AVSL Industries (NSE:AVSL) Operating Income: ₹62 Mil (TTM As of Mar. 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

NSE:AVSL AVSL Industries Ltd NSE:AVSL
71 GF Score
Price ₹119.70
GF Value ₹165.90
Valuation Modestly Undervalued
! 4 Warning Signs
View Full Analysis

What is AVSL Industries Operating Income?

AVSL Industries NSE:AVSL 71 Operating Income is ₹62 Mil as of Mar. 2026. GuruFocus rates NSE:AVSL with a GF Score™ of 71/100 and a GF Value™ of ₹165.90 (Modestly Undervalued). The stock has 4 warning signs investors should review.

AVSL Industries's Operating Income for the six months ended in Mar. 2026 was ₹29 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was ₹62 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. AVSL Industries's Operating Income for the six months ended in Mar. 2026 was ₹29 Mil. AVSL Industries's Revenue for the six months ended in Mar. 2026 was ₹733 Mil. Therefore, AVSL Industries's Operating Margin % for the quarter that ended in Mar. 2026 was 3.98%.

Warning Sign:

AVSL Industries Ltd operating margin has been in a 5-year decline. The average rate of decline per year is -13.5%.

AVSL Industries's 5-Year average Growth Rate for Operating Margin % was -13.50% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. AVSL Industries's annualized ROC % for the quarter that ended in Mar. 2026 was 5.45%. AVSL Industries's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 9.37%.

AVSL Industries  (NSE:AVSL) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

AVSL Industries's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Sep. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=58.33 * ( 1 - 20.05% )/( (861.434 + 850.096)/ 2 )
=46.634835/855.765
=5.45 %

where

Invested Capital(Q: Sep. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=1036.9 - 170.216 - ( 5.25 - max(0, 624.358 - 660.709+5.25))
=861.434

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=1043.836 - 185.231 - ( 8.509 - max(0, 612.756 - 672.5+8.509))
=850.096

Note: The Operating Income data used here is two times the semi-annual (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

AVSL Industries's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Sep. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=70.724/( ( (363.453 + max(389.622, 0)) + (354.831 + max(402.274, 0)) )/ 2 )
=70.724/( ( 753.075 + 757.105 )/ 2 )
=70.724/755.09
=9.37 %

where Working Capital is:

Working Capital(Q: Sep. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(426.866 + 188.624 + -0.00100000000009) - (170.216 + 0 + 55.651)
=389.622

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(373.713 + 242.404 + 15.468) - (185.231 + 0 + 44.08)
=402.274

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

AVSL Industries's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=29.165/733.186
=3.98 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

AVSL Industries Operating Income Related Terms

AVSL Industries Operating Income Historical Data

* Premium members only.

The historical data trend for AVSL Industries's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

AVSL Industries Operating Income Chart

AVSL Industries Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 83.50 17.86 52.54 52.64 61.71

AVSL Industries Semi-Annual Data
Mar16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 40.01 21.12 31.52 32.55 29.17
NSE:AVSL
71GF Score
AVSL Industries Ltd NSE:AVSL
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

AVSL Industries Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the semi-annually data reported by the company within the most recent 12 months, which was ₹62 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of ₹62 Mil mean?
AVSL Industries (NSE:AVSL) has a Operating Income of ₹62 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on AVSL Industries and its competitors.
Is AVSL Industries' Operating Income too high?
AVSL Industries' current Operating Income is ₹62 Mil. Overall, AVSL Industries has a GF Score™ of 71/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does AVSL Industries' Operating Income compare to HON and MMM?
AVSL Industries' Operating Income of ₹62 Mil can be compared against companies in the Conglomerates industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Conglomerates company?
A good Operating Income depends on the Conglomerates industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on AVSL Industries and its competitors. AVSL Industries's current Operating Income is ₹62 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is AVSL Industries stock overvalued right now?
Based on GuruFocus' analysis, AVSL Industries (NSE:AVSL) is currently considered Modestly Undervalued. The stock's GF Value™ is ₹165.90, compared to a current price of ₹119.70 — trading 27.8% below its estimated fair value. The current Operating Income is ₹62 Mil. AVSL Industries' overall GF Score™ is 71/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For AVSL Industries (NSE:AVSL), the current Operating Income is ₹62 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is AVSL Industries (NSE:AVSL) Overvalued in 2026?

Based on GuruFocus' analysis, AVSL Industries stock appears to be undervalued. The current stock price of ₹119.70 is trading 27.8% below its estimated GF Value™ of ₹165.90. GuruFocus considers AVSL Industries to be Modestly Undervalued.

Key valuation signals for NSE:AVSL:

  • Operating Income: ₹62 Mil
  • GF Value™: ₹165.90 vs. price of ₹119.70 (27.8% below fair value)
  • GF Score™: 71/100 with 4 warning signs

No single metric tells the full story. See the NSE:AVSL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

AVSL Industries Business Description

Address Wazirpur District Centre, Unit No. 1001, 10th Floor, NDM-2, Netaji Subhash Place, Pitampura, Delhi, IND, 110034
AVSL Industries Ltd is engaged in the manufacturing and trading of PVC and Agriproducts. Its PVC products include PVC Compound, HDPE/LDPE Compound, PVC Filler, and HDPE/LDPE Tape, Polyester Tape and similar product, Aluminium Mylar tape, Marking tapes (used in cable wires as well as irrigation pipes) and others. The Company segment divided into three categories: Industrial Intermediate Goods - Raw Material for HT-LT Power Cable and Telecom Cables and irrigation products; Consumer Goods- Manufacturing of PVC/PP: Foam Board and Doors Frame and Others includes Agro commodities.
71GF Score

Get the complete analysis for NSE:AVSL

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₹119.70
Price
₹165.90
GF Value