Avantel Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹3,583 Cr
- P/E
- 208.69
- ROE
- 5.29%
- PEG
- -12.10
- Price to sales
- 14.83
- Debt to equity
- 0.10
- 52W high / low
- ₹184 / ₹118
- Sales growth (5Y)
- 23.46%
- EBITDA margin
- 22.74%
- Net profit margin
- 6.83%
- Promoter holding
- 36.85%
- Sales (last year)
- ₹241 Cr
Avantel Limited is engaged in the business of designing, developing and maintaining wireless and satellite communication products, defence electronics, radar systems and development of network management software applications for its customers majorly from the aerospace and defence sectors. [1]
Guidance scorecard · Q2 FY27 call
What Avantel's management guided
and where it ranks in Aerospace & Defense
Aerospace & Defense
RevenueQ4 FY26 call
20–40%- The company expects a 25% Compound Annual Growth Rate (CAGR) in sales over the next 3 years.
- Projected revenues: ₹300 crores in the first year, ₹375-400 crores in the second, and around ₹500 crores in the third, totaling approximately ₹1,100 crores.
- Current order book stands at about ₹1,000 crores, supporting this growth.
- Growth to continue similarly in the 4th and 5th years, maintaining the 25% CAGR.
- Increased R&D investments and new product lines (iDEX, SDR products, SATCOM ground stations) to drive future revenue.
- Expansion into civilian sectors, such as fishing boats under PM’s project, contributing to diversified revenue streams.
2 more points from Avantel's call on revenue
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MarginsQ4 FY26 call
FlatSee what Avantel said on margins — free account, 30 seconds.
CapexQ4 FY26 call
Planned- The company invested significantly in capital equipment and infrastructure to enhance capacity and address diverse market segments.
- A new 100,000 sq. ft. R&D facility was inaugurated, predominantly for R&D activities with some production, supporting about 180 engineers.
- Depreciation on new capital assets increased by ₹7 crores in the past year, reflecting these investments.
- Future strategic investment considerations include exploring a strategic investor for the healthcare/Medicare division, potentially involving a majority stake sale subject to valuation and Board/shareholders approval.
- The company is exploring diversification into the energy sector for steady order flow and larger contract opportunities.
2 more points from Avantel's call on capex
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FundraisingQ4 FY26 call
PlannedSee what Avantel said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
Rising- Avantel Limited has a visible order book for the next 3 years, a first in the company's history.
- The company expects a CAGR of 25% and aims to reach ₹1,000 crores revenue at the earliest in the next 3 years.
- Orders include satellite ground stations for NSIL (Govt. of India) involving 9 units to be built over 18 months.
- Rate contract orders worth approximately ₹460 crores, with ₹160 crores attributed to AMC over 5 years.
- Orders include defense-related SDRs with expected market size of ₹3,000 crores/year, targeting at least 20% share.
- Completion of current orders expected during FY 2026-27, a crucial R&D investment year.
2 more points from Avantel's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Aerospace & Defense
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Aerospace & Defense companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹5,744 Cr | 216.9 | |
| 2 | 40%+ | Up 0–2% | ₹1,197 Cr | 55.6 | |
| 3 | 40%+ | Flat | ₹17,585 Cr | — | |
| 4 | 40%+ | Flat | ₹15,942 Cr | 131.4 | |
| 5 | 40%+ | Flat | ₹9,001 Cr | 274.4 | |
| 6 | 40%+ | Flat | ₹8,041 Cr | 111.6 |
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Pro shows every company guiding 40%+ revenue growth →Full Aerospace & Defense rankingAvantel announcements
All announcements →- Acquisition / mergerMajor developmentAvantel Limited reports unaudited results for half year ended September 30, 2026
- Order winNotableAvantel Limited receives ₹177.35 crore purchase order from Zetwerk Manufacturing
Financials of Avantel
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Avantel
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 40.10% | 40.06% | 40.06% | 40.06% | 38.58% | 38.57% | 37.15% | 37.15% | 37.08% | 37.04% | 37.04% | 36.85% |
| FIIs + | 0.00% | 0.00% | 0.01% | 0.11% | 0.18% | 0.48% | 0.47% | 0.66% | 0.60% | 0.55% | 1.54% | 0.38% |
| DIIs + | 0.01% | 0.00% | 0.36% | 0.65% | 0.92% | 0.43% | 0.18% | 0.16% | 0.00% | 0.92% | 1.14% | 1.07% |
| Public + | 59.89% | 59.94% | 59.56% | 59.18% | 60.33% | 60.52% | 62.20% | 62.03% | 62.32% | 61.48% | 60.28% | 61.70% |
| No. of Shareholders | 82,759 | 98,052 | 1,49,081 | 1,94,783 | 2,04,932 | 2,08,381 | 2,21,646 | 2,09,275 | 2,04,063 | 1,97,774 | 1,89,918 | 1,94,860 |
Financials of Avantel
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 54.33 | 59.33 | 41.76 | 51.76 | 77.42 | 70.68 | 49.26 | 51.91 | 55.42 | 51.72 | 63.83 | 70.42 | 74.42 |
| Expenses + | 29.38 | 34.89 | 23.60 | 37.60 | 42.73 | 38.63 | 37.65 | 41.46 | 44.10 | 39.18 | 50.24 | 52.98 | 53.57 |
| Operating Profit | 24.95 | 24.44 | 18.16 | 14.16 | 34.69 | 32.05 | 11.61 | 10.45 | 11.32 | 12.54 | 13.59 | 17.44 | 20.85 |
| OPM % | 45.92% | 41.19% | 43.49% | 27.36% | 44.81% | 45.35% | 23.57% | 20.13% | 20.43% | 24.25% | 21.29% | 24.77% | 28.02% |
| Other Income + | 0.40 | 0.36 | 0.46 | 0.30 | 0.49 | 0.51 | 0.48 | 0.05 | 0.91 | 0.41 | 1.10 | 0.12 | 0.30 |
| Interest | 1.51 | 0.87 | 0.31 | 0.64 | 0.72 | 1.02 | 0.66 | 0.80 | 1.26 | 1.77 | 1.81 | 1.76 | 2.75 |
| Depreciation | 1.64 | 1.84 | 2.45 | 2.86 | 2.96 | 3.05 | 2.94 | 4.40 | 4.76 | 5.36 | 5.57 | 7.10 | 8.77 |
| Profit before tax | 22.20 | 22.09 | 15.86 | 10.96 | 31.50 | 28.49 | 8.49 | 5.30 | 6.21 | 5.82 | 7.31 | 8.70 | 9.63 |
| Tax % | 27.61% | 26.12% | 23.33% | 32.66% | 27.30% | 29.48% | 28.39% | 39.25% | 31.40% | 52.92% | 34.75% | 37.93% | 29.28% |
| Net Profit + | 16.07 | 16.32 | 12.15 | 7.38 | 22.90 | 20.08 | 6.08 | 3.23 | 4.27 | 2.74 | 4.77 | 5.39 | 6.81 |
| EPS in Rs | 0.61 | 0.62 | 0.46 | 0.28 | 0.87 | 0.76 | 0.23 | 0.12 | 0.16 | 0.10 | 0.18 | 0.20 | 0.26 |
Financials of Avantel
Profit & Loss
Annual income statement trend
| Mar 2006 | Mar 2007 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| Sales + | 16 | 23 | 78 | 105 | 154 | 224 | 249 | 223 | 260 |
| Expenses + | 14 | 18 | 56 | 78 | 108 | 143 | 157 | 175 | 196 |
| Operating Profit | 2 | 5 | 22 | 27 | 47 | 82 | 92 | 48 | 64 |
| OPM % | 12% | 22% | 29% | 25% | 30% | 36% | 37% | 22% | 25% |
| Other Income + | 0 | 0 | 1 | 1 | 0 | 1 | 2 | 2 | 2 |
| Interest | 1 | 1 | 2 | 2 | 5 | 4 | 3 | 6 | 8 |
| Depreciation | 1 | 1 | 3 | 4 | 6 | 8 | 12 | 20 | 27 |
| Profit before tax | 1 | 3 | 18 | 22 | 37 | 72 | 79 | 25 | 31 |
| Tax % | 10% | 34% | 17% | 20% | 27% | 27% | 29% | 39% | |
| Net Profit + | 1 | 2 | 15 | 18 | 27 | 53 | 56 | 15 | 20 |
| EPS in Rs | 0.03 | 0.06 | 0.58 | 0.68 | 1.02 | 2.00 | 2.13 | 0.56 | 0.74 |
| Dividend Payout % | 0% | 24% | 11% | 9% | 6% | 9% | 9% | 35% |
Financials of Avantel
Balance Sheet
Capital structure and asset base
| Mar 2006 | Mar 2007 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 5 | 5 | 4 | 4 | 16 | 49 | 49 | 53 | 53 |
| Reserves | 6 | 8 | 62 | 78 | 91 | 115 | 188 | 285 | 295 |
| Borrowings + | 0 | 0 | 3 | 16 | 30 | 18 | 26 | 34 | 107 |
| Other Liabilities + | 9 | 6 | 17 | 11 | 12 | 34 | 26 | 37 | 100 |
| Total Liabilities | 21 | 19 | 87 | 109 | 149 | 216 | 290 | 410 | 555 |
| Fixed Assets + | 7 | 8 | 16 | 27 | 31 | 48 | 115 | 181 | 225 |
| CWIP | 0 | 0 | 1 | 7 | 9 | 18 | 5 | 6 | 6 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets + | 14 | 12 | 70 | 75 | 110 | 149 | 171 | 223 | 324 |
| Total Assets | 21 | 19 | 87 | 109 | 149 | 216 | 290 | 410 | 555 |
Financials of Avantel
Cash Flows
Operating, investing and financing cash movement
| Mar 2006 | Mar 2007 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 4 | -1 | 45 | -32 | 2 | 65 | 50 | 10 |
| Cash from Investing Activity + | -1 | -1 | -42 | 23 | -10 | -42 | -57 | -93 |
| Cash from Financing Activity + | -0 | -0 | -3 | 9 | 8 | -23 | 8 | 86 |
| Net Cash Flow | 3 | -2 | 0 | -0 | -0 | 1 | 1 | 4 |
| Free Cash Flow | 3 | -3 | 39 | -53 | -10 | 35 | -15 | -83 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 200% | -21% | 217% | -106% | 22% | 96% | 87% | 38% |
Financials of Avantel
Ratios
Working capital efficiency and return ratios
| Mar 2006 | Mar 2007 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 134 | 93 | 62 | 126 | 94 | 104 | 104 | 117 |
| Inventory Days | 143 | 122 | 34 | 131 | 258 | 218 | 345 | 521 |
| Days Payable | 329 | 112 | 4 | 6 | 18 | 28 | 24 | 11 |
| Cash Conversion Cycle | -52 | 103 | 91 | 251 | 334 | 295 | 426 | 627 |
| Working Capital Days | 33 | 81 | 24 | 166 | 161 | 143 | 183 | 243 |
| ROCE % | 33% | 29% | 35% | 47% | 37% | 10% |
Guidance history
How Avantel's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY26 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q4 FY25 call → | 10–20% | Flat | Planned | Planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
18 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −23.1% | 34% |
| Last 6 months | −9.4% | 40% |
| Last 3 months | −16.7% | 28% |
The price is 36.3% below its all-time high of ₹211.66 (6 Oct 2025). Stocks more than 20% below their peak have their score halved, so 35 became 18.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Avantel: 0.4 × 34 + 0.4 × 40 + 0.2 × 28 = 35, halved to 18 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Avantel's management said in earlier quarters
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