Avax Apparels FY26 results: PAT up 81.8%, revenue 20.5%

What Avax Apparels reported and why it matters

Avax Apparels and Ornaments Limited (BSE: 544337) has announced its audited financial results for the year ended March 31, 2026 (FY26). The company reported a 20.5% year-on-year rise in revenue from operations, alongside sharper improvements in profitability and margins. Management attributed the performance to operational efficiencies, expanding product demand, and disciplined cost management.

For investors tracking small listed consumer and retail-linked businesses, the combination of faster profit growth than revenue and margin expansion is the central takeaway. The update also comes in a period when the company has executed corporate actions and operational changes, including a stock split and a shift in its digital product strategy.

FY26 financial performance: revenue, EBITDA and net profit

For FY26, Avax Apparels reported revenue from operations of ₹41.53 crore (₹4,153.15 lakh). EBITDA for the year stood at ₹4.71 crore (₹471.31 lakh), with an EBITDA margin of 11.35%. Profit before tax (PBT) came in at ₹4.11 crore (₹411.15 lakh).

Profit after tax (PAT) was ₹2.97 crore (₹296.73 lakh), translating into a PAT margin of 7.14%. The company described FY26 as a year supported by product quality focus, design innovation, and distribution expansion across both apparel and ornaments segments. In a separate results summary, the company also reported sales of ₹41.53 crore (INR 415.32 million) and net income of ₹2.97 crore (INR 29.67 million) for the full year.

FY25 comparison: profit growth outpaced revenue growth

Avax Apparels reported that revenue from operations rose 20.5% YoY to ₹41.53 crore in FY26 from ₹34.46 crore in FY25 (₹3,445.64 lakh). EBITDA increased 72.1% YoY to ₹4.71 crore in FY26 from ₹2.74 crore in FY25 (₹273.95 lakh). EBITDA margin expanded from 7.95% to 11.35%.

PBT grew 80.3% YoY to ₹4.11 crore in FY26 from ₹2.28 crore in FY25 (₹228.03 lakh). PAT rose 81.8% YoY to ₹2.97 crore in FY26 from ₹1.63 crore in FY25 (₹163.18 lakh). PAT margin improved from 4.74% to 7.14%, indicating operating leverage and tighter cost control.

Key numbers table: FY26 vs FY25

What management said about FY26

Commenting on the performance, Joint Managing Director Deepak Kumar said FY26 was a “landmark year” for Avax Apparels and Ornaments. He highlighted revenue growth of over 20% and a near-doubling of PAT, attributing it to the product portfolio and customer trust in the brand.

He added that the company remains focused on expanding its presence, enhancing product quality, and delivering value to stakeholders, aligned with longer-term growth objectives. The company also stated that it continued to strengthen brand presence and customer engagement across both apparel and ornaments segments.

Segment and interim performance: what H1 numbers showed

In an earlier half-year update (half-year ended September 30), Avax Apparels reported net profit of ₹1.20 crore (₹119.64 lakh), up 32% from ₹0.91 crore (₹90.62 lakh). Revenue from operations for the period was ₹20.20 crore (₹2,020.37 lakh), up 34.6% from ₹15.01 crore (₹1,500.93 lakh). Operating profit was ₹1.75 crore (₹174.97 lakh).

The knitted clothes segment was reported as the main revenue driver, contributing ₹20.16 crore (₹2,015.92 lakh), while the ornaments segment contributed ₹0.04 crore (₹4.45 lakh) to total revenue.

Stock snapshot and market-related datapoints cited

Market data in the provided information showed a quoted price point of ₹51.2 for Avax Apparels & Ornaments shares, and another snapshot showed ₹52.80 with a +4.97% move. A “1 Year Returns” figure of +174.93% was also cited.

Other cited datapoints included ROE of 33.45% and ROCE of 43.8%, along with “Sales Growth” of 55.75% and “Profit Growth” of 18.08% in the snapshot. As of February 2026, the company’s market capitalisation was cited at about ₹28.3 crore.

Corporate actions and operational updates: stock split and digital platform

Avax Apparels confirmed March 27, 2026 as the record date for its stock split. The company split each equity share with face value ₹10 into two shares of face value ₹5. The board approved the proposal on February 17, 2026, and shareholders approved it at an EGM held on March 13, 2026.

Separately, the company launched a new digital platform for apparels, jewellery and accessories on April 1, 2026, and discontinued its existing silver ornaments application on March 31, 2026.

Expansion plan: proposed Ludhiana factory

The company’s board approved plans for a new factory in Ludhiana, Punjab, with an estimated investment of up to ₹5 crore. The facility location was provided as Jain Shawls Wali Gali, E14/1895, Bahadar Ka Road, Karabara Main Road, Wine Shop, Thapar Nagar, Ludhiana, Punjab, 141008.

The company also decided to relocate its books of accounts to the new factory address, according to the information shared.

Risk and balance sheet indicators cited in the snapshot

The provided snapshot listed several “strengths” including promoter holding of 51.98%, current ratio of 2.7719, interest coverage ratio of 15.4231, and an efficient cash conversion cycle of 45.6263 days. It also cited “limitations” including negative cash flow from operations of -0.568.

Working-capital risk was also flagged through debtor days rising to 71.7 days from 58.2 days, indicating slower collections.

Why the FY26 print stands out

The reported FY26 numbers show profit growth significantly outpacing revenue growth, supported by margin expansion from 7.95% to 11.35% at the EBITDA level and from 4.74% to 7.14% at the PAT level. This matters because, for a company of this size, sustained operating leverage can materially change cash generation and reinvestment capacity.

At the same time, the cited rise in debtor days and the mention of negative operating cash flow highlight that reported profitability does not automatically translate into cash inflows. The planned capex of up to ₹5 crore for the Ludhiana facility is another key input for investors tracking execution and working-capital management.

Conclusion

Avax Apparels and Ornaments closed FY26 with revenue from operations of ₹41.53 crore and PAT of ₹2.97 crore, alongside meaningful improvements in margins and year-on-year profitability. The company also executed a stock split process and rolled out a new digital platform after discontinuing its earlier silver ornaments application.

The next set of datapoints to track, based on disclosed actions, are progress on the Ludhiana factory plan, any updates on distribution expansion, and whether working-capital indicators such as debtor days stabilise.