Aditya Vision Ltd (NSE: AVL), the consumer electronics retailer with a deep presence in the Hindi-speaking heartland, reported a 12.8% year-on-year increase in net profit to ₹27 crore for the quarter ended December 31, 2025, driven by strong festive demand and volume gains following GST rationalization. Revenue from operations rose 27.6% Y-o-Y, underpinning top-line momentum despite a slight compression in EBITDA margins. The company continued its aggressive retail expansion, closing the quarter with 192 stores across key northern and eastern markets.
Quarterly Financial Snapshot
Net Profit: ₹27 crore, up 12.8% Y-o-Y.
Revenue from Operations: Up 27.6% Y-o-Y.
EBITDA Margins: Marginally lower compared with the prior year period.
Store Count: Expanded to 192 outlets, including new showrooms in Jharkhand and Uttar Pradesh.
Management attributed the strong performance to robust execution during the festive season and improved consumer volumes, particularly in Tier-2 and Tier-3 cities following GST rate rationalization, which helped clear transition inventory and stimulate demand.
Stock Performance and Market Valuation
Aditya Vision’s shares have seen significant volatility over the past year, trading between a 52-week low of ~₹328 and a high near ₹599. Recent trading data suggest the stock is below its peak levels, reflecting mixed reactions to margin pressures and broader retail sector dynamics. Current market figures indicate a TTM P/E ratio in the mid-50s, with a market capitalization over ₹6,000 crore. Promoter shareholding stands at just over 47%, with notable holdings from foreign portfolio investors and retail participants.
Broker coverage has been constructive overall. In November 2025, ICICI Securities maintained a “Buy” rating with a target of ₹640, underpinned by expectations of mid-to-high teen revenue and earnings growth over FY25–28 and continued store roll-outs. More recently, Nuvama Securities initiated coverage with a Buy rating and a target of ~₹672, forecasting strong three-year CAGRs for revenue, EBITDA and PAT driven by deeper reach in under-penetrated markets.
Competitive Landscape & Peer Context
Aditya Vision operates in a fragmented consumer electronics retail segment alongside larger organized peers and online platforms. Its hyperlocal approach, focusing on physical stores in Tier 2 and Tier 3 cities with financing partnerships and after-sales services remains a differentiator. However, margin pressures and rising interest costs have been flagged as near-term headwinds in some analyst commentary, with interest expenses rising in recent reported periods.
Growth Drivers
Continued store network expansion, particularly in Uttar Pradesh, West Bengal and other central/eastern regions.
GST and macro tailwinds supporting consumer discretionary spending.
Potential omnichannel integration, including click-and-collect and online sales linkage to physical outlets.
Risks & Concerns
Sustained EBITDA margin compression could weigh on earnings leverage.
Execution risks related to rapid retail expansion and working capital cycles.
Retail consumption headwinds amid broader macroeconomic fluctuations.
Strategic Outlook
Management’s focus remains on delivering double-digit revenue growth while balancing profitability through operating leverage and supply chain efficiencies. With demand tailwinds from the festive quarter and GST transition benefits still unfolding, the company is targeting to convert its wider retail footprint into higher same-store sales growth.
For the broader investment community, AVL’s performance this quarter reinforces its positioning as a growth-oriented small/mid-cap retail franchise, though valuation multiples and margin sustainability will continue to be key metrics for institutional and retail participants alike.