{"id":182538,"date":"2026-05-08T08:00:01","date_gmt":"2026-05-08T12:00:01","guid":{"rendered":"https:\/\/alphastreet.com\/india\/aditya-vision-ltd-avl-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-08T08:00:01","modified_gmt":"2026-05-08T12:00:01","slug":"aditya-vision-ltd-avl-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/aditya-vision-ltd-avl-q4-2026-earnings-call-transcript\/","title":{"rendered":"Aditya Vision Ltd (AVL) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Aditya Vision Ltd (NSE: AVL) Q4 2026 Earnings Call dated May. 08, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Unidentified Speaker<\/strong><\/p>\n

Yashovardhan Sinha<\/strong> \u2014 Promoter Chairman and Managing Director<\/em><\/p>\n

Yosham Vardhan<\/strong> \u2014 Promoter and Whole Time Director<\/em><\/p>\n

Analysts:<\/h2>\n

Aditya Bhartia<\/strong> \u2014 Analyst<\/em><\/p>\n

Yash Sonthaliya<\/strong> \u2014 Analyst<\/em><\/p>\n

Aniruddha Joshi<\/strong> \u2014 Analyst<\/em><\/p>\n

Manoj Gori<\/strong> \u2014 Analyst<\/em><\/p>\n

Devanshi Kambar<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to Aditya Vision Limited Q4 and FY26 earning conference call hosted by Access Capital. As a reminder, all participant line will be in the listen only mode and there will be an opportunity for you to ask question after the presentation. Conclude. Should you need assistant during the conference call, please signal an operator by pressing star then zero on your touchdown phone. Please note that this call has been recorded. I now hand the conference over to Ms.<\/p>\n

Devanshi Kambar from Access Capital. Thank you. And over to you, Ma’. Am.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Good evening everyone and thank you for joining us today for our Victor Vision’s Q4 and FY26 earnings call. We are glad to have the senior management team with us including Mr. Yasha Vaiden Sinha, Chairman and Managing Director and Ms. Yoshim Burton Moulton, Director. I will now invite the management to share their opening remarks after which we will move into the Q and A session. Over to you.<\/p>\n

Yashovardhan Sinha<\/strong> \u2014 Promoter Chairman and Managing Director<\/em><\/p>\n

Thank you Devanshi. Good evening ladies and gentlemen and a warm welcome to all of you. Hope you have had you have gone through our investor presentation and if not, I strongly recommend you to go through it. As we speak Today about our Q4 and full year FY26 performance, I would like to take a moment to step back and reflect on the journey that has brought us here. ADIT Division started as a small single store with a simple vision to make quality, consumer, durable, accessible, affordable and trustworthy for customers in underserved markets.<\/p>\n

Today, as we close FY26 with 207 stores across four states, that journey has scaled meaningfully over the last 27 years. That vision of Aditya has guided every decision we have taken. Whether it was entering into new towns, building relationships with customers or staying disciplined in how we grow. I can say that our vision has not only scaled, it has become bolder and resilient. FY26 in many ways not only tested that vision but also turned to be a landmark year for our business model. What is encouraging for us is that despite this year having a peaked summer, since our inception we delivered approximately 18% revenue growth year over year and 11% PAT growth year over year.<\/p>\n

At the same time, we maintained gross margins at around 15.6% and EBITDA margins at 8.5% reflecting our continued focus on profitable growth. I am delighted to share that in Q4 we delivered a strong revenue growth of 28% accompanied by an impressive PAT growth of 36% year on year. The last financial year liberated our company from the shackles of seasonal dependence model heavily dependent on Q1 and more so freed us from a seasonal blockade of being dependent on H1 for growth. I am truly delighted to give the comfort to our investors stakeholders that your company is now an all weather all season company.<\/p>\n

Despite Q1QFY26 and H1FY26 delivering only marginal growth of 6% and 11% respectively. History concluded year with top line growth of 18% which is quite respectable. The year began with an unusually weak summer season that extended into late Q2 impacting demand of our core pooling category. During the first half. Prolonged rains and delays in implementation of GST 2.0 further slowed the recovery trajectory in Q2, but what stands out is not the challenge is how the Business responded. Historically, Q1 and Q2 together contributed nearly 55 to 60% of our annual sales.<\/p>\n

Despite losing these low hanging sales, we did extremely well in Q3 FY26 with a top line growth of 28% driven by festive season demand. The momentum Further accelerated in Q4FY26 where the company recorded another robust top line growth of 28%. As a result, we see that the second half is now becoming as important as the first half and our business is gradually transitioning towards a more balanced full year full financial year model. This performance was further supported by our strategy of stocking inventory at the right time which enabled us to fully capture demand and deliver an exceptionally strong quarter.<\/p>\n

On the expansion front from this year marks a defining phase in our journey. We have added 102 stores in the last three years which is almost equal to 105 stores where we built in the previous 23 to 24 years. We have entered Chhattisgarh earlier than planned with three stores marking our foray into fourth targeted stage. This is an important step in our expansion journey as we continue to replicate our model culture and customer trust across new geographies in a calibrated manner. As I speak, another neighboring State Board held for our future expansion which was earlier withheld due to political uncertainty.<\/p>\n

We are now present with 118 stores in Bihar across 38 districts, 33 in Jharkhand covering 22 out of 24 districts, 53 in Uttar Pradesh covering 30 out of 75 districts and three stores in Chhattisgarh covering two out of 33 districts. We plan to add more stores annually with a strong focus on scaling our presence in Uttar Pradesh and Chhattisgarh while continuing to deepen our leadership across Bihar and Jharkhand. We are also on track to Enter Madhya Pradesh this financial year as we expand into new geographies in a calibrated manner.<\/p>\n

We will be happy to note that we have onboarded Panka Tripathi as our brand ambassador further strengthening our connect and brand recall across our core markets. Our inventory levels at the end of Q4 remains higher at approximately 840 crore. But this is a conscious and strategic decision. We acted early in anticipation of supply side uncertainties highlighted by OEMs particularly around gas shortages due to the sudden Gulf War. We also leveraged price changes driven by de norms divisions where product prices have increased by around 8 to 10% to secure inventory at relatively better costs and to remain competitive in the market.<\/p>\n

Importantly, with clear signals of the strong summer ahead, we ensure that we are fully stocked to meet demand without disruption and at the same time remain competitive. When I look at where we stand today, what gives me confidence is that we are no longer just expanding, we are evolving with resilience and most importantly, our vision is no longer limited to where and how we started. It is now on a catch up model of the huge geographies laden with above average population with ever rising disposable incomes.<\/p>\n

With this approach backed by disciplined execution, strong regional understanding and a customer first mindset, we believe we are in well positioned to deliver consistent and sustainable growth over medium to long term. With that I would now like to hand over the floor to Mrs. Yosham Varden to take you through the financial highlights. Ms. Yosham.<\/p>\n

Yosham Vardhan<\/strong> \u2014 Promoter and Whole Time Director<\/em><\/p>\n

Thank you sir. Good evening ladies and gentlemen. We are pleased to present the financial performance for Q4FY26 and the full year FY26. For the full year FY26 revenue grew by 18% reaching 2,672 crores. Gross margin stood at 15.6%. EBITDA reached 228 crores registering a growth of 12% with EBITDA margins at 8.5%. Profit before tax stood at 157 crores with TBT margins at 5.9%. PAD stood at 117 crore growing by 11% YoY. Same store sales growth for FY26 stood at 8%. For Q4FY26 revenue increased by 28% YoY reaching 625 crores.<\/p>\n

Gross margin stood at 16%. EBITDA for the quarter was 51 crore with EBITDA margin at 8.1%. Profit before tax stood at 31 crore with PVT margin at 4.9%. PAD grew by 36% YoY to 22 crore. Our store count stood at 207 stores as of March 31, 2026. Same store sales growth for this quarter stood at 18%. In Q4, FY26, Bihar remained our largest revenue contributor at 74% followed by UP at 14% and Jharkhand at 12%. In FY26, Bihar contributed to remain our largest market, contributing 75% of revenues, followed by UP at 13% and Dharkhand at 12%.<\/p>\n

This reflects the strength of our core markets while our newer regions continue to scale up steadily. We can now open the floor for questions.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you so much ma’. Am. Ladies and gentlemen, we will now open. We will now begin with the question and answer session. Anyone who wishes to ask a question may press STAR and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets only while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. Our first question come from the line of from Investec.<\/p>\n

Please go ahead.<\/p>\n

Aditya Bhartia<\/strong><\/p>\n

Hi, good Evening sir. My first question is on inventory for room ACs that we are carrying. Do you think that the inventory that we’ll be carrying will be significantly higher than what general competitors will be carrying and to that extent it will be a big competitive advantage at least in the next quarter. Should that also bode well for margins and boost our margins from what is usually the case in first quarter?<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

Thank you for asking me. First of all, we cannot comment on inventories of our other competitors, but as far as we are concerned we are adequately strong and that is as per our strategy. But I will not like to divulge it’s our strategy to build up inventory as far as cooling products are concerned. And definitely one thing I can say that we are will be carrying inventory as per our need and as per our historical figures?<\/p>\n

Aditya Bhartia<\/strong><\/p>\n

Sure sir. Given that this year is very unusual one wherein we are seeing multiple price hikes as we are kind of progressing through the season. So do you think a scenario like this helps us a lot in terms of margins or is it that it’s almost the same scenario for all retailers and to that extent the entire benefit gets passed on to the end consumer. What are you really seeing in the marketplace?<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

I will tell you actually the whole business model is like that even if they are hiking prices oems since we are carrying our inventory. This is the reason we carry a lot of inventory because we know that price changes can come and for smaller dealers they may be having those inventories of earlier pricing. So we want to remain competitive all the time. And so our this buildup of inventory helps us in being competitive all the time and which is very important and very necessary also for our business.<\/p>\n

So this competitiveness remains there. So it’s not necessary that whenever there is a hike in price we that comes as a profit to us rather will reverse the market how it reacts then only we take a call. So it’s not dependent on our profitability is not very much dependent price of OEMs.<\/p>\n

Aditya Bhartia<\/strong><\/p>\n

Understood sir, that’s very clear. So my second question is that given that almost 50% of our stores are three years or less than three years old and that proportion of new store edition will gradually be coming down do you think that that will be a bit of a margin level as those stores start generating high revenues, become profitable or improve their profitability. Even the company level profitability can have some benefit out of it. And I’m specifically asking because we in up we would have spent a fair bit of money that will start getting absorbed over larger revenues.<\/p>\n

So. So how are you thinking about margins from a slightly longer term perspective?<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

You are absolutely right Aditya. In fact more we are these stores which you referred to in fact whenever our bottom is now getting heavy in the sense that more and more matured stores will be there and fewer stores as you said that in percentage terms fewer stores will be added as a percentage. So this is going, this is why in fact in my opening speech also I told you that in a very near and near term will be in fact definitely having better control over our operating expenses.<\/p>\n

Aditya Bhartia<\/strong><\/p>\n

Sure, sir. And sir, anything that you can share in terms of how throughput per store of a mature store and margins of a mature store may differ from a store that let’s say is two years old.<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

Yes, of course it matters but it’s not very, I’ll say similar to each other. All the stores are having different metrics as you know like all territories are slightly different. So but I can tell you one thing that after three years we at least we take these stores as quite mature. However as you know one, one of the one full last year was washed out. So in fact this whole arithmetic has gone a little Hayward. But we are very confident that once we in this, this come with this current financial year once we are in a normal season then we are going to all these branches going to catch up to the previous expectations.<\/p>\n

Aditya Bhartia<\/strong><\/p>\n

Understood sir, that’s very helpful. Thank you so much.<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Yash Sonatalia from Adelaide’s Public or please go ahead.<\/p>\n

Yash Sonthaliya<\/strong><\/p>\n

Hi, thank you team for taking my question and congratulations on good set of numbers. So my first question is I want to double click on gross marks 100 bits negative yoy. Is it more or less because of change in product mix? And if yes, can you help me understand what has changed over there? Why we have seen 50% growth in small appliances and why the hit on the large appliances?<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

I can tell you that yes, it’s very simple. In fact, gross margin has come down only because that we fail to capitalize on our seasonal product like air conditioners, air coolers and refrigerators during first H1. So obviously those we always feel that these are the appliances are having better margins. But there because of the season seasonality on because of bad season which we encountered last last financial year. So margins will not naturally will come will be depressed. Secondly, when the share of these products came down, the share of mobility etc went up.<\/p>\n

And even what you said that the small appliances maybe and as you know mobility ASP was also gradually rising throughout the year. So more and more volume was coming through these products which was having lesser margin. But I still I think that despite being a bad year as far as seasonal productivity was concerned, we have done fairly well in containing the margin to these levels.<\/p>\n

Yash Sonthaliya<\/strong><\/p>\n

Understood. But sir, my question was more related specifically to Q4 like Q1 Q2 we understand because of unseasonal rain.<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

Naturally it has come down just because that in Q4 esp of mobiles went up by up to 20%. And so the share of volume of that Muslim mobility was far more 20% more than what we were encountering in year before. So this was the reason that that carries low margin. So this was the reason for the Q4 laptop. Again laptop also speed went up by 108 to 10%. So both these products which constitutes more than 25% of our sales they had impacted it because of price hike. It has impacted our margin.<\/p>\n

Yash Sonthaliya<\/strong><\/p>\n

Got it, Got it.<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

If you want more clarification I can give you that in a basket where you have products of lower margin and these have grown because of sudden spurt in their prices then obviously entire margin of the basket will come down.<\/p>\n

Yash Sonthaliya<\/strong><\/p>\n

Got it, Got it. And. And can you please help me with 50 we saw 50% growth in other extension. Majority of this will be promotional because of the expansion in up. So can you help me what was the exceptional or one off advertisement spend we have done in UP to normalize? As<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

I told you that we onboarded our brand ambassador also during this period as well as we were again and again I’m telling you that we are entering new geographies and more matured and in fact evolve geographies of Uttar Pradesh, Western Uttar Pradesh. So where we are now trying to invest also and we are doing quite well there and only because of our effort. And I don’t think as you grow, as you grow and as you expand the geographies your all cost freight car, every core, all costs they go up. And so this is.<\/p>\n

So is this elevated miscellaneous everything goes up. Your many or your 18 volume has come. So your cash guard commission is going to go up. Your DBD is going to go up. So there are several expenses which are going to work with your sales.<\/p>\n

Yash Sonthaliya<\/strong><\/p>\n

And like majority of our expansion is right now happening in UP and going ahead also assuming it is to be very similar. So can you give some color how the unit economics of some mature stores which are now like 2030 stores has been present in up for last two years or more. What is the performance?<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

I got your point. Yes. I’ve just told you one thing that one of one year has in fact not responded to our mother not in normal way as I told you last year. So even if they are two years older we will consider it. We consider it as one year older only because they haven’t encountered let us say Q1 or Q2 a similar Q1, Q2 which has always come to the company. So that way I’ll say that they have been doing well and they will continue to do. They will do very well once we settle down.<\/p>\n

Yash Sonthaliya<\/strong><\/p>\n

Got it. Thanks. Thanks a lot sir for answering my question. Best of luck for. Thank you. Thank you. Yes,<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question come from the line of Aniruddha Joshi from ICICI Securities. Please go ahead.<\/p>\n

Aditya Bhartia<\/strong><\/p>\n

Yeah, thanks for the opportunity and comments for great set of numbers. Sir, two questions. If you can indicate what will be the normalized margins for Bihar as a state because that’s a completely mature state for us and a UP or Chhattisgarh than NP may dilute the margins. But what is the margin that a mature state like Bihar is generating and by what time frame do we see UP Also reaching to similar margins means maybe two years, three years down the line.<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

I can comment on your second part of the question but not the first part because we usually do not divide because of as you know, competition and all that. We do not diverse statewide. I hope you are getting my point.<\/p>\n

Yash Sonthaliya<\/strong><\/p>\n

Yeah,<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

So. But I can only say that yes, we are looking forward to even UP or other states. Where we are expanding we will definitely. It will take some time but we are going to definitely. We are very conscious of our margins. As you must have seen us right through so many years. And we are trying. We will try always hard. But not at the cost of our sales. So our dominant position will be built. At the same time we gradually we increase our margin. So this is the way we have come in come up in Bihar also.<\/p>\n

And same will be the strategy going forward in UP or. This is. This will be our strategy. So rather than asking me the margin for a particular state I’ll say that we have to make other states catch up with that to be. And for that we all the time we are working.<\/p>\n

Aditya Bhartia<\/strong><\/p>\n

Okay. Sure sir. Got it. The second question. If I take the interest cost and divided by average debt. So we get a rate of interest at almost 12.8 13%. So that’s a pretty high interest rate. So 1<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

Is the average. This includes a finance cost of me on lease entities also. So this is not your bank interest. Our bank interest. Again I cannot diverge you before certain banks. Banks do not like us to diverge the rate of ROIs. But it is what you are looking towards. This finance cost includes interest on lease finance also. So that when. When you will get the full annual report then you can find that separately.<\/p>\n

Aditya Bhartia<\/strong><\/p>\n

Oh understood. Understood. So in third and last question any outlook on the real estate or rental inflation because post IT slowdown or some of the issues in IT sector due to AI we are hearing about some slowdown in real estate markets in places like Pune, Bengaluru, Hyderabad etc. But I don’t know is there having any derivative impact on the real estate market in Bihar, Jarkhand or<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

As you know that have hardly having a few. So it has not impacted Neither Bihar or. Nor UP or Jharkhand impacted. It has not come down. But maybe let’s see what is in store in future.<\/p>\n

Aditya Bhartia<\/strong><\/p>\n

Okay. Sure sir. Absolutely. Last question. Is there any plans to implement AI in the operations? Because we keep hearing about other retailers also investing in terms of AI for demand generation, reaching out to customers and multiple other innovate initiatives. So. So any. Any plans on. Yeah. Thank you.<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

Actually we are. We are always open to new new ideas and always exploring these things. AI and other things. But it’s not that that we go with the crowd. We are. We always explore and we would like to see the benefits. But Visa vis the cost we are going to incur. Everything will be taken into account what benefit we are going to get. Then only we will take a decision management.<\/p>\n

Aditya Bhartia<\/strong><\/p>\n

Okay. Sure sir. Many thanks.<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Bhagavad Gandhi from Bajaj Alternate Investment Management Ltd. Please go ahead.<\/p>\n

Aniruddha Joshi<\/strong><\/p>\n

Yeah, hi. Thanks for the opportunity. Just wanted to understand if there’s any unsold inventory left can we return that Back to the OEMs and how’s the policy usually over there?<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

We have been telling in so many conferences and phone calls actually we do not have to return those inventories to manufacturer. Usually manufacturers they don’t prefer taking back their inventory rather they will they help us in liquidating that inventory. So if there is any unsold inventory left with us it is their owners on them to get it liquidated as quickly as possible. Then only we go for new billings. So it is always pressure as far as one sold inventory.<\/p>\n

Aniruddha Joshi<\/strong><\/p>\n

Okay. Okay, got it. And sir, would you like to guide for the store expansion targets for FY27 and 28?<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

We have been expanding over 30 by over 30 stores every year since last I think 3, 4, 5 years. And we don’t. We don’t give a guidance because we are always ahead of the guidance. We remain always ahead of the guidance. But you can safely assume what we when somebody actually ask will ask us how many stores you want to open then we only say the figure of 25 store. However we have been delivering much much more than what we have been guiding. And maybe and we are as we told, we just don’t do not believe in expanding anywhere or anyhow it’s not our in fact our model.<\/p>\n

We want to expand the very calibrated in a cluster cluster approach manner where we want we try to capture the entire state. So<\/p>\n

Aniruddha Joshi<\/strong><\/p>\n

Yeah. So just one last thing on the EBITDA margin if you are expanding in newer geographies the OPEX will tend to be much higher. So will it weigh on the overall EBITDA margins as we expand into newer geographies? Chattisgarh, Jharkhand and all those regions.<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

Is the next target. But then again try to understand what I said that now that more of most of the most of our stores will be over three years old. So in fact will be bottom heavy as far as matured stores are concerned. So newer stores will be very few as far as in percent in percentage terms of the overall entire store count. So it is quite we can safely assume that going forward our OPEX will not increase. It will be consumerate with our overall expenses. Got<\/p>\n

Aniruddha Joshi<\/strong><\/p>\n

It. Out of the 3035 stores that we target how much will be in the new states?<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

If<\/p>\n

Aniruddha Joshi<\/strong><\/p>\n

You can just Provide some numbers on that front.<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

We usually we want to go to new state and try to on a creeping cluster basis we want to capture the entire state. But so. But we do not. We just simply. We don’t stop our expansion there. Wherever we get the opportunity, wherever we see new opportunity, we go there. So it’s not like that. That will only. Only the expanding this year in J or Madhya Pradesh. UP is big state where we have to do lot of things. As I told you in the earning call that our neighboring state has also now political uncertainties are over.<\/p>\n

So it’s a good place for us to go and start expanding.<\/p>\n

Aniruddha Joshi<\/strong><\/p>\n

Got it. Thank you so much. That’s it from mine. Thank you so much.<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Manoj Ghori from Eqris Securities. Please go ahead.<\/p>\n

Manoj Gori<\/strong><\/p>\n

Thanks for the opportunity, sir. First of all, congratulations for strong recovery after the weak start of FY26. I have two questions. So one, if we look at. If I’m. If I’ve understood correctly, contribution has been around versus 14 last year. If I am right.<\/p>\n

Operator<\/strong><\/p>\n

I’m sorry to interrupt you sir, but your voice is<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

You. Please repeat your question and it will be very clear.<\/p>\n

Manoj Gori<\/strong><\/p>\n

Go<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

Ahead.<\/p>\n

Manoj Gori<\/strong><\/p>\n

Yeah. So my. My point was if we look at the current year we have opened more stores into Uttar Pradesh as compared to other geographies. And the revenue contribution has come down from 14% to 13% during FY26. Anything to read here because ideally more store openings should result into more contribution from UP markets.<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

You’ve got two questions. So this is your first question, right?<\/p>\n

Manoj Gori<\/strong><\/p>\n

Yeah.<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

And second,<\/p>\n

Manoj Gori<\/strong><\/p>\n

The second question is we have obviously the operating cash flows have been positive. How should we see in the coming years whether we’ll continue to stay OCF positive And probably day by day our balance sheet will strengthen. So any highlight, any inputs over there will be appreciated.<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

I’ll tell you the first question, sir. Why it has come down is a different thing. If you will go through our store opening schedule then you will find them more. Most of the stores have opened in last. Last month or February or March of the last financial year in up. Most of the stores. So you are. You are taking. You are taking for the full year. That full year they have not worked. Most of the stores have worked very less. Less than full year.<\/p>\n

Devanshi Kambar<\/strong><\/p>\n

Sure, but<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

Still, but still contribution from UK is 14 and not 13% as you are saying. But, but, but still I would like to tell you that most of the stores are very new and in fact they have not run Even three months of the full financial year. So as you taking into account that what contribution they have made, you cannot strictly go by the numbers unless and until one full year goes by.<\/p>\n

Devanshi Kambar<\/strong><\/p>\n

Sure. And<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

Second, as far as balance sheet and cash flow is concerned, yes, this. This time our cash flow is quite healthy. But we’ll continue to invest the cash flow and as I’ve been telling that we don’t require at the moment, we do not require any equity if our internal accruals. Hello, can you hear me? Yes. So we will continue to strengthen our balance sheet, no doubt about it. And most of the money will be invested in opening new stores and acquiring inventories at the right time. And our internal accrual together with our borrowings, short term borrowing which is working capital borrowings, that will be enough for us to continue for at least we do not see raising any capital in this financial year.<\/p>\n

Definitely not. Not in near term,<\/p>\n

Manoj Gori<\/strong><\/p>\n

Sir. Lastly, just to continue on this with better efficiencies and better scales from the new stores, your OCF to EBITDA should ideally keep improving from year on on yoy basis. Right? Is that understanding correct?<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

No, I can’t understand your question.<\/p>\n

Manoj Gori<\/strong><\/p>\n

So what. What I meant was operating cash flow as<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

A<\/p>\n

Manoj Gori<\/strong><\/p>\n

Percentage of EBITDA<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

From<\/p>\n

Manoj Gori<\/strong><\/p>\n

Here on should keep improving with higher scale from the news newly opened stores. So should that be assumed that it will keep improving from year on?<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

No, that you should not take it as benchmark because operating cash flow will definitely depend on the how we. How we get our inventories built, how we take advantage of OEMs and how do we manage our working capital. That will be very key to cash flows. So we won’t like to comment on that. It will depend on betterment for the always depend on the betterment of the company finances.<\/p>\n

Manoj Gori<\/strong><\/p>\n

Sure. So lastly, if you can throw some light, how things are progressing in April. Sorry if I am making you repeat this. How things are shaping up in April and probably how things are progressing in May if you can handle it over there.<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

April has been very robust for us and May is slightly colder in the initial period. But we are expecting very soon that it is going to become a normal summer season.<\/p>\n

Manoj Gori<\/strong><\/p>\n

Thank you and wish you all the best for future quarters and years to come.<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

Thank you Manoj.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Vedic Basana from Monash Network Capital Ltd. Please go ahead.<\/p>\n

Devanshi Kambar<\/strong><\/p>\n

Good evening sir. And congratulations on good set of numbers. Sir, can you just quantify as to suppose for example around more than 50% of our stores would be mature now the balance would not be so matured. So how much margin should a mature store enjoy? And how much do the unmatched stores enjoy versus how many stores are there which are still yet to come profitable?<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

We have been giving guidance that most of our stores break even by 90 between nine to 12 months from their opening. And it’s very. Again it will not be proper for me to give you the guidance or rather margins for mature stores and things which are. It is a. It is a evolving process. Vedic, you try to understand it. It’s not one of it. One thing has stabilized. Even though branches which are matured still a lot of things have to come. Still are still to come. Similarly for stores which are not that mature even there in so many geographies, some stores are doing.<\/p>\n

Still doing very well. Some stores are normal growing in normal way. So these are all. When you are talking about more than 200 store then it is all. You cannot give a bifurcation of. Let us say margins. What mature store is earning and what a non mature store is earning. It all depends on how crowded that market is. How your place in that town. These are all important thing in this type of. This format of business.<\/p>\n

Devanshi Kambar<\/strong><\/p>\n

Okay sir, I’m sure one last thing is that. Can<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

You. Can you speak louder please?<\/p>\n

Devanshi Kambar<\/strong><\/p>\n

Yes, yes. And sir, one last thing is that when can we expect our margins to reach back to 9% or levels? Is there any guidance on that?<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

I cannot give you a guidance on that. But our endeavor, we always give a guidance of between 8 to 10%. So 9% will be the mean factor of our margin. And we strive to be at that type of margin. But again, as I told you, we cannot compromise on certain sales and we have to have those sales as well. So it is all controlled growth. But still we can give you a fairly good margin guidance of 8 to 10% of.<\/p>\n

Devanshi Kambar<\/strong><\/p>\n

Okay sir. Got it. Thank you sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, due to the time constraint that was the last question for today. I now hand the conference over to the management for the closing remarks. Thank you. And over to you team.<\/p>\n

Yashovardhan Sinha<\/strong><\/p>\n

Thank you Danish. Thank you Devanshi and all people who are on the phone call. Thank you very much. See you soon again and take care of everyone. Thank you very much. Bye bye.<\/p>\n

Operator<\/strong><\/p>\n

Thank you so much sir. Ladies and gentlemen, on behalf of Access Capital, that concludes this conference. Thank you for joining us. And you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Aditya Vision Ltd (NSE: AVL) Q4 2026 Earnings Call dated May. 08, 2026 Corporate Participants: Unidentified Speaker Yashovardhan Sinha \u2014 Promoter Chairman and Managing Director Yosham Vardhan \u2014 Promoter and Whole Time Director Analysts: Aditya […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-182538","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":170755,"url":"https:\/\/alphastreet.com\/india\/aditya-vision-q1-fy26-earnings-results\/","url_meta":{"origin":182538,"position":0},"title":"Aditya Vision Q1 FY26 Earnings Results","author":"Divyansh_Kasana","date":"August 28, 2025","format":false,"excerpt":"Aditya Vision Ltd, incorporated in 1999, operates as a trading and retail chain for electronic consumer durables in Bihar, providing a range of electronic items and services. Presenting below its Q1 FY26 Earnings Results. Q1 FY26 Earnings Results Revenue: \u20b91,606 crore, up 6.64% year-on-year (YoY) from \u20b91,506 crore in Q1\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"AVL Q1 FY26 Earnings Results","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/AVL.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/AVL.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/AVL.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/AVL.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/AVL.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/AVL.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":178060,"url":"https:\/\/alphastreet.com\/india\/aditya-vision-q3-fy26-earnings-results\/","url_meta":{"origin":182538,"position":1},"title":"Aditya Vision Q3 FY26 Earnings Results","author":"Divyansh_Kasana","date":"January 28, 2026","format":false,"excerpt":"Executive Summary Aditya Vision Ltd (AVL) reported Q3FY26 revenues of \u20b9649 crore, up 27.76% YoY, with consolidated net profit rising 12.5% to \u20b927 crore. 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