| Quarterly Revenue | ₹586.23 CrUp 28.1% YoY |
|---|---|
| Net Profit | ₹18.47 CrUp 45.2% YoY |
| Market Cap | ₹7,205.9 CrRetailing Sector |
| P/E Ratio | 51.85Industry Avg 42.32 |
Key highlights
- Net profit increased 45.2% year-on-year to ₹18.47 crore for the quarter
- Same Store Sales Growth (SSSG) stood at 18%, a significant jump from 2% in H1 FY26
- Geographical network expanded to 214 stores as of September 30, 2026, across five states
- Gross profit grew 38.8% YoY to ₹95.59 crore with gross margin expansion of 125 bps
- Company entered Chhattisgarh, Madhya Pradesh, and West Bengal during calendar year 2026
- Management targets a network of 230-235 stores by the end of FY27 and 270 stores by FY28
Network Expansion and Geographical Diversification
Aditya Vision continues to shift its reliance away from its primary stronghold in Bihar, which contributed 74% of Q2 revenue. The company successfully entered West Bengal and Madhya Pradesh recently, reaching a milestone of 214 stores. This expansion follows a cluster-based strategy, leveraging existing logistics infrastructure and vendor relationships.
In West Bengal, the company is prioritizing border districts adjacent to Bihar before moving into the Kolkata metro. For FY27, management has guided for a total store count of 230 to 235, indicating that approximately 16 to 21 more outlets will be added in the second half of the fiscal year.
Operational Metrics and Product Demand
- SSSG improved to 18% in H1 FY27 compared to just 2% in the previous year's first half.
- Air conditioners and mobile phones led the volume growth during the quarter.
- Inventory levels stood at ₹865 crore as of September 2026 to prepare for the festive season.
- Total borrowing rose to ₹293 crore to fund aggressive store expansion and stock requirements.
- Capex per new store is estimated at ₹90 lakh, slightly elevated due to inflationary pressures.
- New stores in West Bengal and MP are expected to reach operational breakeven within 12 months.
Impact of Regional Headwinds and Pricing Power
The quarter was not without challenges, as prolonged floods in Bihar and cyclone-related disruptions impacted consumer sentiment and logistical flows. Additionally, high global crude oil prices and West Asia tensions fueled inflationary concerns, dampening discretionary spending early in the period. Despite these factors, AVL managed to expand EBITDA margins by 21 basis points to 7.8%.
While management typically guides for an annual EBITDA margin range of 8-10%, the quarterly performance was supported by OEM price hikes, which contributed roughly 75 to 80 basis points to the margin expansion.
Strategic Long-term Outlook
Our vision now extends well beyond our established strongholds towards capturing the immense potential of these under-penetrated geographies. Backed by disciplined execution, strong regional understanding, and a customer-first mindset, we believe we are well positioned to capture this opportunity.
| Date | Announcement | Amount |
|---|---|---|
| 31 Jul 2026 | Management Guidance in Q1 FY27 Earnings Call (Target of adding ~30 new stores annually and expanding into Madhya Pradesh)Source: adityavision.in | – |
| 31 Jul 2026 | Q1 FY27 Standalone Net ProfitSource: sahi.com | ₹77.22 Cr |
| 08 May 2026 | Q4 FY26 Standalone Net ProfitSource: NSE filing | ₹21.72 Cr |
| 27 Jan 2026 | Q3 FY26 Standalone Net ProfitSource: alphave.in | ₹27.27 Cr |
What to watch next
- Festive season sales realization for Q3 FY27 during October and November 2026
- Completion of the FY27 target of adding another 16-21 stores to reach 230-235 outlets
- Expansion of store network in West Bengal and MP to 15-17 stores each by late 2027
- Stabilization of EBITDA margins within the guided 8% to 10% annual range
“Notably, H1 FY27 PAT has already reached over 90% of the entire PAT reported in FY25, reflecting the strength of our operating performance.”
“SSSG for the quarter stood at 18%, whereas last year it was just 2% when unseasonal rains impacted footfalls.”
| Share price | ₹558 |
|---|---|
| Market capitalisation | ₹7,205.90 Cr |
| Revenue (annual) | ₹2,671.62 Cr |
| Net profit (annual) | ₹116.92 Cr |
| Revenue (latest quarter) | ₹1,192.68 Cr+90.82% vs previous quarter |
| Net profit (latest quarter) | ₹77.22 Cr+255.36% vs previous quarter |
| P/E (TTM) | 51.85×Sector 60.24× |
| Promoter holding | 47.14%0.00% QoQ |
| FII holding | 16.1%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Earnings conference call transcript for the quarter and half-year ended September 30, 2026, filed by Aditya Vision Ltd. Market figures from a third-party data provider.
