Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 23 Sep
Source: Bse
Avantel Limited (AVANTEL)
Small CapIndustrials stocks · Small cap · NSE
Avantel Limited is an Indian product company focused on defense services, specializing in communication and space technologies. It invests significantly in R&D to develop proprietary products for tactical communication, satellite terminals, and ground stations, aiming for self-reliance in critical defense and space sectors.
₹144.55
-7.19 · -4.74%
Market cap ₹3,923 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result11 Jul, 02:22 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Jun 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
34Bearishfull bear SMA stack · SMA20 -2.8% / mo · MACD +
Stock trend: 27
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
AVANTELD candles · FIT view-7.8%Latest close ₹144.55 on 2026-10-21
Bar
-4.8%
RSI
43
MACD hist
0.16
52W pos
34%
2026-10-21O ₹151.80H ₹153.33L ₹142.62C ₹144.55Vol 10.4L 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
AVANTELNifty India ManufacturingNifty 500
- AVANTEL
- -15.5%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- -9.0 pp
Chart stats
21 Oct 2026- From 52W high
- -28.9%
- 52W range position
- 32%
- ATR (14)
- 4.2%
- Volume vs 20D
- 0.55x
- Avg traded value
- ₹29.2 Cr
- 20D price channel
- ₹142.6 - ₹160
₹203.4
₹117.1 - ₹203.4
₹6.1
Latest completed session
20-session average
48.2% 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 argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST34
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +35.7% · PAT +66.9% YoY
Technical
Bearish34
Price trend and sector-relative-strength timing.
Valuation
Legacy model-474.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence57
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 · 100/100Rev +36% YoY · PAT +67% YoY · margin expansion · +10% QoQ · operating leverage
Filed 11 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹70.4 Cr | +35.7% | +10.3% |
| EBITDA | ₹17.4 Cr | +66.9% | +28.3% |
| Operating margin | 24.8% | +464 bps | +348 bps |
| PAT | ₹5.4 Cr | +66.9% | +13.0% |
| PAT margin | 7.7% | +143 bps | +18 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 228.00
- P/B
- 11.65
- EV/EBITDA
- 50.73
- Market Cap
- 3923.00Cr
Profitability
- ROE
- 5.29%
- ROCE
- 9.63%
- ROA
- 4.15%
- Dividend Y
- 0.14%
Growth (CAGR)
- Revenue 5Y
- 23.00%
- EPS 5Y
- 42.50%
- Revenue 3Y
- 13.00%
- EPS 3Y
- -17.00%
Balance Sheet
- Debt/Equity
- 0.10
- Interest Coverage
- 7.86×
- Altman Z
- 8.30
- Book Value
- 12.70
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- 10.00 Cr
- EPS TTM
- 0.64
Shareholding
- Promoter Hold
- 37.04%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 32%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 221-10.9% vs prev
Net Profit
₹ CrLatest: 22.0-63.3% vs prev
Return on Equity
%Latest: 6.2-74.5% 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 trend down. RSI 43.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- Recent death cross (SMA50 crossed below SMA200).
- SMA20 falling (~2.8% over last month) — short-term momentum negative.
- RSI(14) at 43 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 27% off 52W high · 23% 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
42
RS percentile
Stage 1 Base / Transition
1M return
-0.3%
3M return
-15.5%
6M return
-9.1%
1Y return
-18.8%
RS 1D
-6
RS 20D
+3
Sector rank
#2
Industry rank
#26
Stage evidence
- Price is 8.9% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +0.9% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 84.36-3.84%
RS vs Nifty 50084
Valuation & peers
U-Score 34 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 34 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth18/25
Quality0/20
Balance Sheet8/15
Cash Flow3/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
34
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
34/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 18/25 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Fair-value margin of safety is negative at -474.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
228.0
PB
11.7
EV/EBITDA
50.7
ROE
5.3%
ROCE
9.6%
FCF Yield
—
Debt/Equity
0.1
MoS
-474.7%
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
34
Previous: 34
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-474.7%
Previous: -503.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
34
34
34
34
34
34
34
34
34
34
34
34
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
₹13.52
-968.9% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹25.15
-474.7% MoS
PEG
5.36
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
DCXINDIA
Small
DCX Systems Limited
Defence Electronics
match 134
25
—
-0.5%
—
OVERVALUED
NELCO
Small
NELCO Limited
Defence Electronics
match 133
16
453.2
0.5%
-48105%
OVERVALUED
CENTUM
Small
Centum Electronics Limited
Defence Electronics
match 133
32
77.4
-12.5%
-204%
WATCHLIST
EBGNG
Small
GNG Electronics Limited
Defence Electronics
match 129
44
55.6
26.8%
-43%
WATCHLIST
MICEL
Small
MIC Electronics Limited
Defence Electronics
match 128
27
—
-5.8%
—
OVERVALUED
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 2026-10-06T07:46:06.178Z
Management commentary snapshot
FY2025-26 revenue declined to ₹221.35 crores (from ₹248.48 crores) and net profit to ₹22.49 crores (from ₹59.9 crores), attributed by management to increased R&D, depreciation from capex, and a shift to lower-margin civilian projects. Management views this as an investment year for future growth.
Despite a reported decline in FY25-26 revenue and profit, management provides a clear rationale for the dip, framing it as an investment year. The company claims strong 3-year revenue visibility with 25% CAGR, driven by a ₹1,000 crore order book and new product commercialization, suggesting the long-term thesis remains on track.
Growth engines
Software-Defined Radios (SDRs)
Developing various SDR variants (HF to L-band, handheld, manpack, vehicle, airborne, shipborne) compliant with global standards, targeting a 20% market share of a ₹3,000 crore annual market.
iDEX Projects
Five iDEX projects (3 for Army, 2 for Navy) are 90% complete and entering final trial stages, expected to translate into significant sales revenue.
Satellite Terminals & Ground Stations
Developing satellite terminals for all Indian defense services and ground stations for NSIL (9 stations, 18-month execution), positioning for growth in the space sector.
Defense Communication (C4ISR)
Company aims to contribute significantly to defense communication, an essential part of C4ISR, through its state-of-the-art SDR products.
Capacity and execution
Vijayawada Facility
A new state-of-the-art facility near Vijayawada, funded by a rights issue, is almost ready and expected to be inaugurated in the first week of September 2026.
R&D Facility in ACT
A new 100,000 sq ft facility in ACT is dedicated primarily to R&D, housing approximately 180 engineers.
Tailwinds
Government's Self-Reliance Push
Government's 'self-reliance' and 'Make in India' initiatives provide significant encouragement and support to companies like Avantel in the defense sector.
Emphasis on Space Sector
Government of India is giving a lot of emphasis to the space sector, encouraging private participation and new projects in LEO and GEO satellites.
NSIL Satellite Ground Station Order
Secured an initial order for 9 satellite ground stations for NSIL, laying a foundation for future requirements in the space sector.
Headwinds
Defense Procurement Cycle
The procurement cycle for defense applications is long and makes quarter-by-quarter or year-on-year performance evaluation difficult.
Lower Margins on Civilian Projects
Civilian projects, while socially impactful, can have significantly lower profit margins compared to proprietary defense projects.
Delayed Government Receivables
Procedural issues between government ministries cause delays (4-5 months) in receiving payments, impacting working capital and increasing financial expenses.
GEO Satellite Growth Constraints
Growth in GEO satellite projects is limited by the availability of orbit slots and frequency allocations, which depend on government policies.
Risk radar
Unpredictable Revenue & Profitability
Due to the nature of defense procurement and varying product mix, exact guidance on top-line and bottom-line quarter-by-quarter or year-on-year is difficult.
Product Mix Impact on Margins
Overall profit margins are sensitive to the mix of defense proprietary articles (high margin) versus competitive civilian projects (lower margin).
Working Capital Management
Delays in government receivables can strain working capital and increase financial expenses, despite healthy debt-equity and interest coverage ratios.
Healthcare Subsidiary (Imeds) Performance
Imeds' certification process has taken a long time, and the company is exploring finding a strategic investor to potentially take a majority stake to de-risk Avantel's balance sheet.
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 YOY
Shareholder questions and management's explanations explicitly compare financial performance (revenue, profit) and R&D expenditure between FY2025-26 and prior years, indicating a year-on-year focus for evaluating financial results.
Sector KPIs management disclosed
Order Book
Company has orders worth ₹1,000 crores as of today (June 2026) for the next 3 years, including railways, SATCOM ground stations, and IMD orders.
Revenue Visibility
Management states there is revenue visibility for the next 3 years, a first in company history, with a likely 25% Compound Annual Growth Rate (CAGR).
R&D Expenditure
R&D expenditure increased by ₹7 crores in FY2025-26 compared to the previous year, representing 5-10% of total revenue.
Working Capital & Receivables
Increased working capital and financial expenses due to delayed government receivables (4-5 months), though no bad debts are expected.
Management forward view
Long-Term Revenue Visibility
Management confidently states that for the first time in the company's history, there is clear revenue visibility for the next 3 years, and likely for 5 years.
Confident Growth Projections
Company is very sure of achieving a 25% Compound Annual Growth Rate (CAGR) for the next 3 years, with a goal to reach ₹1,000 crores turnover by 2030.
R&D as Strategic Investment
R&D expenditure, though expensed, is considered an investment for future long-term results and IP creation, crucial for meeting specialized defense requirements.
Strategic Review of Healthcare Subsidiary
The Board is exploring finding a strategic investor for the Imeds healthcare subsidiary, potentially allowing Avantel to divest its majority stake to protect its balance sheet.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Growth & Execution | ₹1,000 crores order book for next 3 years. | Timely execution of large orders (e.g., NSIL ground stations, DEAL order) and continued order inflow to sustain 25% CAGR. |
| Vijayawada Facility Ramp-up | Inauguration expected in early September 2026. | Successful commissioning and initial order execution (NSIL ground stations) from the new facility. |
| iDEX & SDR Project Commercialization | iDEX projects 90% complete, trials starting; SDRs in various development stages. | Successful completion of trials, securing initial orders, and market penetration for these new, high-potential products. |
| Imeds Strategic Investor Decision | Exploring possibility of finding a strategic investor for the healthcare subsidiary. | Board and shareholder approval of a strategic investment or divestment, and its impact on Avantel's balance sheet. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
57Limited 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 20th percentile of the scored universe and 15th percentile within Industrials. Main check: results consistency is weak at 17/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
22 docs text-extracted · 6 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
20th percentile
overall median 67 · Industrials: 15th pctile, median 68 · Small: 23rd pctile, median 66
Evidence depth
Financial-only
22 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
Needs extra due diligence; demand valuation comfort and recent improvement.
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
96
strong · leverage and solvency
Discipline
30
weak · capital discipline
Results
17
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.10.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROE is low at 5.3%.
- ▸ROCE trend is -21.7%.
- ▸Revenue CAGR is 13% but EPS CAGR is -17%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Avantel Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 15 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 5 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Jul - Newspaper publication of Un-audited Financial Results for the Q1, FY 2026-27
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.