The EMS Kid Taking On Giants With Indian Manufacturing Genius

Three Guys From India-US. Eight Manufacturing Units. One Very Sneaky Business.

In 1995, two Indian blokes named Kunhamed Bicha and Bhaskar Srinivasan started a electronics manufacturing services company in the United States. They were solving a problem nobody was talking about: American companies making complex electronics wanted someone to actually build the stuff. In India. Without the headache.

Four years later, they moved to Chennai and started Avalon Technologies. Today, they’re a ₹5,836 crore market cap company with 14 manufacturing facilities across the US and India, supplying circuit boards, cable harnesses, metal fabrications, and box-build systems to everyone from aerospace OEMs to data centre builders to railway companies. Their Q3 FY26 result just posted ₹418 crore revenue — the highest in company history — on the back of 49% YoY growth.

But here’s the thing: Avalon isn’t as well-known as it should be. It’s not in every investor’s portfolio. It doesn’t have a celebrity CEO posting LinkedIn motivational quotes. What it does have is something much rarer: a business that actually works. For decades. At scale. Making increasingly complex stuff for increasingly demanding customers. Satellite antenna control units. Aerospace landing gear components. Energy storage system components for data centres. This is the real hardware economy, folks — the kind that doesn’t have a glossy PR stunt, just operational execution and quarterly results.

And on February 5, 2026, during the earnings call, the management laid out a vision that made it clear they’re playing a 10-year game: build manufacturing depth in clean energy, mobility, aerospace, and semiconductors. Not consumer smartphones. Not quick-flip businesses. Long-duration contracts. Mission-critical systems. The kind where if your component fails, the whole system fails. That’s the moat.

You Know Your Phone? They Make the Invisible Stuff Inside It.

Avalon Technologies makes electronics. But not consumer electronics. They make the stuff that other people use to make their stuff. It’s called Electronics Manufacturing Services — EMS in the jargon. Think of them as a contract manufacturing partner for companies that say, “We want to sell finished systems, but we don’t want to own a factory.”

The menu is broad: printed circuit board (PCB) assembly, cable harnesses, sheet metal fabrication, plastics injection moulding, box-build systems integration, and design engineering support. They have 14 factories across India and the US — 9 in Chennai, 2 in Bengaluru, 1 each in Kanchipuram (Tamil Nadu), Atlanta (Georgia), and Fremont (California). The US footprint is critical: it’s both a manufacturing hub and a customer access point. About 60% of their revenue comes from the US market, even though most manufacturing happens in India.

In Q3 FY26, box-build systems accounted for 53% of revenue (up from 49% in FY25) — the highest-margin, highest-complexity segment. PCB assembly was 28%, cables 9%, metals 4%, magnetics 2.5%. Revenue mix by end-market: Industrial 35%, Clean Energy 19%, Mobility/Transportation 16%, Aerospace 8%, Communications 10%, Medical 11%. No single customer dominates. No single sector can tank the whole ship.

Q3 FY26: The Numbers That Shut Up the Skeptics