Avalon Tech — Tariff Tailwinds, Growing Client Base Boost Growth Outlook: Motilal Oswal Maintains 'Buy'

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Motilal Oswal Report

We believe Avalon Technologies Ltd. will be in a better position in the EMS space amid the tariff war, backed by its strategic manufacturing presence, longstanding US and global clientele, and increased order flows from the domestic market.

With the company’s US operations now witnessing a healthy recovery and the Indian business experiencing growth, we expect Avalon’s revenue and profitability to see healthy improvement going forward.

We estimate Avalon to post a CAGR of 30%/57%/80% in revenue/Ebitda/adjusted PAT over FY24-27, driven by strong growth and healthy order inflows. Reiterate Buy with a target price of Rs 970.

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