Avalon Technologies Limited · NSE:AVALON
Avalon Technologies — Q1 FY26 Earnings Presentation
46 slides from Avalon Technologies's earnings presentation, Aug 5, 2025
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 Q1 FY26
August 2025 Earnings Presentation Q1 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 Revenues from both India and US businesses grew 62% YoY 56% INR 1790 Cr # Box-build Revenue Order book Entered semiconductor equipment manufacturing space partnering with global major for producing industry 4.0 compliant complex Box-Builds 17.5% INR 1157 Cr * Order boo
Slide 7: Financial Highlights – Q1 FY26
Financial Highlights – Q1 FY 26 (INR Cr.) Order Gross Margin EBITDA PAT Book Q1 FY 26 Q1 FY 26 Q1 FY 26 30th June 2025 Revenue 115 YOY% 30 YOY% 14 YOY% 1,790 YOY% 73.3% 583.4% 716% 22.5% 66 4 Q1 FY 26 -2 Q1 FY 26 1,461 Q1 FY 26 Q1 FY 26 Q1 FY 25 Q1 FY 25 Q1 FY 25 30th June 2024 323 YOY% 35.5% YOY% 9
Slide 8: Financial Highlights – Q1 FY26
Financial Highlights – Q1 FY 26 (INR Cr.) Gross Revenue Margin Q1 FY 26 323 Q1 FY 26 115 5.7% 4.5% Q4 FY 25 343 62.1% Q4 FY 25 120 73.3% Q1 FY 25 199 Q1 FY 25 66 EBITDA PAT Q1 FY 26 30 Q1 FY 26 14 27.7% 41.5% Q4 FY 25 41 583.4% Q4 FY 25 24 716.1% Q1 FY 25 4 Q1 FY 25 -2 | www.avalontec.com 7
Slide 9: Income Statement
Income Statement (INR Cr.) Particulars Q1 FY26 Q1 FY25 YoY Change Q1 FY26 Q4 FY25 QoQ Change Revenue from Operations 323 199 62.1% 323 343 -5.7% Cost of Goods Sold 208 133 56.5% 208 223 -6.3% Gross Margin 115 66 73.3% 115 120 -4.5% Gross Margin (%) 35.5% 33.2% 230 Bps 35.5% 35.1% 42 Bps Personnel Co
Slide 10: Financial Metrics - I
Financial Metrics - I (INR Cr.) 24.6% 17.5% 15.7% 10.4 10.0% 8.3 8.0 Asset Turn 7.5 RoCE (%) FY 23* FY 24 * FY 25 Q1 FY 26 FY 23 FY 24 FY 25 Q1 FY 26 306 Gross Debt 164 Net Debt to 142 134 2.7 EBITDA 0.2 -0.3 0.1 Mar’23 Mar’24 Mar’25 June’25 FY 23* FY 24* FY 25 Q1 FY 26 * Calculated excluding IPO ca
Slide 11: Financial Metrics - II
Financial Metrics - II Trade Receivables Inventory days 118 104 86 87 92 84 79 69 days Mar’23 Mar’24 Mar’25 June’25 Mar’23 Mar’24 Mar’25 June’25 161 142 Trade Payables 126 124 Capital Days Net Working 49 46 36 36 days Mar’23 Mar’24 Mar’25 June’25 Mar’23 Mar’24 Mar’25 June’25 NWC days are calculated
Slide 12: Global Customer Relationships
Global Customer Relationships Presence across Multiple Industries with a Diversified Customer Base Clean Energy Mobility / Transportation Industrials Communication Medical & Others Automotive Aerospace Power & Telecom & Digital Medical Defence & Solar Electric Hydrogen Railways Automation Satellite
Slide 13: Global Customer Relationships
Global Customer Relationships Revenue split based on Customer geography Q1 FY 2026 INDIA – 40% US – 60% FY 2025 INDIA – 43% US – 57% | www.avalontec.com STRICTLY PRIVATE AND CONFIDENTIAL 12 10
Slide 14: Industry Outlook
Industry Outlook Key Drivers Emerging sectors Rising share of EMS to drive growth manufacturing • Solar • EMS Industry CAGR1: 32.3% • Hydrogen • Industry In-house CAGR1: 21.4% • Electric Vehicles Industry Tailwinds Mfg. moving to Growing Indian US and India EMS market • “China+1” strategy • Increa
Slide 15: Industry Outlook
Industry Outlook Sizeable and Growing Global EMS Market Opportunity EMS market is poised for a robust growth across industries. India showcases unique competitive strengths India is leading the EMS growth story North America is the 2nd largest EMS market Global EMS Market India’s Market Share Chang
Slide 16: 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 40% 60% markets – India & US Collaborate, Grow wallet share v
Slide 17: Balance Sheet
Balance Sheet (INR Cr.) Assets FY25 FY24 Equity and liabilities FY25 FY24 Property, plant and equipment 147 104 Shareholder's equity 612 547 Capital work in progress 10 20 Borrowings 18 53 Lease liabilities 28 35 Right-of-use / intangible assets 38 43 Other financial liabilities 2 0 Financial assets
Slide 18: Cashflow Statement
Cashflow Statement (INR Cr.) Particulars Mar’25 Mar’24 Operating profit before working capital changes 87 38 Changes in working capital -88 -41 Cash generated from operations 44 34 Direct taxes paid (net of refund) -19 -16 Net Cash from Operating Activities (A) 25 17 Net Cash from Investing Activiti
Slide 19: Avalon Group - Overview
Avalon Group - Overview
Slide 20: Avalon's varied product applications across many end use industries
Telecom, satellite Aircraft engine systems and digital parts infrastructure Avalon’s varied Medical devices product applications Products for defense across many end use application industries Clean energy with presence in solar, Signaling and braking hydrogen and systems for railways electric vehic
Slide 21: 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 22: 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 56% of revenues in Q1 FY26 1 3 5 7 9
Slide 23: Why Avalon
Why Avalon Our Key Differentiators Vertical Integration Global Mfg. & Delivery Strategic Diversification PCB Design and Analysis New Product Development PCB 20% 80% Diversified 01 US1 India1 Customer base Assembly Multiple Cable Assembly 02 Industries & Wire Served Harnesses Magnetics Global Manufac
Slide 24: 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 25: 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 26: 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 27: 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 28: 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 27 21
Slide 29: 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 28 22
Slide 30: 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 31: 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 30 47
Slide 32: 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 33: 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 34: Annexures
Annexures
Slide 35: Shareholding Pattern
Shareholding Pattern Share Information (As on June 30 2025) 9% FPI NSE Ticker AVALON BSE Ticker 543896 45% NSE Market Cap (INR Cr) 5,608 Promoter group 24% % free-float 100% Public Free-float market cap (INR Cr) 5,608 Shares Outstanding 6,64,95,647 22% DII Electronic Manufacturing Industry Services No
Slide 36: 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 37: 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 38: 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 37
Slide 39: 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 38 10
Slide 40: 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 39 11
Slide 41: 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 40 12
Slide 42: Overview of Products and Capabilities: Sheet Metal Fabrication
Overview of Products and Capabilities Sheet Metal Fabrication and Machining Aerospace Sheet Metal Gallery | www.avalontec.com STRICTLY PRIVATE AND CONFIDENTIAL 41 13
Slide 43: Overview of Products and Capabilities: Sheet Metal & Machining
Overview of Products and Capabilities Sheet Metal Fabrication and Machining Sheet Metal & Machining Gallery | www.avalontec.com STRICTLY PRIVATE AND CONFIDENTIAL 42 14
Slide 44: Overview of Products and Capabilities: Magnetics
Overview of Products and Capabilities Magnetics Magnetics Gallery | www.avalontec.com STRICTLY PRIVATE AND CONFIDENTIAL 43 15
Slide 45: Glossary
Glossary
Slide 46: 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