Aditya Vision (540205) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 revenue grew 22% year-over-year to INR 458 crore, with H1 FY26 revenue up 10.5% year-over-year, despite external challenges like extended monsoon and GST changes.

• Profit after tax for Q2 FY26 increased by 4.2% year-over-year to INR 13 crore; H1 FY26 PAT was INR 68 crore, up 4.0% year-over-year.

• Retail footprint expanded to 188 stores as of September 30, 2025, with nine new stores added in Q2.

• Strong festive demand and GST rate changes drove a rebound in large TVs and ACs sales at quarter-end.

• Unaudited financial results for the quarter and half year ended September 30, 2025, were approved by the Board on November 7, 2025.

Financial highlights

• Q2 FY26 revenue: INR 458 crore (up 22% YoY); H1 FY26 revenue: INR 1,398 crore (up 10.5% YoY).

• Q2 FY26 EBITDA: INR 35 crore (margin 7.6%); H1 FY26 EBITDA: INR 124 crore (margin 8.9%).

• Q2 FY26 PAT: INR 13 crore (up 4.2% YoY); H1 FY26 PAT: INR 68 crore (up 4.0% YoY).

• Diluted EPS for H1 FY26: INR 5.25 (up 3.3% YoY).

• Net cash from operating activities for H1 FY26 was INR 135.65 crore, up from INR 91.06 crore in H1 FY25.

Outlook and guidance

• Expectation of strong Q3 and Q4 performance, with continued robust demand and favorable macroeconomic tailwinds.

• EBITDA margin guidance maintained at 8%-10%.

• Store expansion plan of 30-35 new stores in FY26, with most openings in H2.

• Anticipates demand recovery driven by GST rate cuts and government policies boosting rural disposable income.

• Focused on sustaining growth through operational discipline and cluster-based expansion.