Provides electronics manufacturing services (EMS), with consolidated revenue of ₹1,603.2 crore in FY26, up 46% year-on-year. The business operates across two geographies — the United States, which contributed 62% of revenue and grew 59% year-on-year, and India, which contributed 38% and grew 29%. An order book of ₹2,196 crore at the end of FY26, executable over an average of 14 months, gives near-term revenue visibility. Materials are the largest expense at 69% of revenue, followed by employee costs at 17.5% of revenue. EBITDA margin was 12.6% in FY26, with the company posting its seventh consecutive quarter of sequential improvement. Net working capital days improved to 112 from 124, and ROCE for FY26 was 20.6%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. US business (62%), India business (38%). Electronics manufacturing services with order-book visibility, split between US and India operations
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 945 | 867 | 1,098 | 1,603 |
| EBITDA (ex other income) | 113 | 62 | 115 | 173 |
| margin % | 11.9 | 7.2 | 10.5 | 10.8 |
| Owners' profit | 53 | 28 | 63 | 113 |
| EPS, as reported (₹) | 9.27 | 4.29 | 9.62 | 16.95 |
| ROE % · ROCE % | 9.8 · 16.7 | 5.1 · 8.4 | 10.4 · 15.4 | 15.6 · 21.9 |
| Debt / equity (x) | 0.57 | 0.30 | 0.23 | 0.25 |
| Cash from operations | (13) | 17 | 25 | 57 |
| Capex | 0 | (36) | (46) | (54) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 275 | 281 | 343 | 323 | 382 | 418 | 480 | 484 |
| Profit before tax | 23 | 33 | 33 | 19 | 34 | 44 | 56 | 49 |
| Net profit | 17 | 24 | 24 | 14 | 25 | 33 | 41 | 35 |
| EPS (₹) | 2.65 | 3.63 | 3.67 | 2.14 | 3.75 | 4.89 | 6.16 | 5.22 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 75,508 | 19.8 | 5.03 | 12.2 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 70,293 | 59.5 | 13.03 | 36.9 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 44,224 | 26.2 | 10.26 | 18.0 | 35.0 | 25.7 | — | 30.8 |
| EMMVEE PHOTOVOLTAIC PWR L | 23,872 | 17.9 | 6.46 | 13.3 | 29.3 | 31.2 | — | 36.3 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 5 Sept 2026 · 27th AGM scheduled for September 28, 2026; e-voting begins September 24 | compliance | minimal | — | — |
| 4 Sept 2026 · Avalon Technologies sets 27th AGM on Sept 28, 2026 via video conferencing | compliance | minimal | — | — |
| 4 Sept 2026 · Avalon Technologies submits BRSR for FY 2025-26 | compliance | low | — | — |
| 4 Sept 2026 · Avalon Technologies FY26 Annual Report and 27th AGM Notice dispatched | board shareholder meetings | medium | — | — |
| 4 Sept 2026 · 27th AGM on Sept 28, 2026; director appointments and reappointments on agenda | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Avalon Technologies: new independent director, CMD and two IDs re-appointed | management changes | medium | — | — |
| 3 Sept 2026 · Avalon Technologies forms JV with European EMS leader Zollner for India ops | strategic transactions | high | — | — |
| 3 Sept 2026 · Avalon Technologies JV with Zollner Elektronik for India EMS platform | strategic transactions | high | — | — |
| 3 Sept 2026 · Avalon signs JV with Germany's Zollner; board re-appoints CMD and directors | strategic transactions | high | — | — |
| 2 Sept 2026 · Avalon Technologies grants 90,000 ESOPs at 20 percent discount to market price | capital market events | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|
| MTAR TECHNOLOGIES LIMITED | 22,531 | 168.8 | 27.39 | 120.2 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 19,448 | 98.9 | — | 94.7 | (26.2) | 8.6 | — | 12.3 |
| AVALON TECHNOLOGIES LTD ◆ | 15,293 | 114.3 | 21.19 | 76.2 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 9,830 | 13.7 | 4.43 | 12.1 | 26.7 | 22.7 | 50.8 | 22.1 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 114.3 | 26.2 | 51 of 53 | 4% |
| P/B | 21.2 | 3.6 | 47 of 49 | 4% |
| ROCE | 20.0 | 12.3 | 20 of 56 | 66% |
| ROE | 15.7 | 11.5 | 21 of 53 | 62% |
| Debt / Equity | 0.3 | 0.2 | 28 of 53 | 48% |
| EBITDA margin | 12.6 | 12.6 | 26 of 51 | 50% |
| Revenue growth | 49.8 | 20.7 | 14 of 46 | 71% |
| Profit growth | 145.3 | 37.7 | 11 of 45 | 77% |
| Market cap | 15293 | 641 | 7 of 56 | 89% |
| 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 |
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.
