Avantel Ltd

NSE: AVANTEL BSE: 532406IT / Software

Avantel Limited is engaged in the business of designing, developing and maintaining wireless and satellite communication products, defence electronics, radar systems and development of network management software applications for its customers majorly from the aerospace and defence sectors. [1]

₹147

52W: ₹117 — ₹215

PE 174 · Book ₹13.4 · +997% vs book

Market Cap₹3,914 Cr

Stock P/E174Price to Earnings

ROCE11.4%Return on Capital

ROE7.44%Return on Equity

Div. Yield0.13%Face Value ₹2

Strengths

+Company's median sales growth is 35.7% of last 10 years

Weaknesses

−Stock is trading at 11.0 times its book value
−Promoter holding has decreased over last 3 years: -3.10%

Shareholding Pattern

Promoters37.04%

FIIs0.55%

DIIs0.92%

Public61.48%

Category	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	40.06%	40.06%	38.58%▼1.5	38.57%▼0.0	37.15%▼1.4	37.15%	37.08%▼0.1	37.04%▼0.0
FIIs	0.01%	0.11%▲0.1	0.18%▲0.1	0.48%▲0.3	0.47%▼0.0	0.66%▲0.2	0.6%▼0.1	0.55%▼0.0
DIIs	0.36%	0.65%▲0.3	0.92%▲0.3	0.43%▼0.5	0.18%▼0.3	0.16%▼0.0	0%▼0.2	0.92%▲0.9
Public	59.56%	59.18%▼0.4	60.33%▲1.1	60.52%▲0.2	62.2%▲1.7	62.03%▼0.2	62.32%▲0.3	61.48%▼0.8

Financial Statements

Metric	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	59.1	41.71	51.65	77.25	70.44	49.14	51.84	55.12	51.25	63.15
Expenses	34.07	22.68	36.88	41.98	37.65	36.59	40.49	42.42	37.32	47.75
Operating Profit	25.03	19.03	14.77	35.27	32.79	12.55	11.35	12.7	13.93	15.4
OPM %	42.35%	45.62%	28.6%	45.66%	46.55%	25.54%	21.89%	23.04%	27.18%	24.39%
Net Profit	16.97	13.08	8.08	23.57	20.9	7.36	4.62	6.17	4.66	7.05
EPS ₹	0.64	0.5	0.31	0.89	0.79	0.28	0.17	0.23	0.18	0.27

AI Insights

Revenue Trend

Mar 2026 revenue at ₹221Cr, down 10.9% YoY. OPM at 24%.

Debt Position

Borrowings at ₹34Cr. Debt-to-equity ratio: 0.11x. Healthy balance sheet.

Capex Cycle

CWIP at ₹6Cr (4% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.92% (+0.89pp change). FIIs: 0.55% (+0.55pp change). Promoters hold 37.04%.

Margin & Efficiency

ROCE improving from 9% (Mar 2015) to 11% (Mar 2026). Working capital days: 238.

Valuation

PE 174x with 11.4% ROCE. Price is 997% above book value of ₹13.4. Dividend yield: 0.13%.