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Avalon Technologies

AVALON NSE
₹2,041.00 +49.90 (+2.51%)
P/E
102.05
View as Markdown
MCP
Close 4 Nov 2026 ₹2,041.00 +979.20 +92.2% 1Y
Start ₹1,061.80

Key Fundamentals

MicrocapElectrical EquipmentCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
19.30%
Debt to Equity
0.30
EPS (TTM)
₹20.00
Book Value
₹107.88
Market Cap
—
P/E (TTM)
102.05
P/B
18.92
ROE
16.50%
Dividend Yield
0.00%
EBITDA
₹202 Cr
52W High
₹2,618.00
52W Low
₹777.30
Day Range
₹1,981.30 – ₹2,067.90
Volume
1,48,262

Peer Comparison

Industrials › Capital Goods › Other Electrical Equipment

Avalon Technologies peer comparison
Waaree Energies
₹2,408.0018.15₹67,713 Cr4.320.17%32.50%38.40%₹30,043 Cr₹4,003 Cr
Apar Industries
₹15,998.0054.39₹65,476 Cr7.860.39%20.30%31.80%₹24,389 Cr₹1,181 Cr
Premier Energies
₹904.0024.61₹40,624 Cr9.530.11%41.00%32.70%₹8,466 Cr₹1,674 Cr
Diamond Power Infrastructure
₹385.85111.84₹22,658 Cr—0.00%—10.40%₹2,348 Cr₹182 Cr
MTAR Technologies
₹6,036.50137.95₹19,040 Cr22.570.05%12.60%15.20%₹1,080 Cr₹134 Cr
Emmvee Photovoltaic Power
₹246.4112.03₹16,196 Cr3.890.43%50.70%44.60%₹6,023 Cr₹1,418 Cr
Avalon Technologies (this company)
₹2,041.00102.05₹13,437 Cr18.920.00%16.50%19.30%₹1,764 Cr₹134 Cr
Median 7 companies₹2,041.0054.39₹22,658 Cr8.700.11%26.40%31.80%₹6,023 Cr₹1,181 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

43 Weak

Data confidence 100/100

surveillance:ASM1

Category scores

Quality
44
Weak
Returns, margins, earnings quality 22% weight
Valuation
20
Poor
Cheap vs sector & own history 24% weight
Growth
91
Strong
Sales & profit trajectory 9% weight
Financial Health
66
Good
Solvency, leverage, coverage 9% weight
Momentum
81
Strong
Trend strength, vol-adjusted 12% weight
Ownership
34
Poor
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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 18.4 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%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallNeutral676
OscillatorsNeutral171
Moving AveragesNeutral505

Key readings

RSI (14)
45.29
Neutral
MACD (12,26,9)
−59.12
Bearish
SMA (50)
2,220.31
Bearish
SMA (200)
1,557.12
Bullish

As of

Analyst Rating

Based on 16 analysts
BUY50%

8 of 16 analysts rate Buy, 1 Hold, 7 Sell.

As of

BUY
8
50%
HOLD
1
6%
SELL
7
44%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+18.36%
3Y+19.26%
1Y+45.99%
TTM+44.35%

Net profit

Net profit growth by window
5Y+37.49%
3Y+29.53%
1Y+79.37%
TTM+69.62%

Operating cash flow

Operating cash flow growth by window
5Y+56.87%
3YTurned positive
1Y+128.00%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y+1.22 pp
3Y−1.17 pp
1Y+0.32 pp
TTM+0.32 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2020₹642 Cr
Mar 2021₹690 Cr
Mar 2022₹841 Cr
Mar 2023₹945 Cr
Mar 2024₹867 Cr
Mar 2025₹1,098 Cr
Mar 2026₹1,603 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2020₹12.00 Cr
Mar 2021₹23.00 Cr
Mar 2022₹67.00 Cr
Mar 2023₹52.00 Cr
Mar 2024₹28.00 Cr
Mar 2025₹63.00 Cr
Mar 2026₹113 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹59.79 Cr −1.7% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk high

Avalon Technologies Ltd trades at ₹2,041 as of 2026-11-04 with a market cap of ₹13,437 Cr. The company has delivered strong profit growth of 39% CAGR over five years and TTM sales growth of 44%, but the stock commands a premium valuation at a P/E of 102.05x and P/B of 18.92x, while paying no dividend.

Bull Case 8
  • TTM sales growth of 44% indicates a sharp acceleration in revenue momentum compared to the 3-year compounded sales growth of 19%
  • Compounded profit growth of 39% CAGR over five years demonstrates a sustained earnings expansion track record
  • TTM profit growth of 67% shows the company is scaling earnings faster than revenues, suggesting improving operating leverage
  • ROCE of 21.95% reflects efficient deployment of capital, well above typical cost-of-capital benchmarks in the capital goods sector
  • Debt-to-equity ratio of just 0.30 indicates a conservatively financed balance sheet with limited financial risk
  • ROE improved from 11% on a 3-year average to 17% in the last year, signalling an upward trajectory in shareholder returns
  • Stock has delivered a 1-year CAGR of 69% and 3-year CAGR of 55%, reflecting strong market confidence in the business trajectory
  • The company is expected to deliver a good upcoming quarter, suggesting near-term earnings momentum remains intact
Bear Case 6
  • Trailing P/E of 102.05x is significantly elevated, meaning the stock prices in many years of flawless execution with little margin for disappointment
  • Stock trades at 18.92x book value, a steep premium that leaves limited valuation support if growth slows
  • Despite consistent profitability, the company pays zero dividend, offering no income return to shareholders
  • Promoter holding has decreased by 6.70% over the last three years, which may signal reduced insider conviction
  • 3-year average ROE of 11% remains modest relative to the valuation multiple, indicating historically subpar equity returns for the price paid
  • Trading about 22% below its 52-week high of ₹2,618 suggests the stock has already faced selling pressure at higher levels

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

AI News Digest

9h ago

TL;DR: Avalon Technologies is in active expansion mode — the Zollner JV and a major 25-acre land lease at Oragadam point to meaningful EMS capacity buildout. A potential fundraise via preferential issue could provide growth capital. No material headwinds are visible, though the promoter reclassification (9.42% stake) bears watching for any signalling effect. The trend is constructive, with the near-term outlook hinging on execution of the JV and new facility plans.

Positives 3
  • Zollner JV for EMS growth Oct 20

    Avalon incorporated Zollner Avalon Private Limited, with Zollner acquiring a 51% stake, expanding electronic manufacturing services capabilities through a strategic partnership.

  • 99-year land lease at Oragadam Oct 8

    Leased 25.08 acres at SIPCOT Oragadam (Plot A-53 & A-54, Kancheepuram) on a 99-year term to set up a new industrial unit, signalling long-term capacity expansion.

  • Potential equity fundraise planned Oct 22

    Board meeting on Oct 27 to consider a preferential issue of equity or debentures and an amendment to Articles of Association, indicating possible capital infusion for growth.

Neutral 2
  • Promoter seeks public reclassification Nov 3

    Bhaskar Srinivasan, holding 9.42% combined with family trusts, applied for reclassification from Promoter to Public category, citing no control over management or board representation. Board to consider on Nov 12, 2026.

  • Trading window closed pre-results Oct 22

    Trading window remains closed until September 2026 quarterly results are announced, a routine compliance measure ahead of the Oct 27 board meeting.

Quarterly Results

₹ Cr
AVALON quarterly results, ₹ crore
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 (₹)
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

Profit & Loss

₹ Cr
AVALON profit and loss, annual, ₹ crore
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 (₹)
2.14
3.84
11.29
9.06
4.26
9.59
16.92
20
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
AVALON balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
AVALON cash flow, annual, ₹ crore
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/EBITDA
109
14
29
5
54
39
53

Ratios

AVALON financial ratios, annual
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

Log in to view Avalon Technologies insights

61 extracted metrics across FY20–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 40.35%
  • DIIs 21.83%
  • Others 16.28%
  • FIIs 11.13%
  • Public 10.42%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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.
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 PE ratio of Avalon Technologies Ltd?
Avalon Technologies Ltd trades at a PE ratio of 102.05 as of 4 Nov 2026, on earnings per share of ₹20, against a book value of ₹107.88 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 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Avalon Technologies Ltd?
Avalon Technologies Ltd reported a return on equity of 16.50%. 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.

Website avalontec.com
CEO Mr. Kunhamed Bicha
Employees 1,142
Listed 18 Apr 2023
Face Value ₹2

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