Avalon Technologies Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2023 • Cables: 47.6% • Printed Circuit Board: 36.5% • Unallocated: 15.9%
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company has delivered good profit growth of 50.4% CAGR over last 5 years
- Company is almost debt free
- Latest quarter profit grew 38.2% YoY, showing strong momentum
- Company has delivered good sales growth of 17.3% CAGR over last 5 years
- Company comfortably covers its interest (34.2x coverage)
CONS
- A large part of profit comes from other income (36.7% of PBT)
- Promoter holding has decreased over last 2 years: -6.5pp
- Company has a low return on capital employed of 10.3%
- Company has a low return on equity of 8.4% over last 3 years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.36x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SYRMA | 1588.65 | 83.22 | 30634.01 | 0.09 | 105.69 | 111.72 | 1588.62 | 68.29 | 17.70 | 10.17 |
| KAYNES | 3500.00 | 67.87 | 23462.13 | 0.00 | 56.43 | -24.37 | 946.02 | 40.47 | 13.38 | 15.60 |
| AVALON | 2265.95 | 113.44 | 15155.19 | 0.00 | 34.87 | 145.31 | 484.41 | 49.83 | 20.34 | 11.96 |
| UTLSOLAR | 446.70 | 46.58 | 13709.30 | 0.00 | 577.94 | — | 13456.93 | — | 36.46 | 18.94 |
| CYIENTDLM | 904.15 | 87.42 | 7177.45 | 0.00 | 16.29 | 118.21 | 373.80 | 34.25 | 10.41 | 9.93 |
| VIKRAMSOLR | 166.80 | 16.94 | 6044.07 | 0.00 | 19.78 | -85.17 | 1563.09 | 37.89 | 34.07 | 8.06 |
| SAATVIKGL | 396.30 | 20.30 | 5037.17 | 0.00 | 5.36 | -95.49 | 511.01 | -44.20 | 55.18 | 6.62 |
| WEBELSOLAR | 75.79 | 10.86 | 3290.52 | 0.33 | 77.79 | — | 372.60 | 115.39 | 63.74 | 33.70 |
| KERNEX | 1734.35 | 15.28 | 2914.34 | 0.00 | 109.85 | 1382.00 | 503.58 | 800.38 | 23.69 | 32.33 |
| MODINSULAT | 449.50 | 22.51 | 2119.12 | 0.00 | 29.60 | 94.43 | 188.30 | 33.19 | 10.53 | 16.89 |
| INA | 93.04 | 10.24 | 2051.08 | 0.00 | 380.25 | 796.94 | 7406.98 | 1766.82 | 34.98 | 9.74 |
| IKIO | 224.45 | 37.30 | 1734.57 | 0.00 | 11.05 | 364.51 | 169.29 | 40.91 | 10.02 | 12.97 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 114 | 97 | 120 | 111 | 117 | 162 | 151 | 202 | 166 | 206 | 215 | 234 | 211 | |
| 102 | 93 | 107 | 109 | 112 | 154 | 140 | 181 | 150 | 181 | 191 | 209 | 191 | |
| Operating Profit | 12 | 4 | 12 | 2 | 5 | 7 | 12 | 21 | 17 | 25 | 23 | 25 | 20 |
| OPM % | 10.36% | 4.51% | 10.31% | 1.49% | 3.97% | 4.53% | 7.77% | 10.53% | 10.01% | 12.16% | 10.85% | 10.49% | 9.53% |
| 5 | 6 | 3 | 5 | 7 | 6 | 13 | 5 | 6 | 12 | 12 | 15 | 7 | |
| Interest | 2 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 3 |
| Profit before Tax | 14 | 10 | 14 | 5 | 10 | 12 | 22 | 24 | 19 | 33 | 32 | 36 | 27 |
| Tax % | 24.95% | 24.89% | 25.95% | 21.74% | 26.86% | 25.09% | 25.29% | 23.08% | 24.46% | 25.33% | 25.25% | 26.22% | 24.33% |
| Net Profit | 11 | 8 | 10 | 4 | 7 | 9 | 16 | 18 | 15 | 25 | 24 | 26 | 20 |
| 1.64 | 1.17 | 1.60 | 0.57 | 1.06 | 1.31 | 2.49 | 2.79 | 2.19 | 3.72 | 3.57 | 3.92 | 3.02 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 327 | 369 | 435 | 479 | 442 | 632 | 821 | 865 | |
| 296 | 338 | 388 | 424 | 410 | 582 | 731 | 772 | |
| Operating Profit | 31 | 31 | 47 | 56 | 32 | 49 | 90 | 93 |
| OPM % | 9.51% | 8.51% | 10.82% | 11.66% | 7.20% | 7.82% | 10.90% | 10.74% |
| 1 | 3 | 7 | 5 | 19 | 27 | 44 | 45 | |
| Interest | 20 | 17 | 12 | 18 | 3 | 3 | 4 | 3 |
| Depreciation | 4 | 3 | 6 | 5 | 5 | 6 | 10 | 10 |
| Profit before Tax | 7 | 14 | 36 | 38 | 43 | 67 | 120 | 127 |
| Tax % | 24.01% | 15.34% | 25.27% | 26.19% | 24.90% | 24.69% | 25.43% | 25.35% |
| Net Profit | 6 | 12 | 27 | 28 | 32 | 51 | 89 | 95 |
| EPS | 380.04 | 759.28 | 4.87 | 4.89 | 4.94 | 7.64 | 13.39 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 17%
- 3 Years:
- 20%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 50%
- 3 Years:
- 47%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 57%
- 1 Year:
- 135%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 10%
- 3 Years:
- 8%
- Last Year:
- 12%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 2 | 2 | 2 | 12 | 13 | 13 | 13 | |
| 185 | 204 | 224 | 325 | 660 | 711 | 802 | |
| 125 | 129 | 143 | 127 | 32 | 39 | 38 | |
| Trade Payables | 66 | 98 | 57 | 65 | 48 | 109 | 127 |
| 24 | 24 | 17 | 417 | 31 | 31 | 42 | |
| Total Liabilities | 401 | 457 | 443 | 946 | 784 | 903 | 1,024 |
| 31 | 36 | 42 | 46 | 54 | 91 | 103 | |
| Capital Work in Progress | 3 | 0 | 2 | 12 | 15 | 7 | 22 |
| 11 | 86 | 87 | 88 | 192 | 194 | 229 | |
| 128 | 111 | 114 | 174 | 192 | 180 | 228 | |
| 0 | 0 | 0 | 0 | 174 | 278 | 287 | |
| Cash & Bank | 23 | 26 | 7 | 420 | 51 | 53 | 38 |
| 205 | 196 | 190 | 206 | 107 | 99 | 116 | |
| Total Assets | 401 | 457 | 443 | 946 | 784 | 903 | 1,024 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 40 | 87 | 6 | -7 | -10 | 4 | 67 | |
| Cash from Investing | -9 | -79 | -5 | -16 | -205 | -8 | -50 |
| Cash from Financing | -17 | -3 | -10 | 449 | -181 | 6 | -4 |
| 10 | 3 | -19 | 414 | -396 | 3 | 13 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-05 - Avalon Technologies Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-04 - Avalon Technologies Limited has informed the Exchange regarding 'Letter to shareholders whose e-mail address is not registered with Company/RTA/DPs'.
2026-09-04 - Avalon Technologies Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 28, 2026
2026-09-03 - Avalon Technologies Limited has informed the Exchange about change in Management
2026-09-03 - Avalon Technologies Limited has informed the Exchange regarding a press release dated September 03, 2026, on the Joint Venture Agreement between Avalon and Zollner.
2026-09-03 - Avalon Technologies Limited has informed the Exchange about the Joint Venture Agreement
2026-09-03 - Avalon Technologies Limited has informed the Exchange regarding Outcome of Board Meeting held on September 03, 2026.
2026-09-02 - Avalon Technologies Limited has informed the Exchange about Options to purchase securities
2026-08-29 - Avalon Technologies Limited has informed the Exchange regarding Allotment of 70545 Shares.
News
Recent coverage and analyst commentary for AVALON
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Avalon Technologies Ltd.
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