Avalon Technologies (AVALON) Q4 25/26 earnings summary

Executive summary

• Achieved 46% revenue growth for FY26, surpassing guidance, with seven consecutive quarters of growth and strong performance in both India and US markets.

• Order book grew 25% year-on-year to INR 2,196 crores as of March 31, 2026, with long-term contracts at INR 1,245 crores.

• Recognized for operational excellence, including Best Performer for Lean Electrical production and multiple industry awards.

• Entry into semiconductor equipment and expansion in Southeast Asia and Europe broadened the business footprint.

• Audited standalone and consolidated financial results for FY26 were approved with an unmodified opinion.

Financial highlights

• FY26 consolidated revenue: INR 1,603 crores (₹16,032.05 million), up 46% year-on-year; Q4 FY26 revenue: INR 480 crores, up 40% year-on-year.

• FY26 PAT: INR 113 crores (₹1,129.46 million), up 78% year-on-year; Q4 FY26 PAT: INR 41 crores.

• FY26 gross margin: 34.3%; Q4 gross margin: 33.7%.

• FY26 EBITDA margin: 10.8%, up 50.9% year-on-year; Q4 EBITDA margin: 11.8%.

• Net working capital improved to 112 days; net debt to equity ratio at 0.06; asset turns at 9.9 times.

Outlook and guidance

• Confident of sustaining growth, guiding for 24%-27% revenue growth in FY27 and targeting to double revenue by FY29 to INR 3,200 crores.

• Industry tailwinds include rising EMS manufacturing share, robust global and Indian ESDM market growth, and increased electronification.

• Order book and new program ramp-ups provide strong visibility.