In , Aditya Vision Ltd (Retail - Electronics) is outperforming Nifty 500 with +15.4% relative strength. Fundamentals: Weak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 19, 2026
What: Revenue contribution from new states: 26% of volume from UP and Jharkhand in Q3
“Like now this time, it is around 26% of volume has come from these two states in Q3. So this is itself presents a good picture.”
What: Price increase: 5% to 7%
“The reason being that we are foreseeing 6% to 8% increase in air conditioner prices from -- going forward from 1st of January.”
What: Store maturity cycle: 3 years
“So in time to come, when most of our stores mature... these are going to contribute more to your revenue as well as the EBITDA front.”
What: Category growth: >30% in washing machines
“Category-wise growth... washing machine category did very well with more than 30%, growing by more than 30%, very closely followed by panel televisions.”
What: SSSG of 17% in Q3
“Same-store sales growth for nine months FY '26 stood at 5%, while that for the third quarter stood at an impressive 17% compared to 12% in the previous year.”
Earnings deceleration risks from management commentary
Trigger: Implementation of new labor codes required additional one-time provisioning.
Impact: PAT impact: INR 1.5 crores
Management view: One-time accounting adjustment.
Monitor: labor
Trigger: Regulatory changes in energy efficiency norms are driving up manufacturing costs.
Management view: Aggressive inventory buildup of lower-cost pre-BEE products.
Monitor: commodity
Trigger: Customers withheld purchases in August/September awaiting GST slab revisions.
Management view: Managed through inventory readiness for the subsequent festive rebound.
Monitor: regulatory
Key quotes from recent conference calls
“We remain on track to cross the 200-store milestone within this financial year, reinforcing our presence across Bihar, Jharkhand and Uttar Pradesh. [Previous Store Count guidance]”
“We hope to maintain our EBITDA margin. I can give you a range from 8% to 10%. [Previous EBITDA Margin guidance]”
“So 8 to 10 cities we'll take in Chhattisgarh. Similarly, we'll be in MP, we will be there in another 15 cities. [Initiative: Entry into Chhattisgarh and Madhya Pradesh]”
“We are sitting on inventories of pre-BEE... accumulating inventories of opposed post-BEE products also, which will be around 5% to 7% costlier. [Initiative: Opportunistic AC Inventory Buildup]”
Headline numbers from the latest earnings call
Revenue
INR 649 crores
Why: Growth was driven by strong festive demand and expansion, with the festive period from Durga Puja to Chhath Puja registering 37% growth.
Revenue recovered strongly following a muted first half impacted by adverse weather.
EBITDA
INR 53 crores
Why: Margins moderated by approximately 42 basis points due to higher operating expenses related to marketing and promotional activities in new UP markets.
Absolute EBITDA grew but margins were pressured by aggressive expansion costs in Uttar Pradesh.
PAT
INR 27 crores
Why: PAT growth was impacted by an exceptional expense of INR 1.5 crores for new labor code provisioning and higher opex for store additions.
Excluding exceptional items, PAT growth would have been 18% year-on-year.
Other Highlights
• Same-store sales growth (SSSG) for Q3 stood at 17% compared to 12% in the previous year.
• Store count reached 192 as of December 31, 2025, with 4 new stores added in Q3.
• Bihar remains the dominant market contributing 75% of total Q3 revenues.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Same Store Sales Growth
17%
Why: Strong festive demand and a low base from the previous year's Q3.
Total Operational Stores
192
Why: Continued disciplined cluster-led expansion into Uttar Pradesh.
Inventory Value
INR 676 crores
Why: Deliberate stocking for the festive period and opportunistic buildup of ACs before price hikes.
Bihar Revenue Contribution
75%
Why: Gradual diversification as UP and Jharkhand markets scale up.
UP Revenue Contribution
13%
Why: Expansion into larger cities like Lucknow driving higher volume contribution.
Air Conditioner Category Growth
22%
Why: Recovery in demand during the festive quarter despite a weak summer.
Washing Machine Category Growth
30%
Why: Strong consumer preference and improved affordability post-GST cuts.
9-Month EBITDA Margin
8.7%
Why: Reflects disciplined expense management despite high expansion costs.
Forward-looking targets from management for FY26 / FY27
Revenue Growth Target
20%
OPM Guidance
8.7–9%
20% to 25%
Expect to maintain EBITDA margins within the previously guided range.
Guidance Changes
Store Expansion Guidance: 30 stores per year → 30 stores (reaffirmed but with accelerated entry into new states)
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +28% | +36% | Stable |
| PAT (Net Profit) | +13% | +45% | Stable |
| OPM | 8.0% | -100 bps | Stable |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 19, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Aditya Vision Ltd's latest quarterly results (Dec 2025) show
Aditya Vision Ltd's profit is growing with an stable trend.
Aditya Vision Ltd's revenue growth trend is stable.
Aditya Vision Ltd's operating margin is stable.
Aditya Vision Ltd's long-term compounding rates
Aditya Vision Ltd's earnings growth is stable with mixed signals on a sequential basis.
Aditya Vision Ltd's trailing twelve month (TTM) performance
Aditya Vision Ltd appears overvalued based on our fair value analysis.
Aditya Vision Ltd's current PE ratio is 60.3x.
Aditya Vision Ltd's current PE is 60.3x.
Aditya Vision Ltd's price-to-book ratio is 10.6x.
Aditya Vision Ltd is rated Weak with a fundamental score of 34.08/100. This score is calculated from objective financial metrics
Aditya Vision Ltd has a debt-to-equity ratio of N/A.
Aditya Vision Ltd's return ratios over recent years
Aditya Vision Ltd's operating cash flow is negative (FY2025).
Aditya Vision Ltd's current dividend yield is 0.21%.
Aditya Vision Ltd's shareholding pattern (Mar 2026)
Aditya Vision Ltd's promoter holding has remained stable recently.
Aditya Vision Ltd has been outperforming Nifty 500 for 2 consecutive weeks, indicating early-stage outperformance.
Aditya Vision Ltd is a re-entry — it briefly dropped off the outperformance list but has now returned. Re-entries can signal renewed strength.
Aditya Vision Ltd has 5 key growth catalysts identified from recent earnings analysis
Aditya Vision Ltd has 3 key risks worth monitoring
In Q3 FY26, Aditya Vision Ltd's management highlighted
Aditya Vision Ltd's management has provided the following forward guidance for FY26 / FY27
Aditya Vision Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Aditya Vision Ltd may be worth studying
Aditya Vision Ltd investment thesis summary:
Aditya Vision Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
