Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹3,990Cr
Aerospace & Defence - Equipments
Rev Gr TTM
Revenue Growth TTM
-10.54%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

AVANTEL
VS
| Quarter | Jun 2023 | Sep 2023 | Dec 2023 | Jun 2024 | Sep 2024 | Dec 2024 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 155.5 | 50.0 | 53.3 | -20.5 | -24.9 | 42.5 | 19.1 | 18.0 | 0.3 | -28.4 | -26.8 | 29.6 |
| 55 | 29 | 35 | 24 | 38 | 43 | 39 | 38 | 41 | 44 | 39 | 50 |
Operating Profit Operating ProfitCr |
| 20.7 | 45.9 | 41.2 | 43.5 | 27.4 | 44.8 | 45.3 | 23.6 | 20.1 | 20.4 | 24.3 | 21.3 |
Other Income Other IncomeCr | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 0 | 1 |
Interest Expense Interest ExpenseCr | 1 | 2 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 |
Depreciation DepreciationCr | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 4 | 5 | 5 | 6 |
| 11 | 22 | 22 | 16 | 11 | 32 | 28 | 8 | 5 | 6 | 6 | 7 |
| 3 | 6 | 6 | 4 | 4 | 9 | 8 | 2 | 2 | 2 | 3 | 3 |
|
Growth YoY PAT Growth YoY% | 82.9 | 161.7 | 143.9 | 26.2 | -7.9 | 42.5 | 23.0 | -50.0 | -56.2 | -81.3 | -86.3 | -21.6 |
| 11.6 | 29.6 | 27.5 | 29.1 | 14.3 | 29.6 | 28.4 | 12.3 | 6.2 | 7.7 | 5.3 | 7.5 |
| 0.3 | 0.6 | 0.6 | 0.5 | 0.3 | 0.9 | 0.8 | 0.2 | 0.1 | 0.1 | 0.1 | 0.2 |
| Financial Year | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
|
| | 35.1 | 47.2 | 45.3 | 11.0 | -10.5 |
| 56 | 78 | 108 | 143 | 157 | 175 |
Operating Profit Operating ProfitCr |
| 28.5 | 25.4 | 30.3 | 36.5 | 37.1 | 21.5 |
Other Income Other IncomeCr | 1 | 1 | 0 | 1 | 2 | 2 |
Interest Expense Interest ExpenseCr | 2 | 2 | 5 | 4 | 3 | 6 |
Depreciation DepreciationCr | 3 | 4 | 6 | 8 | 12 | 20 |
| 19 | 22 | 37 | 72 | 79 | 25 |
| 3 | 4 | 10 | 19 | 23 | 10 |
|
| | 17.2 | 49.3 | 95.8 | 7.4 | -73.4 |
| 19.7 | 17.1 | 17.4 | 23.4 | 22.7 | 6.7 |
| 0.6 | 0.7 | 1.1 | 2.0 | 2.3 | 0.6 |
| Financial Year | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
Equity Capital Equity CapitalCr | 4 | 4 | 16 | 49 | 49 | 53 |
| 62 | 78 | 91 | 115 | 188 | 285 |
Current Liabilities Current LiabilitiesCr | 17 | 22 | 38 | 45 | 35 | 59 |
Non Current Liabilities Non Current LiabilitiesCr | 4 | 4 | 4 | 7 | 18 | 13 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 65 | 72 | 108 | 146 | 167 | 218 |
Non Current Assets Non Current AssetsCr | 22 | 37 | 42 | 70 | 123 | 192 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
Operating Cash Flow Operating Cash FlowCr | 45 | -32 | 2 | 65 | 50 | 10 |
Investing Cash Flow Investing Cash FlowCr | -42 | 23 | -10 | -42 | -57 | -93 |
Financing Cash Flow Financing Cash FlowCr | -3 | 9 | 8 | -23 | 8 | 86 |
|
Free Cash Flow Free Cash FlowCr | 40 | -47 | -9 | 44 | -28 | |
| 291.2 | -179.8 | 6.2 | 124.0 | 88.4 | 67.0 |
CFO To EBITDA CFO To EBITDA% | 201.4 | -121.3 | 3.6 | 79.7 | 53.9 | 21.0 |
| Financial Year | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 153 | 415 | 655 | 2,408 | 2,775 | 3,360 |
Price To Earnings Price To Earnings | 10.0 | 23.1 | 24.4 | 45.8 | 49.1 | 224.1 |
Price To Sales Price To Sales | 2.0 | 4.0 | 4.2 | 10.7 | 11.1 | 15.1 |
Price To Book Price To Book | 2.3 | 5.0 | 6.1 | 14.7 | 11.7 | 9.9 |
| 5.1 | 16.1 | 14.6 | 29.5 | 30.2 | 70.7 |
Profitability Ratios Profitability Ratios |
| 65.3 | 55.3 | 59.1 | 65.7 | 74.3 | 70.7 |
| 28.5 | 25.4 | 30.3 | 36.5 | 37.1 | 21.5 |
| 19.7 | 17.1 | 17.4 | 23.4 | 22.7 | 6.7 |
| 28.9 | 24.4 | 30.1 | 41.7 | 31.3 | 8.1 |
| 23.1 | 21.8 | 25.0 | 32.0 | 23.8 | 4.4 |
| 17.7 | 16.5 | 18.0 | 24.4 | 19.5 | 3.7 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Avantel Limited, founded in 1990 by **Dr. Abburi Vidyasagar** (alumnus of IIT Kharagpur and Osmania University), is a **pioneer in strategic electronics**, specializing in **indigenous design, development, and manufacturing** of advanced defense and aerospace technologies. Headquartered in Hyderabad, the company has over **three decades of experience** in delivering cutting-edge solutions for India’s defense, space, and strategic sectors. Avantel is recognized for its **technology leadership, R&D excellence, and commitment to self-reliance (Atmanirbhar Bharat)** in critical domains such as satellite communications, software-defined radios (SDRs), radar systems, and RF subsystems.
---
### **Core Business Segments & Capabilities**
Avantel operates primarily in two core areas:
1. **Defense & Aerospace Electronics**
2. **Healthcare Devices (through subsidiary Imeds Global)**
#### **Defense & Aerospace (Primary Focus)**
- **Satellite Communication Systems (SATCOM)**:
- Solutions for mobile platforms: ships, submarines, aircraft, helicopters, and ground vehicles.
- Products leverage Indian geostationary satellites (INSAT, GSAT-6, GSAT-7).
- Developed **MSS M-II systems with Digital Beam Forming and LDPC coding** for high-speed air-to-ground communication in Indian Navy helicopters.
- **Software-Defined Radios (SDRs)**:
- Indigenous development across **HF, VHF, UHF, and L bands**, compliant with SCA standards.
- Focus on **portable, shipborne, land-based, and next-gen airborne SDRs**.
- Awardee of multiple **iDEX projects** (e.g., Ku-band portable/airborne terminals, Satphones, mobile convoy terminals).
- **Radar Systems**:
- Designing **air defense radars** for the Indian Army.
- Development of **Wind Profiler Radars** using phased array technology to support meteorological planning for satellite launches.
- **HF Communication Systems**:
- Successfully delivered **1 kW and 5 kW HF transmitters** for long-range, high-reliability communication (2,000+ km range).
- Antennas capable of withstanding 300 kmph winds, omni-directional polarization, and optimized VSWR.
- **End-to-End Engineering Services**:
- Full lifecycle delivery: **design, development, manufacturing, system integration, testing, and commissioning**.
- Expertise in **RF/microwave, embedded systems, signal processing, network management, firmware, and mechanical engineering**.
---
### **Strategic Expansion & Infrastructure Development (2024–2025)**
Avantel is undergoing significant capacity expansion to reinforce its leadership in aerospace and defense technologies:
#### **Hyderabad Facilities**
- **E-City, Hyderabad (70,000 sq. ft.)**:
- Operational since **June 2025**, dedicated to SDR development, VSAT, GSaaS, and satellite AIT (Assembly, Integration, Testing).
- **Shamshabad, Hyderabad (76,000 sq. ft.)**:
- **New facility inaugurated on October 2, 2025**, on a 4-acre campus.
- Focus: **SDR and radar system manufacturing, AIT for satellites, and Ground Station as a Service (GSaaS)**.
- Enhances vertical integration in space and defense technologies.
#### **Kondaparva, Andhra Pradesh**
- **New manufacturing unit under development** for **electronics, antennas, and MIL-standard connectors**.
- Target applications: commercial, defense, and aerospace.
- Equipped with advanced infrastructure: simulation tools, SMT lines, test equipment, and QA systems.
- Part of long-term strategy to scale volume production and diversify offerings.
#### **Ground Station as a Service (GSaaS)**
- Avantel plans to launch **dedicated SATCOM and GSaaS via its own satellite**, pending approval from **IN-SPACe and ISRO**.
- Aligns with **Indian Space Policy 2023** to promote private participation in space.
---
### **Subsidiary: Imeds Global Private Limited**
- 100%-owned subsidiary focused on **indigenous medical device manufacturing**.
- **Manufacturing Facility**:
- **25,000 sq. ft. in AMTZ, Visakhapatnam** with clean rooms, assembly, and testing infrastructure.
- **30,000 sq. ft. R&D and production center in development**, expected operational by Q3 FY2025.
- **Product Pipeline**:
- Planned launches in **surgical and respiratory domains** under the **'Made in India' healthcare initiative**.
- Aims to deliver cost-effective, indigenous alternatives in post-COVID healthcare landscape.
---
### **Clients & Market Presence**
- **Primary Clients**:
- Indian Armed Forces (Navy, Army, Air Force, Coast Guard)
- **ISRO**, **DRDO**, **BARC**, **Boeing**, **Larsen & Toubro (L&T)**, NewSpace India Limited, Indian Railways, shipyards, ordnance factories.
- **Government Dependence**:
- High reliance on **Government of India contracts**:
- **FY25: 83.47%**, FY24: 95.47%, FY23: 51.84%
- Strategic alignment with **DAP 2020**, **Buy (IDDM) category**, and **Atmanirbhar Bharat** initiatives.
- **Geographic Reach**:
- Pan-India presence across all states.
- Limited international footprint (1 country), with **exports at 1.95% of turnover**.
---
### **R&D & Innovation**
- **Annual R&D spend**: ~5–9% of turnover (₹772.08 lakhs in FY23).
- **DSIR-recognized R&D center** with expertise in:
- Transceivers for aircraft/helicopters
- High-power amplifiers (500W) for electronic warfare
- Digital beamforming, satellite-integrated environmental monitoring
- Airspace simulation software
- Drives development of **custom, mission-critical solutions** with concurrent engineering and advanced materials.
---
### **Growth Strategy (2025–2026)**
1. **Expand Product Portfolio**:
- Next-gen **airborne SDRs**, satellite antennas, high-power RF systems.
- Target: **Top 5 SDR company in India**.
2. **Scale Manufacturing**:
- Increase **SMT lines, test infrastructure, and automation**.
- Focus on **large-volume production contracts**.
3. **Strengthen Indigenous Capabilities**:
- Full import substitution in key defense electronics.
- Drive **IDDM (Indigenously Designed, Developed and Manufactured)** projects.
4. **Diversify into Emerging Sectors**:
- Growth via **space tech**, **medical devices**, and **telemetry/command & control services**.
---
### **Recent Achievements & Recognition**
- **Revenue Milestone**: Surpassed **₹100 crore turnover in FY2022**, driven by high-value contracts.
- **Key Contracts**:
- ₹125.68 crore contract with **L&T** for **Real-Time Train Information Systems** (6,300 locomotives).
- Multiple iDEX awards for innovation in defense tech.
- **Awards**: IEI Industry Excellence Award, India SME 100 Award (2018).