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.
| ₹ 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) |
| ₹ 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 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Communications and signal processing products | 224 | 99.3 |
| Health Care | 2 | 0.7 |
| Total, before eliminations | 225 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDUSTAN AERONAUTICS LTD | 3,28,037 | 35.2 | 7.99 | 24.1 | 22.2 | 13.7 | 7.8 | 44.0 |
| BHARAT ELECTRONICS LTD | 2,95,572 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 29 Aug 2026 · Avantel bags Rs 117.88 Cr DRDO order for Ground Segment Hub | business updates | high | — | — |
| 17 Aug 2026 · Avantel: Postal ballot approves director appointments and re-appointments | general | low | — | — |
| 17 Aug 2026 · Avantel Postal Ballot: 3 Special Resolutions Passed with Strong Majority | board shareholder meetings | low | — | — |
| 17 Aug 2026 · Postal Ballot: 3 resolutions on director appointments passed | board shareholder meetings | medium | — | — |
| 5 Aug 2026 · Avantel: Notice of IEPF transfer of unclaimed dividends and shares | general | low | — | — |
| 4 Aug 2026 · Avantel bags Rs 2.70 Crore defence supply order from ITR Chandipur | business updates | high | — | — |
| 18 Jul 2026 · Avantel gets Rs 20.81 Cr SATCOM order from L&T | business updates | medium | — | — |
| 17 Jul 2026 · Avantel postal ballot notice published for three director resolutions | compliance | minimal | — | — |
| 17 Jul 2026 · Postal Ballot notice sent to shareholders without registered email | compliance | minimal | — | — |
| 16 Jul 2026 · Postal Ballot: Director appointments and re-appointments seek member approval | board shareholder meetings | low | — | — |
| 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 |
| 48.1 |
| 12.31 |
| 34.1 |
| 25.3 |
| 31.9 |
| 14.4 |
| 28.1 |
| BHARAT DYNAMICS LIMITED | 43,621 | 83.7 | 10.29 | — | 9.9 | 7.2 | — | 32.6 |
| GARDEN REACH SHIP&ENG LTD | 28,027 | 35.0 | 10.67 | — | 28.5 | 36.2 | — | 13.7 |
| DATA PATTERNS INDIA LTD | 27,042 | 100.9 | 15.58 | — | 15.6 | 20.3 | — | 33.3 |
| ASTRA MICROWAVE LTD | 16,031 | 84.8 | 12.20 | 45.8 | 14.7 | 17.2 | 12.7 | 20.1 |
| APOLLO MICRO SYSTEMS LTD | 15,650 | 121.7 | 11.96 | 71.7 | 8.2 | 10.4 | 34.8 | 22.3 |
| ZEN TECHNOLOGIES LIMITED | 15,599 | 86.2 | 8.00 | 46.5 | 11.2 | 15.1 | 65.9 | 38.5 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 252.7 | 83.7 | 23 of 23 | 0% |
| P/B | 12.3 | 10.6 | 17 of 23 | 23% |
| 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 | 4162 | 7486 | 17 of 26 | 36% |
| 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.
