AVALON / Q3-FY26 / claim-ledger

Audit the questions that mattered.

Avalon Technologies · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ3-FY26 · 2026-02-14Back to quarter ↗

Questions audited

12

Answered directly

46%

Numeric claims

3

Consistency

contradicted

Question ledger

What was answered, and how?

Summit Nha · Mcquaryy

partial

Implied Q4 revenue growth of 20-21% from 40% guidance? Conservatism or high base?

yes we are conservative. Okay, because the different programs cut in at different times for us and um and this last 9 months is been tariffs, no tariffs, what tariff, you know what percentage.

Summit Nha · Mcquaryy

partial

Are operational investments done? When will reinvestment be needed for FY27 growth?

you can see that in our numbers itself uh it's you know it's been flat quarter to quarter ... for the existing programs we are well covered but our hope is that we get much larger programs in the future so we'll have to focus on basically people based investments.

Summit Nha · Mcquaryy

partial

What was the rupee leakage from 99% tariff recovery? How much could margins expand?

Typically we do not share a tariff absolute number over there but just to give you a heads up on that uh let's say without tariff our gross margin percentage would have been better by 100 bits.

Danesha · Dam Capital

direct

Confirm US revenue percentage and manufacturing split for Q3.

That's correct. ... in FI26 US manufacturing is 22% and India manufacturing is 78%.

Danesha · Dam Capital

evasive

Highlight growth areas and applications driving incremental growth.

So that's a tough one to answer when you're chasing broad-based growth. ... we are seeing you know uh growth in a lot of our segments where we are focused and we're going to go deeper into the segments.

Danesha · Dam Capital

direct

Update on US margin improvement and path to profitability.

the pack losses are at around - 7 crores. If you look at the last couple of quarters, it was approximately at around - 9 cr each quarter. ... We believe the the next year uh with the growth in energy storage systems ... can help in that direction.

Archett Sha · BNK securities

partial

Outlook on US manufacturing share and client stickiness after tariffs.

The ideal goal for us is you know 80/20 we've always kind of said that ... today we have a set of customers who are come to us some of them want to stay in the US ... they have decided to next two years uh they're going to make it there.

Archett Sha · BNK securities

partial

Why does US margin remain negative despite scale? Sustainable India margin?

our India manufacturing revenues which constitute 78% of our business delivered 16.7% AIDA and 12.2% PAT. ... US manufacturing also within later part of next fiscal year uh can get much better than where it is today.

Vlog Shastawa · Philip Captain

partial

Why order book growth (25%) lagged revenue growth? Expect Q4 pickup?

For me we believe the order book has done really well ... it's grown 26% uh look at on your basis the business is growing faster but the key is you know we're not tying all the orders ... we have an order book of 2016 crores.

Santo Shashadri · Aendespar

declined

Revenue opportunity and market size for semiconductor equipment under ISM 2.0?

Now we don't want to go there since it's you know we have our own calculation of where we need to be but uh let us get the approvals the production going you know and then we'll probably comment on that.

Karan Sanwal · Dish

evasive

How big is semiconductor opportunity and what products are targeted?

So what we're doing is um part of their larger system. We're not making the whole equipment. ... we don't want to give a number the opportunity.

Ju Punjabi · Invest Techco Capital

partial

Can FY27 growth sustain at 25-30% with sustainable margins?

I believe uh that you know we will do that number you mentioned and more we are conservative in approach but we don't just want to come out and tell the numbers.