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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹480 Cr
verified against source
Revenue YoY
40%
reported change
EBITDA
₹57 Cr
latest reported figure
Source
nse announcements
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for revenue growth of 24-27% in FY27, reflecting sustained momentum.
- From the FY26 base of ₹1,603 crore, the company targets to double revenue to approximately ₹3,200 crore by FY29.
- Management expects US manufacturing to reach breakeven in the later part of FY27 as losses narrow.
- Annual capex is expected to remain in the range of ₹50-60 crore, similar to prior years.
Risks flagged
- Analyst raised concerns about potential supply chain disruptions; management acknowledged active management but no material impact seen currently.
- US manufacturing posted a loss of ₹5 crore in Q4; breakeven is targeted for later part of FY27 but remains uncertain.
- Top 10 customers account for 61% of revenue, posing concentration risk if any large customer reduces orders.
- Analyst noted tightening PCB supply and price increases; management said pass-through to customers mitigates impact but risks remain.
Key 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.
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