AVL
Micro CapAditya Vision Limited
Consumer
Aditya Vision Limited is an Indian consumer electronics retailer operating primarily in the Hindi Heartland. It sells large appliances, digital gadgets, and small appliances through 207 stores across Bihar, Jharkhand, Uttar Pradesh, and Chhattisgarh, with plans to enter Madhya Pradesh. The company emphasizes direct OEM supply.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 57/100Rev +28% YoY · PAT +38% YoY · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹625 Cr | +28.3% | -3.7% |
| EBITDA | ₹51 Cr | +21.4% | -3.8% |
| Operating margin | 8.0% | -100 bps | +0 bps |
| PAT | ₹22 Cr | +37.5% | -18.5% |
| PAT margin | 3.5% | +23 bps | -64 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 revenue grew 18% YoY to Rs 2,672 Cr and PAT increased 11% YoY to Rs 117 Cr, demonstrating resilience despite H1 weather headwinds and significant store expansion.
AVL delivered robust top-line growth and maintained profitability in FY26, driven by aggressive store expansion and strategic inventory management. While SSSG moderated and margins compressed slightly, rapid footprint expansion in underpenetrated Hindi Heartland states and positive cash flow generation support the long-term growth thesis. Maturation of new stores is key for future operating leverage.
Revenue by Product Category (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Rapid Store Expansion
Added 102 stores in the last 3 years, nearly doubling the previous 24 years' count.
Hindi Heartland Penetration
Expanding into underpenetrated states like UP, Jharkhand, Chhattisgarh, and planned entry into MP.
Premiumization Trend
Benefiting from rising demand for premium and mid-tier consumer durables in India.
Shift to Organized Retail
Well-positioned to capture market share as the Indian consumer durables industry shifts from unorganized to organized.
New Stores
32 new stores opened in FY26, bringing total to 207.
Retail Footprint
Increased by 22% YoY to 9,13,725 sq ft in FY26.
Geographic Expansion
Entered Chhattisgarh in FY26 and plans to enter Madhya Pradesh in FY27.
Rising Consumer Spending
Average monthly spending on consumer durables soared by 72% in FY25.
Low Market Penetration
India's consumer durable penetration is 3%, significantly lower than other countries, indicating growth potential.
Favorable Weather Forecast
IMD forecasts above-normal heatwave days for FY27, expected to drive RAC demand.
Increased Financing Options
Growing availability of financing options and no-cost EMIs are boosting consumption.
Unseasonal Rainfall
Prolonged and unseasonal rainfall in H1FY26 impacted performance.
Regulatory Changes
BEE norms change for ACs led to legacy inventory clearance at promotional prices.
New Store Maturation
New stores take ~3 years to mature, impacting short-term profitability and operating leverage.
Competition
The disclaimer mentions competition as a risk.
Inflationary Pressures
The disclaimer mentions inflationary pressures affecting demand/supply and price conditions.
Fiscal Policy
The disclaimer mentions risks related to fiscal policy.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY is crucial for assessing overall annual growth and the impact of strategic expansion. QoQ is relevant for understanding sequential momentum, given the stated seasonality and the impact of early summer demand in Q4.
Volume Growth (Bill Cuts)
FY26 bill cuts grew 18.9% YoY to 1,190 Lacs.
Pricing (ASP)
FY26 Average Selling Price grew 0.9% YoY to Rs 22,088.
Gross Margin
FY26 Gross Margin was 15.6%, a 16 bps decline YoY.
Distribution Expansion
Store count increased by 32 in FY26 to 207, an 18% YoY growth. Retail footprint grew 22% YoY to 9.13 lakh sq ft.
Resilience and Trust
Management believes FY26 performance reflects business model resilience, execution strength, and customer trust.
Future Investment
Confidently investing in future growth through significant expansion phases.
Value Creation
Foundations being built today will power the next phase of value creation.
Strategic Inventory
Strategically built inventory ahead of Q1 to anticipate strong summer demand and gain market share.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| SSSG | 8% (FY26) | Improvement as new stores mature and weather normalizes. |
| Gross Margin | 15.6% (FY26) | Stabilization or improvement as direct OEM supply and premiumization scale. |
| Operating Leverage | Expenses as % of revenue 8.7% (FY26) | Improvement as new stores mature and contribute to profitability. |
| Cash Flow from Operations | Rs 75.0 Cr (FY26) | Sustained positive generation to fund future growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
53NeutralSMA20 +8.6% / mo
Technical chart
AVLdaily · 1Y+0.2%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 53.
- SMA20 rising (~1.6% over last month) — short-term momentum positive.
- RSI(14) at 53 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 6% off 52W high · 23% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 23.8%.
- Growth contributes 16/25 to the score.
Main drags
- Valuation is weaker at 5/30; verify the latest quarterly trend.
- Balance sheet is weaker at 5/15; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 76th percentile of the scored universe and 77th percentile within Consumer. No major sub-score weakness stands out.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Promoter holding fell 6.1%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 77th pctile, median 67 · Micro: 64th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.4%.
- ▸8 years of positive FCF.
- ▸8/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸Promoter holding fell 6.1%.
- ▸ROCE trend is -2.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 59.00
- P/B
- 10.09
- EV/EBITDA
- 28.12
- Market Cap
- 6962.00Cr
Profitability
- ROE
- 18.60%
- ROCE
- 17.00%
- ROA
- 7.95%
- Dividend Y
- 0.20%
Growth (CAGR)
- Revenue 5Y
- 29.00%
- EPS 5Y
- 42.00%
- Revenue 3Y
- 26.00%
- EPS 3Y
- 23.00%
Balance Sheet
- Debt/Equity
- 0.83
- Interest Coverage
- 5.85×
- Altman Z
- 8.48
- Book Value
- 53.30
Cash Flow
- FCF Yield
- 0.37%
- FCF Positive Y
- 8/5
- OCF
- 75.00 Cr
- EPS TTM
- 9.05
Shareholding
- Promoter Hold
- 47.14%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 77%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.