AVRO INDIA LIMITED (AVROIND)
₹5.69 +9.85% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, AVRO INDIA's revenue was ₹25.3 Cr (+17.0% year on year, -6.7% on the previous quarter), and net profit ₹0.7 Cr (-34.1% year on year); the operating margin was 0.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹25.3 | +17.0% | -6.7% |
| Operating profit | ₹0.1 | -92.9% | -86.0% |
| Net profit | ₹0.7 | -34.1% | -29.3% |
| EPS (₹) | 0.05 | -36.7% | -28.6% |
| Operating margin | 0.4% | — | — |
EPS restated for the ₹10 to ₹1 split of May 2026: Q1 FY26 ₹0.79 to ₹0.08.
AVROIND delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 69.25% of the AVROIND shares traded on NSE were taken to delivery, against the stock's own 20-session average of 70.24%. That is close to its usual level. Turnover was only ₹42 lakh, so a handful of trades can move this figure. It closed at its upper price band (circuit) on 16 Oct, one of 3 band closes in about the last 20 sessions.
Delivery in the last 5 sessions: 71.7% · 85.6% · 73.5% · 71.8% · 69.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Avro India Limited submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the period ending September 30, 2026. The certificate, issued by Registrar and Share Transfer Agent Mas Services Limited on October 06, 2026, confirms that securities received for dematerialisation were processed and confirmed within the prescribed 15-day limit. The security certificates were mutilated, cancelled, and the registers updated accordingly. This is a standard quarterly administrative filing with no operational or financial impact.
- Compliance certificate received under Regulation 74(5) for the quarter ended September 30, 2026
- RTA Mas Services Limited issued the certificate dated October 06, 2026
- Confirmed demat requests processed and confirmed to depositories within the required 15 days
- Security certificates received were mutilated and cancelled within the prescribed 15-day limit
Avro India Limited announced the voting results and Scrutinizer's Report for its 30th Annual General Meeting held on September 30, 2026. Shareholders approved all four resolutions, including the re-designation of Mr. Sahil Aggarwal from Managing Director to Whole Time Director (99.98% votes in favour). Concurrently, Mr. Nikhil Aggarwal was re-designated from Whole Time Director to Managing Director, passing with 79.73% support despite 100% of voting Public Institutions (84,74,830 votes) opposing the change. Adoption of audited financial statements and reappointment of Mrs. Anita Aggarwal were also cleared.
- Resolution to designate Mr. Nikhil Aggarwal as Managing Director passed with 79.73% overall votes in favour.
- Public Institutions cast 84,74,830 votes (100% of their polled votes) against Mr. Nikhil Aggarwal's appointment as MD.
- Resolution to re-designate Mr. Sahil Aggarwal as Whole Time Director passed decisively with 99.98% votes in favour.
- Adoption of financial statements approved with 80.58% votes in favour out of 6,94,45,449 total valid votes cast.
AVRO India issued a clarification regarding historical investor presentations, detailing that its rigid plastic recycling plant currently possesses a capacity of 6,000 MT per annum. Cumulatively, combined flexible and rigid plastic recycling capacity stands at 18,000 MT per annum. The company noted that planned capacity enhancement for the flexible recycling business was not undertaken, leading to a downward revision of previously estimated revenue projections. Furthermore, despite higher sales volumes in plastic furniture compared to FY24-25, intense competition from local players prevented the company from meeting targeted revenues.
- Rigid plastic recycling plant currently operates at a capacity of 6,000 MT per annum
- Cumulative recycling capacity across flexible and rigid plastic reaches 18,000 MT per annum
- Planned capacity enhancement for flexible recycling not undertaken, impacting prior revenue estimates
- Plastic furniture volumes increased over FY25, but local competition pressured top-line realization
Avro India Limited announced its 30th Annual General Meeting scheduled for September 30, 2026, via Video Conferencing. Key special resolutions include redesignating Mr. Sahil Aggarwal from Managing Director to Whole Time Director and redesignating Mr. Nikhil Aggarwal from Whole Time Director to Managing Director, both effective September 30, 2026. The cut-off date for e-voting eligibility is September 23, 2026, with remote e-voting active from September 27 to September 29, 2026. Financial disclosures in the report confirm FY26 profit attributable to equity shareholders of ₹420.71 lakhs (approx. ₹4.21 cr), compared to ₹304.22 lakhs in FY25.
- 30th Annual General Meeting scheduled for September 30, 2026, at 01:00 p.m. via VC/OAVM
- Cut-off date for e-voting eligibility set for September 23, 2026; voting window open September 27 to 29, 2026
- Proposed redesignation of Mr. Nikhil Aggarwal as Managing Director and Mr. Sahil Aggarwal as Whole Time Director
- Disclosed profit attributable to equity shareholders was ₹420.71 lakhs for FY26 vs ₹304.22 lakhs for FY25
Avro India Limited announced the dispatch of web-link access for its FY26 Annual Report and notice of the 30th AGM to unregistered email shareholders. The 30th Annual General Meeting is scheduled for Wednesday, September 30, 2026, at 01:00 PM via Video Conferencing/OAVM. This disclosure complies with Regulations 30 and 36(1)(b) of the SEBI LODR Regulations.
- 30th Annual General Meeting scheduled for Wednesday, September 30, 2026, at 01:00 PM
- AGM to be conducted via Video Conferencing (VC) or Other Audio-Visual Means (OAVM)
- Annual Report for the financial year ended March 31, 2026, made accessible via specific web-link
- Filing executed under SEBI LODR Regulations 30 and 36(1)(b) for shareholders without registered emails
Avro India Limited has announced the book closure and cut-off date for its upcoming 30th Annual General Meeting (AGM). The AGM is scheduled for September 30, 2026, to be held via Video Conferencing/OAVM. Share transfer books and the Register of Members will remain closed from September 24 to September 30, 2026. The cut-off date to establish shareholder voting eligibility is set for September 23, 2026, with remote e-voting running from September 27 to September 29, 2026.
- Cut-off date for e-voting and AGM attendance set for September 23, 2026
- 30th Annual General Meeting to take place on September 30, 2026, at 01:00 PM IST
- Book closure period runs from September 24, 2026, to September 30, 2026
- Remote e-voting starts September 27, 2026 (09:00 AM IST) and ends September 29, 2026 (05:00 PM IST)
Avro India's Board of Directors has approved the notice for its 30th Annual General Meeting (AGM) scheduled for September 30, 2026. The board approved key leadership role changes effective September 30, 2026, subject to shareholder approval: Mr. Nikhil Aggarwal will transition from Whole Time Director to Managing Director, while Mr. Sahil Aggarwal moves from Managing Director to Whole Time Director. Remote e-voting for eligible shareholders will take place between September 27 and September 29, 2026, with the cut-off date set as September 23, 2026.
- 30th AGM scheduled for September 30, 2026, at 01:00 PM IST via Video Conference
- Mr. Nikhil Aggarwal elevated to Managing Director from Whole Time Director w.e.f. September 30, 2026
- Mr. Sahil Aggarwal redesignated as Whole Time Director from Managing Director w.e.f. September 30, 2026
- Remote e-voting window open from September 27, 2026 (9:00 AM) to September 29, 2026 (5:00 PM)
- Shareholder eligibility cut-off date established as September 23, 2026
Avro India announced the lapse and forfeiture of 3,23,450 convertible warrants originally allotted to the promoter group on February 11, 2025, at an issue price of ₹185.50 per warrant (total value ₹6.00 Cr). The warrant holder failed to pay the remaining 75% consideration within the stipulated 18-month tenure ending August 10, 2026. Consequently, the 25% upfront subscription money amounting to ₹1.50 Cr has been forfeited by the company with effect from August 11, 2026. There is no change to the paid-up share capital, and the forfeited amount will be retained by the company.
- 3,23,450 convertible warrants allotted to promoter group on February 11, 2025, have lapsed unexercised
- Upfront 25% subscription money amounting to ₹1,49,99,993.75 forfeited by the company
- Original total warrant issuance value was ₹5,99,99,975 at an issue price of ₹185.50 per warrant
- Company capital structure remains unchanged with zero equity dilution from these warrants
Avro India Limited has submitted its Statement of Deviation or Variation under Regulation 32 for the quarter ended June 30, 2026. The company confirmed that there was zero deviation or variation in the deployment of funds raised through the preferential issue of warrants from the objects approved in the EGM dated August 28, 2024. The filing has been reviewed and approved by the Audit Committee.
- Zero deviation or variation reported in the utilization of warrant funds.
- Fund deployment aligns with the EGM explanatory statement dated August 28, 2024.
- Filing covers the quarter ended June 30, 2026, reviewed by the Audit Committee.
Avro India reported standalone revenue from operations of ₹23.50 Cr for the quarter ended June 30, 2026, representing an 8.4% YoY increase from ₹21.67 Cr in Q1 FY26. However, net profit fell 34.8% YoY to ₹0.69 Cr compared to ₹1.05 Cr in the same period last year due to higher operational and material expenses. Profit before tax declined 47.5% YoY to ₹0.75 Cr from ₹1.43 Cr. Additionally, the company transferred property, plant, and equipment worth ₹12.62 Cr to its wholly owned subsidiary, AVRO Recycling Limited, and forfeited ₹1.35 Cr from 4,24,361 lapsed warrants.
- Revenue from operations increased 8.4% YoY to ₹2,349.75 lakhs from ₹2,166.81 lakhs in Q1 FY26
- Net profit (PAT) dropped 34.8% YoY to ₹68.72 lakhs vs ₹105.46 lakhs in the prior-year period
- Transferred Property, Plant, and Equipment (including CWIP) worth ₹1,261.98 lakhs to wholly owned subsidiary AVRO Recycling Limited
- Allotted 1,06,090 equity shares on warrant conversion, while 4,24,361 warrants lapsed, resulting in ₹135.00 lakhs forfeited
AVRO India Limited has informed the exchanges that its trading window for designated persons has been closed since July 01, 2026. This closure is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations for the quarter ended June 30, 2026. The window will remain closed until 48 hours after the financial results are officially declared. The specific date for the board meeting to approve these results has not yet been disclosed.
- Trading window closed effective from July 01, 2026
- Closure applies to all designated persons and their immediate relatives
- Pertains to the Unaudited Standalone & Consolidated results for the quarter ended June 30, 2026
- Window to reopen 48 hours after the results are declared to the exchanges
Avro India Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period ended June 30, 2026. The company's Registrar and Share Transfer Agent (RTA), Mas Services Limited, confirmed that all dematerialization requests were processed within the mandatory 15-day window. This process involves the mutilation and cancellation of physical share certificates and updating the register of members. This is a standard procedural filing required for all listed entities in India.
- Confirmed compliance for the quarter ended June 30, 2026
- Dematerialization requests processed within the 15-day regulatory timeline
- Covers the reporting period from April 1, 2026, to June 30, 2026
- Certificate issued by RTA Mas Services Limited on July 02, 2026
Avro India Limited has submitted its annual disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing, submitted on behalf of the promoter group by Mr. Sushil Kumar Aggarwal, pertains to the financial year ended March 31, 2026. This is a mandatory annual compliance requirement confirming whether promoters have made any encumbrance on their shareholding during the year. Such filings are standard procedure for all listed entities to ensure transparency regarding promoter share pledges.
- Annual disclosure submitted for the financial year ended March 31, 2026
- Compliance fulfilled under Regulation 31(4) of SEBI (SAST) Regulations, 2011
- Declaration provided by Mr. Sushil Kumar Aggarwal on behalf of the Promoter Group
- Document officially filed with exchanges on April 6, 2026
Avro India Limited has received final approval from NSE and BSE for the listing and trading of 1,060,900 equity shares, effective July 03, 2026. These shares were issued to non-promoters on a preferential basis following the conversion of warrants. The shares were issued at a price of Rs 12.72 each (Rs 1 face value plus Rs 11.72 premium), totaling approximately Rs 1.35 crore. These specific shares are subject to a lock-in period until January 05, 2027.
- Listing and trading approval for 1,060,900 equity shares of Rs 1 face value each.
- Shares issued at a premium of Rs 11.72 per share to non-promoters.
- Trading effective on NSE and BSE from July 03, 2026.
- Lock-in period for the newly listed shares is mandated until January 05, 2027.
- The allotment represents a minor equity dilution of approximately 0.8% based on the total share count implied by distinctive numbers.
Avro India Limited's shareholders have unanimously approved a special resolution to sell a substantial portion of the company's plant and machinery to its subsidiary, Avro Recycling Limited. The resolution, passed at the EGM on June 30, 2026, saw 50,713,469 votes in favor, representing 100% of valid votes cast. This asset transfer is a strategic move to operationalize the recycling subsidiary, which is central to the company's circular economy growth strategy. While the filing confirms the mandate, the specific transaction value and its immediate impact on the parent's TTM revenue of Rs 95 Cr remain to be detailed.
- Special resolution passed to sell substantial plant and machinery to subsidiary Avro Recycling Limited.
- 100% of valid votes (50,713,469 shares) were cast in favor of the asset transfer.
- A total of 48 members participated in the voting process via remote e-voting and EGM e-voting.
- The transaction follows the incorporation of the recycling subsidiary on May 14, 2025.
- The EGM was concluded within 41 minutes, with e-voting results finalized on the same day.
Financial Performance
Revenue Growth by Segment
The company operates in a single business segment (Furniture). Revenue from operations for FY 2025 was INR 78.32 Cr, representing a 16.12% decline from INR 93.37 Cr in FY 2024. However, H1 FY 2026 revenue grew 22.7% YoY to INR 42.67 Cr from INR 34.77 Cr.
Geographic Revenue Split
The company maintains a pan-India presence and is actively increasing its geographical expansion through new dealers and distributors. Specific regional percentage splits are not disclosed in available documents.
Profitability Margins
Net Profit Margin for FY 2025 was 3.88%, a 10.19% decrease from 4.32% in FY 2024. Operating Profit Margin stood at 10.97% in FY 2025, down 5.92% from 11.66% in the previous year. The decline is attributed to lower net sales and shifts in operational costs.
EBITDA Margin
EBITDA for FY 2025 was INR 9.65 Cr (12.32% margin), a slight decline of 1.43% from INR 9.79 Cr in FY 2024. Core profitability remains stable despite the revenue drop due to cost management.
Capital Expenditure
During H1 FY 2026, the company invested INR 4.34 Cr in Property, Plant, and Equipment (including CWIP and Capital Advances) to support capacity and infrastructure.
Credit Rating & Borrowing
Finance costs for FY 2025 were INR 1.60 Cr. For H1 FY 2026, finance costs were INR 0.78 Cr, a 10.8% increase from INR 0.72 Cr YoY. Specific credit ratings and interest rate percentages are not disclosed.
Operational Drivers
Raw Materials
Regenerated polymers and used plastics represent the primary raw materials, with cost of materials consumed totaling INR 27.79 Cr in H1 FY 2026, accounting for 65.1% of total revenue.
Import Sources
The company relies on imported machinery and moulds, primarily impacting capital expenditure and operational efficiency. Specific sourcing countries for polymers are not disclosed.
Capacity Expansion
The company is expanding its distribution network and has incorporated a new subsidiary, AVRO Recycling Limited, on May 14, 2025, to enhance its circular economy capabilities. Specific MTPA capacity figures are not disclosed.
Raw Material Costs
Raw material costs (cost of materials consumed) were INR 27.79 Cr for H1 FY 2026, up 20.8% from INR 23.01 Cr in H1 FY 2025. The company uses a strategy of regenerated polymers to mitigate cost volatility.
Manufacturing Efficiency
The company utilizes a circular economy model where discarded plastics are collected and turned into furniture, improving resource efficiency and sustainability.
Logistics & Distribution
The company is enhancing its distribution network by adding dealers and distributors to strengthen its pan-India presence. Specific logistics costs are not disclosed.
Strategic Growth
Expected Growth Rate
22.70%
Growth Strategy
Growth will be achieved through the expansion of the dealer/distributor network across India and the operationalization of the new subsidiary, AVRO Recycling Limited. The company is focusing on high-quality, affordable products and sustainability initiatives (recycling) to capture market share in the organized furniture sector.
Products & Services
Moulded plastic furniture, including chairs and tables, made from regenerated polymers.
Brand Portfolio
AVRO Furniture
New Products/Services
The company is focusing on products created from regenerated polymers through its new recycling subsidiary, though specific revenue contribution percentages for new launches are not yet disclosed.
Market Expansion
Targeting pan-India expansion by increasing the density of the distribution network and geographical footprint.
Strategic Alliances
Incorporated a wholly-owned subsidiary, AVRO Recycling Limited, on May 14, 2025.
External Factors
Industry Trends
The industry is shifting toward sustainability and circular economy models. AVRO is positioning itself by reusing manufacturing waste and using regenerated polymers to align with environmental regulations and consumer preferences.
Competitive Landscape
The company competes in the moulded plastic furniture market, focusing on affordability and sustainability to differentiate from unorganized players.
Competitive Moat
The company's moat is built on its recycling-led manufacturing process and a strong distribution network. Sustainability initiatives provide a cost advantage and brand differentiation in the affordable furniture segment.
Macro Economic Sensitivity
Sensitive to general economic conditions and consumer demand shifts for home/office furniture.
Consumer Behavior
Increasing consumer preference for sustainable and affordable furniture products is driving demand for AVRO's recycled polymer range.
Geopolitical Risks
Exchange rate volatility between the US Dollar and Indian Rupee is cited as a potential risk to financial status.
Regulatory & Governance
Industry Regulations
Operations are subject to environmental regulations regarding plastic waste management and manufacturing standards for consumer goods.
Environmental Compliance
The company is heavily invested in ESG through its recycling subsidiary and zero-waste manufacturing process. Specific compliance costs in INR are not disclosed.
Taxation Policy Impact
Current tax liabilities (net) were INR 0.38 Cr as of September 30, 2025. Deferred tax assets stood at INR 0.20 Cr.
Risk Analysis
Key Uncertainties
Key risks include raw material price volatility and foreign exchange fluctuations, which could impact margins by an estimated 5-10% based on historical margin variances.
Geographic Concentration Risk
While expanding pan-India, the company's primary operations and manufacturing are based in Ghaziabad, Uttar Pradesh.
Third Party Dependencies
Dependency on a network of dealers and distributors for revenue generation and market penetration.
Technology Obsolescence Risk
The company uses specialized moulds and machinery; failure to upgrade to more efficient recycling technology could impact competitive positioning.
Credit & Counterparty Risk
Trade receivables as of September 30, 2025, were INR 11.58 Cr. The company noted a significant increase in average trade receivables in FY 2025 compared to a decrease in credit sales, indicating potential pressure on receivables quality.
