Avalon Technologies Limited

AVALON.BO

Hardware, Equipment & Parts · Technology

Exchange

Bombay Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Exceptional

Cash Flow

Weak

Stability

Exceptional

Valuation

Good

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Winston Score History

The full picture

Avalon Technologies Limited is an Indian electronics manufacturing services (EMS) company. It builds complex electronic systems and assemblies for customers in industries like clean energy, electric vehicles, medical devices, and industrial automation. The company handles everything from circuit board assembly to full product box builds, making it a one-stop shop for companies that need hardware manufactured at scale.

Avalon earns revenue by charging customers for manufacturing services, with contracts typically tied to specific product runs or long-term supply agreements. It operates primarily in India, with facilities in Chennai and other locations, and also has a presence in the United States to serve North American clients. The company benefits from India's growing role as an alternative manufacturing hub to China, which has attracted global companies looking to diversify their supply chains. The key growth driver is continued "China-plus-one" sourcing trends, though the main risk is margin pressure from raw material costs and competition from larger EMS players globally.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+40.0% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+67.8% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

55.6%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹0 cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

Avalon Technologies Limited is growing revenue at 40% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

15.7%

Thin — 15.7% gross margin

Profit after running costs

Operating Margin

10.2%

Modest — 10.2% operating margin

Return on the money invested

ROCE

18.3%

Strong — 18.3% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+44.4%

Fast-growing sales (+44.4% YoY)

Profit growth

EPS YoY

+65.6%

Earnings growing fast (+65.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

-8%

Weak — only -8% of profit becomes cash

Spare cash per sale

FCF Margin

-1.9%

Burning cash (-1.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.27

Conservative — low debt load (0.27)

Covers its interest

Interest Cover

11.41x

Comfortably covers interest (11.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

109.1x

no trend

Expensive — P/E 109.1

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+55.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (109.1 → 53.9)

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Dividends

Not applicable for this business.

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