Announcement
Announcement Under Regulation 30 (LODR) - ESG Rating 14 Oct - Crisil ESG Ratings assigned Avalon Technologies a ‘Crisil ESG 58’ rating in the ‘Adequate’ category.
Source: Bse
Avalon Technologies Limited (AVALON)
Micro CapIndustrials stocks · Micro cap · NSE
Avalon Technologies is a leading fully integrated EMS company with global delivery footprint across US/India. It offers end-to-end services including design, PCB assembly, and box build, serving diverse segments like clean energy, mobility, industrials, communication, and medical.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result05 Aug, 03:59 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
51NeutralMACD −
Stock trend: 55
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
AVALOND candles · FIT view+84.3%Latest close ₹1997.00 on 2026-10-21
Bar
-1.2%
RSI
36
MACD hist
-49.36
52W pos
66%
2026-10-21O ₹2020.50H ₹2030.80L ₹1941.90C ₹1997.00Vol 3.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
AVALONNifty India ManufacturingNifty 500
- AVALON
- +14.6%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- +21.1 pp
Chart stats
21 Oct 2026- From 52W high
- -23.7%
- 52W range position
- 66%
- ATR (14)
- 6.5%
- Volume vs 20D
- 0.75x
- Avg traded value
- ₹93 Cr
- 20D price channel
- ₹1,941.9 - ₹2,526.3
₹2,618
₹777.3 - ₹2,618
₹129.6
Latest completed session
20-session average
56.3% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST43
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +49.9% · PAT +150.0% YoY
Technical
Neutral51
Price trend and sector-relative-strength timing.
Valuation
Legacy model-154.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence77
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +50% YoY · PAT +150% YoY · margin expansion · operating leverage
Filed 04 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹484 Cr | +49.9% | +0.8% |
| EBITDA | ₹58 Cr | +93.3% | +1.8% |
| Operating margin | 12.0% | +300 bps | +0 bps |
| PAT | ₹35 Cr | +150.0% | -14.6% |
| PAT margin | 7.2% | +290 bps | -131 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 99.40
- P/B
- 18.40
- EV/EBITDA
- 57.42
- Market Cap
- 13281.00Cr
Profitability
- ROE
- 16.50%
- ROCE
- 19.30%
- ROA
- 10.61%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 18.00%
- EPS 5Y
- 39.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 28.00%
Balance Sheet
- Debt/Equity
- 0.30
- Interest Coverage
- 13.40×
- Altman Z
- 8.91
- Book Value
- 108.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 57.00 Cr
- EPS TTM
- 20.00
Shareholding
- Promoter Hold
- 44.39%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 66%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 1,603+46.0% vs prev
Net Profit
₹ CrLatest: 113+79.4% vs prev
Return on Equity
%Latest: 15.7+52.0% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 36.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 36 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 24% off 52W high · 157% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
93
RS percentile
Stage 2 UptrendEstablished S2
1M return
-19.7%
3M return
+14.6%
6M return
+83.5%
1Y return
+65.9%
RS 1D
0
RS 20D
-4
Sector rank
#2
Industry rank
#23
Stage evidence
- Price is 17.6% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +11.6%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
04 May 2026
S2 age
120 trading sessions
Sector
leading
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 205.76-0.24%
RS vs Nifty 500206
Valuation & peers
U-Score 43 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 43 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth14/25
Quality14/20
Balance Sheet8/15
Cash Flow2/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
43
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
43/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 14/20 to the score.
- Growth contributes 14/25 to the score.
Main drags
- Fair-value margin of safety is negative at -154.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
99.4
PB
18.4
EV/EBITDA
57.4
ROE
16.5%
ROCE
19.3%
FCF Yield
—
Debt/Equity
0.3
MoS
-154.1%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
43
Previous: 43
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-154.1%
Previous: -157.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
43
43
43
42
42
43
43
43
43
43
43
43
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹220.45
-805.9% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹786
-154.1% MoS
PEG
2.87
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
CYIENTDLM
Small
Cyient DLM Limited
Electronics Manufacturing Services
match 79
34
85.1
7.5%
-80%
WATCHLIST
AIMTRON
SME
Aimtron Electronics Ltd.
Electronics Manufacturing Services
match 76
47
81.2
23.6%
-94%
FAIR VALUE
VINYAS
SME
Vinyas Innovative Technologies Ltd.
Electronics Manufacturing Services
match 74
28
56.7
12.9%
-69%
OVERVALUED
SAHASRA
SME
Sahasra Electronic Solutions Ltd.
Electronics Manufacturing Services
match 73
18
88.2
6.2%
-901%
OVERVALUED
DIXON
Mid
Dixon Technologies (India) Limited
Electronics Manufacturing Services
match 69
50
41.3
18.9%
+0%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-11T14:40:53.338Z
Management commentary snapshot
Q1 FY27 revenue grew 49.8% YoY to INR 484 Cr, marking the eighth consecutive quarter of sequential improvement. EBITDA margin expanded 272 bps YoY to 12.0%, and PAT margin rose 278 bps YoY to 7.2%. Order book increased 23.4% YoY to INR 2,208 Cr.
Avalon delivered strong Q1 FY27 results with robust revenue and profit growth, driven by sequential operational improvements and a healthy order book. The company's focus on high-mix, flexible volume products and integrated capabilities appears to be yielding positive outcomes, reinforcing its market position.
Current business mix
Revenue by Industry - Q1 FY27
Latest issuer-disclosed distribution across 5 reported categories.
Clean Energy25.0%
Mobility / Transportation32.0%
Industrials4.0%
Communication10.0%
Medical & Others29.0%
Growth engines
Increased Electronification
Adoption of Industry 4.0, IoT, Robotics & AI drives demand for electronic manufacturing services.
Rising Share of EMS Manufacturing
The EMS industry is projected to grow at a 27% CAGR, indicating a shift towards outsourced manufacturing.
Supply Chain Diversification
Manufacturing is moving to India & US, benefiting Avalon's global delivery footprint.
Growing Indian EMS Market
Larger domestic demand, skilled talent, and acceptance of India as a manufacturing destination support growth.
Capacity and execution
Brownfield Expansion
Brownfield expansion for domestic demand in Chennai is operational, enhancing manufacturing capabilities.
Tailwinds
Global ESDM Market Growth
The global ESDM market is projected to grow from US$1,000 billion in 2024 to US$1,400 billion by 2030E.
India ESDM Market Expansion
India's ESDM market is expected to grow from US$44 billion in 2024 to US$141 billion by 2030E, with a 27% CAGR.
Certification for Railway Applications
Secured EN 15085-2 certification, strengthening capabilities in railway welding applications.
Management accountability
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.
Analyst reading lens
Compare BOTH
Both YoY and QoQ comparisons are relevant. YoY highlights significant growth over the previous year, while QoQ demonstrates sequential momentum and consistent operational improvement over eight consecutive quarters.
Sector KPIs management disclosed
Revenue from Operations
Q1 FY27 Revenue from Operations was INR 484 Cr, a 49.8% increase YoY and 0.9% increase QoQ.
Order Book
Order book stood at INR 2,208 Cr as of June 30, 2026, increasing 23.4% YoY. This order book is executable over an average period of 14 months.
Gross Margin
Gross Margin was 34.7% in Q1 FY27, down 85 bps YoY but up 99 bps QoQ.
EBITDA Margin
EBITDA Margin was 12.0% in Q1 FY27, expanding 272 bps YoY and 11 bps QoQ.
Management forward view
Focus on Profitable Segments
Management aims to cater to profitable segments like Aerospace and complex, mission-critical products (e.g., Big Box Builds).
Leverage Integrated Capabilities
Strategy to win new business by starting with design services and expanding to box build solutions.
Capitalize on Hybrid Manufacturing Model
Utilize manufacturing presence in India (72% revenue) and US (28% revenue) to optimize operations and customer onboarding.
Partner with Emerging Pioneers
Collaborate with companies in sunrise sectors like clean energy technology to grow wallet share.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Growth | INR 2,208 Cr (23.4% YoY growth) | Sustained growth in order book and timely execution of long-term contracts (14 months average). |
| Net Working Capital Days | 117 days (improved from 142 days YoY) | Further improvements in working capital efficiency, particularly inventory and receivables management. |
| EBITDA Margin | 12.0% (up 272 bps YoY) | Ability to maintain or expand margins amidst potential cost pressures and competitive landscape. |
| Revenue from India Manufacturing | 16.7% EBITDA & 11.1% PAT in Q1 FY27 | Continued strong performance and profitability from India manufacturing operations, especially with new brownfield capacity. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
77Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 83rd percentile of the scored universe and 83rd percentile within Industrials. Main check: cash conversion is weak at 55/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
41 docs text-extracted · 12 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
83rd percentile
overall median 67 · Industrials: 83rd pctile, median 68 · Micro: 70th pctile, median 73
Evidence depth
Financial-only
41 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
55
watch · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
76
strong · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
- ▸Latest 3 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.
Continue researching Avalon Technologies Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement Under Regulation 30 (LODR) - Clarification 8 Oct - Avalon Technologies reappointed CMD and two independent directors, appointed one additional independent director, effective 2026-2027.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Memorandum of Understanding /Agreements 8 Oct - Avalon Technologies leased 25.08 acres at SIPCOT Oragadam for a new industrial unit for 99 years.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 30 Sep - Avalon clarifies KBS Family Trust is promoter group; no sale by Kunhamed Bicha group.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 5 Sep - Please find the enclosed Newspaper Advertisement regarding the 27th AGM of the Company.
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 12 Aug - Avalon Technologies to attend Motilal Oswal 22nd Annual Global Investor Conference on 18 August 2026 in Mumbai.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 19 Aug - Ind-Ra affirmed and withdrew Avalon’s INR 1,415 million bank loan ratings on request.
Source: Bse
Concall transcriptJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Earnings Call Transcript 11 Aug - Please find the enclosed Earnings Call Transcript for the Quarter Ended June 30, 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 25 Jun - The Nomination and Remuneration Committee, through Circular Resolution, approved the Allotment of 24,058 equity shares under the Avalon ESOP Scheme 2022 on June 25, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 27 May - Please find the enclosed Intimation of Investor Meet pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015.
Source: Bse
Announcement
Announcement Under Regulation 30 (LODR) - Reply To Clarification 21 May - Avalon Technologies replies to BSE volume movement letter, citing no pending price-sensitive information.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.