Aditya Vision (540205) Q4 25/26 earnings summary

Executive summary

• Achieved 18% year-over-year revenue growth to INR 2,672 crore and 11% PAT growth for FY26, despite seasonality and challenging weather conditions in H1.

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

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

• Transitioned from a season-dependent to an all-weather business model, balancing sales across both halves of the year.

• Standalone audited financial results for FY26 were approved with an unmodified auditor opinion.

Financial highlights

• FY26 revenue reached INR 2,672 crore, gross margin at 15.6%, EBITDA at INR 228 crore (8.5% margin), and PAT at INR 117 crore (up 11% YoY).

• Q4 FY26 revenue was INR 625 crore, gross margin 16%, EBITDA INR 51 crore (8.1% margin), and PAT INR 22 crore (36% growth).

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

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

• Final dividend of 125% (INR 1.25 per share) recommended for FY26, subject to shareholder approval.

Outlook and guidance

• Plans to add more stores annually, focusing on Uttar Pradesh, Chhattisgarh, and entry into Madhya Pradesh.

• No formal store expansion guidance, but historical trend is over 30 new stores per year.

• Management targets EBITDA margins in the 8%-10% range, aiming for 9% as a mean.

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

• Focus on scaling premium and sunrise categories to enhance per-store economics.