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 ₹ 7,086 Cr.
- Current Price ₹ 1,062
- High / Low ₹ 1,318 / 598
- Stock P/E 81.0
- Book Value ₹ 97.4
- Dividend Yield 0.00 %
- ROCE 12.8 %
- ROE 10.4 %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
- Company is expected to give good quarter
Cons
- Stock is trading at 10.9 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- The company has delivered a poor sales growth of 11.3% over past five years.
- Company has a low return on equity of 9.52% over last 3 years.
* 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 642 | 690 | 841 | 945 | 867 | 1,098 | 1,329 | |
| 577 | 624 | 743 | 832 | 805 | 983 | 1,185 | |
| Operating Profit | 64 | 66 | 98 | 113 | 63 | 115 | 144 |
| OPM % | 10% | 10% | 12% | 12% | 7% | 10% | 11% |
| 11 | 5 | 31 | 14 | 15 | 17 | 23 | |
| Interest | 45 | 27 | 25 | 35 | 16 | 17 | 17 |
| Depreciation | 16 | 16 | 18 | 20 | 23 | 29 | 32 |
| Profit before tax | 15 | 29 | 86 | 73 | 38 | 87 | 118 |
| Tax % | 19% | 20% | 21% | 28% | 26% | 27% | |
| 12 | 23 | 67 | 52 | 28 | 63 | 87 | |
| EPS in Rs | 754.25 | 1,345.65 | 3,958.05 | 9.06 | 4.26 | 9.59 | 13.18 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 11% |
| 3 Years: | 9% |
| TTM: | 47% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 39% |
| 3 Years: | 7% |
| TTM: | 204% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 50% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 13% |
| 3 Years: | 10% |
| Last Year: | 10% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 2 | 12 | 13 | 13 | 13 |
| Reserves | 45 | 58 | 87 | 525 | 534 | 598 | 637 |
| 274 | 316 | 318 | 342 | 209 | 180 | 163 | |
| 129 | 136 | 183 | 310 | 168 | 246 | 290 | |
| Total Liabilities | 450 | 512 | 589 | 1,189 | 923 | 1,038 | 1,104 |
| 99 | 104 | 114 | 128 | 147 | 185 | 186 | |
| CWIP | 3 | 0 | 2 | 15 | 20 | 10 | 16 |
| Investments | 2 | 0 | 0 | 0 | 75 | 35 | 21 |
| 346 | 408 | 473 | 1,046 | 681 | 808 | 881 | |
| Total Assets | 450 | 512 | 589 | 1,189 | 923 | 1,038 | 1,104 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 66 | 6 | 16 | -13 | 17 | 25 | |
| -19 | -27 | -18 | -25 | -146 | 54 | |
| -42 | 28 | -21 | 452 | -251 | -52 | |
| Net Cash Flow | 4 | 7 | -24 | 414 | -380 | 26 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 65 | 96 | 77 | 80 | 79 | 105 |
| Inventory Days | 138 | 117 | 153 | 194 | 209 | 175 |
| Days Payable | 121 | 102 | 78 | 87 | 64 | 98 |
| Cash Conversion Cycle | 82 | 111 | 152 | 187 | 223 | 182 |
| Working Capital Days | -46 | -17 | 18 | 18 | 106 | 104 |
| ROCE % | 18% | 24% | 17% | 6% | 13% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
8h - 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 1d
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
1d - Q2 FY26 (ended Sep 30, 2025): Revenue INR382.5Cr, PAT INR25.0Cr; YoY revenue +39.1%; order book +25.4%.
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Announcement under Regulation 30 (LODR)-Investor Presentation
1d - Investor Presentation for the Quarter and Half Year ended September 30, 2025.
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Board Meeting Outcome for The Meeting Held On November 05, 2025
1d - Board approved unaudited consolidated and standalone Q2/H1 results to Sep 30, 2025; consolidated revenue ₹3,903.75m.
Annual reports
Concalls
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Nov 2025TranscriptNotesPPT
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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.