Aditya Vision Ltd (NSE: AVL) Q3 2026 Earnings Call dated Jan. 27, 2026
Corporate Participants:
Aditya Bhatia — Principal Software Engineer
Yashovardhan Sinha — Chairman and Managing Director
Yosham Vardhan — Promoter and Whole Time Director
Analysts:
Unidentified Participant
Aniruddha Joshi — Analyst
Yash Sonthalia — Analyst
Pradyumna Choudhary — Analyst
Manoj Gori — Analyst
Presentation:
operator
Sam it.
operator
It.
operator
Sa. Sam sa.
operator
Sa.
operator
Foreign.
operator
Ladies and gentlemen, good day and welcome to Aditya Vision Limited Q3 and nine months ended 12-31-2025 earnings conference call hosted by Investech Capital Services India Private Limited. As a reminder, all participant lines will win the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Aditya Bhatia from Envistech Capital Services India Private Limited.
Thank you. And over to you sir.
Aditya Bhatia — Principal Software Engineer
Good evening everyone. A warm welcome on behalf of Investec India to Q3FY26 earnings call of ADIT division.
Aditya Bhatia — Principal Software Engineer
We have with us the senior management.
Aditya Bhatia — Principal Software Engineer
Team of ADIT division represented by Mr.
Aditya Bhatia — Principal Software Engineer
Yashavardhan Sinha, Chairman and Managing Director Yoshim.
Aditya Bhatia — Principal Software Engineer
Bhattan, full time Director.
Aditya Bhatia — Principal Software Engineer
I will hand over the call to.
Aditya Bhatia — Principal Software Engineer
The management for their opening remarks post.
Aditya Bhatia — Principal Software Engineer
Which we can open the floor for Q and A session.
Yashovardhan Sinha — Chairman and Managing Director
Thank you Aditya from Aditya Vision. Good evening ladies and gentlemen and welcome to Adit Division Limited earning conference call for the third quarter and nine months ended December 31st, 2025. Our investor presentation has been uploaded on the stock exchanges and we trust it has been reviewed by you by Now. Before discussing Q3, it is important to briefly place the quarter in the context of the year so far. The first quarter of FY26 was an outlier impacted by unusually adverse weather conditions including an extended monsoon and one of the weakest summers in several decades. This weighed on our own cooling led demand across our core markets.
Despite these headwinds, we delivered positive EBITDA and PAD growth in Q1FY26. From Q2 onwards, momentum began to normalize aided by GST rebate and festive period Falling in last 10 days of Q2. Revenues recovered strongly. However, the extended monsoon resulted in a temporary shift in product mix which relatively lower contribution from high margin pooling categories. As a result, while EBITDA and PAT continued to grow year on year, EBITDA margins moderated by approximately 42 basis points and pat margins softened by around 47 basis points. Q3 FY26 marked a clear step up in its performance despite the quarter being challenging.
Overall, we performed very well with revenues growing by about 28% year over year aided by strong festive demand. With the festive period from day one of Durga Puja to the last day of chat puja registering 37% growth out of which first 10 days fell in Q2. EBITDA recorded 14% year on year growth in absolute terms with EBITDA margins remaining broadly stable on a sequential basis. Profit before tax before exceptional Items grew by 21% year on year. However, PVT margins moderated by approximately 33 basis point primarily due to higher operating expenses. That too primarily because of marketing and promotional activities.
They can carried out in UP in stores like in bigger cities like Lucknow and other store big cities and this led in higher to higher operating expenses related to store yet to mature. PAT grew by 18% year on year excluding an exceptional expense of Rupees 1.5 crore on account of additional provisioning pursuant to implementation of new labor codes. With PAT margin moderating by around 38 basis points compared to last year, demand trends during the quarter were mixed. October witnessed a strong festival at demand translating into healthy footfalls. November and December saw some moderation once the festive season got over, but this was meaningfully offset by a strong recovery in late December supported by improved customer sentiment.
From a balance sheet perspective, inventory levels are moderately higher primarily because OEMs offered attractive discounts on room air conditioners following changes in BE energy efficiency norms and we opportunistically built some inventory to position us well ahead of the upcoming summer season. Overall inventory level remains well controlled and broadly stable. Store expansion continued in a disciplined cluster led manner. During the quarter we added four new stores taking total store additions in nine months FY26 to 17 stores and keeping us on track to cross the milestone of 200 operational stores by FY26 and more. At the core of ADIT division is 26 years of consistent execution, geographical dominance and a long term approach to value creation.
While the year began with challenges, the Improving trajectory from Q2 through Q4 Q3 enforces our confidence in the resilience of our business model and long growth Runway ahead. With that, I will now hand over the floor to Mrs. Yosam Vardhan to take you through the financial highlights for the quarter. Over to you Yosam.
Yosham Vardhan — Promoter and Whole Time Director
Thank you sir. Good evening ladies and gentlemen. We are pleased to present the robust financial performance for Q3 FY26 and the nine months FY26. Here is a summary of our financial achievements for the nine months ended FY26 revenue surged by 15% from INR 1773 crores in nine months FY25 to 2047 crores in nine months FY26 gross margins were maintained at 15% with EBITDA reaching 177 crores registering a 10% year on year growth and EBITDA margin at 8.7% during the nine month period. Profit before tax before exceptional items grew 7.3% to 128 crore in nine months.
FY26 with PBT margin at 6.2% moderating marginally by 47 basis points due to cost related to store additions, PAT grew by 8% excluding exceptional expenses rising from 90 crore in nine months FY25 to 96 crore in nine months FY26 same store sales growth for nine months FY26 stood at 5% while that for the third quarter stood at an impressive 17% compared to 12% in the previous year. In Q3 FY26 revenue saw a year on year increase of 28% reaching 649 crore compared to 508 crore in Q3 FY25 driven by strong festive demand and expansion. Gross margin increased to 15.8% compared to 15.6% in the previous year.
EBITDA for the quarter was 53 crore with an increase EBITDA margin of 8.2%. Profit before tax before exceptional items increased by 21% year on year and stood at 38 crore versus 31 crore in Q3 FY25 PAT grew by 13% year on year to 27 crore after accounting for an exceptional expense of 1.5 crore or on account of additional provisioning under the new labor codes. In Q3FY26, Bihar contributed 75% of revenues followed by up at 13% and Jharkhand at 13%. In nine months FY26 Bihar remained dominant with 76% revenue contribution while Uttar Pradesh and Jharkhand contributed 12% respectively.
Our store count stood at 192 as on 31st December 2025. We can now open the floor for questions.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press N1 on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press STAR and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Aniruddh Joshi from ICICI Securities. Please go ahead.
Aniruddha Joshi
Thanks for the opportunity and congrats for strong revenue growth. Just getting more color on revenue growth. Which products would have done well? I guess washing machine has done very well for us. But how is the growth in mobiles and laptops. Considering the semiconductor issues, especially memory chips, we are hearing that there might be weakness in the market or there is already some weakness in the market. So how was it in this quarter and what is the outlook for these two products over next two three quarters? That is question number one and question number two in terms of the summer products, what is the current inventory? I guess some of the brands have given higher discounts to clear the inventory from their books and Adity Vision would have also uploaded the inventory bit more.
So one, what is the current inventory if you can point out and secondly what was the additional discount that we were able to get? Yeah, thanks.
Yashovardhan Sinha
Thank you. Category wide growth as you said that the washing machine category did very well with more than 30% growing by more than 30% very closely followed by panel televisions also by 30%. As you know AC grew by in this quarter it grew by to 22%. However for nine months it grew by only 2% and as far as mobile is concerned it grew by 20%. This is how the categories move. And coming to your second question, A.C. of course we did in fact stock down a lot of ACs, whatever we could get because it was beneficial for the company.
And exact amount will not be proper for me to tell you. But then yes, we have got a sizable number of AC stopped.
Aniruddha Joshi
Okay, sure sir. And outlook for mobile and laptop. Considering the memory chip issue across the.
Yashovardhan Sinha
Globe I will say that it won’t come down any. It won’t be significant. Of course prices will be going up by around. We expect that it will go up by 4 to 6% from January onwards. But despite that demand is very robust and I do not think that it is going to come down.
Yashovardhan Sinha
And availability from the brands is not.
Yashovardhan Sinha
An issue means absolutely not an issue as of now.
Aniruddha Joshi
Okay, sure sir. So that’s very helpful. And lastly the store count, do you see we reaching to 200 or we should be crossing 200 by end of this year?
Yashovardhan Sinha
We’ll be definitely crossing 200 stores by end of this financial year. But if not more I’ll say but as you know we always remain conservating conservative in our guidance. The 200 is definitely on but we will be, we hope that we will be bettering on it.
Aniruddha Joshi
Sure sir, last question from my side. There is a higher other expenditure as percent of net sales in this quarter. So is it related to more store openings or any one offs there or any other item if you can highlight?
Yashovardhan Sinha
Yeah, some are, some are, some are of one time. Also as you know that the discord we were mostly opening in Lakhan, I mean in Uttar. But there’s bigger stores. So our OPEX was higher. And of course we were entering into new areas. So our marketing and promotional costs were much higher. These are one time expenses but it gives us a lot of depth in market for other places where we are, we are deciding to go.
Aniruddha Joshi
Okay, sure sir. This is very helpful and many thanks.
Yashovardhan Sinha
Thank you.
operator
Thank you. The next question is from the line of Yash Santalia from Edelweiss Public Alternative. Please go ahead.
Yash Sonthalia
Hello. Yes. Yes, please go on.
Yash Sonthalia
Hi. Hi. Hi team. Thank you for taking my question. So first following up on the previous participant question. So on the other expense part, like for last two years, our other expense as a percentage of revenue has increased. Should we see this quarter margins or other expenses? A percentage of revenue structural or what should be the consistent number excluding one off for the quarter.
Yashovardhan Sinha
Actually this quarter you also book bonuses for the employees. So this quarter will definitely remain inflated. But I don’t think that it will be similar in quarters to come.
Yash Sonthalia
No, I am talking yoy. Like last year Q3FY25 we saw 55% growth and this year also 60% growth.
Yashovardhan Sinha
Right. Operating cost bound to go up with the additions of stores. We have opened more than 30 stores during this period. So this is the reason OPEX goes up and salary expenses will also go up. Similarly our incentives when you drive sales. Actually we were not having a good human so we concentrated on driving sales. So for that we needed a lot of incentives to pay and promotional activities were taken which is giving us a very good result as far as top line is concerned.
Yash Sonthalia
Got it. Nothing to worry about our longer term fiscal year margins.
Yashovardhan Sinha
It should I think going forward if market is now behaving very well. And I think it will more than offset whatever operating cost will come because of huge increase in top line.
Yash Sonthalia
Got it. Got it. And my second question was on we announced our ambition to expand in MP Chhattisgarh. So what led us to preponder plan to expand in this cities? Is it something strategically we are getting something or it was always planned for.
Yashovardhan Sinha
This year it was always planned. I have been giving this guidance since last my. I think many quarters that we’ll be entering and later mp. So we in this calendar year we’re sure to enter to both the states. If not before maybe in Chhattisgarh we may enter in this financial year and but broadly speaking entire current year, a calendar year will be definitely present in Chhattisgarh and mp.
Yash Sonthalia
Got it.
Yash Sonthalia
Got it.
Yash Sonthalia
And so Last question. On the similar lines like entering this new state, does it change our long term or store expansion guidance like or are we reducing some expansion in UP and those stores will be open in this states?
Yashovardhan Sinha
No, simultaneously will be growing. There won’t be any slowdown on expansion of store. So you will income in coming period. You will see much accelerated extra store expansion and aggressive.
Yash Sonthalia
Which. Which means ideally we are upgrading our store expansion guidance somewhere or the other.
Yashovardhan Sinha
With we won’t give this as a guidance but we’ll definitely say that we will. We will not be slowing down in UP is giving us good market and UP is some different market MP and chmp. I mean satis different market. So it will all go together simultaneously.
Yash Sonthalia
Got it.
Yash Sonthalia
Got it.
Yash Sonthalia
Thanks a lot sir. Best of luck for this amount.
Yashovardhan Sinha
Thank you.
operator
Thank you. Before we take the next question, a reminder to all. If you wish to ask a question, please press star and 1. The next question is from the line of Gurugadhara from SRI Investment. Please go ahead.
Unidentified Participant
Good set of numbers. Congratulations on that front. How many stores out of 192 stores are in the first years?
Yashovardhan Sinha
First year of their operation it’s around 30 stores.
Yashovardhan Sinha
Only 30 stores?
Yashovardhan Sinha
Yes, 30. So there are. But maybe they are even 15 days old also which we have opened in March. I’m sorry, in December.
Unidentified Participant
Okay, so like how is the like volume growth in the older stores as compared to the newer stores? Can you give some light on that?
Yashovardhan Sinha
We have already guided that. SSG has been around 15, 17% for the quarter, right? For the quarter, yes.
Yash Sonthalia
Okay.
Unidentified Participant
And for the nine month it was
Unidentified Participant
15,5%.
Unidentified Participant
Just wanted to know the margins have come down. What would be the sustainable level of margin? Because you are doing good on the revenue front. But that is not translating into the profitability.
Yashovardhan Sinha
I don’t think that it is going to come down from this level in this quarter. However, even for nine months, if you will take for nine months then we are at a comfortable 8.7% EBITDA margin.
Unidentified Participant
So like for the full year it would be like 8.7%.
Yashovardhan Sinha
I think it will, if not better, it will be similar to this.
Unidentified Participant
Why I’m asking this question? Because you are giving revenue growth of good numbers. I mean I’m asking because this is when you will you get like operating leverage on that front.
Yashovardhan Sinha
Then the.
Yashovardhan Sinha
Actually it is a continuous process. If I can tell you on card that when you are opening branch expansion, you are expanding also let the base become larger like a pyramid. Let the base become larger. Then these are going to contribute more to your revenue as well as the EBITDA front. So in time to come when most of our stores mature, start maturing. Because if you see our history though, you will find that in last three years we have opened 96 stores which is almost half of the stores what we are having right now. So typically these stores they mature in three years, by three years.
So most of the stores are still in nascent state. So this is the year. But the higher the, I mean 50% you have opened in which are not matured but next year that number is going to go up. So it will act as a pyramid. More more towards the bottom and less towards less. EBITDA margin will be smaller in number and more better profit giving stores will be higher in number.
Unidentified Participant
So you mean in upcoming 1, 2 years there will be more contribution from the matured stores. Right? So it can contribute to the higher.
Yashovardhan Sinha
Yes. This is what investors should look after that in coming year more and more stores will get matured and this will give us a lot of leverage for opening news stores. And then do not forget that this year Q1 was a total washout. So thinking that comparing that the big, the biggest quarter of the company, the company’s history with the was a total washout. So this year has been very strange. But given the Q3 numbers we are very confident that we’ll, we’ll be. Despite that we’ll be achieving good set of numbers at the financial year end.
Unidentified Participant
And as far as Chattisgarh and MP is concerned, like what is your long term plan? Where do you want to take it to like to the level of Bihar or like UP or like what?
Yashovardhan Sinha
Where can we see that? No, these are the states where the largest cities population is also concentrated towards larger cities. So 8 to 10 cities will take in Chhattisgarh. Similarly will be in MP will be there in another 15 cities and with more and more stores because there are larger cities will require number of stores in a single city.
Unidentified Participant
Okay, so. So these states are similar to like what Bihar and UP are like. I mean behavioral wise how the pattern is for spending.
Yashovardhan Sinha
This is the whole idea of with this geographical advantage. We are working on it. We are continuing in our Hindi heartland where it is much better to in fact open your new stores and aligning your employees to the policies of the company. So yes, we are very comfortable moving in this geography.
Unidentified Participant
So maybe in next two, three years you can see like more and more stores coming from MP and Chhattisgarh or.
Yashovardhan Sinha
That is too early to say no, not more. I will say that all three states are going to grow in number of stores.
Unidentified Participant
All three states. You mean the existing states or the new two ones?
Yashovardhan Sinha
I’ll say the Bihar will not have that number of. Similarly Jharkhand will also have very limited insignificant number of stores. Whatever it is right now. But UP gives you a tremendous potential and opportunity to expand because of its. We have just. We have just now touching. Knocking at western UP so so on which is a hugely populated and very wealthier segment of society. Is there.
Unidentified Participant
So the most. Most of the growth will be coming from UP and then the two new states which will be entering.
Yashovardhan Sinha
I beg your pardon.
Unidentified Participant
So I’m asking the most of the new growth which will be coming from Uttar Pradesh and the two new states you will be entering, right?
Yashovardhan Sinha
Yeah.
Yashovardhan Sinha
In the upcoming years you will find that we are only present 24 districts of UK compared to 75 districts which is present in UP. So a lot of scope is there.
Unidentified Participant
Okay. You did a fundraise last time like just wanted to know you are comfortable with that or like you would be raising some funds. So that is not required currently.
Yashovardhan Sinha
No.
Yashovardhan Sinha
With our internal accruals and small bank. I think bank lending is sufficient for us to get to. Let us say in near future there won’t be any requirement of fund.
Unidentified Participant
Even if you have to build up the inventory level you are not. You don’t require that kind of.
Yashovardhan Sinha
It’s not very important that way because we build inventories at such time when it is very easily liquidated. So before we have to pay to the company it is almost liquid. Liquidity is done. So that doesn’t give us any unnecessary leverage.
Unidentified Participant
Okay.
Unidentified Participant
Thank you very much.
Yashovardhan Sinha
Thank you.
operator
Thank you. The next question is from the line of Pradyum Nachaudhuri from GM Financial Group Investments. Please go ahead.
Pradyumna Choudhary
Hi. So thank you for the opportunity. My first question is to understand the market in Chateaugarh and MP like previously we’ve spoken that up in terms of number of stores could be twice as big as Bihar. Similarly, could you give some idea regarding how big a market chatting can be for us in terms of number of stores?
Yashovardhan Sinha
I would already just told that we’ll be operating in very limited number of cities because mostly affluent people they are limited to these bigger cities in Chhattisgarh also and in MP also. But things are going getting better day by day because of. I mean huge dent in Naxalism. So that is going to give us a tremendous boost in time to come in whatever. Our home honorable home minister said that by March it will be over. So that we are concentrating on that also that after that there will be huge potential to expand and freely.
Yashovardhan Sinha
So would these markets be maybe chosen to Jharkhand kind of markets rather than a Bihar kind of a market, mostly.
Yashovardhan Sinha
Like Jharkhand because again it is.
Yashovardhan Sinha
A.
Yashovardhan Sinha
Neighboring state of Jharkhand and empty also.
Pradyumna Choudhary
All right, and my second question is regarding our stores in up. So could you give some commentary on how these are doing? Because of course in UP several of the cities would already have some of our competitors operating. So it’s not like a new space that we would have entered in these settings. So are we seeing similar unit economics, are we seeing similar time to maturity for these stores or and how are we really competing with existing players there? Because some of the benefits that we were able to offer in smaller towns would not be possible in cities where the competition is already present.
Right. So could you comment on this?
Yashovardhan Sinha
We always have been giving this guidance that is not that competition was not present. Wherever we are present, competition has always been there and it is for us to beat them and we have been beating them regularly. So even when you are entering to new areas where competition is there, it doesn’t matter because we have got different policies, different schemes and so many other things for the benefit of the customers. So these things require little promotional expenses, marketing expenses. But then it is very easy for us to overcome it because again by figure also you can understand that we are have been gaining lot of ground in new states, new areas like now this time it is around 26% of volume has come from these two states in Q3.
So this is in itself presents a good, good picture of how we are, how we are dealing with our competitor.
Yashovardhan Sinha
And unit economics remains similar in.
Yashovardhan Sinha
It.
Yashovardhan Sinha
Is a common thing that if you go to Lucknow or bigger, very big cities, of course it will be rent will be higher but then it is offset by the basket of branches you add. Overall increase is limited.
Pradyumna Choudhary
And my last question, so if you could just like if we look at our mature stores which are stores which are at least three years old over there, what sort of a growth are we seeing in terms of same store grade for those mature stores?
Yashovardhan Sinha
In fact we take all these stores which do not classify it like matured and non matured because we maybe we take maybe give a guidance that in three years they are going to mature but there are so many branches which gets profitable from the very first quarter of opening. So it is all about averaging it out and that we have grown by 17% SSG in Q Q3 but it was only 5% for the entire nine months because of our bad Q1.
Yashovardhan Sinha
The idea behind asking this particular question is so that we are able to make out like on a more steady basis how the, like what sort of a growth does the store have like once the initial maturity is completed. That’s why I was asking.
Yashovardhan Sinha
Overall growth. I told, I told you that because of Q1 being a total washout quarter for us, the biggest quarter. So this year you are saying this is strained. But considering that next year everything will be normal. So we are going to accelerate our higher levels, very hard levels of growth.
Pradyumna Choudhary
All right, thank you.
Yashovardhan Sinha
Thank you.
operator
Thank you. The next question is from the line of Ali Sagar Shakir from Motilal Oswald Mutual Fund. Please go ahead.
Pradyumna Choudhary
Yeah, thanks for the opportunity. This is Ali from Motilal.
Yashovardhan Sinha
How are you?
Pradyumna Choudhary
I’m fine, sir. Thank you so much. Sir, just first if you can share what was the SSG we you know achieved this quarter?
Yosham Vardhan
17%.
Pradyumna Choudhary
Okay. So you know, with such a strong SSG, I understand you mentioned that you know your margin is impacted because of the new store that you have opened. I think in new geographies. But despite that if you have such a strong SSG of 17% shouldn’t that would have driven operating leverage and therefore, you know, be able to maintain your margin. I’m just trying to understand the margin which is contracted, you know, what has led to this significant.
Yashovardhan Sinha
You will have to understand one thing Ali, that Recently in last 6 months only or 8 months only we started opening stores in Lucknow and all that. So these and the Q1 was total washout. Second, Q2 was also not very good because Q1 is spilled into Q2 also. But however from after the GST cut things became much better. So these things are now stabilizing, I’ll say in a gradual way now that and market has been quite good. As I have already said, the market has been quite good from December onwards and still it is in January also sales are very robust.
So I think it is going to do much better. And whatever we have seen, that is things of past.
Pradyumna Choudhary
Got it. So I think what you are saying is that the stores which are new agents are taking slightly longer to I think you know, stabilize or achieve break even or maybe you know, reach your stable stage.
Yashovardhan Sinha
Yeah. Yes. Because of Q1 I’ve been telling you because Q Q1 was a very bad Q1. So of course even the new stores they could not do that big business which normally all branches do.
Yashovardhan Sinha
But I know it’s talking about Q3, not Q1 Q2, Q3 also they have not achieved.
Yashovardhan Sinha
No, in Q3 they are. Yeah, they are achieving. So then only we have reached to 27% of.
Pradyumna Choudhary
Yeah, but the margin is lower which implies that the new store may be would be pulling down.
Yashovardhan Sinha
Now that the entire year is Q1 was not good. What should we do? As management we have to drive sales and try to achieve at least. We are trying very hard to achieve 20%. At least 20% growth if possible in this financial year. So we have been spending a bit more in this exceptional financial year.
Pradyumna Choudhary
So sir, what is the, you know, I mean average time that new stores are taking for breakeven versus your you know, historical average in the existing regions? I mean how. How different is the new regions we.
Pradyumna Choudhary
Have been guiding Actually all the stores they at least metrics become profitable between six months to 18 months.
Pradyumna Choudhary
But the new regions are taking slightly longer.
Pradyumna Choudhary
Right.
Yashovardhan Sinha
It’s not that I told you that because of bad Q1 lot of branches faced adverse situation this now it is. It is. Think of past. This is what I’m trying to tell you that yes, we had a bad quarter in decades. We had one of the worst quarters because of a certain season. But when we expect that things will be not if it’s just normal, we don’t want any harsh summer or anything even things are normal then it’s quite good for us. It will. It will bid good for us.
Pradyumna Choudhary
Got it. So the new regions where you’re opening stores that should not incrementally pull down your margin. Right. And if you can just share what is the margin that we are guiding EBITDA margin year on? I mean should it come down to the base that we have seen in Q3 or you know, we should be able to maintain the margins upwards of 9%.
Yashovardhan Sinha
Madhav, we entirely see nine months of EBITDA. It is eight. So it is very marginally lower than last year. So what we have now in Q4 also what I said that. Let’s see the January had been very good for us and we are expecting similar numbers for coming months also in this quarter, in the current quarter. So I think whatever will be it will be within our guidance which we give for ebitda.
Pradyumna Choudhary
Got it. And just last question is on the number of store addition. So you mentioned incrementally your new stores will be in up, MP and Chhattisgarh.
Yashovardhan Sinha
Right.
Pradyumna Choudhary
So what is the annual store guidance and between these three should one assume 10 store each in each region or it will be up and MP heavy mode.
Yashovardhan Sinha
We are, we have been looking to. And we told you that we’ll be definitely if not in this financial year with this calendar year will be definitely present in a lot of cities in Chhattisgarh and few cities of Madhya Pradesh. So this is what I think. So overall we always give a guidance of 30 stores being opened in a year. And till now we have bettered every year. Let’s see how it goes. But we give a guidance of 30 stores only.
Pradyumna Choudhary
Got it. All right, sir. Thanks a lot. Very, very insightful. Wish you all the best.
Yashovardhan Sinha
Thank you.
operator
Thank you. The next question is from the line of Manoj Gauri from Equinus Capital. Please go ahead.
Manoj Gori
Yeah.
Manoj Gori
Thanks for the opportunities. Sir, I have just one question. So the initial remarks you did highlighted that there must be attractive schemes.
Yashovardhan Sinha
Manoj, can you speak louder please? Hello.
Manoj Gori
Is it better? So sir, in the initial remarks you highlighted that you got some better schemes for room air conditioners and you accordingly you plan for hiring and you stocked up this material. Just want to understand that Q1 obviously is a very favorable base. But based on your planning and probably whatever your analysis would be from the past and for the future what kind of growth should we expect in FY27 and more specifically for Q1 of FY27 that would help relatively better from a modeling point of view.
Yosham Vardhan
Very difficult for us to say. Except that we definitely give a guidance of 20, 25%. But we have been bettering this guidance always. And we expect that with pent up demand for last year Q1 the Q1 of Next Financial year should be absolutely very good. So this is what we are aiming at. And accordingly we are accumulating our inventories also. So right now we are sitting on inventories of three Bee. And later on in this quarter we’ll be accumulating inventories of post BE products also it will be around. Around 6, 5 to 7% costlier. Correct.
Manoj Gori
Sir, I will be repeating one more question. Probably you answered it in a more qualitative manner. If I look at the markets today, let’s be our which is our core market. So based on your current store count you would have definitely identified areas in the market. And probably you would be aware like what could be our long term store counts in Bihar market if itself. Similarly for UP also you would have done some analysis and probably from a region to region you would be definitely looking at from an opportunity point of view.
Yashovardhan Sinha
Actually you can always understand that we are. We are already having 117 stores in Bihar. Correct. So addition of new stores in Bihar will be Very, very strategic. Strategic in the sense that only at such places where we need to fortify our place there only we are going to go there in Bihar similar in Jharkhand we are. We have already almost covered in Dharkan all districts except for one or two. So we are looking to open those in those districts also which we have so far not present in dharkhand and in UP. But you should understand that out of 75 districts we are just present in 24 districts.
So we are just. We have covered 1/3 of up so lot many stores. Definitely in time to come more and more stores are going to come UP in UP. Again strategically now that we have covered almost central UP we are moving towards western up. So things will be definitely different. Again there are very good market we are getting. And we expect to enhance our store count in up. Similarly also we expect very good business because of again a lot of disposable income is there. But that nobody, our competitors and nobody are promoting their brand in such a way which is like aditivision.
So we expect that is going to have edge.
Manoj Gori
Sure sir. Thank you sir. And wish you all the best for future quarters.
Yashovardhan Sinha
Thank you so much. Thank you so much, Manoj.
operator
Thank you. Ladies and gentlemen, due to time constraint that was the last question for today. I now hand the conference over to the management for closing comments. Thank you. And over to the management.
Yashovardhan Sinha
Thank you very much for sparing your valuable time everybody. Thank you so very much. See you in the next quarter.
operator
Thank you very much. On behalf of Investec Capital Services India Private Limited. That concludes this conference. Thank you all for joining us today. And you may now disconnect your lines.
operator
Thank you.
operator
Bye.
operator
It.