Avantel Ltd.

•

avantel.inBSE: 532406NSE: AVANTEL

Market Cap₹ 4,165 Cr.

Current Price

High / Low₹ 215 / 117

Stock P/E0.0

Book Value₹ 13

Price to Book9.71

Dividend Yield0.13 %

ROCE11.5 %

ROE7.7 %

Face Value₹ 2

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

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.

Confidence

72%

View full sector analysis →

PROS

Company is almost debt free
Company has a healthy return on capital (ROCE) of 32.7%
Company has a good return on equity (ROE) track record: 3 Years ROE 25.9%
Latest quarter profit grew 64.5% YoY, showing strong momentum
Company has delivered good sales growth of 23.3% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.01x)

CONS

Valuation is stretched - P/E of 149.3 is well above its own 5-year median (44.0)
Total debt has risen sharply - up 62.9% year on year
Operating margins have contracted to 20.9% from 29.0%
Stock is trading at 9.7x its book value
Company has delivered a poor profit growth of 8.0% over past five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsAerospace & Defense

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	HAL	4845.00	34.76	324021.49	0.93	1589.66	14.88	5515.17	14.45	31.99	27.89
2.	BEL	410.75	48.85	300249.17	0.61	1054.53	8.82	5546.98	24.94	36.68	25.22
3.	BDL	1305.50	0.00	47854.73	0.38	118.79	547.36	572.24	147.63	19.75	14.52
4.	DATAPATTNS	4622.85	3364.91	25880.55	0.22	220.60	765.10	1160.30	1068.13	23.18	27.04
5.	AEQUS	246.10	0.00	16505.08	0.00	-532.28	-6067.26	3955.45	1486.69	1.50	4.47
6.	ZENTEC	1819.10	91.17	16425.19	0.06	31.85	-39.99	141.64	-10.48	16.83	27.13
7.	ASTRAMICRO	1705.55	85.66	16193.35	0.14	12.35	-24.12	176.66	-11.55	20.29	20.40
8.	APOLLO	387.45	118.67	14397.62	0.06	252.16	1325.84	2512.93	1781.17	14.05	21.38
9.	PARAS	1440.25	122.89	11606.59	0.07	20.74	45.34	127.91	37.26	18.68	24.95
10.	UNIMECH	1502.65	106.20	7648.79	0.00	27.86	45.70	107.62	70.85	12.10	36.35
11.	AXISCADES	1594.00	186.58	6779.84	0.00	-14.76	-170.76	183.35	-24.77	14.56	4.73
12.	AVANTEL	156.75	242.43	4165.02	0.13	5.40	67.18	70.42	35.66	9.60	24.75

Detailed Comparison with:

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
	69	54	59	42	52	77	70	49	52	55	51	63	70
	54	29	34	23	37	42	38	37	40	42	37	48	59
Operating Profit	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	0	0	0	0	0	0	0	0	0	1	0	1	0
Interest	1	2	1	0	1	1	1	1	1	1	2	2	2
Depreciation	1	2	2	2	3	3	3	3	4	4	5	5	7
	12	23	23	17	12	32	29	10	7	8	8	10	11
Tax %	28.09%	26.84%	25.36%	22.18%	30.70%	26.72%	28.69%	23.09%	31.04%	24.01%	39.84%	26.72%	30.25%
Net Profit	9	17	17	13	8	24	21	7	5	6	5	7	8
	0	1	1	1	0	1	1	0	0	0	0	0	0
Equity Capital	16	16	49	49	49	49	49	49	53	53	53	53	53
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	34	52	51	52	78	105	154	224	248	221	240
	30	40	36	37	56	77	105	140	153	168	187
Operating Profit	4	27	15	17	23	29	50	86	97	56	—
OPM %	13	52	30	32	30	28	32	38	39	25	—
Other Income	1	15	1	1	1	1	0	1	2	2	3
Interest	2	1	1	1	2	2	5	4	3	6	7
Depreciation	2	2	2	3	3	4	5	7	11	18	21
	1	24	13	13	19	24	40	74	83	32	36
Tax %	16	28	23	17	17	19	25	26	28	30	30
Net Profit	1	17	10	11	15	19	30	55	60	22	25
EPS	2	43	24	27	38	47	19	2	2	1	—
Dividend Payout %	92	9	21	15	11	8	5	9	8	24	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	0	1	0	0	1	1	1	2	2	1	—

COMPOUNDED SALES GROWTH

10 Years:: 25%
5 Years:: 23%
3 Years:: 13%

COMPOUNDED PROFIT GROWTH

10 Years:: 44%
5 Years:: 8%
3 Years:: -9%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: 8%

RETURN ON EQUITY

10 Years:: 27%
5 Years:: 27%
3 Years:: 26%
Last Year:: 8%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	4	4	4	4	4	4	16	49	49	53
	17	33	39	48	62	80	96	117	186	293
	9	0	0	0	0	13	28	12	9	22
Trade Payables	1	2	0	2	0	1	3	6	2	2
	3	4	4	14	20	13	11	40	51	57
Total Liabilities	33	43	47	67	87	110	154	223	297	427
ASSETS	-	-	-	-	-	-	-	-	-	-
	13	12	12	14	16	25	26	44	95	162
Capital Work in Progress	0	0	0	0	1	7	9	16	5	6
	0	0	0	0	0	5	12	17	30	43
	8	7	2	5	3	17	44	46	60	91
	0	0	0	0	0	0	0	64	71	71
Cash & Bank	0	11	10	8	43	1	1	12	8	9
	12	13	23	40	25	56	63	24	29	44
Total Assets	33	43	47	67	87	110	154	223	297	427
Total Debt	11	0	0	0	0	13	28	12	21	34
Net Working Capital	7	25	31	39	48	47	68	98	133	153
Contingent Liabilities	7	10	10	23	33	25	14	35	42	61
Book Value per Share	50.88	91.15	106.16	127.45	163.37	206.48	68.98	6.80	9.59	13.03
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	2.00	2.00	2.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2	9	4	3	45	-30	4	68	50	20
Cash from Investing	-2	4	-1	0	-42	20	-13	-45	-57	-103
Cash from Financing	-0	-12	-4	-3	-3	9	8	-23	8	86
	-0	1	-0	0	0	-1	0	0	2	4
Free Cash Flow	2	9	3	-2	40	-48	-3	36	0	-64
OCF / Net Profit	2.01	0.53	0.44	0.28	2.91	-1.56	0.15	1.23	0.84	0.90
Cumulative 5-Year FCF	0	0	0	0	51	1	-11	23	25	-79

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	2.18	42.68	23.65	26.53	37.82	47.30	18.52	2.28	2.45	0.85
Book Value (₹)	50.88	91.15	106.16	127.45	163.37	206.48	68.98	6.80	9.59	13.03
Dividend per Share (₹)	2.00	4.00	5.00	4.00	4.00	4.00	1.00	0.20	0.20	0.20
Cash EPS (₹)	0.10	0.74	0.45	0.53	0.72	0.90	1.37	2.44	2.77	1.53
PROFITABILITY
Operating Margin %	12.40%	43.28%	25.75%	28.15%	26.90%	25.35%	28.99%	33.68%	34.64%	20.89%
Net Margin %	2.51%	28.06%	16.32%	18.27%	17.90%	16.69%	17.43%	22.13%	21.76%	8.81%
ROE %	4.52%	60.10%	23.97%	22.71%	26.01%	25.58%	30.71%	40.00%	29.95%	7.75%
ROCE %	8.57%	72.59%	32.70%	29.28%	33.95%	30.90%	37.90%	48.74%	37.94%	11.46%
	2.71%	45.29%	21.23%	18.85%	19.96%	19.48%	22.76%	29.45%	23.05%	6.21%
EFFICIENCY
Debtor Days	71	55	88	152	91	78	80	76	90	102
Inventory Days	104	43	28	23	16	30	64	66	70	108
Payable Days	10	23	28	24	13	4	11	21	22	11
	165	74	87	151	95	105	134	120	137	199
FINANCIAL HEALTH
Debt to Equity (x)	0.56x	0.00x	0.00x	0.00x	0.00x	0.15x	0.25x	0.07x	0.09x	0.10x
Interest Coverage (x)	1.69x	28.95x	22.56x	16.25x	13.22x	16.64x	9.21x	18.84x	28.25x	6.71x
	1.61x	6.85x	12.39x	4.69x	3.89x	3.11x	2.76x	3.18x	5.22x	3.66x
GROWTH
Revenue Growth %	36.36%	53.91%	-2.29%	2.79%	49.65%	35.07%	47.00%	45.15%	10.97%	-10.92%
Operating Profit Growth %	0.71%	511.29%	-43.33%	9.59%	39.04%	26.36%	71.49%	71.60%	13.34%	-42.52%
Net Profit Growth %	48.90%	1858.07%	-44.58%	12.18%	42.54%	25.07%	56.62%	84.62%	8.05%	-62.45%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-87.69%	7.41%	-65.41%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	41.27x	44.02x	149.33x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	14.57x	11.82x	9.71x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.20%	0.18%	0.16%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	28.09x	28.71x	60.62x

Shareholding Pattern

Numbers in percentages

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	40.06	38.58	38.57	37.15	37.15	37.08	37.04	37.04
	0.11	0.18	0.48	0.48	0.66	0.60	0.55	1.54
	0.62	0.89	0.40	0.18	0.16	0.00	0.92	1.14
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	59.21	60.36	60.56	62.19	62.03	62.32	61.48	60.29

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-29

Bagging/Receiving of orders/contracts

2026-08-29 - Avantel Limited has informed the Exchange about Bagging/Receiving of orders/contracts

2026-08-17

General Updates

2026-08-17 - Avantel Limited has informed the Exchange about General Updates

2026-08-17

Shareholders meeting

2026-08-17 - Avantel Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot. Further, the company has informed the Exchange regarding voting results.

2026-08-17

Shareholders meeting

2026-08-17 - Avantel Limited has informed the Exchange regarding Proceedings of Postal Ballot

2026-08-05

Copy of Newspaper Publication

2026-08-05 - Avantel Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-04

Bagging/Receiving of orders/contracts

2026-08-04 - Avantel Limited has informed the Exchange about Bagging/Receiving of orders/contracts

2026-07-18

Bagging/Receiving of orders/contracts

2026-07-18 - Avantel Limited has informed the Exchange about Bagging/Receiving of orders/contracts

2026-07-17

Copy of Newspaper Publication

2026-07-17 - Avantel Limited has informed the Exchange about Copy of Newspaper Publication

2026-07-17

General Updates

2026-07-17 - Announcement Under Regulation 30 - Letters Sent To Shareholders whose e-mail addresses are not registered with the Company

News

Recent coverage and analyst commentary for AVANTEL

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