Aditya Vision (540205) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 revenue grew 28% year-over-year, driven by festive demand, GST reforms, and disciplined store expansion, despite a challenging start to the year due to adverse weather and a weak summer in Q1.

• Store count reached 192 by December 2025, with 17 new stores added in nine months and 4 in Q3; on track to surpass 200 stores by year-end.

• Maintained strong market share in Bihar, continued expansion in UP and Jharkhand, and began entry into MP and Chhattisgarh.

• Unaudited standalone financial results for the quarter and nine months ended December 31, 2025, were approved by the Board on January 27, 2026.

Financial highlights

• Q3 FY26 revenue was ₹649 crore (up 28% YoY); nine-month FY26 revenue was ₹2,047 crore (up 15% YoY).

• Q3 gross margin improved to 15.8% (up 20 bps YoY); nine-month gross margin held at 15%.

• Q3 EBITDA was ₹53 crore (8.2% margin); nine-month EBITDA reached ₹177 crore (8.7% margin).

• Q3 PAT was ₹27.31 crore after a one-time statutory expense; nine-month PAT was ₹95.19 crore.

• Diluted EPS for Q3 was ₹2.12; for nine months, ₹7.36.

Outlook and guidance

• Management expects to cross 200 stores by FY26, maintaining guidance of 30 new stores annually, with potential to exceed.

• Guidance for 20%-25% revenue growth in FY27, with Q1 expected to rebound strongly due to pent-up demand and favorable inventory.

• EBITDA margin is expected to remain stable around 8.7%-9% for the full year.

• Entered Q4 with strong demand momentum and ongoing store expansion, including plans for Chhattisgarh and MP.