Key takeaways
- Founded in Chennai in 1999 with a US arm in Atlanta, giving it end-to-end design-to-manufacturing capability.
- From 2018 it made solar inverters and battery-management systems for US clean-energy customers.
- Its April 2023 IPO listed at a discount as US customer concentration created volatility.
- By FY25 revenue topped ₹1,000 crore, with US exports material and Indian defence/PLI adding a second leg.
- 1999 Founded in Chennai as a contract electronics manufacturer with a US arm in Atlanta.
- 2005 It becomes one of the rare Indian EMS players with end-to-end design, prototyping and manufacturing capability.
- 2018 It begins manufacturing for US clean-energy customers, making solar inverters and battery-management systems.
- Apr 2023 Avalon lists at ₹436 but opens at a discount, as US customer concentration creates volatility.
- 2024 US clean-energy and industrial customers ramp, and defence and aerospace EMS revenue scales meaningfully.
- FY25 Revenue tops ₹1,000 crore, with US export revenue contributing materially.
- 2025 India’s PLI for electronics adds a domestic growth leg on top of the US business, with US recovery and Indian defence flagged as parallel drivers.
- 2026 Three engines run together, US clean-energy EMS, Indian defence and industrial EMS, and aerospace components for US tier-1 customers.
Avalon is a small Indian electronics-manufacturing company that built something most peers do not have: a real US revenue base. That mix gives it dollar-denominated growth at Indian engineering cost, and in the mid-2020s both sides of the trade are accelerating at once. Here is the journey, year by year.
The pattern is the point
Avalon built a US revenue base most Indian EMS peers lack, giving it dollar growth at Indian engineering cost, and both sides of that trade are accelerating now. A small cap with genuine global exposure is the most leveraged version of the EMS thesis, capturing both the US clean-energy cycle and India’s own electronics push.
