Quarter Ended: March 2026
Aditya Vision Limited – Q4 FY26 Results
NSE
avl
BSE
540205
Aditya Vision delivered strong FY26 revenue growth with improving operating cash flow, though Q4 profitability softened sequentially due to higher operating and financing costs.
key financial highlights
- Revenue from Operations:
- Revenue (Q4 FY26): ₹625.03 Cr
- QoQ Change: -3.67%
- YoY Change: +28.43%
- Previous Quarter (Q3 FY26): ₹648.86 Cr
- Previous Year (Q4 FY25): ₹486.69 Cr
- Revenue (Q4 FY26): ₹625.03 Cr
- Profit After Tax (PAT):
- PAT (Q4 FY26): ₹21.73 Cr
- QoQ Change: -20.43%
- YoY Change: +35.98%
- Previous Quarter (Q3 FY26): ₹27.31 Cr
- Previous Year (Q4 FY25): ₹15.98 Cr
- PAT (Q4 FY26): ₹21.73 Cr
Margin Analysis
Drivers:
- Higher inventory purchases increased cost intensity.
- Finance costs rose due to higher working capital borrowings and lease liabilities.
- Employee and operating expenses remained elevated due to retail network expansion.
- Inventory optimization helped partially offset margin pressure.
Insight:
- Margins remain relatively thin due to the retail electronics business model, though scale benefits continue supporting overall profitability growth.
Segment insight
Business Characteristics:
- Consumer durable retail chain focused on eastern India.
- High inventory and working-capital-intensive model.
- Expansion-driven growth strategy.
- Strong dependence on festive demand and financing availability.
- Retail scale benefits improve operational leverage over time.
Earning quality check
Key Observations:
- Operating cash flow turned strongly positive at ₹74.95 Cr versus negative ₹40.82 Cr last year.
- Inventory growth remains elevated due to business expansion.
- Strong working capital management improvement.
- PAT growth aligned with operating performance.
- No extraordinary earnings distortions in Q4.
Interpretations:
- Earnings quality improved materially due to stronger cash generation from operations and better working capital efficiency.
balance sheet Analysis
- Total Assets: ₹1,471.00 Cr
- Total Liabilities: ₹782.58 Cr
Insight:
- Inventory increased significantly to support expansion and higher sales scale.
- Equity base strengthened through retained earnings.
- Current borrowings increased moderately for working capital support.
- Asset base expanded substantially due to store and operational investments.
key risks
- Consumer demand slowdown risk.
- High dependence on discretionary spending.
- Working capital and inventory management risk.
- Competitive pressure from e-commerce platforms.
- Margin pressure from discount-led sales.
- Interest rate sensitivity due to borrowings.
management strategy signals
Focus Area:
- Aggressive retail network expansion.
- Strengthening regional market dominance.
- Enhancing inventory depth and product mix.
- Improving operating cash generation.
- Expanding financing and consumer reach.
Financial metrics table
| Particular | Q4 FY26 | Q.O.Q | Y.O.Y |
|---|---|---|---|
| Total Income | ₹627.18 Crore | -3.91% | +28.22% |
| PBT | ₹30.67 Crore | -15.16% | +27.16% |
| PAT | ₹21.73 Crore | -20.43% | +35.98% |
Aditya Vision delivered another strong growth year with healthy double-digit revenue and profit expansion. The standout improvement came from operating cash flow turning positive after last year’s weak working capital cycle.
Although Q4 profitability softened sequentially due to elevated finance and operational costs, the long-term growth trajectory remains intact. The company’s expansion-led strategy continues strengthening market positioning, though inventory intensity and thin margins remain important monitoring factors.
Official Exchange Filing: Aditya Vision Limited
Quarterly Performance Context
FISCAL YEAR
2025-2026
AUDIT STATUS
REVIEWED