Airan Q2 loss follows Rs 1.62 crore Beacon valuation loss

Airan Limited reported a consolidated net loss of Rs 23.51 lakh for the quarter ended September 30, 2026, versus a Rs 76.99 lakh profit a year earlier, after an unrealised Rs 1.62 crore fair-value loss on Beacon Trusteeship Limited shares contributed to negative other income of Rs 1.20 crore.

How did Airan perform in the September 2026 quarter?

Airan reported a Rs 23.51 lakh consolidated loss after tax for the quarter ended September 30, 2026, compared with profit after tax of Rs 76.99 lakh in the quarter ended September 30, 2025. Basic and diluted loss per share from continuing operations was Rs 0.02, compared with earnings per share of Rs 0.06 a year earlier. The results were unaudited and approved on November 14, 2026.

Revenue from operations increased to Rs 29.51 crore in the September 2026 quarter from Rs 26.27 crore a year earlier. Total income was Rs 28.31 crore, reflecting negative other income of Rs 1.20 crore, while total expenses rose to Rs 28.16 crore from Rs 24.97 crore. Consequently, profit before tax fell to Rs 14.85 lakh from Rs 1.10 crore.

The Rs 38.36 lakh tax expense exceeded quarterly profit before tax of Rs 14.85 lakh. Current tax amounted to Rs 53.67 lakh and prior-period tax to Rs 10.01 lakh, partly offset by deferred-tax income of Rs 25.32 lakh. In the September 2025 quarter, tax expense was Rs 32.78 lakh on profit before tax of Rs 1.10 crore.

What caused Airan's quarterly loss?

Airan identified an unrealised fair-value loss of Rs 1.62 crore on Beacon Trusteeship Limited shares, held as current investments, as the key disclosed valuation movement in the September 2026 quarter. The loss was included within other income of negative Rs 1.20 crore for the July 1, 2026 to September 30, 2026 period.

The fair-value loss was larger than the Rs 1.35 crore operating income reported in the geographical segment disclosure for the quarter. Other income had been Rs 6.19 crore in the preceding June 2026 quarter, when Airan reported profit after tax of Rs 6.70 crore. Revenue, however, rose sequentially from Rs 26.55 crore in June to Rs 29.51 crore in September.

For the half year ended September 30, 2026, Airan disclosed an unrealised fair-value gain of Rs 3.98 crore on the same Beacon Trusteeship holding. Half-year other income was therefore Rs 5.00 crore, compared with Rs 1.41 crore in the corresponding prior-year period. The filing does not state the number of Beacon Trusteeship shares held, their carrying value or the valuation method.

Did Airan's revenue grow in India and overseas?

Airan's revenue from operations rose to Rs 56.06 crore in the half year ended September 30, 2026 from Rs 51.97 crore in the prior-year half. Revenue within India increased to Rs 52.98 crore from Rs 49.48 crore, while overseas revenue rose to Rs 3.08 crore from Rs 2.49 crore. The group identifies its business as a single service-sector segment and provides geographical disclosures.

In the September quarter, domestic revenue was Rs 28.13 crore, up from Rs 25.03 crore a year earlier. Overseas revenue increased year on year to Rs 1.38 crore from Rs 1.24 crore, but fell from Rs 1.70 crore in the June 2026 quarter. The domestic business therefore accounted for most of the Rs 2.24 crore year-on-year increase in total quarterly revenue.

Operating income in the geographical disclosure was Rs 1.35 crore for the September quarter, compared with Rs 1.30 crore a year earlier and Rs 2.19 crore in the June quarter. Data-processing expense rose to Rs 6.13 crore from Rs 1.33 crore a year earlier, while employee-benefit expense declined to Rs 12.34 crore from Rs 14.45 crore and co-ordinator expense fell to Rs 5.07 crore from Rs 5.49 crore.

What do Airan's half-year earnings and cash flows show?

Airan reported half-year profit after tax of Rs 6.46 crore for April 1, 2026 to September 30, 2026, compared with Rs 4.00 crore in the corresponding 2025 period. Profit before tax increased to Rs 8.53 crore from Rs 5.31 crore, while revenue from operations rose by Rs 4.09 crore to Rs 56.06 crore.

Net cash flow from operating activities was Rs 2.03 crore in the first half, down from Rs 3.69 crore a year earlier. Cash generated from operations before income tax was Rs 3.55 crore, versus Rs 7.28 crore, and net income-tax payments were Rs 1.52 crore. Other financial assets increased by Rs 5.62 crore, compared with a Rs 55.48 lakh decrease in the prior-year half.

Investing activities used Rs 9.90 crore of cash, compared with an outflow of Rs 18.56 crore in the corresponding 2025 half. Airan gave loans of Rs 18.15 crore, recovered Rs 4.13 crore of loans, purchased investments worth Rs 25.87 crore and received Rs 30.81 crore from investment sales. Cash and cash equivalents were Rs 4.07 crore at September 30, 2026, compared with Rs 11.34 crore at the start of the half year.

Which entities are included in Airan's consolidated results?

Airan's consolidation includes five wholly owned subsidiaries, Cqub Infosystems Private Limited, Airan Global Private Limited, Airan Singapore Private Limited, Airan Australia Pty Limited and Airan UK Limited, alongside Quadpro ITES Limited. The consolidated results cover the quarter and half year ended September 30, 2026.

The reviewer said the subsidiaries' quarterly interim results contributed total revenue of Rs 3.89 crore, net profit after tax of Rs 27.91 lakh and total comprehensive income of Rs 25.19 lakh. Supal Shah and Associates issued a limited review report dated November 14, 2026 and said nothing had come to its attention indicating a material misstatement. The reviewer noted that subsidiary results were furnished by management and that three subsidiaries are outside India.

Conclusion

Airan's September-quarter result moved from a Rs 76.99 lakh profit a year earlier to a Rs 23.51 lakh loss despite a Rs 2.24 crore increase in revenue from operations. The disclosed Rs 1.62 crore unrealised loss on Beacon Trusteeship shares reduced other income, while total expenses increased to Rs 28.16 crore and tax expense reached Rs 38.36 lakh.

The next quarterly results will show whether fair-value movements on the Beacon Trusteeship current investment continue to affect other income after the half-year Rs 3.98 crore unrealised gain and the September-quarter Rs 1.62 crore loss. Investors can also monitor whether first-half domestic revenue of Rs 52.98 crore and overseas revenue of Rs 3.08 crore translate into operating cash flow above Rs 2.03 crore.