Order Book
₹2,196 Cr
+24.7% YoY
Order book grew to ₹2,196 crore with average execution period of 14 months.
AVALONTECHNOLOGIES
Information Technology
15 May 2026
Avalon Technologies Ltd — Q4 FY26
Avalon delivered a strong Q4 FY26 with revenue of ₹480 crore (+40% YoY) and PAT of ₹41 crore (+69.5% YoY), capping a year where revenue doubled to ₹1,603 crore (+46% YoY), ahead of the 40% guidance.
✓ Verified against BSE filing
2-Min Summary
Avalon delivered a strong Q4 FY26 with revenue of ₹480 crore (+40% YoY) and PAT of ₹41 crore (+69.5% YoY), capping a year where revenue doubled to ₹1,603 crore (+46% YoY), ahead of the 40% guidance. Growth was broad-based across verticals (industrial +65%, mobility +50%, clean energy +45%) and geographies, with India manufacturing contributing 77% of revenue at 16.7% EBITDA margin. The order book grew 24.7% to ₹2,196 crore, with an additional ₹1,245 crore in long-term contracts. Management guided FY27 revenue growth of 24-27% and set a new target to double revenue to ~₹3,200 crore by FY29. Key growth drivers include semiconductor equipment (volume production expected in FY27), energy storage ramp-up, and new aerospace programs. US manufacturing losses narrowed to ₹5 crore in Q4, with breakeven targeted in later part of FY27. Risk: Supply chain disruptions from geopolitical tensions could impact component availability and margins.
Key Numbers
Box Build Share
56%
+12pp vs 4 years ago
Box build increased from 44% four years ago to 56% in Q4 FY26, indicating deeper integration.
India Manufacturing EBITDA Margin
16.7%
N/A
India manufacturing operations delivered 16.7% EBITDA margin and 12.2% PAT margin.
Net Working Capital Days
112 days
-12 days YoY
Net working capital improved by 12 days year-on-year to 112 days, better than guided 120-130 days.
Management Guidance
FY27 revenue growth guidance of 24-27%
Management guided for revenue growth of 24-27% in FY27, reflecting sustained momentum.
revenueDoubling revenue to ~₹3,200 crore by FY29
From the FY26 base of ₹1,603 crore, the company targets to double revenue to approximately ₹3,200 crore by FY29.
growthUS manufacturing breakeven in later part of FY27
Management expects US manufacturing to reach breakeven in the later part of FY27 as losses narrow.
marginsCapex of ~₹50-60 crore annually
Annual capex is expected to remain in the range of ₹50-60 crore, similar to prior years.
capexKey Risks
Supply chain disruptions from geopolitical tensions
Analyst raised concerns about potential supply chain disruptions; management acknowledged active management but no material impact seen currently.
medium · analyst_questionUS manufacturing losses persist
US manufacturing posted a loss of ₹5 crore in Q4; breakeven is targeted for later part of FY27 but remains uncertain.
medium · management_commentaryCustomer concentration risk
Top 10 customers account for 61% of revenue, posing concentration risk if any large customer reduces orders.
medium · data_observationPCB supply tightness and price increases
Analyst noted tightening PCB supply and price increases; management said pass-through to customers mitigates impact but risks remain.
low · analyst_questionNotable Quotes
FY26 has been our best year and Q4 is our seventh consecutive quarter of growth. But what stands out is not just the growth rate. It is the quality of it. Profitable, broad-based, and consistent across verticals and geographies.
We are almost there, a year ahead. That gives us confidence to set our sights on further doubling in the next 3 years.
Our focus is always to do the complex box build. We want to do the $100,000 boxes.