Avalon Technologies Limited (AVALON)

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Avalon Technologies Limited (AVALON) · mywealthgrid

About

Avalon Technologies manufactures electrical equipment within the Industrials sector. The company operates at 210–234 Cr quarterly standalone revenue, with consolidated revenues roughly 2x this scale (380–485 Cr), suggesting significant M&A or subsidiary activity. It maintains steady 10–12% operating margins, 16.94% ROE, and a conservative D/E ratio of 0.25.

Face value: ₹2

Market cap

₹15,232 Cr

P/E

114.0×

P/B

21.1×

Dividend yield

ROE

16.9%

ROCE

23.4%

Debt / equity

0.25

OPM

10.8%

EPS (TTM)

₹20.0

Book value

₹108.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Extreme valuation: PE of 97x with a 103% 1-year return leaves minimal margin for earnings disappointment or growth deceleration
Decelerating growth: Consolidated revenue growth slowed from +14.9% (Dec 2025 to Mar 2026) to +1.0% (Mar to Jun 2026), inconsistent with high market expectations
Stalled margin expansion: OPM has remained flat at 10–12% across all quarters, leaving no margin improvement to offset slowing revenue growth
Cyclical sector exposure: Electrical Equipment is tied to industrial capex cycles; verify what demand drivers justify this valuation

Generated analysis · source review pending

Growth drivers

Consolidated revenues (~₹484 Cr) run 2x standalone (~₹210 Cr), indicating an M&A or subsidiary strategy; evaluate whether these acquisitions are accretive and what synergies are planned
D/E ratio of 0.25 provides ample balance-sheet room to fund organic expansion or inorganic growth; confirm management's deployment plans
Operating margins stable at 10–12%; if revenue growth accelerates, profit flows through proportionally—identify what could drive top-line expansion
ROE of 16.94% indicates efficient capital deployment; verify whether this return is sustainable and how reinvestment is planned

Generated analysis · source review pending

851 historical price candles were omitted because the exchange source has not been verified.

₹2,280.2-0.9%1Y

Quick read

rule-based

Pros

+Profit CAGR of 29.1% over the last 3 years
+Revenue CAGR of 19.3% over the last 3 years
+Comfortable interest coverage of 11.2×

Cons

−Expensive at 114× trailing earnings
−Trading at 21.1× book value

Research score

Structured signal from quality, growth, valuation and momentum.

50/100

Business quality: 58
Growth: 94
Valuation: 0

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	841	945	867	1,098	1,603
COGS	554	607	552	705	1,053
Gross profit	287	338	315	393	550
	189	225	252	278	377
	98	113	62	115	173
OPM %	11.6%	11.9%	7.2%	10.5%	10.8%
Depreciation	18	20	23	29	34
Interest	25	35	16	17	15
	31	14	15	17	29
Profit before tax	—	73	38	87	154
Tax	18	20	10	23	41
Tax %	—	27.8%	26.5%	26.8%	26.5%
	67	53	28	63	113
PAT margin %	8%	5.6%	3.2%	5.8%	7.1%
EPS (₹)	—	9.3	4.3	9.6	17
EPS adjusted (₹)	84.3	9.1	4.3	9.6	16.9
Annual report	—	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	2	12	13	13	13
Reserves	60	525	534	598	708
Minority interest	—	—	—	—	0
	295	306	164	142	183
	157	337	219	287	359
Total equity & liabilities	515	1,180	931	1,040	1,264
	84	93	106	152	169
CWIP	2	15	20	10	24
Investments	—	34	75	35	81
	429	1,038	730	843	991
Total assets	515	1,180	931	1,040	1,264

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	16	-13	17	25	57
	-18	-27	-146	54	-64
	-21	454	-251	-52	8
Net cash flow	-24	414	-380	27	1
Free cash flow	—	-13	-18	-21	4
CFO / Operating profit %	16.1%	-11.8%	27.7%	21.8%	33%

Compounded sales growth

7 years: —
5 years: —
3 years: 19%
1 year: 46%

Compounded profit growth

7 years: —
5 years: —
3 years: 29%
1 year: 78%

Return on equity

7 years: —
5 years: 52%
3 years: 10%
Last year: 16%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	34.1%	35.8%	36.3%	35.8%	34.3%
EBITDA margin %	11.6%	11.9%	7.2%	10.5%	10.8%
EBIT margin %	9.5%	9.9%	4.6%	7.9%	8.7%
PAT margin %	8%	5.6%	3.2%	5.8%	7.1%
Working capital
Receivable days	79	80	79	105	87
Inventory days	96	191	209	175	161
Payable days	—	139	64	98	87
NWC days	—	132	223	182	160
Leverage
Current ratio	1	1.89	2.53	2.22	2.05
Debt to EBITDA	3.03	2.72	2.63	1.23	1.06
Debt to equity	4.76	0.57	0.3	0.23	0.25
Interest coverage	3.6	3.1	3.3	6.2	11.2
Asset turnover	1.63	0.8	0.93	1.06	1.27
Return ratios
Return on assets %	13.1%	4.4%	3%	6.1%	8.9%
Return on capital employed %	66.8%	27.6%	8.4%	15.7%	23.4%
Return on equity %	108.6%	9.8%	5.1%	10.4%	15.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	51.09%	50.97%	50.91%	50.87%	50.7%	50.57%	50.57%	44.6%	44.46%	44.43%	44.42%	44.39%
	9.24%	5.7%	2.42%	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%	23.74%	20.87%	17.32%	22.01%	22.85%	25.4%	26.18%	24.72%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	23.39%	26.26%	24.2%	23.38%	22.59%	23.17%	24.98%	24.72%	22.65%	22.61%	22.98%	23.08%
No. of shareholders	—	—	—	—	—	—	—	—	61,064	57,290	65,594	72,969

Promoter holding down 6.7 percentage points since Sep 2023.

41 deals · 18 Apr 2023 – 30 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
30 Sept 2026	KOTAK MAHINDRA MUTUAL FUND	Bulk	BSE	Buy	24,01,587	₹2,171.00	₹521.38 Cr
30 Sept 2026	KBS FAMILY TRUST	Bulk	BSE	Sell	13,36,235	₹2,173.35	₹290.41 Cr
30 Sept 2026	BHASKAR SRINIVASAN	Bulk	BSE	Sell	13,36,235	₹2,171.03	₹290.10 Cr
30 Sept 2026	BBS FAMILY TRUST	Bulk	BSE	Sell	13,36,235	₹2,171.04	₹290.10 Cr
18 Sept 2026	VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND	Bulk	NSE	Buy	3,56,599	₹2,527.69	₹90.14 Cr
18 Sept 2026	VANGUARD EMERGING MARKETS STOCK INDEX FUND A SERIES OF VIEIF	Bulk	NSE	Buy	3,45,428	₹2,527.69	₹87.31 Cr
7 Oct 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	3,95,154	₹1,240.78	₹49.03 Cr
7 Oct 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	3,95,154	₹1,239.53	₹48.98 Cr
24 Jun 2025	BHASKAR SRINIVASAN	Bulk	NSE	Sell	20,91,200	₹790.54	₹165.32 Cr
24 Jun 2025	BHASKAR SRINIVASAN	Bulk	NSE	Sell	11,98,800	₹809.00	₹96.98 Cr

1–10 of 41

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Mr. Kunhamed BichaExecutive Director-Chairperson-MD
Mr. Luquman Veedu EdiyanamNon-Executive - Non Independent Director
Mr. Chandar PattabhiramNon-Executive - Independent Director
Mr. Venkataramani AnantharamakrishnanNon-Executive - Independent Director
Mr. Byas Unnikrishnan NambisanNon-Executive - Independent Director
Mrs. Nandita AbrahamNon-Executive - Independent Director
Mr. Anees AhmedNon-Executive - Independent Director
Mr. Suresh VeerappanChief Financial Officer
Mr. Ajay ShuklaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 9 fund houses

Held by these funds

11.18%

of the company's equity

All mutual funds

20.87%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

19 schemes · 9 fund houses

		Shares
SMALL CAP FUND	Nippon India Mutual Fund	38.8 L	920.78	1.12%	5.808%	-0
Small Cap Fund	Axis Mutual Fund	20.18 L	479.01	1.52%	3.021%	-0
MF MULTI CAP FUND	LIC Mutual Fund	3.29 L	78.1	3.47%	0.493%	-0
India T.I.G.E.R. Fund (The Infrastructure Growth and Economic Reforms Fund)	DSP Mutual Fund	2.63 L	62.44	0.97%	0.394%	-88,276
TRUSTMF Small Cap Fund	Trust Mutual Fund	1.8 L	42.64	1.24%	0.269%	+40,735
(LIVE SCHEMES)	ITI Mutual Fund	1.53 L	36.3	2.35%	0.229%	-5,438
MF DIVIDEND YIELD FUND	LIC Mutual Fund	1.47 L	34.81	4.58%	0.22%	-0
MF SMALL CAP FUND	LIC Mutual Fund	1.45 L	34.44	4.14%	0.217%	-15,000

1–8 of 19

1 / 3

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Aug 2026Transcript AI Summary PPTREC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results4 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

27 announcementsExport CSV

1 Oct 2026, 1:00 pmCompany Update

Disclosures Under Reg. 29(2)Of SEBI (SAST) Regulations, 2011

General PDF

1 Oct 2026, 12:17 pmInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 PDF

30 Sept 2026, 7:09 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

30 Sept 2026, 5:30 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

30 Sept 2026, 10:59 amCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

28 Sept 2026, 6:52 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

5 Sept 2026, 5:23 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

4 Sept 2026, 8:45 pmCompany Update

Letter To Shareholders Whose E-Mail Address Is Not Registered With Company/RTA/Dps

General PDF

Date	Category	Subject	Filing
1 Oct 2026, 1:00 pm	Company Update General	Disclosures Under Reg. 29(2)Of SEBI (SAST) Regulations, 2011	PDF
1 Oct 2026, 12:17 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

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Ratio	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	34.1%	35.8%	36.3%	35.8%	34.3%
EBITDA margin %	11.6%	11.9%	7.2%	10.5%	10.8%
EBIT margin %	9.5%	9.9%	4.6%	7.9%	8.7%
PAT margin %	8%	5.6%	3.2%	5.8%	7.1%
Working capital
Receivable days	79	80	79	105	87
Inventory days	96	191	209	175	161
Payable days	—	139	64	98	87
NWC days	—	132	223	182	160
Leverage
Current ratio	1	1.89	2.53	2.22	2.05
Debt to EBITDA	3.03	2.72	2.63	1.23	1.06
Debt to equity	4.76	0.57	0.3	0.23	0.25
Interest coverage	3.6	3.1	3.3	6.2	11.2
Asset turnover	1.63	0.8	0.93	1.06	1.27
Return ratios
Return on assets %	13.1%	4.4%	3%	6.1%	8.9%
Return on capital employed %	66.8%	27.6%	8.4%	15.7%	23.4%
Return on equity %	108.6%	9.8%	5.1%	10.4%	15.7%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Apar Industries LimitedAPARINDSAPARINDS	₹70,945 Cr	₹71,785 Cr	₹24,389 Cr	₹2,159 Cr	8.2%	₹1,182 Cr	4.3%	32.6%	19.7%	30
Waaree Energies LimitedWAAREEENERWAAREEENER	₹67,322 Cr	₹69,813 Cr	₹30,043 Cr	₹6,351 Cr	22.3%	₹2,763 Cr	14.6%	39.7%	30.9%	95
Premier Energies LimitedPREMIERENEPREMIERENE	₹39,863 Cr	₹43,480 Cr	₹8,466 Cr	₹2,543 Cr	30.4%	₹1,665 Cr	19.3%	36.3%	42.4%	115
Mtar Technologies LimitedMTARTECHMTARTECH	₹24,015 Cr	₹24,384 Cr	₹1,080 Cr	₹228 Cr	19.5%	₹133 Cr	10.7%	17.2%	12.1%	419
Emmvee Photovoltaic Power LimitedEMMVEEEMMVEE	₹21,177 Cr	₹21,355 Cr	₹5,578 Cr	₹1,932 Cr	34.3%	₹1,274 Cr	21.4%	43.6%	51.1%	159
Diamond Power Infrastructure LimitedDIACABSDIACABS	₹18,182 Cr	₹20,711 Cr	₹2,298 Cr	₹270 Cr	11.7%	₹197 Cr	8.3%	12.4%	—	93
Avalon Technologies LimitedAVALONAVALON	₹15,232 Cr	₹15,415 Cr	₹1,764 Cr	₹201 Cr	10.8%	₹134 Cr	7.1%	23.4%	16.9%	160
Fujiyama Power Systems LimitedUTLSOLARUTLSOLAR	₹12,327 Cr	₹12,788 Cr	₹3,403 Cr	₹639 Cr	18.5%	₹294 Cr	11.5%	29.6%	23.9%	123
Genus Power Infrastructures LimitedGENUSPOWERGENUSPOWER	₹8,518 Cr	₹10,817 Cr	₹5,173 Cr	₹973 Cr	19.2%	₹652 Cr	12.5%	31%	29%	188
Waaree Renewable Technologies LimitedWAAREERTLWAAREERTL	₹8,436 Cr	₹8,517 Cr	₹3,652 Cr	₹697 Cr	19.2%	₹511 Cr	14.4%	84.1%	68.9%	37
Ram Ratna Wires LimitedRAMRATRAMRAT	₹5,752 Cr	₹6,407 Cr	₹6,047 Cr	₹310 Cr	5.1%	₹127 Cr	2.1%	30.4%	20.1%	33
Vikram Solar LimitedVIKRAMSOLRVIKRAMSOLR	₹5,594 Cr	₹5,694 Cr	₹5,232 Cr	₹800 Cr	19.1%	₹357 Cr	9.8%	31.4%	21.3%	11

Avalon Technologies Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Board meetings1

Announcements

Board meetings1

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

1

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