. Turnover was only ₹8 lakh, so a handful of trades can move this figure. Volume was 0.4 times its average, well below normal.

79.99%Delivery, 16 Oct

71.2%Own 20-session average

0.4×Volume vs its average

₹14.77NSE close · +2.07%

Delivery in the last 5 sessions: 87.3% · 79.0% · 91.2% · 63.9% · 80.0%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Airan Limited: Non-Executive Director Abhishek SandeepKumar Agrawal Resigns

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 01 Oct 2026, 07:07 PM

Airan Limited has disclosed the resignation of Mr. Abhishek SandeepKumar Agrawal from his role as Non-Executive Director, effective October 01, 2026. The director cited professional commitments and preoccupation with other responsibilities as the sole reason for stepping down. He confirmed that there are no other material reasons behind his departure. The company has a market capitalization of Rs 197 Cr with TTM revenue of Rs 105 Cr, and this routine board departure is not expected to affect daily operations.

Resignation of Non-Executive Director Mr. Abhishek SandeepKumar Agrawal effective October 01, 2026
Resignation letter submitted on September 30, 2026
Director DIN cited as 07613943
Confirmed no other material reasons for resignation other than other professional commitments

💡 Track subsequent board reconstitution filings to verify compliance with board composition requirements under SEBI LODR regulations.

Airan Limited: Non-Executive Director Abhishek SandeepKumar Agrawal Resigns

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 01 Oct 2026, 07:06 PM

Resignation of Non-Executive Director Mr. Abhishek SandeepKumar Agrawal effective October 01, 2026
Resignation letter submitted on September 30, 2026
Director DIN cited as 07613943
Confirmed no other material reasons for resignation other than other professional commitments

💡 Track subsequent board reconstitution filings to verify compliance with board composition requirements under SEBI LODR regulations.

Airan Limited: Non-Executive Director Abhishek Agrawal Resigns Effective October 1, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 01 Oct 2026, 05:10 PM

Airan Limited announced the resignation of Mr. Abhishek Sandeepkumar Agrawal from his role as Non-Executive Director, effective October 01, 2026. The resignation letter, dated September 30, 2026, cited professional commitments and preoccupation with other professional responsibilities, confirming no other material reasons. Mr. Agrawal is the son of Chairman and Managing Director Sandeepkumar Agrawal. Given that this is a non-executive board exit, day-to-day operations and core ITES business activities remain unaffected.

Resignation effective from October 01, 2026
Resignation letter tendered on September 30, 2026
Outlined reason: Professional commitments and preoccupation with other professional responsibilities
Confirmation provided that no other material reasons exist for the resignation

💡 Track subsequent board appointments or reconstitution of board committees to ensure compliance with minimum independent/non-executive director norms.

Airan Shareholders Approve Appointments of Two Directors and Statutory Auditor at AGM

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 29 Sep 2026, 07:15 PM

Airan Limited announced shareholder approval at its Annual General Meeting held on September 26, 2026, for key board appointments and auditor renewal. Mrs. Indu Shaktibhusan Shukla was appointed as a Non-Executive Non-Independent Director effective September 1, 2026. Additionally, Mr. Mrugesh Arvindbhai Suthar was appointed as an Independent Director for a 5-year term starting September 1, 2026, and M/s Supal Shah & Associates was approved as the statutory auditor. The announcement represents routine governance decisions without any direct operational or immediate financial impact.

Shareholders approved AGM resolutions via scrutinizer's report dated September 29, 2026
Appointment of Mrs. Indu Shaktibhusan Shukla as Non-Executive Non-Independent Director effective September 1, 2026
Appointment of Mr. Mrugesh Arvindbhai Suthar as Independent Director for a term of 5 consecutive years
Appointment of M/s Supal Shah & Associates as Statutory Auditor for a 5-year tenure effective September 26, 2026

💡 Track the upcoming Q2 FY27 financial results and monitor whether board additions enhance governance and strategic oversight in retail and MSME banking ITES.

Airan Shareholders Approve Appointments of Two Directors and Statutory Auditor at AGM

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 29 Sep 2026, 07:15 PM

Shareholders approved AGM resolutions via scrutinizer's report dated September 29, 2026
Appointment of Mrs. Indu Shaktibhusan Shukla as Non-Executive Non-Independent Director effective September 1, 2026
Appointment of Mr. Mrugesh Arvindbhai Suthar as Independent Director for a term of 5 consecutive years
Appointment of M/s Supal Shah & Associates as Statutory Auditor for a 5-year tenure effective September 26, 2026

💡 Track the upcoming Q2 FY27 financial results and monitor whether board additions enhance governance and strategic oversight in retail and MSME banking ITES.

Airan Shareholders Approve All 5 AGM Resolutions With Over 99.98% Majority

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Sep 2026, 07:11 PM

Airan Limited released the voting results and scrutinizer's report for its 31st Annual General Meeting held on September 26, 2026. All five resolutions were approved by shareholders with over 99.98% votes in favor. Key passed items include the adoption of FY26 financial statements, reappointment of Director Sandeepkumar Agrawal, appointment of M/S Supal Shah & Associates as Statutory Auditor, and appointments of two directors (Indu Shaktibhusan Shukla and Mrugesh Arvindbhai Suthar). Total voter participation was 73.51% of total shares, largely anchored by promoter voting.

All 5 resolutions passed with over 99.98% favorable votes
Overall voter turnout was 73.5053% of outstanding shares (91,896,361 votes polled out of 125,020,000 shares)
Promoter participation was 100% of their holding (90,279,475 votes, all in favor)
Public non-institutional voter turnout was 4.6542% (1,616,886 votes)
Approved appointment of Mrugesh Arvindbhai Suthar as Independent Director for a 5-year term

💡 Track the upcoming Q2 FY27 earnings announcements and execution on scaling AI and automation-led offerings.

Airan Dispatches FY26 Annual Report Links; AGM Scheduled for September 26, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Sep 2026, 01:00 PM

Airan Limited has issued communication under Regulation 36(1)(b) of SEBI LODR providing web-links for its Integrated Annual Report FY26 to unregistered email holders. The company's 31st Annual General Meeting is scheduled for Saturday, September 26, 2026, at 4:00 PM IST via video conferencing. The cut-off date for e-voting eligibility is set for September 19, 2026, with the voting window open from September 23 to September 25, 2026.

31st AGM scheduled for September 26, 2026, at 4:00 PM IST via VC/OAVM
Cut-off date for e-voting eligibility established as September 19, 2026
Remote e-voting period runs from September 23, 2026 (9:00 AM IST) to September 25, 2026 (5:00 PM IST)
Communication sent to members without registered emails providing direct link to FY26 Integrated Annual Report

💡 Eligible shareholders should review the annual report and cast their votes via remote e-voting prior to the September 25 cutoff or during the AGM.

Airan Schedules 31st AGM on September 26, 2026; Cut-off Date Set for September 19

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Sep 2026, 05:51 PM

Airan Limited has issued the notice for its 31st Annual General Meeting (AGM), scheduled to take place on Saturday, September 26, 2026, at 4:00 PM IST via Video Conferencing. The company has fixed Saturday, September 19, 2026, as the cut-off date to determine shareholder eligibility for remote e-voting and meeting participation. This is a standard annual compliance requirement with no direct financial impact.

31st Annual General Meeting scheduled for September 26, 2026, at 04:00 PM IST
Meeting to be conducted via Video Conferencing (VC) / Other Audio Visual Means (OVAM)
Cut-off date fixed as September 19, 2026, for e-voting and AGM attendance eligibility
Filing submitted pursuant to Regulation 30 of SEBI LODR Regulations

💡 Shareholders looking to vote on AGM resolutions should ensure demat shareholding by September 19, 2026, and track the full AGM notice agenda for any special resolutions.

Resignation of Two Independent Directors Bhoomika Gupta & Siddharth Dugar w.e.f. Sept 1, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 31 Aug 2026, 08:27 PM

Airan Limited announced the resignation of two Non-Executive Independent Directors, Bhoomika Aditya Gupta and Siddharth Sampatji Dugar, effective September 1, 2026. Both outgoing directors were also serving as members of the company's Audit Committee. The resignations were attributed to professional commitments and preoccupation, with both confirming no other material reasons exist.

Resignation letters submitted on August 31, 2026, by 2 Non-Executive Independent Directors.
Resignations of both Bhoomika Aditya Gupta (DIN: 02630074) and Siddharth Sampatji Dugar (DIN: 07703369) take effect from September 1, 2026.
Both directors vacated their seats on the company's Audit Committee.
Directors confirmed no other material reasons exist for their departures.

💡 Track subsequent board announcements regarding the appointment of new independent directors and reconstitution of the Audit Committee to maintain SEBI LODR compliance.

Two Independent Directors Resign from Airan Board Effective September 1, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 31 Aug 2026, 08:26 PM

Airan Limited has received resignation letters from two Non-Executive Independent Directors, Bhoomika Aditya Gupta and Siddharth Sampatji Dugar, both effective September 1, 2026. Both individuals also served as members of the company's Audit Committee. They cited professional commitments and preoccupation as the reason for resigning and confirmed no other material reasons exist. The company will need to appoint replacement independent directors to ensure ongoing compliance with SEBI board composition and committee norms.

Bhoomika Aditya Gupta resigned as Non-Executive Independent Director effective September 1, 2026.
Siddharth Sampatji Dugar resigned as Non-Executive Independent Director effective September 1, 2026.
Both resigning directors were active members of the company's Audit Committee.
Both letters dated August 31, 2026, confirm no other material reasons for resignation.

💡 Track subsequent regulatory filings for the appointment of new independent directors and reconstitution of the Audit Committee.

Airan announces Board changes: 2 Independent Directors resign, new appointments effective Sept 1

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 31 Aug 2026, 05:36 PM

Airan Limited announced the resignation of two Independent Directors, Mrs. Bhoomika Aditya Gupta and Mr. Siddharth Sampatji Dugar, effective September 01, 2026, citing personal commitments. To reconstitute the Board, Mr. Mrugesh Arvindbhai Suthar has been appointed as an Independent Director for a 5-year term, and Mrs. Indu Shaktibhusan Shukla has been appointed as a Non-Executive Non-Independent Director. Additionally, the Board recommended the appointment of M/s. Supal Shah & Associates as Statutory Auditors for a 5-year term and scheduled its 31st AGM for September 26, 2026.

Resignation of Independent Directors Mrs. Bhoomika Aditya Gupta and Mr. Siddharth Sampatji Dugar w.e.f. September 01, 2026
Appointment of Mr. Mrugesh Arvindbhai Suthar as Independent Director for a 5-year term starting September 01, 2026
Appointment of Mrs. Indu Shaktibhusan Shukla as Non-Executive Non-Independent Director w.e.f. September 01, 2026
Reappointment/appointment proposal of Statutory Auditors M/s. Supal Shah & Associates for 5 years (2026 to 2031)
31st Annual General Meeting scheduled for Saturday, September 26, 2026

💡 Monitor voting outcomes on director appointments and statutory auditor confirmation at the 31st AGM on September 26, 2026.

Airan Reconstitutes Board and Proposes Auditor Appointment Ahead of 31st AGM

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 31 Aug 2026, 05:32 PM

Airan Limited's Board of Directors met on August 31, 2026, and approved several key governance changes ahead of its 31st Annual General Meeting scheduled for September 26, 2026. The board recommended appointing M/s. Supal Shah & Associates as statutory auditors for a 5-year term (2026–2031). Additionally, the board approved the appointments of Mrs. Indu Shaktibhusan Shukla (Non-Executive Non-Independent) and Mr. Mrugesh Arvindbhai Suthar (Non-Executive Independent for 5 years) effective September 1, 2026. This follows the concurrent resignations of Independent Directors Mr. Siddharth Sampatji Dugar and Mrs. Bhoomika Aditya Gupta due to personal commitments.

Recommended appointment of M/s. Supal Shah & Associates as Statutory Auditors for a 5-year term (31st AGM in 2026 to 36th AGM in 2031)
Appointed Mr. Mrugesh Arvindbhai Suthar as Independent Director for a 5-year term w.e.f. September 01, 2026
Appointed Mrs. Indu Shaktibhusan Shukla as Non-Executive Non-Independent Director w.e.f. September 01, 2026
Noted simultaneous resignations of two Independent Directors, Mr. Siddharth Sampatji Dugar and Mrs. Bhoomika Aditya Gupta, effective September 01, 2026
Scheduled 31st Annual General Meeting for Saturday, September 26, 2026, at 04:00 PM IST via Video Conferencing

💡 Track shareholder voting outcomes on director appointments and statutory auditor confirmation at the upcoming AGM on September 26, 2026.

Airan Q1 FY27 PAT jumps 113% YoY to ₹6.73 Cr, driven by ₹6.19 Cr Other Income

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 13 Aug 2026, 07:11 PM

Airan Limited reported a consolidated net profit of ₹6.73 Cr for the quarter ended June 30, 2026, more than doubling from ₹3.15 Cr in the same period last year. However, this profit surge was primarily driven by 'Other Income' of ₹6.19 Cr, while core operating income actually declined to ₹2.19 Cr from ₹2.59 Cr YoY. Revenue from operations remained relatively stagnant at ₹26.55 Cr, representing a modest 3.3% YoY growth. International revenue showed positive momentum, increasing to ₹1.70 Cr from ₹1.25 Cr YoY.

Consolidated Net Profit (attributable to owners) rose to ₹6.73 Cr vs ₹3.15 Cr in Jun 2025.
Other Income of ₹6.19 Cr accounted for approximately 92% of the total net profit for the quarter.
Consolidated Revenue from operations stood at ₹26.55 Cr, a 3.3% increase over ₹25.70 Cr in Jun 2025.
International segment revenue grew 36% YoY to ₹1.70 Cr, though it remains a small portion of total revenue.
Operating Income (excluding other income) fell to ₹2.19 Cr from ₹2.59 Cr in the year-ago quarter.

💡 Investors should look past the headline profit growth and monitor the core operating performance, as the bottom line is currently heavily influenced by non-operating income. Watch for the execution of the AI and automation strategy to see if it can drive higher-margin service revenue in upcoming quarters.

Airan Limited Clarifies XBRL Data Mismatch for FY26 Consolidated Results

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 14 Jul 2026, 03:54 PM

Airan Limited has responded to a clarification sought by the National Stock Exchange (NSE) regarding discrepancies in its Consolidated Profit Before Tax (PBT) and Profit After Tax (PAT) figures for the quarter and year ended March 31, 2026. The company clarified that it had already identified the mismatch and filed revised financial results in both PDF and XBRL formats on June 2, 2026. This filing is a formal administrative response to the exchange's query, confirming that the corrected data is already on record. The underlying financial performance for Q4 FY26 remains as reported in the revised filing, showing a PAT of ₹0.47 Cr.

NSE sought clarification on June 26, 2026, regarding PBT and PAT mismatches in XBRL submissions
Company had already submitted revised Consolidated Financial Results on June 2, 2026
The clarification pertains to the full financial year and quarter ended March 31, 2026
Reported Q4 FY26 PAT stands at ₹0.47 Cr compared to ₹7.85 Cr in Q3 FY26
Promoter holding remains stable at 72.21% as of March 2026

💡 Investors should focus on the underlying volatility in quarterly profits rather than this administrative clarification. Monitor the next quarterly results to see if the sharp decline in PAT from Q3 to Q4 FY26 is temporary.

Airan Limited Submits Quarterly Compliance Certificate under SEBI Regulation 74(5)

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 08 Jul 2026, 04:46 PM

Airan Limited has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended June 30, 2026. The certificate, issued by KFin Technologies Limited (the company's Registrar and Share Transfer Agent), confirms that share dematerialization and rematerialization requests were processed and reported to the exchanges. This is a standard procedural filing required for all listed entities to ensure the integrity of the shareholding records.

Compliance certificate issued for the quarter ended June 30, 2026
Issued by KFin Technologies Limited, the Registrar and Share Transfer Agent
Confirms adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations 2018
Covers both NSDL and CDSL depository reporting requirements

💡 No action is required as this is a routine administrative filing. Investors should monitor the company's upcoming quarterly financial results for operational performance updates.

View All AIRAN Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations for H1 FY26 was INR 5,196.87 Lakhs, representing a slight decrease of 0.8% compared to INR 5,238.65 Lakhs in H1 FY25. The company operates in a single segment (ITES/Data Processing), which generated INR 10,649.84 Lakhs in FY25.

Geographic Revenue Split

The company maintains a global footprint through subsidiaries in Singapore, Australia, and the UK. While specific percentage splits are not disclosed, the group includes Airan Singapore Private Limited, Airan Australia Pty Limited, and Airan UK Limited.

Profitability Margins

Net profit ratio improved significantly by 45.53% to 17.86% in FY25 from 12.28% in FY24. However, H1 FY26 net profit dropped to INR 397.03 Lakhs from INR 1,911.33 Lakhs in H1 FY25, primarily due to a sharp reduction in 'Other Income' which fell from INR 2,064.70 Lakhs to INR 141.13 Lakhs.

EBITDA Margin

Operating activity before working capital changes for H1 FY26 was INR 664.98 Lakhs (12.8% of revenue), compared to INR 802.31 Lakhs (15.3% of revenue) in H1 FY25, reflecting a core profitability decline of approximately 17% YoY.

Capital Expenditure

Capital expenditure for H1 FY26 included INR 46.59 Lakhs for Property, Plant & Equipment, a reduction from INR 203.23 Lakhs in H1 FY25. Total PPE stood at INR 6,370.65 Lakhs as of March 31, 2025.

Credit Rating & Borrowing

The company is nearly debt-free with a Debt-Equity ratio of 0.004 as of March 31, 2025. Total current borrowings were INR 106.70 Lakhs as of September 30, 2025, down 53% from INR 227.93 Lakhs in the previous year.

⚙️ Operational Drivers

Raw Materials

Human Capital (54.5% of revenue), Co-ordinator Services (20.2% of revenue), and Data Processing Infrastructure (4.9% of revenue).

Import Sources

Not applicable as the company is a service-based ITES provider.

Key Suppliers

Not applicable; primary operational costs are internal employee benefits (INR 2,833.13 Lakhs in H1 FY26) and third-party co-ordinators (INR 1,048.52 Lakhs in H1 FY26).

Capacity Expansion

Current capacity is driven by a technology-led delivery model and a skilled workforce. The company is scaling AI and automation-led offerings to increase processing capacity without linear headcount growth.

Raw Material Costs

Employee benefit expenses rose 2.1% YoY to INR 2,833.13 Lakhs in H1 FY26. Co-ordinator expenses increased 7.1% to INR 1,048.52 Lakhs, while data processing expenses decreased 19.8% to INR 253.82 Lakhs.

Manufacturing Efficiency

Not applicable; however, the company maintains a high Debt Service Coverage Ratio of 93.03, indicating extreme efficiency in meeting financial obligations.

Logistics & Distribution

Distribution is primarily digital; other expenses (including administrative and delivery) were INR 410.87 Lakhs in H1 FY26.

📈 Strategic Growth

Growth Strategy

Strategy focuses on deepening client relationships in core verticals, scaling AI and automation-led offerings, and expanding in high-growth geographies like the UK, Singapore, and Australia. The company is also leveraging its reinforced global footprint to capture emerging ITES opportunities.

Products & Services

Data processing services, AI-led automation solutions, ITES, and financial document management.

Brand Portfolio

Airan, Quadpro ITES, Cqub Infosystems.

New Products/Services

Scaling of AI and automation-led offerings is expected to drive future revenue momentum in FY26.

Market Expansion

Targeting high-growth international geographies including the UK, Singapore, and Australia through established subsidiaries.

Strategic Alliances

Operates through 6 key subsidiaries including Quadpro ITES Limited and Cqub Infosystems Private Limited to provide specialized ITES solutions.

🌍 External Factors

Industry Trends

The ITES industry is rapidly shifting toward AI and automation; Airan is positioning itself by scaling automation-led delivery models to maintain governance discipline and operational excellence.

Competitive Landscape

Competes in the global ITES and data processing market; dynamics are driven by technology adoption and data security compliance.

Competitive Moat

Moat is built on a diversified global service portfolio and a nearly debt-free balance sheet (Debt-Equity 0.004), providing high financial stability and the ability to invest in technology shifts like AI.

Macro Economic Sensitivity

Sensitive to global IT spending trends and regulatory changes in data security across multiple jurisdictions (India, UK, Singapore, Australia).

Consumer Behavior

Increasing demand for automated and AI-driven financial data processing among corporate clients.

Geopolitical Risks

Trade barrier impacts and regulatory shifts in the UK, Singapore, and Australia could affect subsidiary operations.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with international data security protocols and client data security frameworks is critical for global ITES operations.

Environmental Compliance

ESG commitments are integrated into the governance framework with strengthened board oversight on risk management.

Taxation Policy Impact

Income tax paid in H1 FY26 was INR 150.94 Lakhs. Deferred tax liabilities stood at INR 658.32 Lakhs as of March 31, 2025.

Legal Contingencies

No material pending court cases or specific case values were disclosed in the provided documents; secretarial audit for FY25 reported adherence to good corporate practices.

⚠️ Risk Analysis

Key Uncertainties

Volatility in investment valuations (e.g., INR 143.41 Lakhs loss on Beacon Trusteeship in H1 FY26) and high dependency on human capital (54.5% of revenue).