Aurionpro Solutions Ltd Management Discussions

OVERVIEW

Aurionpro Solutions Limited ("Aurionpro") financial statements have been prepared in accordance with Indian Accounting Standards ( " In d A S " ) , a s p r e s cr ib e d unde r s e ct i o n 13 3 o f t h e C ompani e s A c t , 20 1 3 ( " t h e A c t " ) , r e a d w i th the Companies (Indian Accounting Standards) R ul e s , 20 1 5 , a s amend e d f r o m t im e t o t ime , an d other provisions of the Act to the extent notified and applicable. The management of Aurionpro accepts responsibility for the objectivity and i n t e g ri t y o f t h e s e f inan c ia l s t a t eme nt s , a s w el l as for the various estimates and judgments used therein. The estimates and judgments relating to the financial statements have been made on a prudent and reasonable basis to ensure that the financial statements reflect the state of affairs in a true and fair manner. The management of Aurionpro is committed to continuously improving the level of transparency and disclosure. Accordingly, an attempt has been made to fully and comprehensively disclose information about the company, its busin e s s , ope r a t i o n s , ou t loo k , r is k s , an d f inan c ia l condition. The forward-looking statements contained herein are subject to certain risks and un c e r t ai nt i e s , includin g , bu t n ot lim i t e d t o , t he r is k s inhe r e nt i n t h e c ompa n y s g r o w th s t r a t e g y , dependen cy o n s t r a t e gi c clie nt s , an d r elian c e o n the availability of qualified technical personnel, among other factors discussed in this report. Readers are cautioned not to place undue r elian c e o n t h e s e f o r w a r d - lookin g s t a t eme nt s , as they reflect Aurionpro managements analysis only as of the date hereof.

OPERATIONAL UPDATES

Aurionpro Solutions is a global technology leader delivering innovative solutions across B ankin g , P ayme nt s , T r a n s i t , D a t a C e n t e r Se r vi ce s , and Government sectors. Leveraging the power of Enterprise AI, we build comprehensive and future-ready platforms that address the evolving needs of our clients worldwide. With a clientele of over 350 institutions relying on us for t hei r miss i o n - cri t i c a l t e c hnolog y r e qui r eme nt s , we are supported by a highly skilled team of more than 3,000 professionals?€”one of the most capable pools of fintech and AI talent in the industry

The Company delivered its fourth consecutive year of industry-leading performance, recording revenue growth in excess of 30% with strong profitability. Operating margins

r emain e d r obu s t , r e f l e ct in g c o nt i n u e d f o c u s on cost discipline and operating leverage. This consistent track record underscores the Companys ability to deliver sustainable growth while preserving profitability.

During FY 2025, we secured significant order wi n s a c r o s s c o r e busin e s s s e gme nt s , r e sul t in g i n a cl o sin g o r de r boo k o f ov e r IN R 1, 4 0 0 c r o r e s . T h e pipelin e add i t i o n s r emain e d h e al t h y , d r i v e n by large strategic contracts including the S t a t e B an k o f Indi a engageme n t , t wo ma r qu e e d e al s i n t h e Saud i A r abia n bankin g s e c t o r , and multiple projects in the Asia region. In the Smart M obil i t y v e r t i c a l , we s t r eng t hen e d ou r l e ade r ship w i th p r es t ig i ou s wi n s su c h a s t h e D elh i M et r o , C henna i M et r o , an d a la r g e Sma r t C i t y p r o j e ct with the Panvel Municipal Corporation.

Our customer base also expanded meaningfully, with the addition of 42 new clients during the year, taking the total active client count exceeding 350. Overall, the year was marked by balanced growth across geographies an d s e gme nt s , suppo r t e d b y n ew o f f e r ing s , s t r a t e gi c a c quis i t i o n s , an d ope r a t i ona l excellence, positioning the Company strongly for continued momentum.

We continued to strengthen our focus on innovation by investing approximately 9% of our revenues in Research & Development. This investment was directed towards product upg r ad e s , enhan c eme nt s , an d t h e laun c h o f new offerings. During the year, we introduced s e v e r a l b r e a k t h r oug h s olu t i o n s , includin g Arya.ai, an explainable AI-based enterprise platform designed to address the evolving needs of the new-age digital economy. We also made significant advancements in our transit solutions, hardware and software offerings, as well as in the data centre segment. Looking ahead, we intend to sustain this momentum with a robust pipeline of new launches and may further step up our R&D investments to support future growth.

We began the year on a strong note with a successful fundraise that brought in marquee institutional investors to our shareholder base. The proceeds were primarily deployed towards ino r gani c g r o w th in i t ia t i v e s , i n lin e w i th our philosophy of acquiring targets with superior intellectual property that complement and strengthen our existing portfolio. During the year, we completed the acquisitions of Arya. ai and Fenixys, which not only enhanced our

solution suite but also enabled us to establish a strong foothold in the European markets. These strategic acquisitions position us well to a cc ele r a t e g r o w t h , e xpan d ou r geog r aphi c al reach, and drive greater value for stakeholders.

We operate in large and expanding addressable markets across all our business segments. With

INDUSTRY STRUCTURE AND DEVELOPMENTS

a superior portfolio of offerings, a robust order boo k , an d a h e al t h y pipelin e o f oppo r t un i t i e s , we are confident of sustaining our growth momentum over the long term. We remain well positioned to achieve the guided growth targets for the current year and to continue delivering strong performance in the years ahead.

Worldwide IT spending is expected to total $5.43 trillion in 2025, an increase of 7.9% from 2024, according to t h e la t es t f o r e c a s t b y G a r t ne r , Inc .

Worldwide IT Spending Forecast (Millions of U.S. Dollars)

	2024 Spending	2024 Growth (%)	2025 Spending	2025 Growth (%)
Data Center Systems	333,372	40.3	474,883	42.4
Devices	720,681	4.6	759,615	5.4
Software	1,114,604	11.9	1,232,145	10.5
IT Services	1,614 756	4.8	1,686,321	4.4
Communications Services	1,256,287	2.2	1,282,592	2.1
Overall IT	5,039,699	7.4	5,435,555	7.9

Source: Gartner (July 2025)

The global banking software industry is w i t n e ssin g s t r on g g r o w t h , suppo r t e d b y multiple structural shifts in technology and customer expectations. Key drivers include the increasing adoption of Artificial Intelligence (AI) and automation to improve operational efficiency and deliver personalized customer experiences. The accelerating move towards digital and embedded banking solutions is reshaping customer engagement models, while the growing preference for cloud and hybrid deployment frameworks is enabling both cost optimization and enhanced data security.

The below information derived from the report t i t l e d C r e d i t L endin g O pe r a t i o n s , 202 5 - Quad r a nt Update published by Chartis Research

Transaction Banking:

The Global transaction banking solutions encompass a range of financial services supporting international business, includin g , , an d . These integrated platforms help companies manage cross-border transactions e f f i c ie nt l y , o pt im i z e w o r kin g c ap i t a l , and navigate complex global regulations. According to Cognitive Market Research, the global transaction banking market size was estimated a t U S D 25 1 . 2 M ill i o n ou t o f whi c h A si a P a c i f i c hel d the market share of around 23% of the global revenue with a market size of USD 57.78 million in 2024 and will grow at a compound annual g r o w th r a t e ( C A G R ) o f 1 3 . 5 % f r o m 20 2 4 t o 2 0 3 1 .

The below information has been extracted from the latest publication by Gartner Inc on Market

Key features of modern commercial banking cash management solutions from vendors typically include:

Collections and payments: Streamlining the processing of outgoing payments (such as payroll, supplier invoices and tax obligations) and incoming collections (such a s c u s t ome r payme nt s ) , o f t e n w i th suppo r t for various payment types and currencies.

Account services: Managing day-to- day cash flows to optimize liquidity and streamline financial operations. This goes beyond traditional deposit accounts by providing businesses with advanced t ool s t o mon i t o r , c o nt r o l an d au t oma t e the movement of funds across multiple accounts and entities.

Liquidity management and pooling: Facilitating the efficient use of available funds through techniques like notional poolin g o r c as h c on c e nt r a t i o n , whi c h hel p organizations maximize interest income, minimize borrowing costs and ensure adequate liquidity across all entities.

Cash forecasting: Providing advanced analytics and forecasting tools that enable treasurers to predict future cash positions bas e d o n hi s t o r i c a l t r end s , up c omin g obligations and business cycles, thereby suppo r t in g p r oa ct i v e d e c is i o n - makin g .

Risk management and compliance: Offering controls and monitoring tools t o d e t e ct f r audule nt a ct iv i t i e s , e n su r e regulatory compliance, and manage exposure to currency and interest rate risks.

Seamless integration: Enabling connectivity with clients enterprise resource planning ( E R P ) sy s t e m s , a cc ou nt in g so ft w a r e an d other business platforms to facilitate straight-through processing and real-time data synchronization.

Modern approaches require banks to fulfill the needs of corporate treasury clients in terms of a fully intelligent digital system. In other words, such solutions need to meet the complex working capital needs of a company, such as digital tools to manage a balance sheet with modern technology platforms or embedded payments and collections.

The Commercial banking cash management is an integrated suite of digital tools platforms and services offered by banks to help corporate clients efficiently manage their cash flows, liquidity and working capital across multiple a cc ou nt s , e nt i t l e s an d geog r aphi e s . These solutions automate and streamline t r e asu r y f un ct i o n s , su c h a s payme nts and c oll e ct i o n s , a cc ou nt r e c on c ilia t i o n , liquid i t y poolin g , an d c as h f o r e c a s t in g , t o hel p banks business customers make informed financial decisions.

Global banking cash management solutions are software capabilities that enable banks to meet the growing working capital demands of banks corporate clients for:

A higher level of integration

Transparency

Lower transaction costs

Greater convenience

A positive impact on banks revenue

Better risk management

Market Description

Modern offerings are setting the standard by enablin g r api d inn ov a t i o n , enhan c e d s e c u ri t y , and the flexibility to adapt to evolving customer an d r e gula t o r y demand s . I n c o nt r a s t , s olu t i o n s lacking these attributes ?€“ such as those depende nt o n l e ga cy i n f r a s t r u c t u r e , ma n ua l processes or closed systems ?€“ risk rapid obsolescence as they struggle to keep pace with the dynamic treasury needs of clients in corporate banking.

A l - D r i v e n C as h M a nageme n t f o r A ccele r a t in g Bank Innovation and Vendor Differentiation

T h e i n t ellige nt c as h manageme nt s e gme n t , leveraging Al and machine learning, is emerging as a key future trend. Established technology providers and innovative fintech startups are racing to develop advanced GenAl platforms t ha t deli v e r r e al - t im e i n sig ht s , p r e di ct i v e analytics and personalized recommendations.

As ban k s p ri o ri ti z e agil i t y , s c alabil i t y an d s e c u ri t y , vendors will differentiate themselves through proprietary Al models, seamless integration c apabil i t i e s , an d t h e abil i t y t o add r e s s c ompl ex regulatory and compliance requirements. S t r a t e gi c pa r t ne r shi p s , e co sy s t e m d e v elopme n t , and continuous investment in research and development will be critical for banks in the vendor selection process.

Market Analysis

The vendor range of providers offering c oll e ct i o n s , an d liquid i t y s olu t i o n s t o mai n t ain market share.

T h e c omp et i t i v e lands c ap e i s r ela t i v el y s t able , w i th d i f f e r e nt ia t i o n p r ima r il y bas e d o n r eliabil i t y , e as e o f i n t e g r a t i o n an d cos t - e f f e ct i v en e s s . However, as customer expectations rise and regulatory requirements evolve, even basic cash management solutions are seeing incremental inn ov a t i o n , w i th v endo r s g r aduall y in c o r po r a t in g automation and enhanced security features to retain their competitive edge.

Commercial Lending

As highlighted by Chartis research, financial institutions that operate across commercial, SME and syndicated lending, as well in alternative finance, need an integrated platform to support a variety of asset classes. Lending products such a s ag r i c ul t u r a l c r e d i t , c o ns t ru ct i o n loa n s an d asset ?€“ based lending have relatively simple lending workflow requirements. But advanced lendin g p r odu ct s , includin g bila t e r a l loa n s , syndicated lending and leveraged loans need a sophisticated lending platform to manage a more complex lending lifecycle.

Chartis View is that firms are looking to invest in an integrated platform to support sophisticated data management capabilities that integrate several data sources, such as customer / entity data.

They also want several other key functions and capabilities to create robust credit monitoring framework that includes early ?€“ warning signals (EWSs) and provides a 360 ?€“ degree customer view:

End - to - End lending solutions for the business sector in which they operate.

Seamless integration with the relevant upstream and downstream systems in the lending

lifecycle workflow.

In c o r po r a t i o n o f dig i t a l t e c hnologi e s su c h a s a r t i f i c ia l i n t elligen c e ( A I ) , ma c hin e l e a r nin g ( M L ) , r ob ot i c process automation (RPA) and distributed ledger technology (DLT) to make the end ?€“ to ?€“ end lending lifecycle more efficient.

The use of advanced analytical capabilities.

One of the major considerations for financial institutions evaluating where and how to deploy a lending solutions platform is how to access the scalability of the asset classes / out - of ?€“ the box product coverage from software vendors against their existing business model and future strategy for growth.

Chartis quadrants serve as a tool to enable an understanding of the relative position of solutions and providers in a particular market segment. They present a comparison that aligns market potential with completeness of offering. Distinction within the quadrants four areas considers the scope of the offering

/ solution as well as the business strategy: Specifically, its effectiveness with its target buyers.

Category leaders from the quadrants, achieve this distinction because they exhibit strength across the b r oad es t s et o f c apabil i t i e s i n t h e s e gme n t , sh o win g a cl e a r ex e c u t i o n o f c o r e s t r a t e g y an d inn ov a t i o n . The vendor universe in the lending operations sector is expanding, as vendors that now provide different options to end users become part of the value chain.

Cloud Infrastructure Market in India ?€“ An Overview

I n 20 2 2 , t h e clou d i n f r a s t r u c t u r e ma r k et i n Indi a w a s v alu e d a t ?‚?3 5 6 .1 9 bill i o n . I t i s e xp e c t e d t o r e a c h ?‚? 1 , 6 2 1 . 1 0

billion by 2028, expanding at a CAGR of 27.49%, during the 2023 to 2028.

C lou d i n f r a s t r u c t u r e i n Indi a i s ado p t e d mainl y b y s e c t o r s su c h a s I T , e - c omme r c e , c om m uni c a t i o n and m e di a , t el e c o m , ma n u f a c t u r in g , g ov e r nme n t , t r a n spo r t an d logi s t ic s , an d r e t ai l ( ex cludin g e - c omme r c e ) . T h e ado pt i o n o f clou d i n f r a s t r u c t u r e s olu t i o n s b y t h e g ov e r nme nt s e c t o r , a s w el l a s imp rov e d ope r a t i ona l e f f i c ien cy amon g smal l an d m e d i u m - s i z e d busin e ss e s ( includin g e d t e ch s , f i n t e c h , c oope r a t i v e ban k s , a s w el l a s t h e publi c s e c t o r ) , ha v e c o nt r ibu t e d t o t h e ma r k e t s r e c e nt e xpa n s i o n i n a n u pw a r d di r e ct i o n . E nd- user companies are opting for multi-cloud deployment from more than one service provider to ensure f l e xibil i t y , an d da t a s ov e r eig n t y i n t h e in c r e as e d w o r k - f r o m - hom e s c ena rio s p os t - C o vid - 1 9 pandemic . T he trend has expanded the potential customer base for the cloud infrastructure providers.

The expected infrastructural saturation of Tier 1 cities such as Delhi, Bangalore, Mumbai, Chennai, and Hyderabad, has also led to cloud infrastructure providers investing in IT/ITeS infrastructure in Tier 2 and Tier 3 cities. Because of the expected volatility in the economies, the market may be influenced as businesses consider spending on new cloud services.

Aurionpro has also ventured into Data Centre building, consulting and hybrid cloud services in recent years and has built a strong team of industry veterans with over 20 years of experience in the field for this purpose. Aurionpro has also signed up with some customers to provide consulting and assistance for the r ollou t o f 1 0 0 M W da t a c e nt r e s w i t hi n t h e n e x t f ew y e a r s F u r t he r , A u ri onp r o i s al s o p ro vidin g c o n sul t an cy t o t h e ot he r indu s t r y l e ade r s o n D a t a C e nt r e d e sig n s an d impleme n t a t i o n . R e c e nt l y , A u ri onp r o ha s al s o sign e d s om e k e y pa r t ne r shi p s i n t hi s s e gme n t , whi c h wil l bo os t ou r p o s i t i o n an d b es t pla c e u s t o t a p immense opportunities in this segment.

AUTOMATED FARE COLLECTION ("AFC")

The below information has been derived from the report titled "Global Transit Ticketing & Fare Collection Report" prepared and issued by Global Mass Transit Research.

I t i s es t ima t e d t ha t t h e A F C ma r k et s i z e wil l in c r e as e f r o m U S D 1 1 .1 9 bill i o n i n 20 2 2 t o n e a r l y U S D 1 7 . 8 7 bill i o n

in 2029.

Key Growth Drivers

Simplifed fare systems: Simplifying and unifying the fare structure is a key prerequisite for implementing AFC. Complex fare structure such as network wise, zone wise, or area wise lead to complexity in revenue sharing.

Political will: Political will is necessary to implement enabling policy environment. Integration and interoperability are essential in implementing a seamless ticketing system.

Availability of support technology: Automated fare system need high speed internet to ensure minimum friction and fast transaction. Without the support i n f r a s t r u c t u r e , t h e sy s t e m c ann ot p ro vid e seamless service to the custome?‚?.

Institutional integration: Existence of a city- wide or national transit authority aids in e as e o f impleme n t a t i o n a s f a r e s t r u c t u r e , contracting model, risk sharing can be unified across all operatoRs

Potential for national interoperability: The case of London and Korea highlight that a national policy and agency responsible for interoperability and nation-wide implementation of AFC system is critical in fast and wide-spread adoption of the technology. There needs to be a central body willing to own and drive the specification and oversee the implementation of the ticketing solution including leveraging economies of scale, for example in back office.

OUR OFFERINGS

ARTIFICIAL INTELLIGENCE

A r y a . a i i s n ow a pa r t o f A u ri onp r o S olu t i o n s , a global leader in enterprise solutions specializing in banking and financial se r vi ce s . T og et he r , we a r e shapin g t h e future of enterprise AI. Our offerings include:

Arya.ai

Unlocks AI-driven solutions that transform businesses, enabling data-driven decisions, au t oma t i o n , an d hig h - pe r f o r man c e outcomes across industries. Arya AI helps banks, insurance, and financial institutions simplify complex AI journeys and drive informed decisions at scale.

Autonomous Finance

Apex ?€“ AI API Library

Nexus ?€“ AI API Gateway

Generative AI

AI Cashflow Forecasting

AI Onboarding

Intelligent Document Processing

AryaXAI

AryaXAI provides the most accurate explainability and alignment stack to deliver a cc u r a t e , t r u e - t o - mode l e xplainabil i t y , mon i t o r in g , r is k manageme n t , and alignment techniques essential for highly mission-critical or regulated AI solutions.

Explainable AI

ML Monitoring

ML Audit

Policy Control

AryaXAI AI Alignment Labs

The AryaXAI AI Alignment Lab in Paris and Mumbai accelerate research in the verticals of AI Explainability and Alignment.

TRANSACTION BANKING

Engineering the Backbone of Corporate Banking

O u r s olu t i o n s b r in g t og et he r au t oma t i o n , i n sig h t , an d c omplian c e a c r o s s e v e r y la y e r of corporate banking.

iCashpro Suite

iCashpro is a next-generation transaction banking platform that provides a comprehensive solution for full-spectrum corporate banking, giving a superior and consistent client experience across customer segments in order to enhance t im e - t o - ma r k e t , a c qui r e imp rov e d c as h visibil i t y , an d c u t e xpe n s e s .

Corporate Internet Banking

Payments

Collections

Receivable Management

Liquidity Management

Financial Supply Chain

Forex Services

Trade Finance ?€“ Fintra

Disruptive trade finance solutions the flagship solution is capable of handling the entire spectrum of trade finance processes while substantially reducing the inefficiencies and complexities that exist in legacy solutions

Digital Banking ?€“ AuroDigi

Digital banking platform for wholesale banking services a one-stop solution for banks to provide a single complete experience to corporate customers with seamless onboarding, intelligent analytics and scalable and secure technology.

Supply Chain ?€“ Aurobees

Integrated Supply Chain & Financing Platforms Streamline supply chains, enhan c e t r a n spa r en c y , an d o pt im i z e financing. This next gen supply chain is economical, secure with easy integration and reduced overhead costs.

LENDING

O u r Sma r t L ende r , i s a pla t f o r m t ha t p ro vid e s an end-to-end comprehensive credit risk management solution that boosts

p r odu ct iv i t y , imp rov e s c r e d i t qual i t y , and lowers operational risks. It has been built to scale with banks and FIs?€”empowering faster decisions, lower risk, and seamless customer journeys.

Integro Corporate Lending Solutions

A comprehensive platform that streamlines the full corporate credit lifecycle?€”from origination to monitoring?€”with AI-powered au t oma t i o n , sma r t w o r k f l o w s , and regulatory compliance.

Loan Origination System

Financial Analysis

Limits Management System

Collateral Management System

Trade Limit

Early Warning System

Smart Rules

Smart View

Smart Capture

Smart Collect

Smart Data Connect

Connect Risk Analytics

Intelligence

ESG

Digital Form

Integro Retail Lending Solutions

D e sign e d f o r hig h - v olume , c u s t ome r - centric lending, this suite simplifies retail credit with AI-enabled workflows, real-time i n sig ht s , an d f l e xibl e r epayme nt s t r u c t u r e s .

Customer onboarding

Credit processing

Loan fulfilment

Credit decisioning

Debt management

GL & Fixed Assets

Admin Module

FINTECH

Aurionpro Fintech provides high quality and s e c u r e payme nt pla t f o rm s , emb e dd e d payments and modern stack applications. I n add i t i o n , ou r P r o f e ss i ona l Se r vi ce s t e a m s deliver custom software solutions.

Aurionpro Payment

Simplify and scale payment operations w i th a s e c u r e , omn i - c hanne l , cloud - na t i v e solution. From fast integration to real-time r epo r t in g , we enabl e s e aml e s s , c omplia n t , and insightful payment experiences.

Business Payments ?€“ Auropaybiz Future-proof accounts payable with digital workflow automation and create efficiencies across the invoice-

to-pay lifecycle.

Payment Aggregator & Gateway ?€“ Auropay

A technology-driven payment platform that enables businesses to receive payments securely and transparently.

CAPITAL MARKETS

Powering the New Digital Order in Capital Markets ?€“ from installation to upgrade, our end-to-end services drive transformation across the capital markets ecosystem.

Murex Services ?€“ our Murex managed services provide specialized capital markets solutions.

Advisory Solutions:

Murex Advisory Solutions deliver deeper e xpe r t ise , f r o n t - t o - ba c k i n t e g r a t i o n , and strategic alignment?€”outperforming typical service providers focused only on implementation or support.

The recent acquisition of Fenixys strengthens Aurionpros capital markets capabilities w i th domai n - r i c h M u r ex c o n sul t a nt s , accelerated implementation frameworks, and a reputation for delivering complex front-to-back transformations across l e adin g globa l ban k s . T og et he r , t h e y o f f e r a compelling value proposition in treasury modernization and risk transformation.

FX Connect

Bridging the Gap Between FX Treasury and Core Banking

Retail Services

FXConnects retail services platform enables real-time branch transactions for buying, selling, reissuing, and transferring c u r r en cy n o t e s , deman d d r a f t s , t el e g r aphi c t r a ns f e r s , t r a v elle r s c h e qu e s , an d F X c a r d s

Corporate Services

FXConnects corporate services support F C Y c h e qu e c oll e ct i o n / pu r c hase , i nw a r d r em i t t an ce s w i th r e al - t im e upda t e s , an d seamless cross-border fund transfers for corporate clients.

DATA CENTRE & HYBRID CLOUD Data Center Solutions & Services

W e r e y ou r end - t o - en d da t a c e n t e r pa r t ne r , delivering agile, cost-efficient solutions?€” from site assessment to prefab and

e dg e i n f r a s t r u c t u r e ?€” buil t f o r s c alabil i t y , su s t ainabil i t y , an d r e al - w o r l d impa c t .

Engineering

We offer end-to-end engineering services from concept to detailed design tailored for mission-critical data center environments.

Construction

We deliver turnkey data center solutions c ov e r in g d e sig n , plannin g , p r o c u r eme n t , c o ns t r u ct i o n , an d c ommiss i onin g . W e ensure seamless execution while meeting s t r i ct En vi r onme n t , He al t h , Sa f e t y ( E H S ) and quality standards.

Products & Solutions

Our data center product line offers modular, scalable solutions?€”including containerized sy s t e m s , e dg e i n f r a s t r u c t u r e , an d ad v an c e d liqui d c oolin g ?€” d e sign e d f o r e f f i c ie n t , hig h - performance deployment.

Services

We provide comprehensive support to e n su r e da t a c e n t e r s a c hi e v e s t r a t e gi c , e n vi r onme n t a l , an d ope r a t i ona l ex c ellen c e , from site selection to sustainability and ong o in g mai n t enan c e , e n su r in g c o n si s t e n t , high-performance functionality.

Hybrid Cloud Services

Seamless Practice of Smarter Hybrid Cloud Management

Devops Automation

DevOps and Automation Services deliver automation for buil d , c o nt i n uou s i n t e g r a t i o n , c o nt i n uou s deli v e r y & depl o yme n t , c o n f igu r a t i o n manageme n t , o r c h es t r a t i o n , i n f r a s t r u c t u r e a s c ode , roadmap preparation.

Cloud & Hosting

Cloud & Hosting Services deliver secure, scalable solutions for appli c a t i o n , w e b s i t e , emai l , loa d balancing, backup, auto scaling, and database management.

Managed Cloud

Managed Cloud Services deliver expert guidance and support across t h e f ul l sp e ct r u m o f clou d ado pt i o n , manageme n t , o pt im i z a t i o n , o n - premises, and resiliency, empowering organizations to leverage cloud technology securely and efficiently.

Monitoring

Monitoring Service provides oversight f o r se r v e r an d n e t w o r k i n f r a s t r u c t u r e , appli c a t i o n se r vi ce s , log s , ale r t s , v endo r c oo r dina t i o n , an d a nt ivi r u s?€” ensuring proactive management of your IT environment.

Network Security

Network and Security Services provide comprehensive solutions for designing, s e c u r in g , an d managin g I T n e t w o r k s , ensuring reliable connectivity and protection against evolving threats.

Server Management

Server Management Services provide essential solutions like server s e t u p, pa t c hin g , ba c k u p s , a nt ivi r u s , E x c hang e Se r v e r manageme n t , IAM, and migration for secure and efficient operations.

Helpdesk Services

Helpdesk Services offer holistic support and management across IT sy s t e m s , e n su r in g use r s ha v e s e c u r e , e f f i c ie n t , an d uni n t e rr u p t e d a cce s s t o technology resources.

SMART GOVERNANCE

G to G Solutions

Government to Government transfer of technology is one of our key focus areas. We aim to implement government products & solutions across the world as a part of the governments initiative to help other countries.

E - g ov e r n a nc e P u bli c S e r vic es Delivering citizen-centric digital public services through robust system i n t e g r a t io n , r o l l ou t , an d pe r a t io n al i z a t ion

of government platforms.

Smart City

Transforming urban infrastructure with integrated digital ecosystems that enhan c e li v abil i t y , sa f e t y , an d mobil i t y .

TRANSIT & SMART MOBILITY

Innovative Solutions Powering Seamless Transit

From open-loop fare collection to intelligent t r a n spo r t manageme n t , ou r modula r solutions are engineered to enhance passenger experience.

Transit & Smart Mobility Automatic Fare Collection

Our automated solutions streamline fare collection are platformed on open-loop and closed-loop EMV ticketing architecture. These are aligned as per global payment compliances, and in India, as per the NCMC norms.

Intelligent Transport Management System Experience the benefits of better visibility and advanced fleet tracking from any location 24 / 7 , suppo r t e d w i th dep ot manageme nt

and optimized route planning.

Hardware Device

Automatic Gates ?€“ Hardware Components f o r A F C V alida t o r s , Ti c k et R e ade r s , Ti c k et Vending Machines, Ticket Office Machines, E M V / R upa y C a r d R e ade r s , A u t oma t i c Gates Turnstile.

Ticket Vending Machines ?€“ AuroToshi Ticket Vending Machines are cashless dispensers that integrate multiple f un ct i o n s , includin g c as h c oll e ct i o n , co in

module, token ticket dispensing, bankcard a cc e p t an c e , modul e mon i t o r in g , an d t i c k et and voucher printer.

Transit Gates ?€“ AuroToshi

Transit Gates are essentially Flap Barriers that undergo design alteration to make them suitable for automatic fare collection at BRTS and Metro Stations. They integrate multiple identification access control f un ct i o n s , includin g Qui c k P as s , mobil e phone QR code, bus cards, and tokens.

Transit Payment Solutions

Transit Card Issuance and Acquiring Services.

Mobile Wallet.

OPPORTUNITIES AND THREATS

Aurionpro has built a well-diversified portfolio of technology-driven offerings by focusing on segments that offer a long demand runway and significant growth potential. These are large, contested markets where multiple players c a n t h r i v e , an d A u ri onp r o i s s t r ongl y p o s i t i on e d to capture an increasing share. Through c o n si s t e nt R & D i nv es t me nts an d inn ov a t i o n , we have developed robust IP-led products and an agile organizational framework, enabling us to tap into the immense opportunities in these fast-growing markets.

With large addressable markets across all our offerings, the opportunities ahead are

unprecedented. Our industry-leading growth rate of over 30% validates the strength of our business model, and we expect this trajectory t o c o nt i n ue , suppo r t e d b y p r odu ct supe ri o ri t y , s t r on g i n t ell e c t ua l p r ope rt y , d e e p c apabil i t i e s , and a solid balance sheet.

Geographically, we have a strong foothold in A sia n ma r k et s , whe r e signi fic a nt u n t app e d potential remains, and we are actively expanding into developed markets such as the United States and Europe. To drive this expansion, we are investing in building sales channels and forging strategic partnerships with leading global players, which will accelerate our market reach and strengthen our positioning. With a cl e a r r oadma p f o r e a c h s e gme n t , we ha v e identified near-term and long-term serviceable opportunities from the overall addressable markets and are executing well-defined strategies to capture targeted market share. Strong delivery capabilities have also been built to support this growth.

O n t h e ex e c u t i o n f r o n t , mai n t ainin g deli v e r y excellence and reputation remains a key internal priority. While there are no fundamental threats to our business model, external factors such a s t a ri f f w a r s , e c onomi c f lu c t ua t i o n s , o r globa l disruptions may cause temporary headwinds. However, we believe these will not materially impact the long-term prospects of the sectors we operate in. Overall, the environment remains r obu s t , an d A u ri onp r o i s w el l p o s i t i on e d t o capitalize on the opportunities ahead.

RISKS AND CONCERNS

There are various risks an organization is exposed to and those risks are of varied nature li k e s t r a t e gi c , sy s t emi c , t e c hnolog y r ela t e d , financial and operational risks. Some of these risks may cause due to external environment and systems in which we operate and some risks and inherent internal risks within organisation. At Aurionpro, Audit Committee and Risk Management Committee has deployed a dis c iplin e d m e c hanis m t o f o r e s e e , ide nt i f y , evaluate such risks and has devised necessary controls and plans to avoid and mitigate those risks. The management periodically reviews the risks and implements appropriate measure wherever required. The key risks and uncertainties are noted hereinbelow:

- Our business depends on our ability to remain updated with new technologies and continue to develop solutions to address t h e n ee d s o f ou r c u s t ome r s , f ailin g whi c h our business and results of operations could suffer. Our new offerings may fail to attain sufficient market acceptance for

ma n y r e a s o n s , includin g : d e f e ct s , e r r o r s , o r failures or our inability to satisfy customer service level requirements; negative publicity or negative private statements abou t t h e s e c u ri t y , pe r f o r man c e , o r effectiveness of our offerings. We mitigate this risk through several strategies. We invest a significant amount in R&D and plan to maintain this level of spending in t h e c omin g y e a Rs A dd i t i onall y , we c ondu ct thorough market research and intelligence ga t he r in g , an d u t il i z e c u s t ome r f ee dba c k mechanisms to guide our R&D efforts.

Our ability to maintain and renew existing engagements and obtain new business wil l depen d , i n la r g e pa r t , o n ou r abil i t y t o a t t r a c t , t r ai n an d r e t ai n I T p r o f e ss i onal s . I f we are unable to attract and retain the IT professionals we need, we may have to forgo projects for lack of resources or be unable to staff projects optimally. Our failure t o a t t r a c t , t r ai n an d r e t ai n I T p r o f e ss i onal s with the qualifications necessary to fulfil the needs of our existing and future customers or to assimilate new IT professionals successfully could adversely affect our business, cash flows, financial condition and results of operations. The company has implemented various initiatives focused o n empl oy e e m ot i v a t i o n an d r e t e nt i o n , actively taking measures to support these goals. We have an attrition rate lower than the industry average. We are committed to fostering a positive and engaging work environment.

The market that we operate in is highly c omp et i t i v e , an d we e xp e ct c omp et i t i o n to persist and intensify. We believe that the principal competitive factors in our markets are reputation and track record, indu s t r y e xpe r t ise , b r e ad th an d de pth o f service offerings, quality of the services offered, language, marketing and selling skill s , s c alabil i t y o f i n f r a s t r u c t u r e , abil i t y t o address customers timing requirements and price. We face competition from offshore IT services providers in emerging outsourcing destinations with low wage costs as well as competition from large, global consulting and outsourcing firms.

As pa r t o f ou r g r o w th s t r a t e g y , we ma y i nv es t in or collaborate with and acquire stake in companies that are complementary to our business and offerings. In line with t hi s s t r a t e g y , we ha v e c ompl e t e d c e r t ain acquisitions in the past. We cannot assure you that such investments and acquisitions will achieve their anticipated benefits. We

may not be able to integrate acquired ope r a t i o n s , pe rs onne l an d t e c hnologi e s successfully or effectively manage our combined business following such a c quis i t i o n s . A c quis i t i o n s , i nv es t me nt s , and strategic partnerships typically involve uncertainties and risks, which are applicable to and would impact our ability to grow through acquisitions and/or consolidation of businesses and entities.

- Our success largely depends on our ability to use and develop our technological solutions without infringing the intellectual p r ope rt y r ig hts o f t hi r d pa r t i e s , includin g pa t e nt s , c o p y r ig ht s , t r ad e s e c r ets an d trademarks. We may be subject to litigation involving claims of patent infringement or violation of other intellectual property rights of third parties. We typically indemnify customers who purchase our services and solutions against potential infringement of i n t ell e c t ua l p r ope rt y r ig ht s , whi c h su b j e cts us to the risk of indemnification claims. These claims may require us to initiate or defend protracted and costly litigation o n behal f o f ou r c u s t ome r s , r e ga r dl e s s o f the merits of these claims and are often not subject to liability limits or exclusion o f c o n s e que nt ia l , indi r e ct o r pun i t i v e damages. If any of these claims succeed, we may be forced to pay damages on behal f o f ou r c u s t ome r s , r e d e sig n o r c e as e o f f e r in g ou r i n fr ingin g se r vi ce s o r s olu t i o n s , or obtain licenses for the intellectual property such services or solutions infringe. If we cannot obtain all necessary licenses o n c omme r c iall y r e a s onabl e t e rm s , our customers may be forced to stop using our services or solutions. The company has a robust mechanism in place to protect its intellectual property and has established policies and procedures to ensure that it does not infringe on any third-party intellectual property rights.

RESEARCH AND DEVELOPMENTS

At Aurionpro, research and development (R&D) lies at the core of our success as an IP- led technology company. Our R&D strategy is built on a dual approach?€”addressing specific customer requirements through tailored solutions while simultaneously anticipating market trends to create innovative offerings for the future. This enables us to remain ahead of the curve, consistently delivering differentiated value to our clients.

Over the years, we have calibrated our R&D programme to align with the Companys

growth trajectory. As we expand, we are gaining increasing room to accelerate investments in inn ov a t i o n , ba c k e d b y a cl e a r r oadma p an d long-term vision. We have consistently allocated 7?€“8% of our revenues towards R&D, and in FY25, we i nv es t e d ov e r ?‚? 1 0 0 c r o r e s , r e a f f i r min g ou r sustained commitment to innovation.

These investments have translated into a series of breakthrough product launches across all our busin e s s s e gme nt s . N o t abl y , t h e y e a r w i t n e ss e d pioneering developments in the transit space as well as the launch of arya.xai, our cutting-edge e xplainabl e e n t e r p r is e A I s olu t i o n , whi c h ma r k s a significant milestone in our innovation journey.

Looking ahead, we will continue to step up R&D spending and foster a culture of innovation across the organization. This focus will ensure that Aurionpro remains at the forefront of technological advancements while strengthening our portfolio of IP-driven offerings.

FUTURE OUTLOOK

Aurionpro views the future with confidence, underpinned by a long-term vision and a clearly defined growth strategy. We remain steadfast in our commitment to delivering sustainable value for our investors and stakeholders. While external challenges and market fluctuations are a n inhe r e nt pa r t o f t h e busin e s s e n vi r onme n t , we do not expect these to materially impact our overarching strategy or growth trajectory.

We are firmly aligned with our Vision 2030 roadmap, which provides a strong foundation to achieve our long-term growth aspirations. The opportunities before us are immense, and with the right enablers?€”our clear vision, p rov e n ex e c u t i o n c apabil i t i e s , r obu s t inn ov a t i o n pipeline, and disciplined roadmap?€”we are well- positioned to capture them.

The market outlook across all our business segments remains highly favorable, offering significant headroom for expansion and value creation. With this strong momentum and ou t loo k , we a r e c o n f ide nt o f deli v e r in g o n ou r guided growth for the current year as well as sustaining this trajectory in the years to come.

DISCUSSION ON CONSOLIDATED FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

Revenue from operations

Our revenues are derived from Sale of Software Services & Sale of equipment and product license. During the year, the total revenue f r o m ope r a t i o n s w a s ?‚? 1 , 1 7 , 2 9 6 . 7 1 lak h s agai ns t

?‚? 8 8 , 7 4 7 .1 5 L ak h s f o r t h e p r e v i ou s y e a r .

Operating and other expense

The operating and other expenses comprise o f So ft w a r e li c e n s e s an d ma t e r ia l cos t s , A dmini s t r a t i o n an d ot he r gene r a l f un ct i o n s , t r a v ellin g , c om m uni c a t i o n , l e ga l and p r o f e ss i ona l c ha r g e s , r e n t , r epai r s an d mai n t enan c e , r e cr u i t me nt an d t r ainin g and other allocated infrastructure expenses.

During the year, the operating and other

e xpe n s e s w e r e ?‚? 4 8 , 9 1 8 . 93 lak h s a s agai ns t

?‚? 3 6, 0 1 5 . 3 3 lak h s i n t h e p r e v i ou s y e a r

Employee Benefit Expenses

During the year, the Employee Cost was

?‚? 44, 2 0 4 . 3 4 lak h s a s agai ns t ?‚? 3 3 , 3 8 9. 0 1 lak h s i n

the previous year.

Earnings before interest, taxes, depreciation and amortization (EBITDA) excluding other income.

During the year, our operating Profit was

?‚? 2 4 , 1 7 3 . 4 5 lak h s a s agai ns t ?‚? 19 , 3 4 2 . 8 1 L ak h s f o r

the previous year.

Depreciation and amortisation expense

The depreciation and amortisation on Property P la nt & E quipme nt ( PP E ) , O t he r I n t angibl e A ss ets and Right to Use Assets was ?‚? 3,004.83 lakhs for the year as against ?‚? 2,063.23 lakhs during the previous year. As percentage of revenue, it was 3% and 2% for the year and previous year respectively.

Other Income

Other Income primarily consists of interest income, dividend income, Foreign exchange fluctuation gain, Rental income and other miscellaneous income. Other income for the y e a r w a s ?‚? 2 , 0 1 6 .6 5 lak h s c ompa r e d t o ?‚? 9 0 5 . 0 7 Lakhs for the previous year.

Profit before tax (PBT)

Net Profit before tax from Operations for the year w a s ?‚? 2 2 , 5 2 0. 9 3 3 lak h s i . e 1 9 % o f r e v e n ue , vi s - ?  vi s ?‚? 1 6 , 8 7 7 . 5 2 L ak h s , i . e . 1 9% o f r e v e n u e f o r t h e previous year.

Tax expense

Current tax expense was ?‚? 3,726.58 lakhs as against ?‚? 2,285.76 Lakhs for the previous year and Deferred tax (credit)/charge was ?‚? (48.45) lakhs as against Deferred tax credit of ?‚? 299.09 lakhs for the previous year.

Profit after tax (PAT)

N et P r o f i t a f t e r t a x f o r t h e y e a r w a s ?‚? 1 8 , 8 4 2 . 8 0 lak h s i . e 1 6 % o f r e v e n ue , vi s - ?  - vi s ?‚? 1 4, 29 2 . 6 7 L ak h s , i . e . 1 6 % o f r e v e n u e f o r t h e p r e v i ou s y e a r .

Other Equity

O t he r E qu i t y a s a t 3 1 M a r c h 202 5 In c r e as e d t o

?‚? 1,44 , 9 5 4. 8 1 lak h s a s c ompa r e d w i th ?‚? 9 0 , 5 1 7 . 3 2

L ak h s a s a t 3 1 M a r c h 20 2 4 .

S ho r t - t e r m a n d lon g - t e r m b o rro wing

The total short-term and long-term borrowing a s a t 3 1 M a r c h 202 5 w a s ?‚? 1 , 7 4 4 . 2 2 lak h s a s agai ns t ?‚? 6 , 9 1 8. 8 7 L ak h s a s a t 3 1 M a r c h 20 2 4 .

Trade Payable and other current liabilities

The total trade payable and other current liabilities (financial and Non-Financials) in c r e as e d b y ?‚? 63 3 . 11 lak h s f r o m ?‚? 3 2 , 0 2 7 .1 3 L ak h s o n 3 1 M a r c h 20 2 4 t o ?‚? 3 2 , 660 . 2 4 L ak h s o n 3 1 M a r c h 202 5 .

PPE, Other Intangible Assets and capital work in progress

The Net Block of PPE, Other Intangible Assets and c ap i t a l w o r k i n p r og r e s s In c r e as e d b y ?‚? 9. 9 1 0 . 8 5 L ak h s f r o m ?‚? 1 2 , 2 9 0 . 3 4 L ak h s a s o n 3 1 M a r c h 20 2 4 t o ?‚? 2 2 , 20 1 .1 9 L ak h s o n 3 1 M a r c h 202 5 .

N o n -cu r r e n t I n v est me n t s ( N e t )

There was an decrease in the investments by

?‚? 9. 03 L ak h s f r o m ?‚? 9. 03 L ak h s o n 3 1 M a r c h 20 2 4 t o ?‚? N i l o n 3 1 M a r c h 202 5 .

O t he r N o n - C u r r e n t A s s e t s ( F in a n c i a l s a n d N o n - Financials)

T he r e w a s a in c r e as e i n L ong - t e r m loa n s an d

ad v an ce s f r o m ?‚? 1 , 5 7 0. 0 6 L ak h s o n 3 1 M a r c h 20 2 4

t o ?‚? 5 . 0 0 8 . 75 L ak h s o n 3 1 M a r c h 202 5 .

Trade receivables

T r ad e r e c ei v abl e s a s o n 3 1 M a r c h 202 5 w e r e

?‚? 30 , 5 9 0 . 2 4 L ak h s agai ns t ?‚? 2 9 , 08 5 . 2 1 L ak h s o n 3 1 M a r c h 20 2 4 . I n t h e opin i o n o f manageme n t , all the Trade receivables are good, recoverable and necessary provision has been made for debts considered to be bad and doubtful. The level of receivables is normal and is in tune with business requirements and trends.

Cash and cash equivalents

The cash and bank balances lying with the c ompa n y a s o n 3 1 M a r c h 202 5 w e r e ?‚? 2 6 , 8 6 4 . 8 8 lakhs as against ?‚? 24,966.52 lakhs in the previous year.

Key Financial Ratio:

Sr. Ratio No.	FY2025	FY2024
1 Debtors Turnover Ratio	3.83	3.05
2 Current Ratio	2.95	2.20
3 Debt Equity Ratio*	0.01	0.07
4 Interest Coverage Ratio	70.28	18.0
5 Operating profit margin	27.9%	28.9%
6 EBITDA Margin	20.6%	21.8%
7 Net Profit Margin	16.1%	16.1%
8 Inventory Turnover Ratio	8.83	6.66
9 Return on Net Worth (RONW)	12.5%	15.1%

*Due to reduction in borrowings.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Directors Report section in the Annual Report discusses the adequacy of our internal control system and procedures.

MATERIAL DEVELOPMENTS IN HUMAN RESOUCES / INDUSTRIAL RELATIONS FRONT, INCLUDING NUMBER OF PEOPLE EMPLOYED:

The Employees are critical assets for the company, over a period Aurionpro has built a strong team consisting if domain experts. Our personnel policies are focused on creating an environment which will derive best returns for the organisation as well as the concerned employees. The company has strengthened its workforce by employing more than 2706+ employees at group level.

Conclusion

Digital will continue to drive the IT industry agenda for 2025. Companies must holistically assess their weaknesses and strengthen their digital and governance capabilities. Cloud, A r t i fic ia l i n t elligen c e , P la t f o r m E ngin e e r in g , A u t oma t i o n , an d C ybe r s e c u ri t y wil l d r i v e t he agenda for many CXOs globally. Strategic execution becomes very critical in an uncertain e n vi r onme nt whe r e a t t ri t i o n , i n f la t i o n , skil l sho r t ag e s , highe r w ag e s , an d sh r inkin g demand are inevitable.