| Aurionpro Solutions Limited | ||||||
| Ratings upgraded to 'Crisil A / Stable /Crisil A1'; Rated amount enhanced for Bank Debt | ||||||
| Rating Action | ||||||
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| Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings. | ||||||
| 1 crore = 10 million | ||||||
| Refer to Annexure for Details of Instruments & Bank Facilities |
Detailed Rationale Crisil Ratings has upgraded its ratings on the bank loan facilities of Aurionpro Solutions Limited (ASL) to ‘Crisil A/Stable/Crisil A1’ from ‘Crisil A-/Stable/Crisil A2+’.
The upgrade reflects improvement in Aurionpro’s business risk profile marked by increase in revenues to estimated more than Rs. 1400 crores in fiscal 2026 from Rs. 1175 crores in fiscal 2025. The growth is driven by healthy orders from customers and product additions, and its strong order pipeline (over Rs.2000 crores) will ensure healthy double-digit revenue growth over the medium term. Despite higher investments and elevated R&D expenses the operating margins of the company are above 20% and expected to sustain above 20% over the medium term. Further, working capital cycle improved with gross current assets improving from 250 days in the past to 220-230 days and expected to sustain at similar levels, driven by increase in revenues from segments having lower working capital intensity. The financial risk profile continues to be strong with healthy capital structure and debt protection metrices along with healthy liquidity.
The ratings reflects the established market position in the presence supported by extensive experience of the promoters in the IT industry, backed by strong product basket, established and diverse customer base. The rating also factors experienced management team and strong financial risk profile marked by negligible debt level and adequate liquidity. These strengths are partially setoff by large working capital requirements in the technology innovation group (TIG) segment and exposure to intense competition. |
Analytical Approach Crisil Ratings has combined the business and financial risk profile of ASL and its subsidiaries. This is because all these entities, collectively referred to as the Aurionpro group have common promoters, are in the same business and have significant operational, managerial and financial linkages. Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation. |
Key Rating Drivers - Strengths Established market presence in the IT industry: ASL has a strong market position in the BFSI software segment, marked by diverse product portfolio providing solutions across lending, corporate banking, treasury, fraud prevention risk management, internet banking, payments and forex. ASL’s intellectual property and proprietary lending suite is considered among the top 5 globally as per market reports. In addition, it also provides solutions in smart mobility and data centre solutions, hybrid cloud services and smart city initiatives. Backed by acquisitions and in-house development, revenues are increasing year on year. In the first nine months of fiscal 2026, the company has already achieved revenue of more than Rs 1065 crore as compared to Rs 846 crore for same period last year and is expected to post healthy revenues of more than Rs.1400 for fiscal 2026.
Experienced management team: ASL has a strong management team with the promoters' experience of over 3 decades and other top management personnel who have 20+ years of experience in the industry. ASL benefits from their strong understanding of market dynamics, as well as in depth domain knowledge of developing software and related solutions, which will continue to support the business. Hence the management has been able to advance its technical capabilities through acquisitions and development.
Strong customer base: ASL has a strong customer base across India, Asia Pacific, Europe, The US, Middle East and Africa. The customer base comprises major players in the BFSI, fintech, data centers, capital markets, telecom, PSU and government and other sectors. It caters to most large banks in the region it operates and insurance companies in the BFSI segment. It has longstanding relationships of more than 8-9 years on average with top customers. The top 10 customers contributed around 48% of revenues in fiscal 2025.
Strong financial risk profile: With steady accretion to reserve and fund raising over the last 2 fiscals, the financial risk profile is strong, supported by estimated adjusted networth of more than Rs 1,040 crore as on March 31, 2026 (compared with Rs 915 crore a year earlier). With low reliance on external debt, the capital structure is comfortable, as reflected in estimated gearing and total outside liabilities to adjusted networth (TOLANW) ratio of less than 0.1 times and 0.3-0.4 times, respectively, as on March 31, 2026 (0.02 and 0.45 times, respectively, a year earlier). Debt protection metrics are healthy, as indicated by estimated interest coverage and net cash accrual to adjusted debt ratios of over 40 times and over 30 times, respectively, in fiscal 2026 (39.37 times and 11.45 times, respectively, in fiscal 2025) and are expected to remain comfortable over the medium term. The financial risk profile will likely remain strong backed by healthy accretion to reserve, increased scale of operations and consequently moderate profitability. |
Key Rating Drivers - Weaknesses Large working capital requirements: The working capital cycle is likely to remain large. Gross current assets (GCA) net off cash were 224 days as on March 31, 2025, driven by high debtor days. The average credit period in banking and fintech segment is 60-90 days, while its 120-150 days in TIG segment due to milestone-based payment structure. There are debtors more than 6 months of around Rs 70 crores as on March 31, 2025 which are majorly from the TIG segment. GCAs are projected to be in a similar range over the medium term. With strong revenue growth expected, the working capital requirements shall increase and management of same will remain a key monitorable.
Exposure to intense competition: ASL derives around 56% revenue from the BFSI vertical, rendering revenue growth volatile and susceptible to cyclicality in the global financial sector. Furthermore, given the healthy business prospects in BFSI, the competitive intensity is also high with presence of several global and Indian vendors. This, combined with, typically high client retention and long tenure of product implementation, acts as a high entry barrier for product companies in the BFSI space. |
Liquidity Strong The bank limit utilization remains at around 21% on average for the past 12 months ended January 2026. With minimal debt obligation, expected cash accrual of Rs 232-363 crore over the medium term will support liquidity. The group had cash and equivalent of around Rs 270 crore as on September 30, 2025 out of the same more than Rs.146 crores are unencumbered. The current ratio was healthy at 3.02 times as on March 31, 2025, and is estimated over 3 times over the medium term. Internal cash accrual and unutilized bank lines are sufficient to meet the incremental working capital requirement. |
Outlook Stable Crisil Ratings believes that ASL will benefit from the established strong market presence with healthy financial risk profile. |
Rating sensitivity factors Upward Factors:
Downward Factors:
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About the Group ASL was incorporated in October 1997 as a private limited company and converted to a public limited company in March 2005. The company is engaged in providing information technology services in corporate banking, treasury, fraud prevention, risk management and internet banking and cloud-based services. The company specializes in providing services to the banking, financial services and insurance (BFSI) and fintech industry and also provides technology innovation solutions i.e provides solutions in smart mobility and data center solutions, hybrid cloud services and smart city initiatives.
Headquartered in Mumbai (Maharashtra), ASL has offices in Singapore, Thailand, Vietnam, Malaysia, UAE, Philippines, Australia, USA, Indonesia.
ASL is promoted by Mr. Paresh Zaveri and Mr. Amit Sheth, while day-to-day operations are managed by Mr. Ashish Rai, Director and CEO.
It is listed on the National Stock Exchange Limited (NSE) and BSE Limited (BSE) |
Key Financial Indicators – Crisil Adjusted Numbers -Consolidated Numbers
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Any other information: Not applicable |
Note on complexity levels of the rated instrument: |
Annexure - Details of Instrument(s)
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Annexure – List of entities consolidated
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| Annexure - Rating History for last 3 Years | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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| All amounts are in Rs.Cr. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annexure - Details of Bank Lenders & Facilities | ||||||||||||||||||||||||||||||||
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Annexure: List of instruments and names of regulators of the instruments As required by SEBI CRA Circular dated Feb 10, 2026, a list of activities or instruments falling under the purview of various FSRs, along with the names of respective FSRs, is being disclosed below:
* Includes securitisation transactions involving assignee payout, acquirer's payout. ~ The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In PRs subsequent to issuance(s), Crisil Ratings Limited shall separately capture the rated quantum details along with names of respective regulators. ^ Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions. # There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs. @ These ratings were assigned during regulatory regime prior to introduction of SEBI CRA Circular dated Feb 10, 2026 and the investor side regulators have accordingly been included.
Note: Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, the grievance/dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available. |
Criteria Details
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