NSE: AVALON · BSE: 543896
AVALON TECHNOLOGIES LTD
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
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ 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) |
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 | 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 65,440 | 17.1 | 4.36 | 10.6 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 60,809 | 51.5 | 11.27 | 32.0 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 39,130 | 23.2 | 9.08 | 16.0 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 20,676 | 154.9 | 25.14 | 110.5 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,654 | 89.8 | — | 87.0 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L | 16,571 | 12.4 | 4.48 | 9.2 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD ◆ | 14,460 | 108.1 | 20.04 | 72.0 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,156 | 11.4 | 3.68 | 10.4 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 108.1 | 22.6 | 49 of 52 | 6% |
| P/B | 20.0 | 3.3 | 47 of 49 | 4% |
| ROCE | 20.0 | 12.4 | 20 of 55 | 65% |
| ROE | 15.7 | 12.4 | 21 of 50 | 59% |
| Debt / Equity | 0.3 | 0.3 | 25 of 50 | 51% |
| 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 | 14460 | 576 | 7 of 56 | 89% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board approves Rs 425 crore warrant issue to Zollner | corporate actions | medium | — | — |
| 22 Oct 2026 · Board meeting on Oct 27 to consider fund raise and AOA amendment | fund raising | medium | — | — |
| 20 Oct 2026 · Incorporation of Zollner Avalon Private Limited for proposed joint venture | strategic transactions | medium | — | — |
| 14 Oct 2026 · Avalon Technologies gets Crisil ESG rating of 58, classified as Adequate | general | medium | — | — |
| 9 Oct 2026 · Quarterly RTA compliance certificate under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 8 Oct 2026 · Clarification on director appointments - none debarred by SEBI | management changes | medium | — | — |
| 8 Oct 2026 · Avalon Technologies leases 25.08 acres in Oragadam for new industrial unit | capex operations | medium | — | — |
| 1 Oct 2026 · Promoter Bhaskar Srinivasan sells 6% stake via block deal | ownership changes | high | — | — |
| 1 Oct 2026 · Promoter Bhaskar Srinivasan sells 6 percent stake via block deal | ownership changes | high | — | — |
| 30 Sept 2026 · Avalon Technologies 27th AGM: all 7 resolutions passed by shareholders | board shareholder meetings | low | — | — |
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.