Slide 1: Exchange filing letter for investor presentation
To To BSE Limited The Manager Corporate Relationship Department Listing Department PJ towers, The National Stock Exchange of India Limited Dalal Street, “Exchange Plaza”, Bandra – Kurla Complex, Mumbai -400001 Bandra (EAST), Mumbai – 400051 BSE SCRIP CODE: 543896 NSE Symbol: AVALON Sir(s)/Madam, Sub
Slide 2: Earnings Presentation Q2 FY26
November 2025 Earnings Presentation Q2 FY26 www.avalontec.com
Slide 3: Disclaimer
Disclaimer This presentation and the accompanying slides (the “Presentation”), which have been prepared by Avalon Technologies Limited(the “Company”), solely for information purposes without any regard to any specific objectives, financial situations or informational needs of any particular person a
Slide 4: Table of Contents
Table of Contents Business Highlights Financial Highlights Strategy Company Overview Annexures | www.avalontec.com STRICTLY PRIVATE AND CONFIDENTIAL 3
Slide 5: Avalon – At a Glance
AVALON – AT A GLANCE One of the India’s Leading Fully Integrated EMS Company with a Global Delivery Footprint Long-standing presence in the US with industry leading Box Build contribution percentage Hybrid One stop shop for all EMS 15 Manufacturing units across US Manufacturing 575k+ sq.ft. Design &
Slide 6: Business Highlights
Business Highlights Key events India & US businesses grew 31% & 44% YoY in Q2 FY26 53% INR 1863 Cr # Box-build Revenue Order book Order book increased by 25.4% YoY 18.4% INR 1168 Cr * India manufacturing representing 81% of revenue, delivered RoCE Long–term Contracts 14.1% EBITDA and 10.9% PAT in Q2
Slide 7: Financial Highlights – H1 FY26
Financial Highlights – H1 FY 26 (INR Cr.) Order Gross Margin EBITDA PAT Book H1 FY 26 H1 FY 26 H1 FY 26 30th Sep 2025 Revenue 246 YOY% 68 YOY% 39 YOY% 1,863 YOY% 46.9% 98.5% 158.3% 25.4% H1 FY 26 168 H1 FY 26 35 H1 FY 26 15 H1 FY 26 1,485 H1 FY 25 H1 FY 25 H1 FY 25 30th Sep 2024 706 YOY% 34.9% YOY%
Slide 8: Financial Highlights – Q2 FY26
Financial Highlights – Q2 FY 26 (INR Cr.) Order Gross Margin EBITDA PAT Book Q2 FY 26 Q2 FY 26 Q2 FY 26 30th Sep 2025 Revenue 131 YOY% 39 YOY% 25 YOY% 1,863 YOY% 29.6% 28.1% 42.9% 25.4% 101 Q2 FY 26 30 Q2 FY 26 17 Q2 FY 26 1,485 Q2 FY 26 Q2 FY 25 30th Sep 2024 Q2 FY 25 Q2 FY 25 382 YOY% 34.3% YOY% 1
Slide 9: Financial Highlights – Q2 FY26
Financial Highlights – Q2 FY 26 (INR Cr.) Gross Revenue Margin Q2 FY 26 382 Q2 FY 26 131 18.3% 14.3% Q1 FY 26 323 39.1% Q1 FY 26 115 29.6% Q2 FY 25 275 Q2 FY 25 101 EBITDA PAT Q2 FY 26 39 Q2 FY 26 25 29.2% 75.7% Q1 FY 26 30 Q1 FY 26 14 42.9% 28.1% Q2 FY 25 30 Q2 FY 25 17 | www.avalontec.com 8
Slide 10: Income Statement
Income Statement (INR Cr.) Particulars Q2 FY26 Q2 FY25 YoY Change Q2 FY26 Q1 FY26 QoQ Change Revenue from Operations 382 275 39.1% 382 323 18.3% Cost of Goods Sold 251 174 44.6% 251 208 20.5% Gross Margin 131 101 29.6% 131 115 14.3% Gross Margin (%) 34.3% 36.8% -252 bps 34.3% 35.5% -119 bps Personne
Slide 11: Financial Metrics - I
Financial Metrics - I (INR Cr.) 24.6% 18.4% 15.7% 10.4 8.7 10.0% 8.3 Asset Turn 7.5 RoCE (%) FY 23* FY 24 * FY 25 H1 FY 26 FY 23 FY 24 FY 25 H1 FY 26 306 Gross Debt 164 Net Debt to 142 129 2.7 EBITDA 0.4 -0.3 0.1 Mar’23 Mar’24 Mar’25 Sept’25 FY 23* FY 24* FY 25 H1 FY 26 * Calculated excluding IPO ca
Slide 12: Financial Metrics - II
Financial Metrics - II Trade Receivables Inventory days 118 101 92 86 84 80 79 69 days Mar’23 Mar’24 Mar’25 Sept’25 Mar’23 Mar’24 Mar’25 Sept’25 161 131 Trade Payables 126 124 Capital Days Net Working 50 46 36 36 days Mar’23 Mar’24 Mar’25 Sept’25 Mar’23 Mar’24 Mar’25 Sept’25 NWC days are calculated
Slide 13: Global Customer Relationships
Global Customer Relationships Presence across Multiple Industries with a Diversified Customer Base Mobility / Transportation Industrials Communication Clean Energy Medical & Others Automotive Power & Telecom & Digital Medical Defence & Railways Aerospace Solar Electric Hydrogen Automation Satellite
Slide 14: Global Customer Relationships
Global Customer Relationships Revenue split based on Customer geography Q2 FY 2026 INDIA – 39% US – 61% FY 2025 INDIA – 43% US – 57% | www.avalontec.com STRICTLY PRIVATE AND CONFIDENTIAL 13 10
Slide 15: Industry Outlook
Industry Outlook Key Drivers Increased Rising share of EMS Electronification manufacturing • Adoption of Industry 4.0, IoT, • EMS Industry CAGR1: 27% Robotics & AI Industry Tailwinds Supply chain Growing Indian diversification EMS market • Manufacturing moving to India & US • Larger domestic demand,
Slide 16: Industry Outlook
Industry Outlook Sizeable and Growing Global EMS Market Opportunity ESDM market is poised for a robust growth across industries. India ESDM Market India ESDM as a % of global ESDM Global ESDM Market (US$bn) 27% CAGR 10% ~ 1,000 1,400 billion billion 4% 2024 2030E 2024 2030E 2025 2030E US $44bn US $
Slide 17: Our Growth Strategy
Our Growth Strategy Optimal Blend of Combination of Balance of Geography Today’s & Tomorrow’s Technology Profitability & Growth Customer Presence • Cater to world’s fastest growing EMS • Established businesses – • Focus on profitable growth 39% 61% markets – India & US Collaborate, Grow wallet share v
Slide 18: Balance Sheet
Balance Sheet (INR Cr.) Assets H1 FY26 FY25 Equity and liabilities H1 FY26 FY25 Property, plant and equipment 153 147 Shareholder's equity 650 612 Capital work in progress 16 10 Borrowings 11 18 Lease liabilities 23 28 Right-of-use / intangible assets 33 38 Other financial liabilities 1 2 Financial
Slide 19: Cashflow Statement
Cashflow Statement (INR Cr.) Particulars H1 FY26 FY25 Operating profit before working capital changes 53 87 Changes in working capital -72 -88 Cash generated from operations 2 44 Direct taxes paid (net of refund) -12 -19 Net Cash from Operating Activities (A) -10 25 Net Cash from Investing Activitie
Slide 20: Avalon Group - Overview
Avalon Group - Overview
Slide 21: Avalon's varied product applications across many end use industries
Telecom, satellite Aircraft cabin & engine systems and digital parts infrastructure Avalon’s varied Products for Industrial equipment product applications semiconductor equipment across many end use industries Clean energy - Signaling, Braking and solar, energy Kavach systems for storage and railway
Slide 22: Our Journey So Far
Our Journey So Far Diversified Business and Strong Growth Avenues Phase 1 Phase 2 Phase 3 1999 2003 2005 2007 2009 2010 2011 2016 Today Commenced Inauguration of new Expansion of Acquired design Entry into Enhanced Fully Strategic entry production of facility in MEPZ- manufacturing capabilities Aer
Slide 23: Today
Today End-to-end Product Offering with Vertically Integrated Solutions – “One Stop Shop” Build PCB Sheet System Machining assembly metal integration Rapid prototyping 2 4 6 8 Box build Strong focus on Design & new product providing box build development solutions 53% of revenues in H1 FY26 1 3 5 7 9
Slide 24: Why Avalon
Why Avalon Our Key Differentiators Vertical Integration Global Mfg. & Delivery Strategic Diversification PCB Design and Analysis New Product Development PCB 19% 81% Diversified 01 US1 India1 Customer base Assembly Multiple Cable Assembly 02 Industries & Wire Served Harnesses Magnetics Global Manufac
Slide 25: Our Positioning
Our Positioning Avalon is Uniquely Positioned & Well Placed to Capture Growth in the EMS Industry Service offering Industry presence Diversified Design, Telecom product portfolio Year Testing and Box Build Clean Energy Auto Railways Aerospace & Defense Industrials (Commun Medical -ication) CEA Verti
Slide 26: High Mix Products (1/2)
High Mix Products (1/2) Leaders in High Mix Flexible Volume Products across Multiple Industries High precision product offering across industries with long product development cycle & significant growth potential Long Product Lifecycle Leaders in High Mix / Flexible Mobility High Margins Volume Prod
Slide 27: High Mix Products (2/2)
High Mix Products (2/2) Examples of Presence in High Mix & Long Product Development Cycle Products Combustion liner Piston assembly for Anti-collision signaling system Aerospace fueling system Railways Industrials ▪ Assembled with 32 sheet metal child parts ▪ Intricate injection insert molding ▪ Con
Slide 28: Awards & Recognition
Awards & Recognition Numerous Awards Stand Testimony of Performance Collins Faiveley Indo – American Aerospace Transport Chamber of Commerce Best Supplier Supplier Award for Excellence Best export demonstrated Award for performance to sustained Strategic the US performance Partnership Runner-up of
Slide 29: Client Delivery Model (1/2)
Client Delivery Model (1/2) Flexibility in manufacturing and leveraging Hybrid Model Make in India Hybrid Make in US for India and Export for US Build Local Expand Global • Labour Intensive • Automation • Configuration | www.avalontec.com STRICTLY PRIVATE AND CONFIDENTIAL 28 21
Slide 30: Client Delivery Model (2/2)
Client Delivery Model (2/2) Strong Focus on Up-selling and Cross-selling New Product Development PCB Analysis & Design Plastics Design for Manufacturing PCB Assembly Box Build Cables Assembly Prototyping Metals Magnetics | www.avalontec.com STRICTLY PRIVATE AND CONFIDENTIAL 29 22
Slide 31: Global Manufacturing Footprint
Global Manufacturing Footprint Serve Customers Locally and Leverage Hybrid Model of Delivery Accredited with Global Quality Standards and Certifications Global manufacturing presence with state-of-the-art manufacturing facilities Atlanta, US Bengaluru, India 1 2 Chennai, India Fremont, US 12 Number
Slide 32: Avalon's Manufacturing Facilities
Avalon’s Manufacturing Facilities Chennai, India Chennai, India Chennai, India Bengaluru, India Atlanta, US Bengaluru, India | www.avalontec.com STRICTLY PRIVATE AND CONFIDENTIAL 31 47
Slide 33: Key Management Personnel
Key Management Personnel Strong Management Team with Proven Track Record of Performance and Sound Cross-functional Expertise Decades of experience in the EMS industry Instrumental in Avalon’s growth Shriram Vijayaraghavan Suresh Veerappan Venky Venkatesh Kesavan P Chief Operating Officer Chief Finan
Slide 34: Experienced Board of Directors
Experienced Board of Directors Promoter-led Management Team and Highly Experienced Board Kunhamed Bicha Venkataramani Bhaskar Srinivasan Luquman Veedu Chairman & Managing Ediyanam Ananthramakrishnan Non-executive Director Director Independent Director Non-executive Director ▪ Promoter of Avalon Tech
Slide 35: Annexures
Annexures
Slide 36: Shareholding Pattern
Shareholding Pattern Share Information (As on September 30 2025) 10% FPI NSE Ticker AVALON BSE Ticker 543896 44% NSE Market Cap (INR Cr) 6,732 Promoter group 23% % free-float 100% Public Free-float market cap (INR Cr) 6,732 Shares Outstanding 6,67,13,941 23% DII Electronic Manufacturing Industry Servi
Slide 37: Consolidated Profit and Loss
Consolidated Profit and Loss (INR Cr.) Particulars FY22 FY23 FY24 FY25 Revenues from operations 841 945 867 1,098 Other income 11 15 15 17 Total income 852 959 882 1,115 Cost of raw materials consumed 561 614 552 719 Changes in inventories of finished goods, work-in-progress -7 -17 0 -13 Employee be
Slide 38: Consolidated Balance Sheet
Consolidated Balance Sheet (INR Cr.) Assets FY22 FY23 FY24 FY25 Equity and liabilities FY22 FY23 FY24 FY25 Tangible Assets 91 106 124 158 Shareholder's equity 89 537 547 612 Right-of-use / intangible assets 25 37 43 38 Borrowings 74 66 53 18 Financial assets 5 5 22 7 Lease and Other non-current liab
Slide 39: Overview of Products and Capabilities
Overview of Products and Capabilities Injection Molded Plastics Plastics Gallery We serve our customers from the injection molding plastic business in various industries including aerospace, industrial and power | www.avalontec.com 38
Slide 40: Overview of Products and Capabilities
Overview of Products and Capabilities End-to-End Box Build System Integration Gallery | www.avalontec.com STRICTLY PRIVATE AND CONFIDENTIAL 39 10
Slide 41: Overview of Products and Capabilities
Overview of Products and Capabilities Printed Circuit Board Assembly PCB Gallery | www.avalontec.com STRICTLY PRIVATE AND CONFIDENTIAL 40 11
Slide 42: Overview of Products and Capabilities
Overview of Products and Capabilities Cable Assembly and Wire Harnesses Cables & Wire Harnesses | www.avalontec.com STRICTLY PRIVATE AND CONFIDENTIAL 41 12
Slide 43: Overview of Products and Capabilities
Overview of Products and Capabilities Sheet Metal Fabrication and Machining Aerospace Sheet Metal Gallery | www.avalontec.com STRICTLY PRIVATE AND CONFIDENTIAL 42 13
Slide 44: Overview of Products and Capabilities
Overview of Products and Capabilities Sheet Metal Fabrication and Machining Sheet Metal & Machining Gallery | www.avalontec.com STRICTLY PRIVATE AND CONFIDENTIAL 43 14
Slide 45: Overview of Products and Capabilities
Overview of Products and Capabilities Magnetics Magnetics Gallery | www.avalontec.com STRICTLY PRIVATE AND CONFIDENTIAL 44 15
Slide 46: Glossary
Glossary
Slide 47: Glossary
Glossary Term Description Term Description Avalon Avalon Technologies Ltd. IoT Internet of Things ATS Avalon Technologies and Services M.Com Masters in Commerce B.Com Bachelors in Commerce MA Masters in Arts B.Tech Bachelors in Technology MBA Masters in Business Administration B2B Business to Busine