Up 3,600% in 6 years! Ventura still sees 80% upside in this multibagger stock; here's why

Mutlibagger stock to buy: It is tough to find shares which deliver multibagger returns and tougher to hold them for longer-run. One such example is Aurionpro Solutions Ltd, which has rewarded investors with solid returns in the last six years. The stock has zoomed more than 39 times since the May 2020 period.

Domestic brokerage firm Ventura Securities has initiated coverage on Aurionpro Solutions highlighting its strong growth prospects driven by its presence in global transaction banking, automatic fare collection (AFC) and data centre markets. It expects Aurionpro to capitalise through its intellectual property-led platforms, specialised offerings and consistent research.

The transaction banking market is expected to grow at a CAGR of around 13.5 per cent through 2031, while the AFC market is projected to expand to $17.9 billion by 2029, at a CAGR of about 7 per cent, according to Ventura. India’s data centre capacity is forecasted to increase significantly to 15–17 GW by FY35, supported by demand for cloud services, AI and data localisation.

Shares of Aurionpro Solutions have jumped more than 3,800 per cent in the last six years from sub-Rs 20 levels to Rs 781.50 on Wednesday. Interestingly, the stock is down nearly 55 per cent from its 52-week high at Rs 1,663.15, hit in July 2025. The stock was seen around Rs 750 levels on Thursday with a total market capitalization close to Rs 4,300 crore.

Ventura Securities notes that Aurionpro’s IP-led platform model provides operating leverage, as revenue growth does not require proportional cost increases, supporting margin expansion. The banking platform segment is expected to achieve a revenue CAGR of 25–30 per cent with Ebitda margins between 28-30 per cent.

Aurionpro’s data centre business operates on a capital-light design and consultancy model, allowing involvement in high-value projects without balance sheet risks. Ventura cites recent wins such as a Rs 350 crore Adani project, contributing to an order book of Rs 500–600 crore. Margins in this segment are expected to increase to 20–22 per cent as execution scales and hyperscale projects grow.

Over the past three years, Aurionpro has delivered a revenue CAGR of about 32 per cent, with Ebitda and PAT CAGRs of 30 per cent and 36 per cent, respectively, reflecting strong operating leverage and scalable growth. For FY25–28, Ventura forecasts consolidated revenue, Ebitda and PAT CAGRs of 28.8 per cent, 29.9 per cent, and 29 per cent, respectively.

Margins may expand 50 bps to 21.1 per cent Return on equity and return on invested capital are projected to increase by 490 and 440 basis points, respectively, reaching 17.3 per cent and 22.7 per cent, according to Ventura Securities. These metrics indicate Aurionpro’s potential for sustained growth and margin expansion across its business segments.

Aurionpro Solutions follows a product-led, IP-driven model, with banking & financial services contributing 54 per cent of revenue and the technology innovation group 46 per cent. It monetizes its platforms through licensing, implementation, and maintenance with 60 per cent recurring revenue, enabling scalable, AI-driven, non-linear growth.

R&D spend remained elevated at 8–9 per cent of revenue, reinforcing IP-led capability expansion. We model a FY25–28E CAGR of 28.2 per cent, 30.1 per cent and 26.9 per cent in revenue, EBITDA and PAT and derive a target price of Rs 1,880 and reiterate 'buy' rating, as valuation remain attractive with FY27E PEG ratio below 1, said Choice Institutional Equities.

"We expect FY26 operating cash flow in the Rs 120–160 crore range, factoring in working capital deployment towards large project execution in Q4.  With sustained deal momentum and ramp-up of large domestic and US/Europe mandates, we expect a strong Q4 performance supported by execution-led revenue acceleration," it added.

Ventura initiates coverage on Aurionpro Solutions with a 'buy' rating with a price target of Rs 1,352, representing an upside of 80 per cent from its Thursday's lows. It has cited competitive pressure, delays in metro and data center projects, and execution risks as major concerns.