Slide 1: Exchange filing cover 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 Q4 & FY26
May 2026 Earnings Presentation Q4 & 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 across diverse segments with industry leading Box Build contribution percentage Hybrid One stop shop for all EMS 15 Manufacturing units across US Manufacturing 575k+ s
Slide 6: Business Highlights
Business Highlights Key events 54% INR 2,196 Cr # Box-build Revenue Order book Q4 FY26 delivers our seventh consecutive quarter of sequential improvement in performance 20.6% INR 1,245 Cr * India & US businesses grew 29% & 59% YoY in FY26 RoCE Long–term Contracts Business Highlights Net Working Capi
Slide 7: Financial Highlights – FY26
Financial Highlights – FY 26 (INR Cr.) Order Gross Margin EBITDA PAT Book FY 26 FY 26 FY 26 31st Mar 2026 Revenue 550 YOY% 173 YOY% 113 YOY% 2,196 YOY% 40.2% 50.9% 78.0% 24.7% FY 26 393 FY 26 115 FY 26 63 FY 26 1,761 FY 25 FY 25 FY 25 31st Mar 2025 1,603 YOY% 34.3% YOY% 10.8% YOY% 6.9% YOY% 46.0% 14
Slide 8: Financial Highlights – Q4 FY26
Financial Highlights – Q4 FY 26 (INR Cr.) Order Gross Margin EBITDA PAT Book Q4 FY 26 Q4 FY 26 Q4 FY 26 31st Mar 2026 Revenue 162 YOY% 57 YOY% 41 YOY% 2,196 YOY% 34.4% 37.5% 69.5% 24.7% 120 Q4 FY 26 41 Q4 FY 26 24 Q4 FY 26 1,761 Q4 FY 26 Q4 FY 25 31st Mar 2025 Q4 FY 25 Q4 FY 25 480 YOY% 33.7% YOY% 1
Slide 9: Financial Highlights – Q4 FY26
Financial Highlights – Q4 FY26 (INR Cr.) Gross Revenue Margin Q4 FY 26 480 Q4 FY 26 162 14.9% 13.3% Q3 FY 26 418 40.0% Q3 FY 26 143 34.4% Q4 FY 25 343 Q4 FY 25 120 EBITDA PAT Q4 FY 26 57 Q4 FY 26 41 18.6% 26.2% Q3 FY 26 48 Q3 FY 26 33 69.5% 37.5% Q2 FY 25 Q4 41 Q4 FY 25 24 | www.avalontec.com 8
Slide 10: Income Statement
Income Statement (INR Cr.) Particulars Q4 FY26 Q4 FY25 YoY Change FY26 FY25 YoY Change Revenue from Operations 480 343 40.0% 1,603 1,098 46.0% Cost of Goods Sold 318 223 43.0% 1,053 705 49.2% Gross Margin 162 120 34.4% 550 393 40.2% Gross Margin (%) 33.7% 35.1% -141 bps 34.3% 35.8% -143 bps Personne
Slide 11: Financial Metrics - I
Financial Metrics - I (INR Cr.) 24.6% 20.6% 15.7% 10.4 9.9 10.0% 8.3 Asset Turn 7.5 RoCE (%) FY 23* FY 24 * FY 25 FY 26 FY 23 FY 24 FY 25 FY 26 306 164 183 Net Debt to Gross Debt 142 2.7 EBITDA -0.3 0.1 0.2 Mar’23 Mar’24 Mar’25 Mar’26 FY 23* FY 24* FY 25 FY 26 * Calculated excluding IPO cash proceed
Slide 12: Financial Metrics - II
Financial Metrics - II Trade Receivables 118 92 Inventory days 86 84 84 72 79 69 days Mar’23 Mar’24 Mar’25 Mar’26 Mar’23 Mar’24 Mar’25 Mar’ 26 161 Trade Payables 126 124 Capital Days Net Working 46 112 45 36 36 days Mar’23 Mar’24 Mar’25 Mar’26 Mar’23 Mar’24 Mar’25 Mar’26 NWC days are calculated on r
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: Revenue by Geography
Global Customer Relationships Revenue split based on Customer geography FY 2026 INDIA – 38% US – 62% 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: Sizeable and Growing Global EMS Market Opportunity
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 $1
Slide 17: Our Growth Strategy
Our Growth Strategy Optimal Blend of Com bination 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 38% 62% markets – India & US Collaborate, Grow wallet share
Slide 18: Balance Sheet
Balance Sheet (INR Cr.) Assets FY26 FY25 Equity and liabilities FY26 FY25 Property, plant and equipment 162 147 Shareholder's equity 722 612 Capital work in progress 24 10 Borrowings 11 18 Right-of-use / intangible assets 30 38 Lease liabilities 17 28 Other financial liabilities 2 2 Financial assets
Slide 19: Cashflow Statement
Cashflow Statement (INR Cr.) Particulars FY26 FY25 Operating profit before working capital changes 154 87 Changes in working capital -105 -88 Cash generated from operations 91 44 Direct taxes paid (net of refund) -34 -19 Net Cash from Operating Activities (A) 57 25 Net Cash from Investing Activities
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 Aero
Slide 23: Today: End-to-end Product Offering
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 54% of revenues in FY26 1 3 5 7 9 PC
Slide 24: Why Avalon: Our Key Differentiators
Why Avalon Our Key Differentiators Vertical Integration Global Mfg. & Delivery Strategic Diversification PCB Design and Analysis New Product Development PCB 21% 79% 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 E
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 Luquman Veedu Byas Unnikrishnan Chairman & Managing Ediyanam Ananthramakrishnan Nambisan Director Independent Director Director Independent Director Promoter of Avalon Technologies
Slide 35: Annexures
Annexures
Slide 36: Shareholding Pattern
Shareholding Pattern Share Information (As on Mar 31 2026) 7% FPI NSE Ticker AVALON BSE Ticker 543896 44% NSE Market Cap (INR Cr) 6,196 Promoter 23% group % free-float 100% Public Free-float market cap (INR Cr) 6,196 Shares Outstanding 6,67,66,163 26% DII Electronic Manufacturing Industry Services Not
Slide 37: Consolidated Profit and Loss
Consolidated Profit and Loss (INR Cr.) Particulars FY23 FY24 FY25 FY26 Revenues from operations 945 867 1,098 1,603 Other income 15 15 17 29 Total income 959 882 1,115 1,632 Cost of raw materials consumed 614 552 719 1,106 Changes in inventories of finished goods, work-in-progress -17 0 -13 -53 Empl
Slide 38: Consolidated Balance Sheet
Consolidated Balance Sheet (INR Cr.) Assets FY23 FY24 FY25 FY26 Equity and liabilities FY23 FY24 FY25 FY26 Tangible Assets 106 124 158 186 Shareholder's equity 537 547 612 722 Right-of-use / intangible assets 37 43 38 30 Borrowings 66 53 18 11 Financial assets 5 22 7 15 Lease and Other non-current l
Slide 39: Overview of Products and Capabilities: Injection Molded Plastics
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: End-to-End Box Build
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: Printed Circuit Board Assembly
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: Cable Assembly and Wire Harnesses
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: Sheet Metal Fabrication and Machining
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: Sheet Metal and Machining Gallery
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: Magnetics
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