Avantel Ltd(AVANTEL)

NSE: AVANTELBSE: 532406

₹ 136.55-3.91%refreshed 23 Oct, 03:52 pm ISTMarket cap: ₹ 3,629 crNext results: 26 Oct 2026Website: www.avantel.inUpdated: 24 Oct 2026

About

Avantel Ltd is a Hyderabad-based defence electronics company specialising in satellite communications equipment, Software Defined Radios (SDRs), and ground station systems for India's armed forces and defence primes. In FY26 the company reported revenue of ₹222.87 crores, with communications and signal processing products contributing 99.3% of segment revenue. The company holds VSAT (KU-band Voice & Data) and IN-SPACe GSaaS licences, placing it among a small group of private Indian firms authorised to offer satellite ground-station services.^[1][2][3]

Business segments

Communications and Signal Processing Products: 99.3% of segment revenue (₹223.72 Cr) in FY26, covering satcom equipment, SDRs and ground station systems.^[2]
Health Care (subsidiary Imeds Global): ₹0.67 Cr revenue and a segment loss of ₹3.28 Cr in FY25; products in surgical and respiratory domains pending certification.^[3]

Products and services

Core portfolio: satellite communication equipment, HF and UHF Software Defined Radios (1 kW HF SDR actively supplied to Indian Navy and shipyards as of Q4 FY25), and VSAT terminals.^[4]
Five iDEX satcom development projects: satellite phone, convoy management system, satellite video receiver, and two satcom-on-the-move systems (Army and Navy), all under active development as of Q4 FY25.^[4]
Airborne SDR for the Indian Air Force: contract awarded by DEAL Dehradun, won as L1 against BEL, L&T and Coral as of Q4 FY25.^[4]
VSAT KU-band Voice & Data licence and IN-SPACe authorisation for Ground Station as a Service (GSaaS) for Indian and foreign satellites obtained by FY25.^[3]
Medical devices (IMAX brand via Imeds Global): ventilators, CPAP, BIPAP and patient monitoring systems in development; ~₹30 crores invested in fixed assets and product development as of Q4 FY25.^[4]

Operations and facilities

E-City Hyderabad facility: ~70,000 sq ft across 4 acres for SDR manufacturing, GSaaS, VSAT and satellite AIT services; targeted operational by 15 June 2025.^[3]
New Kondaparva (NTR District, Andhra Pradesh) electronics manufacturing facility: 9.1 acres acquired, ~80,000 sq ft planned for satellite earth station antennas, high-power HF antennas, MIL-standard connectors and SMT lines.^[3]
Vijayawada antenna manufacturing facility (funded by rights issue): to manufacture HF antennas, satcom antennas up to 11 m, and other defence antenna types; expected operational in FY27.^[4]
Collaboration with Safran France for 360° full-motion satellite ground station antennas for satellite data reception.^[4]

Key operating numbers

Order book: ₹210 crores as of Q4 FY25.^[4]
Revenue grew approximately 3× from ₹77 crores in FY21 to ₹248 crores in FY25; PAT grew approximately 4× from ₹15 crores to ₹59.56 crores over the same period.^[4]
Convoy Management iDEX project: >60% development complete and on trial as of Q4 FY25.^[4]
RTS railway satcom terminals: 8,000 units already supplied as of Q4 FY25; new tender re-issued after prior tender cancelled.^[4]

Customers and distribution

Primary customer: Indian Ministry of Defence (Indian Navy, Indian Air Force, Indian Army) for satcom equipment and SDRs.^[4][5]
Defence prime customers: Larsen & Toubro (₹12.04 Cr maintenance order, Oct 2026) and Zetwerk Manufacturing Businesses Ltd (₹177.35 Cr satcom equipment order, Sep 2026).^[6][7]
All recent disclosed orders are domestic; no export share stated in current sources.^[7][5][6]

Expansion and capex

Borrowing limit proposed to increase from ₹200 Cr to ₹350 Cr to support business expansion, project development and working capital needs, as per FY26 AGM notice.^[8]
ESOP 2025 scheme covering up to 45,00,000 equity shares to be launched, similar in structure to ESOP 2023.^[3]

Recent orders and developments

October 2026: ₹12.04 Cr purchase order from Larsen & Toubro for comprehensive annual maintenance of satcom equipment; execution by October 2028.^[6]
October 2026: ₹6.02 Cr contract from Directorate of Electrical Engineering, Naval HQ, MoD for comprehensive annual maintenance of satcom equipment; execution by September 2029.^[5]
September 2026: ₹177.35 Cr purchase order from Zetwerk Manufacturing Businesses Ltd for supply of satellite communication equipment; execution by March 2027.^[7]
April 2026: Two new Independent Directors with aerospace/defence and corporate finance backgrounds appointed, broadening board expertise.^[8]
FY26: Final dividend of Re.0.20 per equity share (face value Rs.2) declared, consistent with FY25 level.^[8]
Statutory Auditor M/s. Grandhy & Co. proposed for re-appointment for a second term of five years through FY2030-31.^[8]

Market Cap

₹3,629 Cr

High / Low

₹198 / 118

Stock P/E

210.1

Price / Book

10.7

Book Value

₹13

EPS

₹0.6

No. of Shares

26.57 Cr

ROCE

9.5%

ROE

5.2%

OPM

13.4%

Debt / Equity

0.10

Sales

₹223 Cr

Net Profit

₹15 Cr

Promoter holding

36.9%

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Avantel Ltd(AVANTEL)

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