Avalon Technologies Ltd

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Avalon Technologies Ltd

₹ 2,281 -4.09%
13 Oct - close price
avalontec.com BSE: 543896 NSE: AVALON
About

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]

Key Points

Business Overview:[1] [2]
The company is one of India’s leading fully integrated Electronic Manufacturing Services (EMS) providers, offering end-to-end box build solutions with a focus on engineered products. It operates through a global delivery model spanning the entire product lifecycle from PCB design and assembly to complete system integration and finished box build. The company's capabilities include PCB assembly, sheet metal fabrication, machining, cable and magnetics assembly, plastics, functional testing, logistics, repair, and reverse logistics.

Website BSE NSE
  • Market Cap ₹ 15,265 Cr.
  • Current Price ₹ 2,281
  • High / Low ₹ 2,620 / 777
  • Stock P/E 161
  • Book Value ₹ 123
  • Dividend Yield 0.00 %
  • ROCE 14.9 %
  • ROE 11.2 %
  • Face Value ₹ 2.00
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Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 49.6% CAGR over last 5 years
  • Company's working capital requirements have reduced from 187 days to 150 days

Cons

  • Stock is trading at 18.6 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 7.45% over last 3 years.
  • Earnings include an other income of Rs.44.7 Cr.
  • Promoter holding has decreased over last 3 years: -6.70%

* 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 Electrical Equipment Other Electrical Equipment

Part of BSE Industrials BSE 1000 Nifty Smallcap 500 Nifty Microcap 250 Nifty Total Market

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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 91 107 109 112 154 140 181 150 181 191 209 187
Operating Profit 12 6 12 2 5 7 12 21 17 25 23 25 23
OPM % 10% 6% 10% 1.5% 4.0% 4.5% 8% 11% 10% 12% 11% 10% 11%
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 % 25% 25% 26% 22% 27% 25% 25% 23% 24% 25% 25% 26% 24%
11 8 10 4 7 9 16 18 15 25 24 26 20
EPS in Rs 1.62 1.17 1.60 0.57 1.06 1.31 2.49 2.79 2.19 3.71 3.57 3.92 3.02
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
367 327 369 435 479 442 632 821 865
332 296 340 388 423 410 582 731 769
Operating Profit 35 31 30 47 56 32 49 90 96
OPM % 9% 10% 8% 11% 12% 7% 8% 11% 11%
1 1 1 7 5 19 27 44 45
Interest 20 20 14 12 18 3 3 4 3
Depreciation 6 4 3 6 5 5 6 10 10
Profit before tax 10 7 14 36 38 43 67 120 127
Tax % 55% 24% 15% 25% 26% 25% 25% 25%
5 6 12 27 28 32 51 89 95
EPS in Rs 0.94 1.05 2.08 4.86 4.90 4.94 7.64 13.39 14.22
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 17%
3 Years: 20%
TTM: 27%
Compounded Profit Growth
10 Years: %
5 Years: 50%
3 Years: 45%
TTM: 63%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 63%
1 Year: 87%
Return on Equity
10 Years: %
5 Years: 8%
3 Years: 7%
Last Year: 11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 1 2 2 2 12 13 13 13
Reserves 169 185 204 224 645 660 713 806
130 132 135 144 127 33 41 39
74 83 117 75 160 76 137 165
Total Liabilities 375 403 457 444 944 782 903 1,023
27 31 36 42 46 54 91 103
CWIP 2 3 0 2 12 15 7 22
Investments 0 11 86 87 88 192 194 229
346 358 334 312 798 522 611 670
Total Assets 375 403 457 444 944 782 903 1,023

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
50 36 86 -4 -19 -10 4 67
-1 -9 -80 -5 -15 -205 -8 -51
-41 -17 -3 -10 449 -181 6 -4
Net Cash Flow 8 10 3 -19 415 -396 2 12
Free Cash Flow 47 27 80 -11 -38 -28 -27 29
CFO/OP 159% 130% 300% 13% -13% 1% 47% 107%

Ratios

Standalone / View Consolidated

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 187 206 168 118 100 144 160 128
Inventory Days 125 192 138 126 177 210 136 140
Days Payable 70 98 126 63 66 53 82 78
Cash Conversion Cycle 242 300 181 182 211 301 214 190
Working Capital Days 133 147 55 84 79 236 176 150
ROCE % 9% 8% 14% 10% 5% 9% 15%

Insights

In beta
Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Asset Turn (Revenue / Net Block)
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Order Book (14-month executable)
INR Cr
US Customer Revenue Mix
% of revenue
Box Build Revenue Mix
% of revenue
Manufacturing Footprint (Design & Manufacturing Facilities)
thousand sq.ft.
Number of Manufacturing Units (US / India)
count
Long-term Contracts (14 months to 3 years executable)
INR Cr

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

6 Recently
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
51.09% 50.98% 50.91% 50.88% 50.69% 50.58% 50.57% 44.60% 44.46% 44.42% 44.41% 44.39%
9.23% 5.70% 2.43% 2.56% 2.97% 5.39% 7.13% 8.67% 10.04% 7.56% 6.42% 7.81%
16.28% 17.07% 22.47% 23.19% 23.75% 20.87% 17.32% 22.01% 22.84% 25.40% 26.17% 24.72%
23.39% 26.27% 24.19% 23.38% 22.59% 23.16% 24.99% 24.72% 22.65% 22.61% 22.98% 23.08%
No. of Shareholders 55,32971,38870,43165,29657,38859,70363,00761,74361,06457,29065,59472,969

* 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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