Avalon Technologies Ltd(AVALON)

NSE: AVALONBSE: 543896

₹ 1,901.75+2.43%refreshed 26 Oct, 11:30 am ISTMarket cap: ₹ 12,719 crWebsite: www.avalontec.comUpdated: 24 Oct 2026

About

Avalon Technologies is an Indian electronics manufacturing services company specialising in complex box-build systems and sub-assemblies for industrial, mobility, clean energy, communication, and medical verticals, with a dual-shore model spanning India and the United States. FY26 consolidated revenue was 1603.2 (Rs Cr).^[1]

Business segments

India manufacturing accounted for 72% of consolidated revenue in Q1 FY27, serving both domestic and global customers.^[2]
FY26 revenue mix by vertical: Industrials 34%, Mobility 28%, Clean Energy 20%, Medical & Others 10%, Communication 8%.^[3]

Products and services

Box-build (complete system assembly and integration) accounted for 59.9% of revenue in Q1 FY27, up from 44.5% in FY22.^[2]
Key product areas include semiconductor equipment assemblies, HVDC systems, railway Kavach anti-collision systems, satellite antenna control units and energy storage systems.^[2]
Revenue from both semiconductor equipment and HVDC systems commenced in Q1 FY27, with production ramping over the following quarters.^[2]

Operations

As of FY25, Avalon ran 16 facilities and 65 production lines across 575k sq ft in two shifts, with buffer capacity for scale-ups.^[4]
Manufacturing spans Chennai (India) and the United States; a new Chennai plant for domestic demand began commercial production from Q2 FY27.^[2]
Asset turn was 9.9x in Q1 FY27.^[2]
Subsidiaries per the FY26 annual report: Avalon Technology and Services Pvt Ltd, Sienna ECAD Technologies Pvt Ltd and ABV Electronics Inc. (D/B/A Sienna Corporation).^[5]

Key operating numbers

Order book grew 23.4% YoY to ₹2,208 Cr in Q1 FY27, with long-term contracts (15-36 months) of ₹1,256 Cr; a further ₹3,465 Cr in 3-15 year contracts sits outside the reported order book.^[2]
Net working capital days improved to 117 in Jun'26 from 142 in Jun'25; inventory days 94 (from 104), receivable days 74 (from 87).^[2]
ROCE was 23.4% in Q1 FY27 vs ~10% two years earlier.^[2]

Customers and distribution

In H1 FY26, India business grew 44% YoY and US business 52% YoY; three large US-based industrial and defence customers were onboarded in Q2 FY26.^[6]
Exports to Southeast Asia have commenced; Europe and Southeast Asia are expected to grow meaningfully over the next two years.^[7]
US tariff recovery from customers exceeded 99% in H1 FY26, across over 50 unique tariff rates.^[6]
FY25 annual report names risks from reliance on a limited number of component suppliers, trade restrictions, volatile raw-material prices and US tariff increases.^[4]

Expansion and capex

99-year lease for 25.08 acres at SIPCOT Industrial Park, Oragadam, Kancheepuram District, Tamil Nadu, to set up an industrial unit, aimed at domestic and export demand including semiconductor equipment.^[8][2]
Joint venture Zollner Avalon Private Limited with Zollner Elektronik AG: Zollner 51%, Avalon 49%, with Avalon option to acquire a further 2% to reach 51%.^[9]
Management targets revenue doubling from the FY26 base of ₹1,603 Cr to approximately ₹3,200 Cr by FY29; FY27 growth guidance raised to 26-30% from 24-27%.^[2]

Recent developments

08 Oct 2026: Executed a 99-year lease with SIPCOT for 25.08 acres at Oragadam, Tamil Nadu.^[8]
03 Sep 2026: Joint venture agreement signed with Zollner Elektronik AG forming Zollner Avalon Private Limited.^[9]
CG Balaji appointed Additional Director (Non-Executive, Independent) from September 3, 2026; two independent directors proposed for second terms from July 2027.^[5]
CMD Kunhamed Bicha, holding 1,84,08,205 shares incl. trusts as on March 31, 2026, proposed for re-appointment for five years from July 12, 2027.^[5]

Market Cap

₹12,719 Cr

High / Low

₹2,620 / 778

Stock P/E

92.8

Price / Book

17.2

Book Value

₹108

EPS

₹16.9

No. of Shares

6.68 Cr

ROCE

19.8%

ROE

16.9%

OPM

10.3%

Debt / Equity

0.25

Sales

₹1,603 Cr

Net Profit

₹113 Cr

Promoter holding

40.3%

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