Company Update : Avalon Technologies Ltd by Motilal Oswal Financial Services Ltd
Operating performance beats estimates
* Consolidated revenue grew 49% YoY to INR4.2b (est. INR3.5b).
* EBITDA margin contracted 80bp to 11.5% (est. 11.7%), largely due to a contraction in gross margins (of 320bp to 34.2% in 3QFY26), which was partially offset by a reduction in employee (down 80bp) and other expenses (down 150bp). EBITDA grew 39% YoY to INR480m (est. INR406m).
* The segment mix for Clean Energy/Mobility and Transportation/Industrials/ Communication/Medical and Others stood at 21%/27%/37%/7%/8% in 3QFY26 compared to 20%/27%/30%/8%/15% in FY25.
* Adj. PAT stood grew 36% to INR326m (est. INR257m).
* Gross debt stood at INR1.4b as of Dec’25 vs. INR1.4b as of Mar’25.
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