Avalon Technologies logo

Avalon Technologies

AVALON NSE

Key Fundamentals

SmallcapOther Electrical EquipmentCapital Goods
Market Cap
₹15,308 Cr
Volatility
Moderate
P/E Ratio
114.01
EBITDA
₹202 Cr
Return on Equity
15.65%
Debt to Equity
0.3
Book Value
₹107.9
EPS
₹2.83
52W High
₹2,618
52W Low
₹777.3

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 39.2% CAGR over last 5 years

Weaknesses

4
  • Stock is trading at 21.1 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has a low return on equity of 10.7% over last 3 years.
  • Promoter holding has decreased over last 3 years: -6.70%

Growth Rate

Revenue Growth
46.35% higher than 3Y
Net Income Growth
78.08% higher than 3Y
Cash Flow Change
128% lower than 3Y
ROE
50.92% higher than 3Y
ROCE
42.44% lower than 3Y
EBITDA Margin (Avg.)
4.73% lower than 3Y

AI Analysis — Bull vs Bear

5d ago
AI opinion · based on fundamentals
Risk high

Avalon Technologies Ltd is a Capital Goods / electronics manufacturing services company with a market capitalisation of about ₹16,229 crore. It trades at 116.4x earnings and 21.55x book value. Over the trailing twelve months, sales grew 44% and profit grew 67%. Return on equity rose to 17% last year from a 3-year average of about 11%. The stock has returned 134% over one year, and it pays no dividend.

Bull Case 7
  • Growth is speeding up. TTM sales growth of 44% is more than double the 3-year sales CAGR of 19% and the 5-year sales CAGR of 18%.
  • Profit is growing faster than sales. TTM profit growth is 67% against 44% sales growth, which points to operating leverage and possibly better margins.
  • The company has a long record of fast profit growth, with a 5-year profit CAGR of 39.2% and a 3-year profit CAGR of 28%. This shows the recent jump builds on an existing trend.
  • Capital efficiency is improving. Last year's ROE was 17%, compared with a 3-year average of about 11% and a 5-year average of 13%.
  • The stock has performed strongly, with a 134% return over one year and a 61% CAGR over three years. This shows sustained market recognition of the growth story.
  • With a market cap of about ₹16,229 crore, the company has grown well beyond its early small-cap size. This may give it more access to institutional capital and larger customer contracts.
  • Keeping all profits instead of paying dividends (0% yield) lets the company put cash back into capacity during a phase of 44% revenue growth.
Bear Case 7
  • The valuation is very high. A P/E of 116.4 implies TTM earnings of only about ₹139 crore against a ₹16,229 crore market cap, so there is little room for disappointment.
  • Price-to-book is 21.55x, meaning the market values the company at more than 21 times its net assets. That valuation is hard to justify with a 3-year average ROE of about 11%.
  • Historical returns on capital are modest. The 3-year average ROE of 10.7% is low for a stock priced at 116x earnings, and last year's 17% has not yet been shown to last.
  • Promoter holding has fallen 6.85% over the last three years. This could reflect dilution or stake sales and may concern investors watching insider alignment.
  • The dividend yield is 0% even though the company reports steady profits, so shareholders get no income return at current valuations.
  • After a 134% gain in one year, the stock price appears to have run ahead of fundamentals. The rise is more than 3x the 44% TTM sales growth, which increases the risk of a sharp fall if growth slows.
  • TTM sales growth of 44% is far above the long-term trend of 18-19%. This means current earnings may include cyclical or order-timing effects that could return to normal levels.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

21h ago
Positives 2
  • Motilal Oswal reiterates Buy, ₹2,740 TP Sep 16

    Motilal Oswal kept its Buy rating with a ₹2,740 target, based on 50x Sep 2028E EPS. It projects 40%/47%/56% revenue/EBITDA/Adj. PAT CAGR over FY26-FY29, driven by semiconductor equipment and BESS.

  • Zollner JV for PCBA, integration Sep 3

    The board approved Zollner Avalon Private Limited, a JV with Germany's Zollner Elektronik AG that will focus on PCBA and system integration. Avalon starts at 49% vs Zollner's 51%, with an option to buy another 2% once commercial production begins.

Neutral 3
  • ₹883 crore block trade flagged Sep 30

    A trade scanner flagged about 40,49,122 shares changing hands on BSE at ₹2,180.85 each, worth ₹883.05 crore in total. The trade isn't confirmed by the exchange and the buyer and seller are unknown, so it's unclear whether this is a stake sale or a stake build.

  • 27th AGM, board reappointments Sep 28

    Members at the September 28, 2026 AGM approved the financial statements, reappointed Chairman Kunhamed Bicha and re-elected the independent directors. The agenda announced on Sep 4 also proposed CG Balaji as an independent director.

  • FY26 BRSR: 68% export share Sep 4

    The FY26 Business Responsibility and Sustainability Report shows a 68% export contribution, zero safety incidents and significant reductions in Scope 2 emissions.

TL;DR: Avalon is moving toward higher-value EMS segments like semiconductor equipment, BESS, aerospace, rail and satcom, and Motilal Oswal's ₹2,740 target suggests about 26% upside from the ₹2,180.85 block-trade price. The Zollner JV adds a strong global partner in PCBA, though Avalon will hold a minority stake at first. The main risks are a premium valuation (50x forward EPS) that depends on very high growth estimates, a 68% export share that leaves it exposed to global demand, and the unknown direction of the ₹883 crore block trade. Overall the trend looks to be improving, and the next things to watch are order book conversion, when the JV starts commercial production, and post-market disclosure of who was behind the block deal.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
235
201
214
217
199
275
281
343
323
382
418
480
484
Expenses
219
188
198
200
195
245
246
301
293
344
370
423
426
Operating Profit
16
13
17
17
4
30
35
41
30
39
48
57
58
OPM %
7%
6%
8%
8%
2.2%
11%
12%
12%
9%
10%
11%
12%
12%
Other Income
5
5
2
3
4
4
10
3
2
8
7
12
3
Interest
6
3
4
4
4
4
5
4
4
4
3
4
3
Depreciation
5
6
6
6
7
7
7
8
8
9
8
8
9
PBT
10
9
9
10
-2
23
33
33
19
34
44
56
49
Tax %
32%
15%
27%
29%
14%
25%
27%
25%
26%
26%
27%
27%
28%
Net Profit
7
7
7
7
-2
17
24
24
14
25
33
41
35
EPS in Rs
1.08
1.11
1
1.07
-0.35
2.65
3.63
3.67
2.14
3.74
4.88
6.16
5.22
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
642
690
841
945
867
1,098
1,603
1,764
Expenses
577
624
743
832
805
983
1,430
1,563
Operating Profit
64
66
98
113
63
115
173
201
OPM %
10%
10%
12%
12%
7%
10%
11%
11%
Other Income
11
5
31
14
15
17
29
30
Interest
45
27
25
35
16
17
15
15
Depreciation
16
16
18
20
23
29
34
34
PBT
15
29
86
73
38
87
154
183
Tax %
19%
20%
21%
28%
26%
27%
26%
—
Net Profit
12
23
67
52
28
63
113
134
EPS in Rs
754
1,346
3,958
9.06
4.26
9.59
16.92
20
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
2
2
2
12
13
13
13
Reserves
45
58
87
525
534
598
708
Borrowings
274
316
318
342
209
180
213
Other Liabilities
129
136
183
310
168
246
328
Total Liabilities
450
512
589
1,189
923
1,038
1,263
Fixed Assets
99
104
114
128
147
185
192
CWIP
3
0
2
15
20
10
24
Investments
2
0
0
0
75
35
81
Other Assets
346
408
473
1,046
681
808
966
Total Assets
450
512
589
1,189
923
1,038
1,263
Figures in ₹ Crores

Cash Flow

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
66
6
16
-13
17
25
57
Investing
-19
-27
-18
-25
-146
54
-63
Financing
-42
28
-21
452
-251
-52
8
Net Cash Flow
4
7
-24
414
-380
26
2
Free Cash Flow
49
-14
-2
-41
-18
-21
4
CFO/OP
109
14
29
5
54
39
53
Figures in ₹ Crores

Ratios

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
65
96
77
80
79
105
87
Inventory Days
138
117
153
194
209
175
161
Days Payable
121
102
78
87
64
98
87
Cash Conversion Cycle
82
111
152
187
223
182
160
Working Capital Days
-46
-17
18
18
106
104
86
ROCE %
—
18%
24%
17%
6%
13%
19%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

FIIs7.81%Promot.44.39%Public10.40%Others12.69%DIIs24.72%As ofJun 2026

Documents

Frequently Asked Questions about Avalon Technologies

What does Avalon Technologies Ltd do?
Incorporated in 1999, Avalon Technologies Limited is a leading fully integrated Electronic Manufacturing Services ("EMS") company with end-to-end capabilities in delivering box-build solutions, focusing on high-value precision-engineered products.[1]
Where is Avalon Technologies Ltd (AVALON) listed?
Avalon Technologies Ltd trades as AVALON on the NSE and under code 543896 on the BSE.
Which sector does Avalon Technologies Ltd belong to?
Avalon Technologies Ltd is classified under the Capital Goods sector, in the Other Electrical Equipment industry.
What is the market capitalisation of Avalon Technologies Ltd?
Avalon Technologies Ltd has a market capitalisation of ₹15,308 Cr, which places it in the Mid Cap band.
What is the PE ratio of Avalon Technologies Ltd?
Avalon Technologies Ltd trades at a PE ratio of 114.01, on earnings per share of ₹2.83, against a book value of ₹107.9 per share.
What is the 52-week high and low of Avalon Technologies Ltd?
Over the last 52 weeks Avalon Technologies Ltd has traded between ₹777.3 and ₹2,618.
What is the Return on Equity (ROE) of Avalon Technologies Ltd?
Avalon Technologies Ltd reported a return on equity of 15.65%. Its debt-to-equity ratio is 0.30.

Company Information

Incorporated in 1999, Avalon Technologies Limited is a leading fully integrated Electronic Manufacturing Services ("EMS") company with end-to-end capabilities in delivering box-build solutions, focusing on high-value precision-engineered products.[1]

Website avalontec.com
CEO Mr. Kunhamed Bicha
Employees 1,142
Listed 2023-04-18
Face Value ₹ 2
Issued Size 6,67,34,029

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