Aditya Vision (540205) Q4 25/26 earnings summary

Executive summary

• Achieved 18% year-over-year revenue growth to ₹2,672 crore and 11% PAT growth for FY26, despite a weak summer season impacting core cooling categories.

• Q4 FY26 revenue rose 28% year-over-year to ₹625 crore, with PAT up 36%, driven by strong festive demand and effective inventory management.

• Expanded to 207 stores across four states, with 32 new stores added in FY26, notably in Uttar Pradesh and entry into Chhattisgarh.

• Transitioned from a season-dependent model to a more balanced, all-season business, reducing reliance on Q1 and H1 for growth.

• Standalone audited financial results for FY26 were approved with an unmodified auditor opinion; a final dividend of 125% (₹1.25 per share) was recommended.

Financial highlights

• FY26 revenue reached ₹2,672 crore, gross margin at 15.6%, and EBITDA at ₹228 crore (8.5% margin).

• PAT for FY26 was ₹117 crore, up 11% year-over-year; Q4 FY26 PAT was ₹22 crore, up 36% year-over-year.

• Earnings per share for FY26 was ₹9.07 (basic), up from ₹8.21 in FY25.

• Net cash generated from operating activities in FY26 was ₹74.95 crore, compared to a net outflow in FY25.

• Total assets as of March 31, 2026, stood at ₹1,471 crore.

Outlook and guidance

• Plans to add more stores annually, focusing on scaling in Uttar Pradesh and Chhattisgarh, and entering Madhya Pradesh.

• Guidance for EBITDA margin remains in the 8%-10% range, with a target mean of 9%.

• No plans to raise equity in the near term; expansion to be funded through internal accruals and working capital borrowings.

• Positioned to benefit from above-normal summer and rising demand for ACs and large appliances.