AVALON

Avalon Tech share price & financials

Price
₹1,724
Market cap
₹14.6k Cr
Sector
Capital Goods
Calls analysed
8
Latest concall · Q1 FY27 · call held 05 Aug 2026

Avalon Tech Q1 FY27

Revenue ₹484 cr +50%EBITDA Margin 12% +3%PAT ₹35 cr +145%PAT Margin 7.2%

What went well

  • Revenue of ₹484 crores, up 50% YoY from ₹323 crores in Q1 FY26, demonstrating strong growth.
  • EBITDA margin expanded to 12.0% in Q1 FY27, up from 9.2% in Q1 FY26, reflecting operating leverage.
  • PAT increased by 145.3% YoY to ₹35 crores, with PAT margin at 7.2%.

What to watch

  • US manufacturing operations continued to incur a PAT loss of approximately ₹4 crores in Q1 FY27.
  • Net working capital days sequentially deteriorated from 112 days in March 2026 to 117 days in June 2026.
Read the full call →

What Avalon Tech does

Avalon Technologies is an Electronics Manufacturing Services (EMS) company that designs, builds and tests complex electronic and electromechanical products as a contract manufacturer for customers in railways, aerospace, automotive, industrial automation, clean energy, communication, medical and defence. It earns revenue by taking a product from PCB design and prototyping through cable/wire-harness assembly, sheet-metal and plastics fabrication, magnetics, system integration and full box-build, and then handling functional testing, repair and reverse logistics on the customer's behalf. Manufacturing is carried out at facilities in Chennai and Bengaluru in India and Atlanta and Fremont in the US, under a hybrid 'Make in India / Make in US' delivery model serving customers across India, the US, Europe and Japan.

Segments

  • Industrials (Power & Automation)
  • Mobility / Transportation (Automotive, Railways, Aerospace)
  • Communication (Telecom & Satellite, Digital Infrastructure)
  • Clean Energy (Solar, Electric Vehicle, Hydrogen)
  • Medical & Others (Medical, Defence & Others)
Manufacturing units
15 across India and the US
Design & manufacturing facility area
>575,000 sq. ft.
Manufacturing locations
Chennai (12 units) and Bengaluru (2) in India; Atlanta and Fremont in the US
Employees
2,500+
PCB design / analysis engineers
130
Quality & EHS certifications
ISO 9001, ISO 27001, ISO 14001:2015, ISO 45001:2018, IATF 16949:2016, ESD 20.20
Founded 1999Headquarters Chennai, Tamil Nadu, IndiaEmployees 2,500 (March 2025 (FY2025 Annua) Company website

Guidance record · Q1 FY27

what the last two calls moved 20 tracked 10 delivered 2 missed 8 open
  • FY26 Revenue Growth delivered said Q4 FY25 Promised: 18% to 20% Q1 FY27: Target achieved in prior fiscal year.
  • US Operations Profitability missed said Q3 FY25 Promised: PAT-positive in next 12-18 months Q1 FY27: PAT loss was ~INR 4 crores in Q1 FY27. The original 18-month deadline (ending Q1 FY27) for PAT positivity has passed, confirming the miss.
  • FY27 Revenue Growth revised up said Q4 FY26 Promised: 24% to 27% Q1 FY27: Revised FY27 revenue growth guidance upward to 26% to 30% based on strong Q1 momentum.

All 20 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 49.8%, net profit up 150.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue275 281 343 323 382 +39%418 +49%480 +40%484 +50%
EBITDA30 35 41 30 39 +30%48 +37%57 +39%58 +93%
Net profit17 24 24 14 25 +47%33 +38%41 +71%35 +150%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +135.7% 1Y

₹1.0k₹1.5k₹2.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 6 Nov 2025Q3 FY26 — 5 Feb 2026Q4 FY26 — 7 May 2026Q1 FY27 — 5 Aug 2026

1Y: ₹960.85 on 10 Sept 2025 → ₹2,264.5. High ₹2,373.3 (31 Aug 2026), low ₹793.85 (28 Jan 2026).

How the price took the results

close before → close after

Q1 FY27
+1.0%
5 Aug
Q4 FY26
+9.1%
7 May
Q3 FY26
−1.0%
5 Feb
Q2 FY26
−7.7%
6 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 19.2% a year over 3 years, FY23 to FY26. Operating margin narrowed to 10.9%.

Year endingFY23FY24FY25FY26
Revenue₹946 Cr₹867 Cr₹1.1k Cr₹1.6k Cr
Operating profit₹110 Cr₹63 Cr₹110 Cr₹174 Cr
Operating margin11.6%7.3%10.0%10.9%
Interest₹36 Cr₹17 Cr₹17 Cr₹15 Cr
Depreciation₹20 Cr₹23 Cr₹29 Cr₹33 Cr
Net profit₹53 Cr₹28 Cr₹63 Cr₹113 Cr
Net margin5.6%3.2%5.7%7.0%
Cash from operations₹-13 Cr₹17 Cr₹25 Cr₹57 Cr
Free cash flow₹-41 Cr₹-18 Cr₹-21 Cr₹4 Cr
ROCE17.0%6.0%13.0%20.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹2 Cr₹2 Cr₹12 Cr₹13 Cr₹13 Cr₹13 Cr
Reserves₹58 Cr₹87 Cr₹525 Cr₹534 Cr₹637 Cr₹708 Cr
Borrowings₹316 Cr₹318 Cr₹342 Cr₹209 Cr₹163 Cr₹213 Cr
Other liabilities₹136 Cr₹183 Cr₹310 Cr₹168 Cr₹290 Cr₹330 Cr
Total liabilities₹512 Cr₹589 Cr₹1.2k Cr₹923 Cr₹1.1k Cr₹1.3k Cr
Fixed assets₹104 Cr₹114 Cr₹128 Cr₹147 Cr₹186 Cr₹192 Cr
Capital work in progress₹0 Cr₹2 Cr₹15 Cr₹20 Cr₹16 Cr₹24 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹75 Cr₹21 Cr₹81 Cr
Other assets₹408 Cr₹473 Cr₹1.0k Cr₹681 Cr₹881 Cr₹967 Cr
Total assets₹512 Cr₹589 Cr₹1.2k Cr₹923 Cr₹1.1k Cr₹1.3k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +2.71 pp while the public trimmed −1.64 pp. The shareholder count grew 18% to 72,969.

Promoters
44.4%
FIIs
7.8%
DIIs
24.7%
Public
23.1%

Since Jun 2025

  • DIIs +2.71 pp
  • Public −1.64 pp
  • FIIs −0.86 pp

How it drifted, 12 quarters

Over this window DIIs went from 16.3% to 24.7% — +8.4 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 51.1%, FIIs 9.2%, DIIs 16.3%, Public 23.4%.Dec '23: Promoters 51.0%, FIIs 5.7%, DIIs 17.1%, Public 26.3%.Mar '24: Promoters 50.9%, FIIs 2.4%, DIIs 22.5%, Public 24.2%.Jun '24: Promoters 50.9%, FIIs 2.6%, DIIs 23.2%, Public 23.4%.Sep '24: Promoters 50.7%, FIIs 3.0%, DIIs 23.8%, Public 22.6%.Dec '24: Promoters 50.6%, FIIs 5.4%, DIIs 20.9%, Public 23.2%.Mar '25: Promoters 50.6%, FIIs 7.1%, DIIs 17.3%, Public 25.0%.Jun '25: Promoters 44.6%, FIIs 8.7%, DIIs 22.0%, Public 24.7%.Sep '25: Promoters 44.5%, FIIs 10.0%, DIIs 22.8%, Public 22.6%.Dec '25: Promoters 44.4%, FIIs 7.6%, DIIs 25.4%, Public 22.6%.Mar '26: Promoters 44.4%, FIIs 6.4%, DIIs 26.2%, Public 23.0%.Jun '26: Promoters 44.4%, FIIs 7.8%, DIIs 24.7%, Public 23.1%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 6 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Avalon Tech above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Kunhamed Bicha 21.59%unchanged
Bhaskar Srinivasan 9.39%unchanged
K L Bicha Family Private Trust 5.96%unchanged
Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund5.81%unchanged
Luquman Ediyanamveedu 5.42%unchanged
HSBC Mutual Fund Mutual fund4.48%−0.34 pp
Axis Mutual Fund Mutual fund3.33%+0.13 pp
BBS Family Trust 3.02%unchanged
KBS Family Trust 3.02%unchanged
Anand Kumar 2.58%unchanged
S Seshukumar 2.08%−0.20 pp
LIC Mutual Fund Mutual fund1.42%−0.60 pp

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in AVALON

Filings to Aug 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹1.1k Cr
2 schemes
Biggest holder
Nippon India Small Cap Fund
₹921 Cr · 1.1% of that fund
SchemeHoldingLast month
Nippon India Small Cap Fund Nippon India Mutual Fund₹921 Crheld
HDFC Large and Mid Cap Fund HDFC Mutual Fund₹162 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on
+329%
vs est. average cost
Held by funds
₹1.1k Cr
2 schemes · ≈ 5.6% of the company
Biggest holder
Nippon India Small Cap Fund
₹921 Cr · 1.1% of that fund

Shares held by these funds −13%

Aug '23 47.74 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹2264, this stock must grow earnings at 49% every year for 7 years. Our analysis caps realistic growth at ~29%. At that growth it is worth ₹862 — downside of 62%.

Growth the price implies
49.4% a year
for 7 years, fading to 4%
It has actually compounded at
28.7% a year
net profit, FY23–FY26
The gap
0.2 pp
-62% downside if it only repeats history
Price today ₹2,264.5 Value at the reference growth ₹862.11

Change the assumptions yourself →

All earnings calls (8)

Read the Q1 FY27 call →

Learn to analyse Avalon Tech

Guides on how to read this kind of business and the numbers that matter.