EMS / Box Build

Avalon Technologies

AVALONNSESmall Cap

Live₹1,260syncing…

Vertically integrated EMS player with US and India footprint serving industrial, clean energy, mobility and semiconductor equipment customers.

Market Cap

₹8.4k cr

Price

1260

1Y 36%

Direct exposure

60/100

0–100 directness

Hold

Fundamental

34/ 100

Quality of growth, returns, cash conversion and balance sheet

Technical (TQ-100)

85/ 100

A+

Trend, momentum, volume and relative strength composite

Valuation

32/ 100

Higher = cheaper vs peers and own history

Final composite

52/ 100

Blended decision input

Data transparency

What's real, what's pending, on this page

Real financials loaded

✓ Real / verified

· Live price, day change, market cap — NSE direct
· 1Y OHLCV, RSI(14), 50/200 DMA, 1M/3M/1Y returns, RS vs Nifty — computed from real NSE OHLCV
· Sector P/E — NSE direct
· Promoter %, pledge %, MF/FII/public split, 9-quarter history — Trendlyne
· Earnings call AI summaries — Trendlyne (where available)
· Technical (TQ-100) score — computed from real OHLCV
· Annual revenue / EBITDA / PAT / OCF / FCF / equity / assets — Trendlyne (audited annuals)

⚠ Analyst-set (qualitative)

· Segment classification + semicon directness score — analyst seed
· Bull/bear case + monitorables (curated thesis) — analyst seed
· Governance risk score (seed) — being replaced by AI-agent assessment
· Synthesized 5Y forecast removed entirely (was inaccurate)

Real financials extracted for 42 of 45 companies. See /data-sources for full provenance.

Avalon Technologies · AVALON

₹1,260+15.31% over 6M

Price50 DMA200 DMA

RSI (14)

Momentum oscillator · 6M view

Volume (60D)

Fundamental score (SageOne 100)

34/ 100D

Growth 20 / Margin 15 / ROC 20 / Cash 15 / Leverage 10 / Reinvestment 8 / Accounting 7 / Governance 5 minus red flags (capped -20).

Base 42

Red flags -8

Growth quality/ 20

17.5

Rev 1Y 31.3% · 3Y CAGR 21.3%

Margin & profitability/ 15

5.8

EBITDA 8.8% · PAT 10.3%

Return on capital/ 20

6.4

ROCE 9% · ROE 12%

Cash flow quality/ 15

0.7

OCF/EBITDA 6% · FCF yield -0.1%

Leverage discipline/ 10

4.7

Net Debt/EBITDA 1.60x

Reinvestment runway/ 8

2.4

ROCE × retention proxy

Accounting quality/ 7

0.5

OCF conversion proxy

Governance/ 5

3.8

Pledge 0.0% · Risk 25/100

Red flags (2)

− Sub-threshold ROCEROCE 9% below 12% threshold-4
− Weak cash conversionOCF/EBITDA 6% < 50%-4

✓ Computed from real Trendlyne annuals (revenue, EBITDA, PAT, OCF, equity).

Technical score (TQ-100)

85/ 100A+

Computed from real 1Y OHLCV pulled from NSE direct: trend, momentum, volume, RS vs Nifty, MA cluster, mean reversion, volatility, patterns minus red flags.

Base 85

Trend structure/ 20

19.6

Above 200DMA · -4% from 52W high

Momentum velocity/ 15

15.0

RSI(14) 60 · 1M 4.0%

Volume dynamics/ 15

8.3

Bucket: Small Cap

Relative strength/ 15

12.0

RS vs Nifty 18%

MA cluster/ 10

10.0

200DMA + 1Y trend confirmation

Mean-reversion runway/ 10

8.3

RSI(14) 60; ideal 50-60

Volatility profile/ 8

4.8

Bucket: Small Cap

Pattern integrity/ 7

7.0

Trend continuation proxy

AI research agents

Re-classify segment exposure and re-assess governance risk by running fresh AI agents on the latest data. Results cache to data/agents.json.

Segment classifier

Maps to value-chain segments + computes 0-100 directness

Seed: EMS / Box Build · 60/100

Governance assessor

Forensic-accounting flags + 0-100 risk score

Seed: 25/100 risk

AI thesis

Generates a fresh thesis grounded in this company's data. Wires to Anthropic when ANTHROPIC_API_KEY is set, otherwise returns a deterministic mock.

Curated thesis

Analyst-set bull, bear and monitorables · use AI thesis above for a fresh take

Niche EMS exposure to clean energy and semiconductor equipment OEMs; profitability needs to mature.

Bull case

+US-India dual sourcing model
+Clean energy customer wins
+Semicon equipment customer base

Bear case

−Working capital intensity
−Margin volatility
−Customer concentration

Key monitorables

Semicon equipment customer rampROCE expansionOCF/EBITDA conversion

Semiconductor exposure

How direct, how visible

Primary segment

EMS / Box Build

All segments

EMS / Box Build, PCB / PCBA, Semiconductor Equipment Components

Exposure type

Indirect / pull-through

Policy beneficiary

Yes

Import substitution

High

Governance risk score

25/100 (lower = better)

Financial snapshot

Latest reported metrics · mock data, ready for live financials

Rev growth (1Y)

31.3%

Rev CAGR (3Y)

21.3%

EBITDA margin

8.8%

PAT margin

10.3%

ROCE

ROE

12%

OCF / EBITDA

Net Debt / EBITDA

1.6x

Promoter holding

65.4%

Promoter pledge

0.0%

Valuation

P/E (TTM)

68.0

Forward P/E

50.0

EV/EBITDA

110.1

EV/Sales

9.7

P/B

11.6

FCF Yield

-0.1%

Dividend Yield

0.00%

Hist. percentile

65%

Peer percentile

65%

Technicals

RSI(14)

1M return

4.0%

1Y return

36%

From 52W high

-4%

RS vs Nifty

18%

>200 DMA

Yes

Annual financials — real data

Extracted from Trendlyne · audited annuals · TTM + last 6 fiscal years

✓ Real

Line	TTM	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	₹865 cr	₹865 cr	₹659 cr	₹461 cr	₹484 cr	₹440 cr	₹371 cr
↳ YoY growth	+0.0%	+31.3%	+42.9%	-4.8%	+10.2%	+18.6%	—
EBITDA	₹134 cr	₹76 cr	₹51 cr	₹61 cr	₹52 cr	₹31 cr	₹32 cr
↳ EBITDA margin	15.4%	8.8%	7.8%	13.2%	10.6%	7.0%	8.6%
PAT	₹89 cr	₹89 cr	₹51 cr	₹33 cr	₹28 cr	₹28 cr	₹12 cr
↳ PAT margin	10.3%	10.3%	7.7%	7.1%	5.9%	6.4%	3.1%
OCF	₹67 cr	₹4 cr	₹-10 cr	₹-19 cr	₹-12 cr	₹86 cr	₹36 cr
↳ OCF / EBITDA	50.3%	5.6%	-19.2%	-31.0%	-23.5%	280.5%	112.9%
FCF (= OCF − capex)	₹17 cr	₹-4 cr	₹-215 cr	₹-35 cr	₹-18 cr	₹6 cr	₹27 cr
Total Equity	₹819 cr	₹726 cr	₹673 cr	₹657 cr	₹236 cr	₹209 cr	₹190 cr
Total Assets	₹1.0k cr	₹903 cr	₹782 cr	₹944 cr	₹459 cr	₹457 cr	₹403 cr
↳ ROE	10.9%	12.3%	7.5%	4.9%	12.0%	13.4%	6.1%
↳ ROA	8.7%	9.9%	6.5%	3.4%	6.2%	6.1%	2.9%

Source: Trendlyne (Standalone where Consolidated unavailable). Last refresh on real-data ingest.

Promoter pledge & shareholding history

From Trendlyne · 9 quarters · synced Invalid Date

Pledge: 0.0%

Promoter

44.4%

Mutual Funds

22.3%

FII

6.4%

Public

23.0%

Promoter holding trend

50.9

Mar

50.9

Jun

50.7

Sep

50.6

Dec

50.6

Mar

44.6

Jun

44.5

Sep

44.4

Dec

44.4

Mar

Δ:-6.5% over 9 quartersWatch — meaningful dilution

Commentary

·Promoter holding fell from 50.9% to 44.4% in mid-2025 (6pp dilution)
·No pledge

Management quality

Capital allocation, debt discipline, alignment, governance composite. Computed from disclosed metrics.

Capital allocation

Sub-threshold ROCE; capital allocation needs scrutiny.

ROCE 9%, div yield 0.0%

Promoter holding

Promoter has strong skin in the game.

65.4%

Promoter pledge

No pledging — cleanest signal.

0.0%

Debt discipline

Watch — leverage building.

Net Debt/EBITDA 1.60x

Cash conversion

Weak cash conversion — investigate working capital and quality of earnings.

OCF/EBITDA 6%

Governance composite

Some watchpoints; nothing disqualifying.

25/100 risk

Variant perception

What the market is pricing in versus our read, and what would invalidate the thesis.

What the market is pricing in

Steady but unspectacular execution. Multiples reflect mid-pack expectations.

What we think it's missing

Consensus appears reasonable. Look for thesis-changing catalysts (margin inflection, new customer wins, segment mix shift) rather than narrative re-rating alone.

Thesis killers

×Leverage surprise — capex overrun without corresponding revenue ramp
×Working capital blowout disclosed in next quarterly result

References

Wire to live data sources in production

NSE filings Screener BSE corporate filings Annual report (latest)Concall transcript (latest)Investor presentation