NSE: GOLDTECH · BSE: 531439
AION-TECH SOLUTIONS LTD
Sells software licenses, IT/software services, and electric-vehicle mobility services, with three reporting segments contributing to consolidated FY26 revenue of Rs 135.032 crore. Software License is the largest stream at Rs 88.722 crore (65.5% of period segment revenue), with EBIT of Rs 5.374 crore. E-Vehicle Mobility brought in Rs 35.071 crore (25.9% share) and Rs 5.389 crore in EBIT — this line stems from the May 2025 acquisition of ETO Motors Private Limited through a Rs 1,944.77 crore share swap. IT/Software Services contributed Rs 11.566 crore (8.5% share) and Rs 3.573 crore in EBIT. The cost base is dominated by other operating expenses at 76.5% of revenue, with employees at 16.4% and depreciation at 13.8%; materials are reported at 0% of revenue. Operating cash flow was negative at Rs 239.35 million in FY26. The company operates three subsidiaries: Roqit Greenfleet Digital Solutions (wholly-owned, building fleet management tech for EV and hydrogen mobility, still pre-revenue), Staytop Systems Inc, and ETO Motors. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Software License (66%), E-Vehicle Mobility (26%), Information Technology / Software Services (9%). Hybrid software and electric-mobility business, asset-lighter on the software side and capital-intensive via the acquired EV operations.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 61 | 93 | 93 | 89 | 135 |
| EBITDA (ex other income) | (1) | 2 | (0) | 13 | 23 |
| margin % | (2.2) | 2.0 | (0.2) | 14.6 | 17.0 |
| Owners' profit | 0 | 0 | 0 | 0 | 8 |
| EPS, as reported (₹) | 0.19 | 0.13 | (0.63) | 2.86 | 0.20 |
| ROE % · ROCE % | 0.8 · 1.4 | 0.7 · 2.8 | (3.3) · (0.8) | 10.3 · 13.7 | 0.3 · 2.5 |
| Debt / equity (x) | 0.06 | 0.09 | 0.14 | 0.02 | 0.23 |
| Cash from operations | 8 | (11) | 4 | (12) | (14) |
| Capex | (0) | (6) | (5) | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 20 | 22 | 29 | 19 | 33 | 41 | 42 | 27 |
| Profit before tax | 12 | (0) | 1 | 8 | (0) | (1) | (4) | (3) |
| Net profit | 10 | (0) | 1 | 6 | (0) | (2) | (3) | (3) |
| EPS (₹) | 2.87 | (0.13) | 0.22 | 1.34 | (0.09) | (0.34) | (0.52) | (0.50) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Information Technology / Software Services | 12 | 8.5 |
| Software License | 89 | 65.5 |
| E- Vehicle Mobility | 35 | 25.9 |
| Total, before eliminations | 135 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ORACLE FIN SERV SOFT LTD. | 86,957 | 25.5 | 11.11 | 22.8 | 33.7 | 43.2 | 9.0 | 62.5 |
| TANLA PLATFORMS LIMITED | 8,275 | 15.5 | 3.33 | 9.9 | 20.5 | 25.0 | 13.5 | 17.6 |
| C.E. INFO SYSTEMS LIMITED | 4,341 | 31.6 | 4.80 | 18.8 | 14.8 | 21.3 | — | 54.2 |
| CAPILLARY TECHNO INDIA L | 4,005 | 94.7 | 3.91 | 30.5 | 5.1 | 4.9 | — | 4.9 |
| TECHNVISION VENTURES LTD. | 2,372 | 10800.0 | 158.11 | 316.6 | 1.4 | 5.5 | 25.5 | (3.0) |
| Mobavenue AI Tech Limited | 2,070 | 16.4 | 22.85 | 43.3 | 32.4 | 30.8 | — | 21.8 |
| RAMCO SYSTEMS LTD. | 1,887 | 45.2 | 5.33 | 12.2 | 11.9 | 11.0 | 2.3 | 16.0 |
| NUCLEUS SOFTWARE EXPORTS | 1,727 | 16.4 | 1.90 | 9.8 | 12.9 | 15.2 | 11.3 | 16.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.7 | 1.6 | 9 of 38 | 78% |
| ROCE | 0.7 | 4.8 | 26 of 40 | 36% |
| ROE | 0.3 | 3.5 | 27 of 38 | 30% |
| Debt / Equity | 0.2 | 0.0 | 30 of 38 | 22% |
| EBITDA margin | 8.9 | 17.2 | 26 of 35 | 27% |
| Revenue growth | 40.5 | 9.7 | 11 of 33 | 69% |
| Profit growth | (143.8) | (12.0) | 34 of 41 | 18% |
| Market cap | 207 | 41 | 13 of 44 | 72% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · AION-TECH invests Rs 30 lakh more in wholly owned ROQIT | strategic transactions | medium | — | — |
| 23 Oct 2026 · AION-TECH appoints Nagesh Madastu as Chief Growth Officer | management changes | high | — | — |
| 8 Oct 2026 · Quarterly Share Capital Reconciliation Audit Report Sep 2026 | compliance | minimal | — | — |
| 6 Oct 2026 · Compliance certificate under Reg.74(5) of SEBI DP Regulations for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · 32nd AGM Voting Results: All Resolutions Passed | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Aion-Tech Solutions 32nd AGM: Both resolutions cleared with 99.9 percent approval | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Aion-Tech Solutions 32nd AGM proceedings held on September 28, 2026 | board shareholder meetings | medium | — | — |
| 22 Sept 2026 · Trading Window Closure for Q2 FY26 Financial Results | compliance | minimal | — | — |
| 10 Sept 2026 · AION-TECH infuses Rs 65 lakh more in subsidiary ROQIT Greenfleet | strategic transactions | low | — | — |
| 4 Sept 2026 · AION-Tech confirms dispatch of 32nd AGM notice via newspaper ads | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.