Choice initiates 'Buy' on Aurionpro; eyes strong order book, Vision 2030

Choice noted Aurionpro Solutions is undergoing a strategic shift under CEO Ashish Rai, moving from a hybrid IT services-product model to a product-first

Choice Institutional Equities has initiated coverage on Aurionpro Solutions with ‘Buy’ for a target of ₹1,880 per share. The target price implies 71 per cent upside from Wednesday’s close at ₹1,098.5. 

 

In its note, the brokerage said that Aurionpro Solutions is undergoing a strategic shift under CEO Ashish Rai (appointed October 2023), moving from a hybrid information technology (IT) services–product model to a product-first, intellectual property (IP)-led and artificial intelligence (AI)-native technology company.  The company has divested non-core businesses (such as cybersecurity) and is sharpening its focus on faster-growing areas, including digital banking platforms and smart infrastructure, reckons Choice. A refreshed leadership team drawn from Tier-1 fintechs is also being positioned to improve global go-to-market execution, with a wider footprint in the Middle East and Southeast Asia, alongside early traction in Europe and the US.

 

Dual-engine model

Aurionpro Solutions' dual-engine model – banking and fintech (57 per cent of revenue) and Technology Innovation Group (TIG) (43 per cent) – drives diversified, high-visibility growth, the brokerage highlighted. Core IPs like iCashpro+, SmartLender and Omnifin are fueling momentum, highlighted by strong deal wins here and deeper AI integration via Arya.ai. 

 

TIG scales through strong positions in transit automation and data centre solutions, supported by partnerships with Mastercard, Vix, and Web Werks. A robust ₹130 crore order book (1.6x book-to-bill) provides solid growth visibility, reinforcing the company’s trajectory toward sustainable, high-margin, IP-led expansion and global scalability, Choice noted.

Scalable roadmap for global and capacity expansion 

The company is fast-tracking global expansion through strategic partnerships and capability-led acquisitions. Collaborations with Finastra, FIS, Murex, and MasterCard enhance product reach, co-innovation, and client access, driving partnership-led revenue to rise from 20 per cent in FY22 to over 45 per cent by FY26E.  Acquisitions like Fenixys (Europe entry), Arya.ai (AI enablement) and Omnifin (SME lending) strengthen domain expertise and technology depth. Focused investments in the US and Europe aim to lift their revenue share 15 per cent to 30 per cent in five years. 

 

This synergistic approach reinforces Aurionpro’s Vision 2030 – to become a global, IP-led fintech platform leader with recurring revenue visibility and expanding margins, analysts said. 

Optionality: 

Strong IPs, global expansion through partnerships, AI-led product differentiation and potential value unlocking from the high-growth transit and data center businesses.

Key risks: 

Government project execution delays, slower global scale-up and government payment or policy uncertainties.

 

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