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View Claim Ledger →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.
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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.
Promises1 met · 0 missedRisks4 trackedTranscriptfull text
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1 delivered, 0 close, 0 missed, 1 delayed.
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Risk Intelligence
Supply chain disruptions from geopolitical tensions
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Read Transcript →Quarter Snapshot
Order Book
₹2,196 Cr
+24.7% YoY
Order book grew to ₹2,196 crore with average execution period of 14 months.
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.
What Changed vs Last Quarter
NEW
Doubling 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.
NEW
Capex of ~₹50-60 crore annually
Annual capex is expected to remain in the range of ₹50-60 crore, similar to prior years.
UPDATED
FY27 revenue growth guidance of 24-27%
Management guided for revenue growth of 24-27% in FY27, reflecting sustained momentum.
UPDATED
US manufacturing breakeven in later part of FY27
Management expects US manufacturing to reach breakeven in the later part of FY27 as losses narrow.
DROPPED
Capex to remain ~₹50 crore per year
Management expects capex of around ₹50 crore annually for the next couple of years, maintaining a capex-light model with asset turns between 7-10x.
DROPPED
FY27 outlook to be shared after budget completion next quarter
Management will provide FY27 guidance once the budgeting exercise is completed in the next quarter.
NEW RISK
Supply chain disruptions from geopolitical tensions
Analyst raised concerns about potential supply chain disruptions; management acknowledged active management but no material impact seen currently.
NEW RISK
US manufacturing losses persist
US manufacturing posted a loss of ₹5 crore in Q4; breakeven is targeted for later part of FY27 but remains uncertain.
NEW RISK
Customer concentration risk
Top 10 customers account for 61% of revenue, posing concentration risk if any large customer reduces orders.
NEW RISK
PCB supply tightness and price increases
Analyst noted tightening PCB supply and price increases; management said pass-through to customers mitigates impact but risks remain.
RISK GONE
US manufacturing profitability drag
US manufacturing operations reported a PAT loss of ₹7 crore in Q3, though improving from ₹9 crore. Continued losses could weigh on consolidated margins.
RISK GONE
Tariff policy uncertainty
While tariffs have been reduced to 18%, further changes could impact export competitiveness. Management noted that past tariff volatility caused customer hesitation.
RISK GONE
Commodity price pass-through lag
Recent commodity price increases may not be fully passed through in the same quarter, potentially pressuring gross margins temporarily.
RISK GONE
Dependence on new program ramp-ups
Growth relies on timely ramp-up of new programs (semiconductor equipment, energy storage). Any delays could impact revenue trajectory.
Fast read
Guidance and risk preview
Management guided for revenue growth of 24-27% in FY27, reflecting sustained momentum.
Analyst raised concerns about potential supply chain disruptions; management acknowledged active management but no material impact seen currently.
View Risks →