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Issue Date:14 June 2017     Price in Rs. R 6500    Price in USD. $ 100

Ludhiana based Avon Cycles Ltd ( is the second largest cycle company in India, next only to Hero Cycles.


It is a closely held public limited company incorporated on 01 October 1951. The company has 6 directors: Mandeep Singh Pahwa, Sarabjit Kaur Pahwa, Onkar Singh Pahwa, Benarsi Dass Arora, Nem Chand Jain and Rishi Pahwa. The business is led by Mr Onkar Singh Pahwa.


For the year ended Mar’16, the company reported revenue of INR 7.43B (~USD 116m) and net profit of INR 645m; EBITDA was INR USD 1.16B. The business appears to be well run, with EBITDA margin largely in double digits, and return on capital employed over 20%.

  1. Company Background
  2. Business Highlights
  3. Financial Performance
  4. Financial Details


  1. Board of Directors
  2. Financial Summary
  3. Profit & Loss Account
  4. Balance Sheet
  5. Ratios


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