Aditya Vision Ltd(AVL)

NSE: AVLBSE: 540205

₹ 555-0.16%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 7,167 crWebsite: www.adityavision.inUpdated: 24 Oct 2026

About

It holds over 50% market share in Bihar and is the largest consumer electronics retailer in Jharkhand, serving over 1 crore customers since inception. The company recorded a 10-year revenue CAGR of 27% from FY16 to FY26 and was the first consumer durables retailer listed on an Indian stock exchange.^[1][2]

Business segments

AVL operates as a single segment - retail trading of consumer electronics and durables - with no reportable sub-segments under Ind AS 108. All revenue is domestic; exports are nil.^[1]
Product mix in FY26: large appliances 60%, small and other appliances 21%, digital gadgets 19%, shifting from 64%, 21%, and 15% respectively in FY25.^[1]

Store network and reach

Total showrooms stood at 214 as of 28 Sep 2026, after opening two stores each in Chhattisgarh (Raipur and Bilaspur) and Uttar Pradesh (Sitapur and Lakhimpur Kheri) in September 2026.^[3][4]
AVL added 102 stores over the three years to FY26, compared with 105 stores added across the entire FY99 - FY23 period, reflecting a sharp acceleration in expansion pace.^[1]
Each store is staffed by 10 - 12 members; store managers are designated 'Store Owners'. Total retail footprint reached 8,03,625 sq ft as of Sep 30, 2025.^[1][5]
State-wise store distribution as of Dec 31, 2025: Bihar 117 stores, UP 42, Jharkhand 33. Chhattisgarh was entered ahead of plan with 3 stores by FY26 year-end.^[6][7]

Key operating metrics

Same-store sales growth (SSSG) in Q1 FY27: 18%, the third consecutive quarter at that level; volume growth 19% and average selling price (ASP) growth 8% in the same quarter.^[8]
Full-year FY26 SSSG: 8%; Q4 FY26 SSSG: 18%. Bill cuts grew 18.9% YoY in FY26 to 11.9 lakh units.^[7]
Revenue per sq ft: ₹41,000 for FY26. Average working capital per store: ₹2.75 - 3.00 Cr.^[1]
AC category accounted for 42% of revenue in Q1 FY27, growing ~35% YoY in that quarter. Bihar contributed 72% of Q1 FY27 revenues; UP contributed 16%, up from 13% a year earlier.^[8]
Gross margin expanded ~75 bps YoY to 16.1% in Q1 FY27. Store-level gross margin range is 13 - 15% and EBITDA margin range is 8 - 10%.^[8][1]

Supply chain and brands

85% of supply is sourced directly from OEMs and 15% via distributors or C&F agents; the company maintains long-term relationships with 100+ brands.^[1]
53% of sales were financed through consumer finance partnerships in FY26; partners include Bajaj Finserv, HDB Financial Services, IDFC First Bank, Paytm, Pine Labs, Samsung Finance+, and TVS Credit.^[1]

Customers and market position

AVL holds over 50% market share in Bihar and is the largest consumer electronics and durables retailer in Jharkhand.^[1]
The company has served over 1 crore customers since inception; its retail reach extends to nearly 30% of India's population.^[1]
AVL was the first consumer durables and electronics retailer listed on an Indian stock exchange - on BSE in 2016 and on NSE in 2024.^[1]

Geographic expansion

For FY27, AVL is entering Madhya Pradesh (Indore, Ujjain, Bhopal, Gwalior, Jabalpur; targeting 6 - 10 stores) and peripheral West Bengal (Siliguri, Asansol, Durgapur; targeting 6 - 10 stores), its fifth and sixth states.^[8][1]
Chhattisgarh is being scaled to 10 - 12 stores in FY27, with 4 - 5 stores in progress; 54 UP stores across 30 districts as of Q1 FY27.^[8]
Expansion follows a cluster-based strategy, leveraging existing logistics infrastructure, vendor relationships, and brand recall in adjacent geographies.^[8]

Store additions and capex

32 stores were added in FY26, reaching 207 stores at FY26 year-end. The company is guiding 30+ store additions for FY27 and expects FY28 additions to exceed the FY27 run rate.^[7][8][1]
Only 3 stores were opened in Q1 FY27 as a deliberate resource-conservation measure; the full-year FY27 target of 30+ stores is maintained.^[8]
Entry into larger UP cities requires bigger showroom formats, driving elevated capex per store; this trajectory is expected to continue as expansion focuses on large showrooms.^[5]
Store-level breakeven is maintained at 9 - 12 months from opening.^[7]

Recent developments

Two showrooms opened in Raipur (Shankar Nagar Chowk) and Bilaspur (Agrasen Square), Chhattisgarh, on 28 Sep 2026, bringing the total network to 214 showrooms.^[3]
Two showrooms opened in Sitapur and Lakhimpur Kheri, Uttar Pradesh, on 23 Sep 2026, bringing the total at that time to 212 showrooms.^[4]
CRISIL reaffirmed an A/Stable rating in February 2026 on total bank loan facilities of ₹270 Cr.^[1]
The board recommended a final dividend of 125% (₹1.25 per share) for FY26 at its May 2026 meeting.^[1]
Inventory was strategically built to ₹840 Cr as of March 2026 - up from ₹698 Cr in March 2025 - in anticipation of Gulf war-related LPG supply disruptions signalled by OEMs and BEE norm-driven AC price hikes of 8 - 10%.^[7]
GST on appliances (ACs, TVs, washing machines) was cut from 28% to 18% effective 22 Sep 2025, reducing retail prices 7 - 8% and driving a demand surge in the final 9 days of Q2 FY26.^[5]

Market Cap

₹7,167 Cr

High / Low

₹705 / 437

Stock P/E

53.0

Price / Book

10.7

Book Value

₹53

EPS

₹9.1

No. of Shares

12.91 Cr

ROCE

17.3%

ROE

18.4%

OPM

7.4%

Debt / Equity

0.48

Sales

₹2,672 Cr

Net Profit

₹117 Cr

Promoter holding

47.1%

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