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Swing Capital

Avalon Technologies Ltd

NSE: AVALON BSE: 543896

Incorporated in 1999, Avalon Technologies Limited is a leading fully integrated Electronic Manufacturing Services ("EMS") company with end-to-end capabilities in delivering box-build solutions, focusing on high-value precision-engineered products.[1]

₹1,311
52W: ₹777 — ₹1428
PE 97.9 · Book ₹123 · +966% vs book
Market Cap₹8,755 Cr
Stock P/E97.9Price to Earnings
ROCE15.2%Return on Capital
ROE11.6%Return on Equity
Div. Yield0%Face Value ₹2

Strengths

  • +Company is almost debt free.
  • +Company has delivered good profit growth of 50.5% CAGR over last 5 years

Weaknesses

  • −Stock is trading at 11.0 times its book value
  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has a low return on equity of 7.68% over last 3 years.
  • −Earnings include an other income of Rs.43.9 Cr.
  • −Promoter holding has decreased over last 3 years: -26.3%

Shareholding Pattern

Promoters44.41%
FIIs6.42%
DIIs26.17%
Public22.98%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters50.88%50.69%▼0.250.58%▼0.150.57%▼0.044.6%▼6.044.46%▼0.144.42%▼0.044.41%▼0.0
FIIs2.56%2.97%▲0.45.39%▲2.47.13%▲1.78.67%▲1.510.04%▲1.47.56%▼2.56.42%▼1.1
DIIs23.19%23.75%▲0.620.87%▼2.917.32%▼3.622.01%▲4.722.84%▲0.825.4%▲2.626.17%▲0.8
Public23.38%22.59%▼0.823.16%▲0.624.99%▲1.824.72%▼0.322.65%▼2.122.61%▼0.022.98%▲0.4

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales120111117162151202166206215234
Expenses107109112154140181150181191209
Operating Profit12257122117252325
OPM %10%1%4%5%8%11%10%12%11%10%
Net Profit10479161815252426
EPS ₹1.60.571.061.312.492.792.193.713.573.92

AI Insights

Revenue Trend

Mar 2026 revenue at ₹821Cr, up 29.9% YoY. OPM at 11%.

Debt Position

Borrowings at ₹39Cr. Debt-to-equity ratio: 0.05x. Healthy balance sheet.

Capex Cycle

CWIP at ₹22Cr (21% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 26.17% (+9.59pp change). FIIs: 6.42% (-6.05pp change). Promoters hold 44.41%.

Margin & Efficiency

ROCE improving from 0% (Mar 2019) to 15% (Mar 2026). Working capital days: 176.

Valuation

PE 97.9x with 15.2% ROCE. Price is 966% above book value of ₹123. Dividend yield: 0%.

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