Transforming Systems; Empowering the Future of Digital Infrastructure
Incorporated in 1997, Aurionpro Solutions is an India-based technology company. It has scaled into a diversified, IP-led technology platform, employing over 3,100 professionals across delivery and R&D hubs in India, Southeast Asia, the Middle East, Europe, and the USA, serving over 350 enterprise clients across 30+ countries. The company’s solutions cater to retail and wholesale banking, treasury, capital markets, and payments. Its offerings include Banking and Fintech, and the Technology Innovation Group. Its Corporate Banking Suite consists of a transaction banking platform and a lending banking platform, while its Technology Innovation Group segment offers Smart City, Smart Mobility, Data Centre, and Hybrid Cloud Services, among others. We are initiating coverage on Aurionpro Solutions Ltd, with a BUY recommendation on the stock and a target price of Rs 1,065/share, implying an upside of 30% from the CMP.
Investment Thesis
• Prominent Player in Banking & Fintech System: Aurionpro’s Banking & Fintech division accounts for ~54% of FY25 revenues and offers a comprehensive suite of enterprise platforms across Transaction Banking, Lending, Treasury & Capital Markets, Digital Engagement, and Payments & Aggregation. The portfolio is anchored in proprietary IP and modular, API-first architectures, enabling seamless integration with incumbent core banking systems. These solutions are deployed across multiple banks and financial institutions, including HDFC Bank, Axis Bank, Federal Bank, Citi Bank, Barclays, and OCBC Bank in India, as well as leading institutions in Southeast Asia and select markets in the Middle East and Africa. Further strengthening its presence in the Indian digital payments ecosystem, the company has recently received approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator through its subsidiary.
• TIG Group Facilitates Growth Momentum: The company’s Technology, Infrastructure & Government (TIG) segment contributes ~46% of the FY25 revenue and is organised into three key verticals, such as Transit, Smart City & Smart Mobility (SCSM), and Data Centres. Within TIG, Transit accounts for ~20–30% of segment revenues, while Data Centres and SCSM contribute ~30–40% and ~30% respectively. Aurionpro has assembled a strong team of industry veterans with over two decades of experience. It has already secured client engagements to provide consulting and execution support for the rollout of ~100 MW of data centre capacity over the coming years. Recently, the company has won Rs 350 Cr Adani project in the data center space. Looking ahead, the company plans to introduce more proprietary products and IP in this segment, which is expected to drive a structural improvement in margins.
• Strong Order Book Across Both the Verticals: The company’s order book has expanded at a ~23% CAGR over FY23–25 to Rs 1,500 Cr, supported by robust momentum across its core businesses, including banking platforms, transit and smart mobility, and the data centre segment. It continues to maintain healthy multi-year revenue visibility, underpinned by repeat orders from existing clients, strategic global deal wins, and partnerships with marquee players such as Mastercard in transit and leading large-scale data centre operators.
• Global Expansion led by Strong Partnership Continues to Leverage Capabilities: Aurionpro is strategically scaling its presence in the global enterprise software market, with a growing emphasis on overseas geographies, where the international market, such as APAC, the US & Europe, and MEA, contributes ~35% of the total revenue. The company has been making sustained investments in sales infrastructure and talent to drive effective market penetration. While enterprise software sales typically involve longer deal cycles, management remains confident of delivering tangible outcomes over the next few quarters. Leveraging the inherent scalability of its platform-led business model, Aurionpro is targeting large global banks and is engaged in advanced-stage discussions, with deal closures expected over the next few quarters.
Valuation & Recommendation
• We initiate coverage on Aurionpro Solutions Ltd. with a BUY recommendation. The company continues to strengthen its leadership position in banking and fintech, while selectively diversifying into emerging verticals such as Smart City solutions and continuing its data centre consulting. Aurionpro has delivered a ~33% CAGR in topline growth over FY21–25, backed by improved operational efficiency and sustained product development, strengthening its competitive positioning against its peers. The outlook remains constructively positive, with valuation comfort improving as growth sustains and profitability scales. We anticipate the company to deliver Revenue/EBITDA/PAT CAGR of 25%/25%/24% over FY25–28E. We value the company at 16x FY28E EPS to arrive at a TP of Rs 1,065/share, implying an upside of 30% from the CMP.
Aurionpro Solutions Ltd – Initiating Coverage – 10042026_10-04-2026_08
