"We estimate Avalon will deliver a CAGR of 22%/25%/42% in revenue/EBITDA/Adj. PAT over FY23-26 on the back of strong order inflows. In case of Kaynes, we estimate a CAGR of 41%/46%/56% in revenue/EBITDA/Adj. PAT over FY23-FY26, driven by a healthy order book growth trajectory (32% CAGR) and a better margin profile (increasing mix of high value order)."