AVANTEL

Avantel Limited

Satellite communication equipment for defence and strategic customers

Industrials›Capital Goods›Aerospace & Defense›Aerospace & Defense

avantel.in

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Key metrics

Price as of 2026-10-16

Stock price

₹151.61

Market cap

4,028 Cr

Stock P/E

234.5

P/B

11.91

Dividend yield

0.1%

ROE (FY26)

4.4%

ROCE (FY26)

8.1%

Operating margin (FY26)

12.5%

Debt / equity (FY26)

0.10

OCF / EBITDA (FY26)

21.0%

OCF / EBITDA (3Y)

56.3%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Avantel designs and makes defence electronics, satellite communication systems and telecom systems for India's defence services and other government-linked customers.

Company snapshot

18thBy market cap

Ranked among 25 companies in Aerospace & Defense.

Segment mix

Reportable segments as of 2024-09-30 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 100.4% of revenue

Segment	Revenue share	Revenue	PBT	Assets
Communications and signal processing products	100.4%	78 Cr	32 Cr	257 Cr
Health Care	0.2%	0.17 Cr	-0.67 Cr	12 Cr

What we see

Positives

✓Debt-to-equity of 0.10x — the company is largely funded by its own money, not borrowed funds.

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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

Metric	Sept 2023	Dec 2023	Mar 2024	Jun 2024	Sept 2024	Dec 2024	Mar 2025	Jun 2025	Sept 2025	Dec 2025	Mar 2026	Jun 2026
Sales	54 Cr	59 Cr	42 Cr	52 Cr	77 Cr	71 Cr	49 Cr	52 Cr	55 Cr	52 Cr	64 Cr	70 Cr
Operating expenses (approx.)	29 Cr	35 Cr	24 Cr	38 Cr	43 Cr	39 Cr	38 Cr	41 Cr	44 Cr	39 Cr	50 Cr	53 Cr
EBITDA	25 Cr	24 Cr	18 Cr	14 Cr	35 Cr	32 Cr	12 Cr	10 Cr	11 Cr	13 Cr	14 Cr	17 Cr
OPM %	45.9%	41.2%	43.5%	27.4%	44.8%	45.3%	23.6%	20.1%	20.4%	24.2%	21.3%	24.8%
Other income	0.40 Cr	0.36 Cr	0.46 Cr	0.30 Cr	0.49 Cr	0.51 Cr	0.48 Cr	0.05 Cr	0.91 Cr	0.41 Cr	1 Cr	0.12 Cr
Interest	2 Cr	0.87 Cr	0.31 Cr	0.64 Cr	0.72 Cr	1 Cr	0.66 Cr	0.80 Cr	1 Cr	2 Cr	2 Cr	2 Cr
Depreciation	2 Cr	2 Cr	2 Cr	3 Cr	3 Cr	3 Cr	3 Cr	4 Cr	5 Cr	5 Cr	6 Cr	7 Cr
Profit before tax	22 Cr	22 Cr	16 Cr	11 Cr	32 Cr	28 Cr	8 Cr	5 Cr	6 Cr	6 Cr	7 Cr	9 Cr
Tax %	27.6%	26.1%	23.3%	32.7%	27.3%	29.5%	28.3%	39.1%	31.4%	52.9%	34.7%	38.0%
Net profit	16 Cr	16 Cr	12 Cr	7 Cr	23 Cr	20 Cr	6 Cr	3 Cr	4 Cr	3 Cr	5 Cr	5 Cr
EPS (₹)	₹1.98	₹0.67	₹0.50	₹0.30	₹0.94	₹0.83	₹0.25	₹0.12	₹0.15	₹0.10	₹0.17	₹0.20

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	105 Cr	154 Cr	224 Cr	249 Cr	223 Cr	Sign in free for the trailing twelve months
Operating expenses (approx.)	78 Cr	108 Cr	143 Cr	157 Cr	175 Cr	Sign in free for the trailing twelve months
EBITDA	27 Cr	47 Cr	82 Cr	93 Cr	48 Cr	Sign in free for the trailing twelve months
OPM %	25.4%	30.3%	36.5%	37.1%	21.5%	Sign in free for the trailing twelve months
Other income	1 Cr	0.48 Cr	1 Cr	2 Cr	2 Cr	Sign in free for the trailing twelve months
Interest	2 Cr	5 Cr	4 Cr	3 Cr	6 Cr	Sign in free for the trailing twelve months
Depreciation	4 Cr	6 Cr	7 Cr	12 Cr	20 Cr	Sign in free for the trailing twelve months
Profit before tax	22 Cr	37 Cr	72 Cr	79 Cr	25 Cr	Sign in free for the trailing twelve months
Tax %	20.0%	26.8%	26.5%	28.9%	39.1%	Sign in free for the trailing twelve months
Net profit	18 Cr	27 Cr	53 Cr	56 Cr	15 Cr	Sign in free for the trailing twelve months
EPS (₹)	₹44.34	₹16.55	₹2.16	₹2.32	₹0.55	Sign in free for the trailing twelve months
Dividend payout %	9.0%	6.0%	3.1%	8.6%	35.3%	Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	4 Cr	16 Cr	49 Cr	49 Cr	53 Cr
Reserves	78 Cr	91 Cr	115 Cr	188 Cr	285 Cr
Borrowings	13 Cr	28 Cr	12 Cr	21 Cr	34 Cr
Other liabilities	14 Cr	14 Cr	40 Cr	32 Cr	37 Cr
Total liabilities	109 Cr	149 Cr	216 Cr	290 Cr	410 Cr
Fixed assets (net)	24 Cr	29 Cr	43 Cr	110 Cr	181 Cr
CWIP	7 Cr	9 Cr	18 Cr	5 Cr	6 Cr
Investments	2 Cr	0 Cr	0 Cr	0 Cr	0 Cr
Inventories	17 Cr	45 Cr	46 Cr	60 Cr	93 Cr
Trade receivables	36 Cr	40 Cr	64 Cr	71 Cr	72 Cr
Cash & bank	0.52 Cr	0.25 Cr	1 Cr	2 Cr	6 Cr
Other assets	22 Cr	27 Cr	43 Cr	41 Cr	52 Cr
Total assets	109 Cr	149 Cr	216 Cr	290 Cr	410 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from operating activity	-32 Cr	2 Cr	65 Cr	50 Cr	10 Cr
Cash from investing	23 Cr	-10 Cr	-42 Cr	-57 Cr	-93 Cr
Cash from financing	9 Cr	8 Cr	-23 Cr	8 Cr	86 Cr
Net cash flow	-0.28 Cr	-0.27 Cr	0.86 Cr	0.88 Cr	4 Cr
Free cash flow (OCF − Capex)	-47 Cr	-9 Cr	43 Cr	-28 Cr	-81 Cr

Ratios

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
ROCE %	25.1%	30.7%	43.1%	31.9%	8.1%
ROE %	21.8%	25.0%	32.0%	23.8%	4.4%
Debtor days	125	94	104	104	117
Inventory days	120	211	216	263	431
Days payable	5	14	27	18	9
Cash conversion cycle	240	290	293	349	539
OCF / EBITDA %	-121.3%	3.6%	79.7%	53.9%	21.0%
OCF / EBITDA % (3 years)	—	—	22.2%	52.8%	56.3%
Debt / equity	0.16	0.26	0.07	0.09	0.10
Current ratio	3.19	2.80	3.24	4.84	3.72
Net debt / EBITDA	0.46	0.59	0.13	0.21	0.60