Aditya Vision Ltd. share price target

Our analysis of Aditya Vision’s store opening potential across UP, Bihar, Jharkhand, MP and Chhattisgarh, reveals a significant opportunity for it to lead organised retail penetration. AVL achieved its 200+ store mark in FY26 after opening 32 stores in FY26.

We remain positive on Aditya Vision (AVL), supported by low penetration of white goods in key markets, sustained demand and strong execution.

Aditya Vision (AVL) reported strong performance in Q2FY26 led by disciplined execution and cost-control measures, offsetting the seasonal headwinds.

AVL’s Q3 EBITDA was 9-14% below street/our estimates, due to weaker gross margin in a sluggish demand environment. In the wake of significant growth moderation for the durable industry in Q3 (vs H1), AVL’s strong and in-line revenue growth of 23% marks a huge outperformance (13%/15% SSG in Q3/9M).

AVL’s Q2 EBITDA was 8% higher than our estimate, led by better gross-margin and cost savings. Q2 revenue growth at 20% (10% SSG) was healthy albeit moderated (vs Q1) due to preponement of the Shrad period and some demand temperance.

Optimised seasonal trend; showcased strong performance

Aditya Vision (AVL) reported a strong set of numbers, with 23% YoY revenue growth and 31% Ebitda growth which was above our estimates, while higher finance cost and tax lead to miss on Pat. The management mentioned they would be targeting 25-30 new stores in FY25 and increase presence in Jharkhand and UP.

Sustaining healthy growth momentum; optimistic outlook

AVL reported in-line EBITDA in Q4, although PAT was lower due to higher
interest cost on slight delay in receipt of preferential proceeds. Q4/FY24
revenue grew 23%/32%, led by 6%/15% SSG.

Clear vision of growth

Incorporated in 1999, Aditya Vision Limited is a retail chain that specialises in consumer electronics products. It is a modern multi-brand retail chain with over two decades of industry experience and maintains a strong market presence in the states of Bihar and Jharkhand.

Aggressive expansion to drive future performance

Bet on rising domestic demand for consumer electronics and home appliances