Price
Financials
Consolidated, Rs crore| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 201 | 214 | 217 | 199 | 275 | 281 | 343 | 323 | 382 | 418 | 480 | 484 |
| Expenses | 188 | 198 | 200 | 195 | 245 | 246 | 301 | 293 | 344 | 370 | 423 | 426 |
| Operating Profit | 13 | 17 | 17 | 4 | 30 | 35 | 41 | 30 | 39 | 48 | 57 | 58 |
| OPM % | 6% | 8% | 8% | 2.2% | 11% | 12% | 12% | 9% | 10% | 11% | 12% | 12% |
| Other Income | 5 | 2 | 3 | 4 | 4 | 10 | 3 | 2 | 8 | 7 | 12 | 3 |
| Interest | 3 | 4 | 4 | 4 | 4 | 5 | 4 | 4 | 4 | 3 | 4 | 3 |
| Depreciation | 6 | 6 | 6 | 7 | 7 | 7 | 8 | 8 | 9 | 8 | 8 | 9 |
| Profit before tax | 9 | 9 | 10 | -2 | 23 | 33 | 33 | 19 | 34 | 44 | 56 | 49 |
| Tax % | 15% | 27% | 29% | 14% | 25% | 27% | 25% | 26% | 26% | 27% | 27% | 28% |
| Net Profit | 7 | 7 | 7 | -2 | 17 | 24 | 24 | 14 | 25 | 33 | 41 | 35 |
| EPS in Rs | 1.11 | 1.00 | 1.07 | -0.35 | 2.65 | 3.63 | 3.67 | 2.14 | 3.74 | 4.88 | 6.16 | 5.22 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales | 642 | 690 | 841 | 945 | 867 | 1,098 | 1,603 | 1,764 |
| Expenses | 577 | 624 | 743 | 832 | 805 | 983 | 1,430 | 1,563 |
| Operating Profit | 64 | 66 | 98 | 113 | 63 | 115 | 173 | 201 |
| OPM % | 10% | 10% | 12% | 12% | 7% | 10% | 11% | 11% |
| Other Income | 11 | 5 | 31 | 14 | 15 | 17 | 29 | 30 |
| Interest | 45 | 27 | 25 | 35 | 16 | 17 | 15 | 15 |
| Depreciation | 16 | 16 | 18 | 20 | 23 | 29 | 34 | 34 |
| Profit before tax | 15 | 29 | 86 | 73 | 38 | 87 | 154 | 183 |
| Tax % | 19% | 20% | 21% | 28% | 26% | 27% | 26% | |
| Net Profit | 12 | 23 | 67 | 52 | 28 | 63 | 113 | 134 |
| EPS in Rs | 754.25 | 1,345.65 | 3,958.05 | 9.06 | 4.26 | 9.59 | 16.92 | 20.00 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | 18% | 19% | 44% | ||
| Compounded Profit Growth | % | 39% | 28% | 67% | ||
| Stock Price CAGR | % | % | 61% | 128% | ||
| Return on Equity | % | 13% | 11% | 17% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 2 | 12 | 13 | 13 | 13 |
| Reserves | 45 | 58 | 87 | 525 | 534 | 598 | 708 |
| Borrowings | 274 | 316 | 318 | 342 | 209 | 180 | 213 |
| Other Liabilities | 129 | 136 | 183 | 310 | 168 | 246 | 328 |
| Total Liabilities | 450 | 512 | 589 | 1,189 | 923 | 1,038 | 1,263 |
| Fixed Assets | 99 | 104 | 114 | 128 | 147 | 185 | 192 |
| CWIP | 3 | 0 | 2 | 15 | 20 | 10 | 24 |
| Investments | 2 | 0 | 0 | 0 | 75 | 35 | 81 |
| Other Assets | 346 | 408 | 473 | 1,046 | 681 | 808 | 966 |
| Total Assets | 450 | 512 | 589 | 1,189 | 923 | 1,038 | 1,263 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 66 | 6 | 16 | -13 | 17 | 25 | 57 |
| Cash from Investing Activity | -19 | -27 | -18 | -25 | -146 | 54 | -63 |
| Cash from Financing Activity | -42 | 28 | -21 | 452 | -251 | -52 | 8 |
| Net Cash Flow | 4 | 7 | -24 | 414 | -380 | 26 | 2 |
| Free Cash Flow | 49 | -14 | -2 | -41 | -18 | -21 | 4 |
| CFO/OP | 109% | 14% | 29% | 5% | 54% | 39% | 53% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 65 | 96 | 77 | 80 | 79 | 105 | 87 |
| Inventory Days | 138 | 117 | 153 | 194 | 209 | 175 | 161 |
| Days Payable | 121 | 102 | 78 | 87 | 64 | 98 | 87 |
| Cash Conversion Cycle | 82 | 111 | 152 | 187 | 223 | 182 | 160 |
| Working Capital Days | -46 | -17 | 18 | 18 | 106 | 104 | 86 |
| ROCE % | 18% | 24% | 17% | 6% | 13% | 19% |
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 51.09% | 50.98% | 50.91% | 50.88% | 50.69% | 50.58% | 50.57% | 44.60% | 44.46% | 44.42% | 44.41% | 44.39% |
| FIIs | 9.23% | 5.70% | 2.43% | 2.56% | 2.97% | 5.39% | 7.13% | 8.67% | 10.04% | 7.56% | 6.42% | 7.81% |
| DIIs | 16.28% | 17.07% | 22.47% | 23.19% | 23.75% | 20.87% | 17.32% | 22.01% | 22.84% | 25.40% | 26.17% | 24.72% |
| Public | 23.39% | 26.27% | 24.19% | 23.38% | 22.59% | 23.16% | 24.99% | 24.72% | 22.65% | 22.61% | 22.98% | 23.08% |
| No. of Shareholders | 55,329 | 71,388 | 70,431 | 65,296 | 57,388 | 59,703 | 63,007 | 61,743 | 61,064 | 57,290 | 65,594 | 72,969 |
Fundamentals
Market Cap₹ 15,396 Cr.
Current Price₹ 2,302
Stock P/E115
Book Value₹ 108
ROCE19.3 %
ROE16.5 %
Dividend Yield0.00 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)44%
Compounded Profit Growth (TTM)67%
Consolidated figures.
Valuation
Market capRs 13,214 Cr
Enterprise valueRs 13,134 Cr
P/E (TTM)98.91x
Price to book24.61x
Price to sales7.49x
EV / EBITDA56.74x
EV / EBIT66.41x
EV / sales7.44x
Earnings yield1.01%
Profitability
Operating margin (excl. other income)11.93%
Operating margin (incl. other income)13.46%
EBITDA margin13.12%
Pre-tax margin10.38%
Net profit margin7.57%
Net margin, latest quarter7.20%
ROE16.78%
ROCE16.72%
ROA5.91%
ROE, 3-year average47.37%
ROCE, 3-year average20.32%
ROA, 3-year average7.28%
ROIC (approx.)31.27%
Tax rate27.78%
Other income / net worth2.68%
Growth
Sales growth (latest year)12.37%
Profit growth (latest year)-16.94%
Sales CAGR, 3 years13.75%
Profit CAGR, 3 years65.70%
Sales growth QoQ0.94%
Profit growth QoQ-15.26%
Sales growth YoY (latest quarter)49.83%
Profit growth YoY (latest quarter)145.39%
Per share
EPS (TTM)Rs 23.05
EPS (latest year)Rs 9.06
EPS (latest quarter)Rs 6.02
EPS, 3-year averageRs 1,771.28
Book value per shareRs 92.66
Sales per shareRs 304.44
Cash flow per shareRs -2.28
Free cash flow per shareRs 0.69
Efficiency
Asset turnover0.79x
Fixed asset turnover7.41x
Inventory turnover1.95x
Inventory days188 days
Debtor days80 days
Debtors turnover4.58x
Creditor days87 days
Cash conversion cycle160 days
Working capital days86 days
Leverage
Total debtRs 342 Cr
Cash and bankRs 422 Cr
Net debtRs -80 Cr
Debt to equity0.64x
Net debt / EBITDA-0.35x
Interest coverage13.45x
Current ratio (filing 2026-03-31)2.05x
Quick ratio (filing 2026-03-31)1.12x
Trade payables (filing 2026-03-31)Rs 251 Cr
Owners' fund to total sources45.18%
Debt to assets28.77%
Cash flow
Cash from Operating Activity (latest year)Rs -13 Cr
Cash from Investing Activity (latest year)Rs -25 Cr
Cash from Financing Activity (latest year)Rs 452 Cr
Net Cash Flow (latest year)Rs 414 Cr
Free cash flow (latest year)Rs 4 Cr
FCFE (approx.: FCF + change in debt)Rs 28 Cr
Cash from ops / profit, 5 years0.32x
Statement figures
Net sales (TTM)Rs 1,764 Cr
Net sales (latest year)Rs 945 Cr
Sales (latest quarter)Rs 484 Cr
Operating profit excl. other income (latest year)Rs 113 Cr
Operating profit (latest quarter)Rs 58 Cr
Other income (TTM)Rs 30 Cr
EBITDA (TTM)Rs 231 Cr
PBDT (TTM)Rs 217 Cr
Profit before tax (TTM)Rs 183 Cr
Tax (latest year)Rs 20 Cr
Net profit (TTM)Rs 134 Cr
Net profit (latest year)Rs 52 Cr
Net profit (latest quarter)Rs 35 Cr
Depreciation (TTM)Rs 34 Cr
Depreciation (latest quarter)Rs 9 Cr
Interest (TTM)Rs 15 Cr
Cost of goods sold (latest year)Rs 618 Cr
Total expenditure (latest year)Rs 832 Cr
Total income (latest year)Rs 959 Cr
Share capitalRs 12 Cr
ReservesRs 525 Cr
Shareholders' fundsRs 537 Cr
Total assetsRs 1,189 Cr
Net blockRs 128 Cr
Capital work in progressRs 15 Cr
ReceivablesRs 206 Cr
InventoryRs 318 Cr
Other liabilitiesRs 310 Cr
Shares outstanding (crore)5.80
Ownership
Promoter holding44.39% (-0.21 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 98.9 is at the 41th percentile of its own 3.4-year range
(median 108.0, low 56.0, high 300.8).
P/B 24.61 is at the 5th percentile (median 62.75).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
| Period | AVALON | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -1.6% | -2.8% | +1.2 pts |
| 1 month | -1.7% | -6.8% | +5.1 pts |
| 3 months | +27.5% | -7.6% | +35.1 pts |
| 6 months | +145.7% | +0.4% | +145.3 pts |
| 1 year | +128.8% | -9.9% | +138.7 pts |
| 2 years | +301.2% | -13.6% | +314.7 pts |
| 3 years | +310.6% | +14.2% | +296.4 pts |
46 mutual fund schemes hold about ₹3,051 Cr.
Over three months 7 bought more and 26 sold (share counts, price move removed).
| Fund | Weight | Est. Cr | 3m shares |
|---|---|---|---|
| Nippon India Small Cap Fund | 1.11% | 921 | -2% |
| Axis Small Cap Fund | 1.52% | 479 | -3% |
| HSBC Midcap Fund | 1.34% | 230 | +1% |
| HDFC Large & Mid Cap Fund | 0.70% | 212 | -0% |
| HSBC ELSS Tax saver Fund | 4.38% | 185 | -8% |
| Edelweiss Small Cap Fund | 2.27% | 165 | -22% |
| HSBC Small Cap Fund | 0.62% | 118 | -3% |
| HSBC Large & Mid Cap Fund | 1.70% | 101 | +19% |
| HSBC India Export Opportunities Fund | 7.42% | 98 | -11% |
| LIC MF Multi Cap Fund | 3.46% | 78 | -8% |
| DSP India T.I.G.E.R Fund | 0.96% | 62 | -32% |
| JM Mid Cap Fund | 3.05% | 42 | -29% |
| ITI Multi Cap Fund | 2.35% | 36 | -12% |
| TRUSTMF Small Cap Fund | 1.24% | 35 | -23% |
| LIC MF Dividend Yield Fund | 4.58% | 35 | -2% |
| LIC MF Small Cap Fund | 4.14% | 34 | -18% |
| LIC MF Dividend Yield Fund | 4.58% | 33 | -2% |
| WOC Special Opp Fund | 1.48% | 29 | +100% |
| Axis India Manufacturing Fund | 0.43% | 25 | -31% |
| WOC Mid Cap Fund | 0.30% | 22 | +100% |
| JM Small Cap Fund | 2.30% | 21 | -22% |
| Samco Active Momentum Fund | 2.68% | 20 | +100% |
| Motilal Oswal Nifty Microcap 250 Index Fund | 0.75% | 19 | -4% |
| Union Active Momentum Fund | 3.19% | 17 | +24% |
| WOC Multi Cap Fund | 0.25% | 10 | +100% |
Red flags
F-score 3 of 8| explain | Weak cash conversion Cash from operations was 6% of net profit over the last 3 years |
| explain | Share dilution Share count up 28900% in a year, 28900% in three |
| look | On NSE surveillance On NSE surveillance: ASM long-term |
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Jun 2026Sales ₹484 Cr +49.8% vs Jun 2025.
Net profit ₹35 Cr +150.0%.
Activity
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| Fujiyama Power Systems Ltd | 12,512 | 29.9 | 35.1 % |
| Genus Power Infrastructures Ltd | 8,934 | 13.7 | 25.3 % |
| Waaree Renewable Technologies Ltd | 8,574 | 16.8 | 85.0 % |
| Vikram Solar Ltd | 5,801 | 16.1 | 30.6 % |
| Ram Ratna Wires Ltd | 5,450 | 42.1 | 23.6 % |
| Saatvik Green Energy Ltd | 5,249 | 21.1 | 32.9 % |
| Shilchar Technologies Ltd | 4,613 | 33.5 | 50.7 % |
| Yash Highvoltage Ltd | 3,293 | 84.6 | 28.6 % |
| Oriana Power Ltd | 3,223 | 12.8 | 39.7 % |
No bulk or block deals on record.
No corporate actions on record.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
| Trade date | Shares sold short |
|---|---|
| 2026-09-30 | 6 |
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Long Term Additional Surveillance Measure (Long Term ASM): stage 1Scrip PE is greater than 50 (4 trailing quarters)