Avantel Ltd

₹ 157 3.58%

06 May - close price

About

Avantel Limited is engaged in the business of designing, developing and maintaining wireless and satellite communication products, defence electronics, radar systems and development of network management software applications for its customers majorly from the aerospace and defence sectors. ^[1]

Key Points

Avantel specialises in RF microwave
subsystems, digital radios, & satellite communication systems, & offers related software solutions & services.
It provides indigenous solutions in the area of:
-Satcom
-HF Systems
-Software Defined Radios
-Wind Profiler Radars

To diversify further, it is setting up Design, Development & Manufacturing of Antennas &
Connectors for Defence & Aerospace applications. ^[1]

The products developed by Avantel are used for Indian satellites communication (voice & data) for various platforms like ships, submarines, aircrafts & helicopters. ^[2]

Website BSE NSE

Market Cap ₹ 4,162 Cr.
Current Price ₹ 157
High / Low ₹ 215 / 101
Stock P/E 278
Book Value ₹ 12.7
Dividend Yield 0.13 %
ROCE 9.52 %
ROE 5.21 %
Face Value ₹ 2.00

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Pros

Company has been maintaining a healthy dividend payout of 17.8%

Cons

Stock is trading at 12.3 times its book value
Promoter holding has decreased over last 3 years: -3.10%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Aerospace & Defense Aerospace & Defense

Part of BSE Industrials

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	52.53	68.95	54.33	59.33	41.76	51.76	77.42	70.68	49.26	51.91	55.42	51.72	63.83
	34.39	54.70	29.38	34.89	23.60	37.60	42.73	38.63	37.65	41.46	44.10	39.18	50.24
Operating Profit	18.14	14.25	24.95	24.44	18.16	14.16	34.69	32.05	11.61	10.45	11.32	12.54	13.59
OPM %	34.53%	20.67%	45.92%	41.19%	43.49%	27.36%	44.81%	45.35%	23.57%	20.13%	20.43%	24.25%	21.29%
	0.09	0.21	0.40	0.36	0.46	0.30	0.49	0.51	0.48	0.05	0.91	0.41	1.10
Interest	1.51	1.49	1.51	0.87	0.31	0.64	0.72	1.02	0.66	0.80	1.26	1.77	1.81
Depreciation	1.53	1.57	1.64	1.84	2.45	2.86	2.96	3.05	2.94	4.40	4.76	5.36	5.57
Profit before tax	15.19	11.40	22.20	22.09	15.86	10.96	31.50	28.49	8.49	5.30	6.21	5.82	7.31
Tax %	36.60%	29.74%	27.61%	26.12%	23.33%	32.66%	27.30%	29.48%	28.39%	39.25%	31.40%	52.92%	34.75%
	9.63	8.01	16.07	16.32	12.15	7.38	22.90	20.08	6.08	3.23	4.27	2.74	4.77
EPS in Rs	0.36	0.30	0.61	0.62	0.46	0.28	0.87	0.76	0.23	0.12	0.16	0.10	0.18
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2006	Mar 2007	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	16	23	78	105	154	224	249	223
	14	18	56	78	108	143	157	175
Operating Profit	2	5	22	27	47	82	92	48
OPM %	12%	22%	29%	25%	30%	36%	37%	21%
	0	0	1	1	0	1	2	2
Interest	1	1	2	2	5	4	3	6
Depreciation	1	1	3	4	6	8	12	20
Profit before tax	1	3	18	22	37	72	79	25
Tax %	10%	34%	17%	20%	27%	27%	29%	39%
	1	2	15	18	27	53	56	15
EPS in Rs	0.03	0.06	0.58	0.68	1.02	2.00	2.13	0.56
Dividend Payout %	0%	24%	11%	9%	6%	9%	9%	35%

Compounded Sales Growth
10 Years:	%
5 Years:	23%
3 Years:	13%
TTM:	-11%

Compounded Profit Growth
10 Years:	%
5 Years:	0%
3 Years:	-18%
TTM:	-73%

Stock Price CAGR
10 Years:	53%
5 Years:	88%
3 Years:	73%
1 Year:	44%

Return on Equity
10 Years:	%
5 Years:	21%
3 Years:	20%
Last Year:	5%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2006	Mar 2007	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	5	5	4	4	16	49	49	53
Reserves	6	8	62	78	91	115	188	285
	0	0	3	16	30	18	26	34
	9	6	17	11	12	34	26	37
Total Liabilities	21	19	87	109	149	216	290	410
	7	8	16	27	31	48	115	181
CWIP	0	0	1	7	9	18	5	6
Investments	0	0	0	0	0	0	0	0
	14	12	70	75	110	149	171	223
Total Assets	21	19	87	109	149	216	290	410

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2006	Mar 2007	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	4	-1	45	-32	2	65	50	10
	-1	-1	-42	23	-10	-42	-57	-93
	-0	-0	-3	9	8	-23	8	86
Net Cash Flow	3	-2	0	-0	-0	1	1	4
Free Cash Flow	3	-3	39	-53	-10	35	-15	-83
CFO/OP	200%	-21%	217%	-106%	22%	96%	87%	39%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2006	Mar 2007	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	134	93	62	126	94	104	104	117
Inventory Days	143	122	34	131	258	218	345	521
Days Payable	329	112	4	6	18	28	24	11
Cash Conversion Cycle	-52	103	91	251	334	295	426	627
Working Capital Days	33	81	24	166	161	143	183	243
ROCE %		33%		29%	35%	47%	37%	10%

Insights

In beta

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Solar Plant Capacity (Visakhapatnam)
KVA ・Standalone data

Medical Products Facility Area (AMTZ)
Sq. Ft. ・Standalone data

RTIS Units for Indian Railways (Cumulative Order/Delivery)
Units ・Standalone data

Working Capital Cycle
Days ・Standalone data

HF Transceivers Order (Indian Navy)
Units ・Standalone data

MSS Transponder/Terminal Orders (Specific Projects)
Units ・Standalone data

Number of iDEX Projects Awarded
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Production and R&D Facility Area (Hyderabad/ECT)
Sq. Ft. ・Standalone data

R&D Expenditure (Percentage of Turnover)
% ・Standalone data

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Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	40.10%	40.10%	40.10%	40.06%	40.06%	40.06%	38.58%	38.57%	37.15%	37.15%	37.08%	37.04%
	0.00%	0.00%	0.00%	0.00%	0.01%	0.11%	0.18%	0.48%	0.47%	0.66%	0.60%	0.55%
	0.03%	0.01%	0.01%	0.00%	0.36%	0.65%	0.92%	0.43%	0.18%	0.16%	0.00%	0.92%
	59.88%	59.89%	59.89%	59.94%	59.56%	59.18%	60.33%	60.52%	62.20%	62.03%	62.32%	61.48%
No. of Shareholders	21,614	47,135	82,759	98,052	1,49,081	1,94,783	2,04,932	2,08,381	2,21,646	2,09,275	2,04,063	1,97,774

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	37.47%	36.30%	38.26%	40.87%	40.36%	40.14%	40.14%	40.06%	38.57%	37.04%
	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.48%	0.55%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.43%	0.92%
	62.53%	63.68%	61.74%	59.13%	59.64%	59.86%	59.86%	59.94%	60.52%	61.48%
No. of Shareholders	3,978	5,028	4,846	4,555	6,410	8,004	16,428	98,052	2,08,381	1,97,774

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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