Aditya Vision Limited – Investor Presentation Summary
Key Operational Highlights
- Achieved best ever Q2 performance with revenue growth of 28% YoY
- Expanded to 214 stores across 4 states as of September 30, 2026
- SSSG rebounded to 18% in H1FY27, reflecting sustained momentum across core markets
- Average store size: 4,445 sq ft with total retail footprint of ~9.5 lakh sq ft
- Zero store closure since inception
- Entered 3 new states within six months - Chhattisgarh, Madhya Pradesh and West Bengal
- 50%+ market share in Bihar as per CRISIL report
- Largest electronic retailer in Jharkhand
Key drivers of operational performance: deeper market penetration, stronger customer traction, accelerated geographic expansion
Segment-wise Performance
- Revenue mix by state: Bihar (72%), Uttar Pradesh (16%), Jharkhand (11%), Chhattisgarh (1%)
- Store count by state: Bihar (120 stores), Jharkhand (33 stores), Uttar Pradesh (56 stores), Chhattisgarh (5 stores)
Explanation of significant changes in segment performance: Growth driven by geographic expansion into new states and deeper penetration in existing markets
Financial Highlights
Revenue: Rs. 586 Cr (Q2 FY27), Rs. 1,779 Cr (H1 FY27)
EBITDA: Rs. 46 Cr (Q2 FY27), Rs. 170 Cr (H1 FY27)
PAT: Rs. 18 Cr (Q2 FY27), Rs. 96 Cr (H1 FY27)
EPS: Rs. 1.43 (Q2 FY27), Rs. 7.41 (H1 FY27)
Margins: Gross Margin 16.3% (Q2 FY27), 16.2% (H1 FY27); EBITDA Margin 7.8% (Q2 FY27), 9.6% (H1 FY27); PAT Margin 3.2% (Q2 FY27), 5.4% (H1 FY27)
YoY comparison: Revenue growth 28.1% (Q2), 27.3% (H1); PAT growth 45.2% (Q2), 41.0% (H1)
Drivers of financial performance: Revenue growth of 28.1% YoY in Q2, gross margin expansion of 125 bps in Q2 and 91 bps in H1, EBITDA margin expansion of 21 bps in Q2 and 66 bps in H1
Key Risks: Bihar floods, essentials inflation and fuel uncertainty squeezed discretionary spending in Q2
Geographical Revenue Split
Domestic vs Export/Regional Revenue: 100% domestic revenue
Regional Breakdown: Bihar (72%), Uttar Pradesh (16%), Jharkhand (11%), Chhattisgarh (1%)
Balance Sheet Snapshot
Net Debt/Equity: Not Specified
Reserves: Other Equity Rs. 755 Cr (Sept-26)
Current Assets/Liabilities: Current Assets Rs. 1,097 Cr, Current Liabilities Rs. 525 Cr (Sept-26)
Working Capital/Leverage Metrics: Inventories Rs. 865 Cr, Trade Payables Rs. 171 Cr (Sept-26)
Financial Health Insights: Low debt balance sheet, operates on cash-and-carry model, efficient inventory management and high cash reserves
Capex & Cash Flow Health
Capital Expenditure: Not Specified
Free Cash Flow: Not Specified
Operating Cash Flow: Net cash flow from operating activities Rs. 119 Cr (Sept-26)
Net Debt Movement: Not Specified
Investment Rationale: Geographic expansion, market penetration
Strategic & R&D Initiatives
Investments in Innovation: Not Specified
Expected impact on growth: Not Specified
Strategic Rationale: Expanding into high-growth markets, deeper penetration in existing markets
Industry Trends & Business Environment
Macro/Industry Trends: Average monthly spending on consumer durables soared by 72% in FY25 per CMS consumption Report 2025, increasing financing options and no cost EMIs helping boost consumption, rising temperatures impacting growth of room ACs and refrigerators, increasing smart appliances adoption supporting premiumization
Impact on Company: Positioned to benefit from low penetration and rising premiumization in Hindi heartland markets
Management Commentary & Growth Outlook
Strategic Outlook: Execution-led growth strategy
FY Guidance: Not Specified
Market Share Targets: Not Specified
Risks and Opportunities: Macro factors including Bihar floods, essentials inflation and fuel uncertainty impacting discretionary spending
Unique Business Model Features
- 85% Direct OEM Supply leading to higher margins
- 15% Distributors/C&F Agents
- Long-term relationships with 100+ brands
- No private labels
- Aditya Seva: One-stop solution for after-sales services
- Aditya Suraksha: Extended warranty program
- Customer Loyalty Reward Program - Buy & Win since 2012
- ~53% sales financed in FY26