Aditya Vision Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Aditya Vision Ltd filed with BSE on 15 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Aditya Vision reported FY26 revenue growth of 18% to INR2,672 crores with EBITDA margins at 8.5% and PAT growth of 11%, while Q4 FY26 revenue grew 28% with PAT up 36% year-on-year. Management said the year began with a weak summer season affecting cooling category demand, but growth recovered strongly in Q3 and Q4 driven by festive demand and inventory strategy. The company added stores in Uttar Pradesh and entered Chhattisgarh with 3 stores, ending the year with 207 stores across four states and elevated inventory levels of approximately INR840 crores.
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Numbers mentioned
Revenue: INR2,672 crores (FY26)
p. 5
“For the full year FY26, revenue grew by 18%, reaching INR2,672 crores.”
Yosham Vardhan, page 5 of the filed PDF · View the filing
Gross margin: 15.6% (FY26)
p. 5
“Gross margin stood at 15.6%.”
Yosham Vardhan, page 5 of the filed PDF · View the filing
EBITDA: INR228 crores (FY26)
p. 5
“EBITDA reached INR228 crores, registering a growth of 12% with EBITDA margins at 8.5%.”
Yosham Vardhan, page 5 of the filed PDF · View the filing
Profit before tax: INR157 crores (FY26)
p. 5
“Profit before tax stood at INR157 crores with PBT margins at 5.9%.”
Yosham Vardhan, page 5 of the filed PDF · View the filing
PAT: INR117 crores (FY26)
p. 5
“PAT stood at INR117 crores, growing by 11% Y-o-Y.”
Yosham Vardhan, page 5 of the filed PDF · View the filing
Same-store sales growth: 8% (FY26)
p. 5
“Same-store sales growth for FY26 stood at 8%.”
Yosham Vardhan, page 5 of the filed PDF · View the filing
Revenue: INR625 crores (Q4 FY26)
p. 5
“For Q4 FY26, revenue increased by 28% Y-o-Y, reaching INR625 crores.”
Yosham Vardhan, page 5 of the filed PDF · View the filing
Gross margin: 16% (Q4 FY26)
p. 5
“Gross margin stood at 16%.”
Yosham Vardhan, page 5 of the filed PDF · View the filing
EBITDA: INR51 crores (Q4 FY26)
p. 5
“EBITDA for the quarter was INR51 crores with EBITDA margin at 8.1%.”
Yosham Vardhan, page 5 of the filed PDF · View the filing
PAT: INR22 crores (Q4 FY26)
p. 5
“PAT grew by 36% Yo-Y to INR22 crores.”
Yosham Vardhan, page 5 of the filed PDF · View the filing
Store count: 207 stores (as of March 31, 2026)
p. 5
“Our store count stood at 207 stores as of March 31, 2026.”
Yosham Vardhan, page 5 of the filed PDF · View the filing
Same-store sales growth: 18% (Q4 FY26)
p. 5
“Same-store sales growth for this quarter stood at 18%.”
Yosham Vardhan, page 5 of the filed PDF · View the filing
Inventory: approximately INR840 crores (end of Q4 FY26)
p. 5
“Our inventory levels at the end of Q4 remains higher at approximately INR840 crores, but this is a conscious and strategic decision.”
Yashovardhan Sinha, page 5 of the filed PDF · View the filing
Bihar revenue contribution: 74% (Q4 FY26)
p. 5
“In Q4 FY26, Bihar remained our largest revenue contributor at 74%, followed by UP at 14% and Jharkhand at 12%.”
Yosham Vardhan, page 5 of the filed PDF · View the filing
Bihar revenue contribution: 75% (FY26)
p. 5
“In FY26, Bihar contributed to remain our largest market, contributing 75% of revenues, followed by UP at 13% and Jharkhand at 12%.”
Yosham Vardhan, page 5 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Store additions — 25 stores (figure given when asked)
stated conditionally by Yashovardhan Sinha
p. 10
“But you can safely assume what we when somebody actually will ask us how many stores we want to open, then we only say the figure of 25 stores.”
Yashovardhan Sinha, page 10 of the filed PDF · View the filing
EBITDA margin — 8% to 10%
stated as an aspiration by Yashovardhan Sinha
p. 14
“But still, we can give you a fairly good guidance of 8% to 10% of margin.”
Yashovardhan Sinha, page 14 of the filed PDF · View the filing
Madhya Pradesh entry — enter Madhya Pradesh · this financial year
stated firmly by Yashovardhan Sinha
p. 4
“We are also on track to enter Madhya Pradesh this financial year as we expand”
Yashovardhan Sinha, page 4 of the filed PDF · View the filing
Store breakeven timeline — 9 to 12 months
stated firmly by Yashovardhan Sinha
p. 13
“We have been giving guidance that most of our stores, they get breakeven between 9 to 12 months from their opening.”
Yashovardhan Sinha, page 13 of the filed PDF · View the filing
Capital raise — no equity raise · this financial year
stated firmly by Yashovardhan Sinha
p. 12
“we do not foresee raising any capital in this financial year, definitely not in near term.”
Yashovardhan Sinha, page 12 of the filed PDF · View the filing
Opex as stores mature — consummerate with our overall expenses
stated conditionally by Yashovardhan Sinha
p. 11
“So it is quite-- you can safely assume that going forward, our opex will not increase, it will be consummerate with our overall expenses.”
Yashovardhan Sinha, page 11 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said they cannot comment on competitors but are adequately stocked as per their own strategy
Answered by Yashovardhan Sinha
Asked by Aditya Bhartia: Whether higher AC inventory versus competitors is a competitive advantage that could boost margins next quarter
p. 6
“But as far as we are concerned, we are adequately stocked. And that is as per our strategy, which I'll not like to divulge.”
Yashovardhan Sinha, page 6 of the filed PDF · View the filing
Management said profitability is not very dependent on OEM price hikes and inventory buildup is mainly for competitiveness
Answered by Yashovardhan Sinha
Asked by Aditya Bhartia: Whether price hikes by OEMs help margins or get passed to consumers
p. 6
“So it's not necessary that whenever there is a hike in price that comes as a profit to us.”
Yashovardhan Sinha, page 6 of the filed PDF · View the filing
Management attributed the decline to lower seasonal cooling product sales in H1 and rising ASPs of mobile and laptop categories with lower margins
Answered by Yashovardhan Sinha
Asked by Yash Sonthaliya: Why gross margin declined 100 bps year-on-year and whether it relates to product mix shift
p. 8
“So more and more volume was coming through these products, which was having lesser margin.”
Yashovardhan Sinha, page 8 of the filed PDF · View the filing
Management said mobile ASP rose 20% and laptop ASP rose 8-10%, both lower-margin categories that grew faster
Answered by Yashovardhan Sinha
Asked by Yash Sonthaliya: What specifically drove the Q4 margin decline
p. 8
“Actually, it has come down just because that in Q4, ASP of mobiles went up by 20%.”
Yashovardhan Sinha, page 8 of the filed PDF · View the filing
Management cited brand ambassador onboarding, expansion into new geographies, and higher variable costs tied to sales growth
Answered by Yashovardhan Sinha
Asked by Yash Sonthaliya: What drove the 50% rise in other expenses
p. 8
“As I told you that we onboarded our brand ambassador also during this period as well as we were -again, I'm telling you that we are entering new geographies”
Yashovardhan Sinha, page 8 of the filed PDF · View the filing
Management declined to disclose state-wise margins citing competitive reasons, but said newer states would gradually catch up to Bihar
Answered by Yashovardhan Sinha
Asked by Aniruddha Joshi: What is the normalized margin for mature Bihar operations versus newer states like UP
p. 9
“We do not diverge state-wise margins.”
Yashovardhan Sinha, page 9 of the filed PDF · View the filing
Management clarified the finance cost figure includes lease liability interest, not just bank interest
Answered by Yashovardhan Sinha
Asked by Aniruddha Joshi: Why the effective interest rate appears high at 12.8-13%
p. 9
“This includes in finance cost on lease liabilities also. So this is not your bank interest.”
Yashovardhan Sinha, page 9 of the filed PDF · View the filing
Management said there has been no impact so far in their core markets
Answered by Yashovardhan Sinha
Asked by Aniruddha Joshi: Whether real estate/rental inflation from IT sector slowdown is affecting Bihar, Jharkhand, UP
p. 10
“As you know, they are hardly having a few, so it has not impacted neither Bihar or nor UP or Jharkhand.”
Yashovardhan Sinha, page 10 of the filed PDF · View the filing
Management said OEMs generally do not take back inventory but instead help liquidate it, with pressure on OEMs to clear unsold stock
Answered by Yashovardhan Sinha
Asked by Bhavya Gandhi: Whether unsold inventory can be returned to OEMs
p. 10
“Rather, they help us in liquidating that inventory.”
Yashovardhan Sinha, page 10 of the filed PDF · View the filing
Management disputed the figure and explained that many UP stores opened late in the year and had not operated a full year, distorting the comparison
Answered by Yashovardhan Sinha
Asked by Manoj Gori: Why UP's revenue contribution appeared to decline from 14% to 13% despite more store openings
p. 12
“But still, I would like to tell you that most of the stores are very new. And in fact, have not run even 3 months of the full financial year.”
Yashovardhan Sinha, page 12 of the filed PDF · View the filing
Management said April was strong while May started slightly cooler, with expectations of a normal summer
Answered by Yashovardhan Sinha
Asked by Manoj Gori: How April and May sales have progressed so far
p. 13
“April has been very robust for us. And May is slightly colder in the initial period.”
Yashovardhan Sinha, page 13 of the filed PDF · View the filing
Risks flagged
Weakest summer season since inception impacted demand for cooling products in H1
p. 3
“What is encouraging for us is that despite this year having the weakest summer since our inception, we delivered approximately 18% revenue growth year-over-year and 11% PAT growth year-over-year.”
Yashovardhan Sinha, page 3 of the filed PDF · View the filing
Prolonged rains and delayed GST 2.0 implementation slowed recovery in Q2
p. 4
“Prolonged rains and delays in implementation of GST 2.0 further slowed the recovery trajectory in Q2.”
Yashovardhan Sinha, page 4 of the filed PDF · View the filing
Supply-side uncertainty from OEMs due to gas shortages linked to Gulf war
p. 5
“We acted early in anticipation of supply side uncertainties highlighted by OEMs, particularly around gas shortages due to the sudden Gulf war.”
Yashovardhan Sinha, page 5 of the filed PDF · View the filing
Product price increases from BEE norms revisions
p. 5
“We also leveraged price changes driven by BEE norms revisions where product prices have increased by around 8% to 10% to secure inventory at relatively better cost and to remain competitive in the market.”
Yashovardhan Sinha, page 5 of the filed PDF · View the filing
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