Avalon Technologies Limited

AVALON.NS

Hardware, Equipment & Parts · Technology

Price

₹2183.80

-61.70 (-2.75%)

Market Cap

₹145.90B

Exchange

National Stock Exchange of India

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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Share count rising — dilution

+19.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 55.9M (2022) → 67.0M (2026)

Winston Score History

The full picture

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

Avalon earns revenue by charging customers for manufacturing labor, components, and assembly services — a contract manufacturing model. 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. Its competitive edge comes from offering end-to-end manufacturing capabilities, which is harder to replicate than simple assembly work. The key growth driver is India's push to become a global electronics manufacturing hub, supported by government incentives, but the main risk is customer concentration — losing one or two large clients could meaningfully hurt revenue.

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

R&D Spend

₹0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

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

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

+55.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (109.1 → 53.7)

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Dividends

Not applicable for this business.

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