Avalon Technologies Ltd
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]
- Market Cap ₹ 6,606 Cr.
- Current Price ₹ 989
- High / Low ₹ 1,318 / 598
- Stock P/E 88.9
- Book Value ₹ 115
- Dividend Yield 0.00 %
- ROCE 8.88 %
- ROE 6.73 %
- Face Value ₹ 2.00
Pros
- Company is almost debt free.
- Company is expected to give good quarter
- Company has delivered good profit growth of 52.8% CAGR over last 5 years
Cons
- Stock is trading at 8.60 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 5.71% over last 3 years.
- Earnings include an other income of Rs.35.6 Cr.
- Company has high debtors of 160 days.
* 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.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 367 | 327 | 369 | 435 | 479 | 442 | 632 | 726 | |
| 332 | 296 | 338 | 388 | 423 | 410 | 582 | 651 | |
| Operating Profit | 35 | 31 | 31 | 47 | 56 | 32 | 49 | 75 |
| OPM % | 9% | 10% | 8% | 11% | 12% | 7% | 8% | 10% |
| 1 | 1 | 3 | 7 | 5 | 19 | 27 | 36 | |
| Interest | 20 | 20 | 17 | 12 | 18 | 3 | 3 | 4 |
| Depreciation | 6 | 4 | 3 | 6 | 5 | 5 | 6 | 8 |
| Profit before tax | 10 | 7 | 14 | 36 | 38 | 43 | 67 | 98 |
| Tax % | 55% | 24% | 15% | 25% | 26% | 25% | 25% | |
| 5 | 6 | 12 | 27 | 28 | 32 | 51 | 74 | |
| EPS in Rs | 327.80 | 369.93 | 727.61 | 1,705.07 | 4.90 | 4.94 | 7.64 | 11.18 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 14% |
| 3 Years: | 13% |
| TTM: | 43% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 53% |
| 3 Years: | 20% |
| TTM: | 149% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 5% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 6% |
| 3 Years: | 6% |
| Last Year: | 7% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1 | 2 | 2 | 2 | 12 | 13 | 13 | 13 |
| Reserves | 169 | 185 | 204 | 224 | 645 | 660 | 713 | 754 |
| 130 | 132 | 135 | 144 | 127 | 33 | 41 | 31 | |
| 74 | 82 | 117 | 75 | 160 | 76 | 137 | 175 | |
| Total Liabilities | 375 | 402 | 457 | 444 | 944 | 782 | 903 | 974 |
| 27 | 31 | 36 | 42 | 46 | 54 | 91 | 97 | |
| CWIP | 2 | 3 | 0 | 2 | 12 | 15 | 7 | 15 |
| Investments | 0 | 11 | 86 | 87 | 88 | 192 | 194 | 180 |
| 346 | 357 | 334 | 312 | 798 | 522 | 611 | 681 | |
| Total Assets | 375 | 402 | 457 | 444 | 944 | 782 | 903 | 974 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| 50 | 36 | 84 | -4 | -19 | -10 | 4 | |
| -1 | -9 | -79 | -5 | -15 | -205 | -8 | |
| -41 | -17 | -3 | -10 | 449 | -181 | 6 | |
| Net Cash Flow | 8 | 10 | 3 | -19 | 415 | -396 | 2 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 187 | 206 | 168 | 118 | 100 | 144 | 160 |
| Inventory Days | 125 | 192 | 138 | 126 | 177 | 210 | 136 |
| Days Payable | 70 | 98 | 123 | 63 | 66 | 53 | 82 |
| Cash Conversion Cycle | 242 | 300 | 184 | 182 | 211 | 301 | 214 |
| Working Capital Days | 133 | 148 | 55 | 84 | 79 | 236 | 176 |
| ROCE % | 9% | 9% | 14% | 10% | 5% | 9% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
20 Nov - Of Investor Meet pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015.
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
12 Nov - Disclosure on Transcript of Earnings Call for the Quarter and Half Year Ended September 30, 2025.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
12 Nov - Of Investor Meet pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
6 Nov - Earnings-call audio for Q2/H1 ended Sep 30, 2025 posted on company website Nov 06, 2025.
- Results - Financial Results For The Quarter And Half Year Ended September 30, 2025 5 Nov
Annual reports
Concalls
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Nov 2025Transcript PPT
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Aug 2025Transcript PPT
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May 2025Transcript PPT REC
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Feb 2025Transcript PPT REC
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Nov 2024Transcript PPT REC
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Aug 2024Transcript PPT
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May 2024TranscriptPPTREC
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May 2024Transcript PPT
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Feb 2024Transcript PPT REC
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Nov 2023Transcript PPT REC
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Aug 2023Transcript PPT REC
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Jun 2023TranscriptPPT
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Jun 2023Transcript PPT
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May 2023TranscriptNotesPPT
Business Area[1] They provide a full stack product and solution suite, from printed circuit board (“PCB”) design and assembly to the manufacture of complete electronic systems (“Box Build”), to global OEMs across the United States, China, Netherlands, and Japan.