AVALON
Micro CapAvalon Technologies Limited
Industrials
Avalon Technologies is an integrated EMS company with a global delivery footprint, offering end-to-end solutions from design to box build. It operates 15 hybrid manufacturing units across India and the US, serving diverse segments including Mobility, Communication, Industrials, Clean Energy, and Medical.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 77/100Rev +40% YoY · PAT +71% YoY · +15% QoQ · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹480 Cr | +39.9% | +14.8% |
| EBITDA | ₹57 Cr | +39.0% | +18.8% |
| Operating margin | 12.0% | +0 bps | +100 bps |
| PAT | ₹41 Cr | +70.8% | +24.2% |
| PAT margin | 8.5% | +154 bps | +65 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Avalon Technologies reports strong FY26 performance with 46% YoY revenue growth and 78% YoY PAT growth, driven by India and US market expansion. Q4 FY26 also saw robust 40% YoY revenue and 69.5% YoY PAT increase, marking the seventh consecutive sequential improvement.
The company demonstrates strong top-line and bottom-line growth for both the full year and Q4 FY26, supported by a healthy order book and improved working capital. Management's focus on profitable segments and strategic market expansion suggests continued positive momentum, despite a slight dip in Q4 gross and EBITDA margins.
Revenue split by Customer Geography (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Increased Electronification
Adoption of Industry 4.0, IoT, Robotics & AI drives demand for EMS.
Rising Share of EMS Manufacturing
The EMS industry is projected to grow at a 27% CAGR.
Supply Chain Diversification
Manufacturing is shifting to India & US, benefiting Avalon's global footprint.
Growing Indian EMS Market
Larger domestic demand, skilled talent, and India's acceptance as a manufacturing destination.
Manufacturing Facilities
Operates 65 production lines across 15 hybrid manufacturing units in India and US, with buffer capacity to ramp up production.
Increased Electronification
Adoption of Industry 4.0, IoT, Robotics & AI.
Rising Share of EMS Manufacturing
EMS Industry CAGR: 27%.
Supply Chain Diversification
Manufacturing moving to India & US.
Growing Indian EMS Market
Larger domestic demand, skilled talent, acceptance of India as a manufacturing destination.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company highlights both strong YoY growth across key financial metrics for FY26 and Q4 FY26, and emphasizes its seventh consecutive quarter of sequential improvement, indicating both annual momentum and short-term operational execution.
Order Book
INR 2,196 Cr as of Mar'26, increased by 25% YoY. Order book executable over an average period of 14 months.
Revenue (FY26)
INR 1,603 Cr, up 46.0% YoY.
Revenue (Q4 FY26)
INR 480 Cr, up 40.0% YoY.
Gross Margin (FY26)
34.3%, down 143 bps YoY.
Focus on Profitable Segments
Cater to profitable segments like Aerospace and complex, mission-critical products such as Big Box Builds.
Capitalize on Hybrid Manufacturing Model
Leverage India manufacturing and US onboarding to serve the world's fastest-growing EMS markets.
Grow Wallet Share
Collaborate with established businesses to grow wallet share via up-selling and cross-selling.
Partner with Emerging Pioneers
Focus on sunrise sectors by partnering with emerging pioneers, for example, in clean energy technology.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Growth | 25% YoY growth in FY26. | Sustained growth in order book and efficient conversion to revenue. |
| Net Working Capital Days | Improved to 112 days in Mar'26 from 124 days in Mar'25. | Further improvements in working capital efficiency and inventory management. |
| Gross Margin Trend | 33.7% in Q4 FY26, down 141 bps YoY. | Stabilization or improvement in gross margins, indicating pricing power and cost control. |
| RoCE | 20.6% in FY26. | Maintenance or enhancement of capital efficiency as the business scales. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +50.9% / mo · near 52W high
Technical chart
AVALONweekly · 1Y+97.3%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 72. Wait for confirmation.
- SMA20 rising (~33.7% over last month) — short-term momentum positive.
- RSI(14) at 72 — overbought zone; risk of mean reversion.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Quality contributes 14/20 to the score.
- Growth contributes 14/25 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -115.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 76th percentile of the scored universe and 72nd percentile within Industrials. Main check: cash conversion is weak at 55/100.
Healthy Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 72nd pctile, median 68 · Micro: 64th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸7/8 recent quarters had positive YoY revenue growth.
- ▸6/7 recent quarters had positive YoY PAT growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 95.00
- P/B
- 14.86
- EV/EBITDA
- 52.84
- Market Cap
- 10725.00Cr
Profitability
- ROE
- 16.90%
- ROCE
- 19.50%
- ROA
- 8.94%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 18.00%
- EPS 5Y
- 40.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 29.00%
Balance Sheet
- Debt/Equity
- 0.30
- Interest Coverage
- 11.53×
- Altman Z
- 8.71
- Book Value
- 108.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- —
- EPS TTM
- 16.92
Shareholding
- Promoter Hold
- 44.41%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 91%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.