NSE: AVANTEL · BSE: 532406
AVANTEL LIMITED
Designs and manufactures strategic electronic equipment for India's defence and space programmes, earning 99.3% of FY26 revenue from communications and signal processing products. Core offerings include Software Defined Radios, satellite communication (SATCOM) systems and HF communication equipment, supplied primarily to Indian Defence Forces, DRDO, ISRO and defence public sector undertakings. The company operates three manufacturing locations with 576 staff and 256 workers. The communications segment generated Rs 223.72 crore with an EBIT of Rs 32.17 crore, while a small healthcare subsidiary contributed 0.7% of revenue at Rs 1.62 crore and posted a loss. Major cost items are materials (35.3% of revenue) and employees (22.8%), with capex running at 41% of revenue to fund a new Andhra Pradesh manufacturing facility and GSaaS infrastructure in Hyderabad from a May 2025 rights issue. Recent order wins include Rs 83.80 crore of SATCOM equipment from Zetwerk and Rs 20.81 crore of SATCOM products and services from Larsen & Toubro. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Communications and signal processing products (99%), Health Care (1%). Small-cap defence electronics manufacturer in a heavy investment phase, dominated by a single communications segment with a loss-making healthcare subsidiary.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 105 | 154 | 224 | 249 | 223 |
| EBITDA (ex other income) | 27 | 47 | 82 | 93 | 48 |
| margin % | 25.4 | 30.3 | 36.5 | 37.1 | 21.5 |
| Owners' profit | 0 | 27 | 0 | 0 | 0 |
| EPS, as reported (₹) | 44.34 | 16.55 | 2.16 | 2.32 | 0.55 |
| ROE % · ROCE % | 21.8 · 27.7 | 25.0 · 37.4 | 32.0 · 44.4 | 23.8 · 32.3 | 4.4 · 8.6 |
| Debt / equity (x) | 0.16 | 0.26 | 0.07 | 0.09 | 0.10 |
| Cash from operations | (32) | 2 | 65 | 50 | 10 |
| Capex | (15) | (10) | (22) | (78) | (91) |
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 | 77 | 71 | 49 | 52 | 55 | 52 | 64 | 70 |
| Profit before tax | 32 | 28 | 8 | 5 | 6 | 6 | 7 | 9 |
| Net profit | 23 | 20 | 6 | 3 | 4 | 3 | 5 | 5 |
| EPS (₹) | 0.94 | 0.83 | 0.25 | 0.12 | 0.15 | 0.10 | 0.17 | 0.20 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Communications and signal processing products | 224 | 99.3 |
| Health Care | 2 | 0.7 |
| Total, before eliminations | 225 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDUSTAN AERONAUTICS LTD | 3,24,358 | 34.8 | 7.90 | 23.8 | 22.2 | 13.7 | 7.8 | 44.0 |
| BHARAT ELECTRONICS LTD | 2,66,259 | 43.4 | 11.09 | 30.7 | 25.3 | 31.9 | 14.4 | 28.1 |
| BHARAT DYNAMICS LIMITED | 36,381 | 69.8 | 8.58 | — | 9.9 | 7.2 | — | 32.6 |
| DATA PATTERNS INDIA LTD | 22,316 | 83.3 | 12.86 | — | 15.6 | 20.3 | — | 33.3 |
| GARDEN REACH SHIP&ENG LTD | 21,752 | 27.2 | 8.28 | — | 28.5 | 36.2 | — | 13.7 |
| APOLLO MICRO SYSTEMS LTD | 15,340 | 119.3 | 11.73 | 70.3 | 8.2 | 10.4 | 34.8 | 22.3 |
| ASTRA MICROWAVE LTD | 14,940 | 79.0 | 11.36 | 42.7 | 14.7 | 17.2 | 12.7 | 20.1 |
| AEQUS LIMITED | 14,225 | — | 9.58 | 90.4 | (7.6) | (3.8) | — | 5.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 216.9 | 69.8 | 22 of 23 | 5% |
| P/B | 10.6 | 9.6 | 13 of 23 | 46% |
| ROCE | 7.0 | 13.6 | 23 of 26 | 12% |
| ROE | 4.4 | 10.9 | 19 of 23 | 18% |
| Debt / Equity | 0.1 | 0.0 | 13 of 23 | 46% |
| EBITDA margin | 24.9 | 22.3 | 11 of 23 | 55% |
| Revenue growth | 35.6 | 24.9 | 9 of 23 | 64% |
| Profit growth | 67.2 | 14.9 | 5 of 21 | 80% |
| Market cap | 3574 | 6504 | 17 of 26 | 36% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Avantel publishes September 2026 quarterly and half-year results | compliance | minimal | — | — |
| 26 Oct 2026 · Avantel approves Imeds merger and technical director appointment | management changes | medium | — | — |
| 26 Oct 2026 · Avantel board approves Imeds Global merger and technical director appointment | management changes | medium | — | — |
| 26 Oct 2026 · September quarter revenue up 34%, profit after tax up 60%; merger approved | results | high | — | — |
| 26 Oct 2026 · Avantel approves September results, subsidiary merger and director appointment | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Shareholders approve six new business areas via postal ballot | general | low | — | — |
| 23 Oct 2026 · Postal ballot clears change to Avantel's business objectives | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Shareholders approve change to Avantel's company purposes | board shareholder meetings | low | — | — |
| 10 Oct 2026 · Avantel bags Rs 12.04 Cr order from L&T for Satcom equipment maintenance | business updates | high | — | — |
| 8 Oct 2026 · Avantel credit rating reaffirmed at A-/A2+; stable outlook | credit debt | medium | — | — |
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.