• Type of Event: The document is a transcript of the Q2 and H1 FY 2027 Earnings Conference Call of Aditya Vision Limited, hosted by Monarch Networth Capital Limited. It was an analyst/investor call focused on discussing the company's quarterly results.
  • Date and Time: The conference call was held on Friday, October 30, 2026. A specific start time was not mentioned in the transcript.
  • Purpose: The stated purpose was to discuss the "Unaudited Financial Results of the Company for the quarter and half year ended September 30, 2026."
  • Management Participants: The call featured Mr. Yashovardhan Sinha (Chairman & Managing Director) and Mrs. Yosham Vardhan (Whole-Time Director). Mr. Rahul Dani from Monarch Networth Capital Limited moderated and hosted the call.
  • Availability of Materials: The transcript was submitted to the exchanges on November 05, 2026, and is also available on the company's website at www.adityavision.in. The transcript itself did not mention if a presentation deck or recording would be made available.
  • Financial Period Discussed: The call exclusively discussed the financial and operational performance for Q2 (quarter ended) and H1 (half year ended) September 30, 2026 (FY 2027).
  • Financial Highlights (as disclosed in the call):

Q2 FY27 Performance:

  • Revenue: ₹586.23 crores (up 28.1% YoY)
  • Gross Profit: ₹95.59 crores (up 38.8% YoY); Gross Margin: 16.3% (expanded by 125 bps)
  • EBITDA: ₹45.65 crores (up 31.6% YoY); EBITDA Margin: 7.8% (improved by 21 bps)
  • Profit Before Tax (PBT): ₹24.26 crores (up 45.3% YoY)
  • Profit After Tax (PAT): ₹18.47 crores (up 45.2% YoY); PAT Margin: 3.2% (improved by 37 bps)
  • Same-Store Sales Growth (SSSG): 18%

H1 FY27 Performance:

  • Revenue: ₹1,778.91 crores (up 27.3% YoY)
  • Gross Profit: ₹287.42 crores (up 34.9% YoY); Gross Margin: 16.2% (expanded by 91 bps)
  • EBITDA: ₹170.13 crores (up 36.8% YoY); EBITDA Margin: 9.6% (improved by 66 bps)
  • Profit Before Tax (PBT): ₹127.08 crores (up 41.1% YoY)
  • Profit After Tax (PAT): ₹95.69 crores (up 41.0% YoY); PAT Margin: 5.4% (improved by 52 bps)
  • Same-Store Sales Growth (SSSG): 18% (compared to 2% in H1 FY26)
  • Operational & Strategic Updates:
  • Store Network: As of September 30, 2026, the company had 214 stores (vs. 188 a year ago), with a retail footprint of ~9.51 lakh sq. ft. (up 18.3% YoY).
  • Geographic Expansion: The company entered three new states in calendar year 2026: Chhattisgarh (5 stores), Madhya Pradesh, and West Bengal. Revenue breakdown for Q2: Bihar (73%), Uttar Pradesh (15%), Jharkhand (11%), Chhattisgarh (1%).
  • Growth Drivers: Growth in Q2 was primarily led by Air Conditioners, followed by Mobile phones and Refrigerators, aided by an extended summer season.
  • Margin Commentary: Management attributed ~75-80 bps of the gross margin expansion to price hikes by OEMs, with the rest from normal trading. They reiterated a normalized gross margin guidance of 15%-15.5% and an EBITDA margin guidance of 8%-10%.
  • Expansion Guidance: The company expects to end FY27 with approximately 230-235 stores and add around 35 stores in FY28, taking the total to ~270 stores. Specific plans include adding 9-10 stores in Chhattisgarh, 15-17 in Madhya Pradesh, and at least 15 in West Bengal.
  • Capital Expenditure: The average capex per new store is approximately ₹90 lakhs, which may be 10-15% higher in new geographies like West Bengal.
  • Balance Sheet: Inventory stood at ₹865 crores (vs. ₹840 crores in Mar'26) due to festive season stocking. Borrowings were at ₹293 crores (vs. ₹331 crores in Mar'26 but higher YoY).
  • Challenges & Outlook: Management cited several headwinds impacting discretionary spending, including the prolonged West Asia crisis, rising global crude oil prices, inflationary pressures, and cyclone-related disruptions in Bihar. Demand in October was reported as slow but expected to pick up during the core festive period (Dhanteras/Diwali). The potential 8th Pay Commission was viewed as a future positive tailwind for demand.

Additional Notes Section

  • The document provided is the full transcript of the earnings conference call.
  • The transcript contained extensive financial data and operational metrics as presented by management and discussed during the Q&A.
  • The company did not include any specific disclaimer about sharing Unpublished Price Sensitive Information (UPSI) in the provided transcript segment.