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Avro India Ltd

AVROIND

NSE

₹5.97+4.92%19 Oct 2026

Reports

Plastics Furniture

Avro India Ltd

AVROIND

NSE

₹5.97

+4.92%

19 Oct 2026

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Plastics Furniture

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.

Avro India is a plastic furniture maker that turned its biggest raw-material problem into its sharpest competitive edge - by becoming its own recycler. Founded in 1996 in Ghaziabad, the company spent two decades making chairs and cabinets before a pivotal backward integration: it built a plant that eats post-consumer plastic waste and turns it into the granules used in its own factory, making it the only company in India to run a complete chain from scrap collection to finished furniture. That recurring approach - own the dirty, difficult part of the process that rivals avoid, and let the cost savings fund a price advantage - explains everything that follows.

Business segments

A single engine with two deeply interlocked halves - plastic furniture manufacturing and plastic waste recycling - that together form a closed loop where waste feeds production and production generates demand for more waste.

1. Plastic moulded furniture: the value-for-money challenger

A range of over 300 everyday furniture items, priced roughly a third cheaper than national brands, built on machines that rival the best factories and sold through more than 30,000 retail touch points across India.

Cheaper raw materials than rivals - the company feeds its injection moulding machines with recycled granules produced in-house at Rs. 20-50 per kilo, compared to virgin polypropylene at Rs. 120 per kilo, and in-house compounding adds another Rs. 15-25 per kg benefit. That structural cost gap lets it price furniture 30-40% below established names like Nilkamal and Supreme while still making money.
One of the widest catalogues in the industry - the portfolio spans chairs, tables, stools, cabinets, shoe racks, baby desks and almirahs, with over 300 SKUs and more than 25 registered designs that the company calls “very different and unique”. New moulds are introduced continuously and slow sellers are discarded, so the range stays fresh.
Global-grade machines, local volumes - production runs on injection moulding equipment from Ferromatik Milacron (American) and Haitian (the world’s largest manufacturer), in a highly automated setup following Six Sigma, Kaizen and 5S practices, certified by TUV SUD and ISO 9001:2015. The factory generates zero emissions, zero material waste and zero water waste - every scrap of plastic is reused.
A guarantee no competitor offered first - Avro was the first in India to give a three-year warranty against breakage and colour fading on select products at no extra cost, backing its claim that the furniture lasts more than two decades and can be recycled four to six times.
Built for every surface, sold through every channel - products end up in homes, schools, dhabas, hotels and auditoriums, available offline through over 200 distributors and big-box stores like Metro and Spar, and online as a top-selling brand on Amazon and Flipkart with more than 36,000 e-commerce orders in a single year.

2. Plastic recycling: the cost engine hidden inside the factory

A “scrap to product” system that processes flexible packaging waste - the kind most recyclers cannot handle - into near-virgin-quality granules, cutting raw-material costs while earning regulatory credits.

It eats what others cannot - the company has developed a proprietary process to upcycle difficult flexible plastics: cement bags, fertiliser sacks, milk pouches, rice bags and multi-layered packaging that most recyclers reject. This requires a specific sequence of washing, grinding and extrusion that Avro describes as a science rather than standard recycling.
Capacity built in deliberate steps - the recycling unit started at 300 metric tons per month in December 2022, scaled to 500 MT, then 750 MT, and reached 1,000 MT per month (12,000 MTPA) by early 2025 with the addition of two extruder machines. One of India’s largest washing lines for plastic scrap was commissioned in November 2025.
Sourcing waste directly, not through middlemen - the company has formalised scrap procurement through direct corporate partnerships, securing 30% of its plastic waste needs this way and cutting procurement costs by 30-40% compared to traditional scrap dealers. A digital tool with geo-tagging and QR codes traces the entire supply chain from collection to disposal.
Granules are a product, not just an input - while most recycled material is captively consumed to make furniture, the company also produces pre-mix compounds for air coolers, washing machines and automotive parts, and expects to begin external commercial sales by FY26 at roughly 30% better pricing than internal use.
A regulatory tailwind built in - every kilogram of virgin plastic replaced saves an estimated 2.5 kg of greenhouse gas emissions, and the company has applied for Extended Producer Responsibility (EPR) certification, which once obtained will enhance corporate engagement and drive higher volumes with improved cost efficiencies.

Group structure and partners

A family-run public company that recently carved out its recycling operations into a wholly owned subsidiary, keeping the closed-loop model under common control.

Promoter-led with deep domain roots - Chairman Sushil Kumar Aggarwal has over 30 years in plastic moulded furniture and recycling, and also serves as National President of the All India Plastic Moulded Furniture Manufacturers Association. His sons Sahil (Managing Director, oversees production and recycling) and Nikhil (Whole Time Director, heads sales and marketing) run day-to-day operations.
A subsidiary dedicated entirely to recycling - Avro Recycling Limited was incorporated as a wholly owned subsidiary in May 2025, with the specific object of processing plastic waste. It now handles rigid plastic recycling by separating multiple blended polymers by quality and colour, and in June 2026 the parent approved selling some plant and machinery to the subsidiary at fair value.
Main-board listed, widely held - the company migrated from the NSE Emerge platform to the main board of both BSE and NSE in April 2022, and as of March 2025 had a nine-member board with five independent directors and four board committees.
A brief insolvency episode, swiftly resolved - in June 2022, a corporate insolvency process was admitted over an operational debt of Rs. 9.21 lakh from a masterbatch supplier; the matter was settled within days and the process terminated in July 2022, with the company released to function independently.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹80Cr

Close Price

₹5.97

Industry

Plastics Furniture

Price To Earnings

19.26

Price To Sales

0.81

Revenue

₹98Cr

Rev Gr TTM

Revenue Growth TTM

—

PAT Gr TTM

PAT Growth TTM

—

Consolidated

Standalone

Numbers

Percentage

Quarter	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	22	21	25	27	25
Growth YoY Revenue Growth YoY%					16.9
Expenses ExpensesCr	20	20	24	27	25
Operating Profit Operating ProfitCr	1	1	1	1	0
OPM OPM%	6.0	4.3	2.1	2.4	0.4
Other Income Other IncomeCr	2	2	3	3	2
Interest Expense Interest ExpenseCr	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	1	1
PBT PBTCr	1	1	2	2	1
Tax TaxCr	0	0	0	1	0
PAT PATCr	1	1	1	1	1
Growth YoY PAT Growth YoY%					-34.3
NPM NPM%	4.8	5.8	5.5	3.6	2.7
EPS EPS₹	0.1	0.1	0.1	0.1	0.1

Quarter	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	22	21	25	27	25
Growth YoY Revenue Growth YoY%					16.9
Expenses ExpensesCr	20	20	24	27	25
Operating Profit Operating ProfitCr	1	1	1	1	0
OPM OPM%	6.0	4.3	2.1	2.4	0.4
Other Income Other IncomeCr	2	2	3	3	2
Interest Expense Interest ExpenseCr	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	1	1
PBT PBTCr	1	1	2	2	1
Tax TaxCr	0	0	0	1	0
PAT PATCr	1	1	1	1	1
Growth YoY PAT Growth YoY%					-34.3
NPM NPM%	4.8	5.8	5.5	3.6	2.7
EPS EPS₹	0.1	0.1	0.1	0.1	0.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	78	95	98
Growth Revenue Growth%		20.8
Expenses ExpensesCr	73	91	96
Operating Profit Operating ProfitCr	5	3	2
OPM OPM%	6.5	3.6	2.2
Other Income Other IncomeCr	4	9	10
Interest Expense Interest ExpenseCr	2	2	2
Depreciation DepreciationCr	4	5	5
PBT PBTCr	4	6	6
Tax TaxCr	1	2	1
PAT PATCr	3	5	4
Growth PAT Growth%		51.1
NPM NPM%	3.9	4.9	4.3
EPS EPS₹	0.3	0.3	0.3

Financial Year	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	78	95	98
Growth Revenue Growth%		20.8
Expenses ExpensesCr	73	91	96
Operating Profit Operating ProfitCr	5	3	2
OPM OPM%	6.5	3.6	2.2
Other Income Other IncomeCr	4	9	10
Interest Expense Interest ExpenseCr	2	2	2
Depreciation DepreciationCr	4	5	5
PBT PBTCr	4	6	6
Tax TaxCr	1	2	1
PAT PATCr	3	5	4
Growth PAT Growth%		51.1
NPM NPM%	3.9	4.9	4.3
EPS EPS₹	0.3	0.3	0.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	13	13
Reserves ReservesCr	69	73
Current Liabilities Current LiabilitiesCr	26	25
Non Current Liabilities Non Current LiabilitiesCr	6	7
Total Liabilities Total LiabilitiesCr	117	121
Current Assets Current AssetsCr	88	89
Non Current Assets Non Current AssetsCr	29	32
Total Assets Total AssetsCr	117	121

Financial Year	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	13	13
Reserves ReservesCr	69	73
Current Liabilities Current LiabilitiesCr	26	25
Non Current Liabilities Non Current LiabilitiesCr	6	7
Total Liabilities Total LiabilitiesCr	117	121
Current Assets Current AssetsCr	88	89
Non Current Assets Non Current AssetsCr	29	32
Total Assets Total AssetsCr	117	121

Consolidated

Standalone

Financial Year	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-2	-4
Investing Cash Flow Investing Cash FlowCr	-24	-20
Financing Cash Flow Financing Cash FlowCr	56	-4
Net Cash Flow Net Cash FlowCr	30	-28
Free Cash Flow Free Cash FlowCr	-13	-12
CFO To PAT CFO To PAT%	-75.7	-89.5
CFO To EBITDA CFO To EBITDA%	-45.4	-122.1

Financial Year	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-2	-4
Investing Cash Flow Investing Cash FlowCr	-24	-20
Financing Cash Flow Financing Cash FlowCr	56	-4
Net Cash Flow Net Cash FlowCr	30	-28
Free Cash Flow Free Cash FlowCr	-13	-12
CFO To PAT CFO To PAT%	-75.7	-89.5
CFO To EBITDA CFO To EBITDA%	-45.4	-122.1

Consolidated

Standalone

Financial Year	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	193	148	80
Price To Earnings Price To Earnings	63.4	32.1	19.3
Price To Sales Price To Sales	2.5	1.6	0.8
Price To Book Price To Book	2.5	1.8	1.0
EV To EBITDA EV To EBITDA	33.7	40.2	29.4
Profitability Ratios Profitability Ratios
GPM GPM%	21.2	22.4	22.4
OPM OPM%	6.5	3.6	2.2
NPM NPM%	3.9	4.9	4.3
ROCE ROCE%	5.5	7.5	7.5
ROE ROE%	3.7	5.3	5.3
ROA ROA%	2.6	3.8	3.8
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	193	148	80
Price To Earnings Price To Earnings	63.4	32.1	19.3
Price To Sales Price To Sales	2.5	1.6	0.8
Price To Book Price To Book	2.5	1.8	1.0
EV To EBITDA EV To EBITDA	33.7	40.2	29.4
Profitability Ratios Profitability Ratios
GPM GPM%	21.2	22.4	22.4
OPM OPM%	6.5	3.6	2.2
NPM NPM%	3.9	4.9	4.3
ROCE ROCE%	5.5	7.5	7.5
ROE ROE%	3.7	5.3	5.3
ROA ROA%	2.6	3.8	3.8
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	PILITA	AVROIND
Market CapitalizationMkt CapCr	176	80
Close PriceClose₹	7.49	5.97
IndustryIndustry	Plastics Furniture	Plastics Furniture
Price To EarningsPE	62.42	19.26
Price To SalesPS	1.74	0.81
RevenueRevenueCr	101	98
Revenue Growth TTMRev Gr TTM%	-1.9%
PAT Growth TTMPAT Gr TTM%	-40.4%

	PILITA	AVROIND
Market CapitalizationMkt CapCr	176	80
Close PriceClose₹	7.49	5.97
IndustryIndustry	Plastics Furniture	Plastics Furniture
Price To EarningsPE	62.42	19.26
Price To SalesPS	1.74	0.81
RevenueRevenueCr	101	98
Revenue Growth TTMRev Gr TTM%	-1.9%
PAT Growth TTMPAT Gr TTM%	-40.4%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2026

Jun 26