Aditya Vision (540205) Q3 24/25 earnings summary

Executive summary

• Revenue for nine months FY 2025 grew 30% year-over-year to INR 1,773 crores, surpassing the full FY 2024 revenue.

• PAT for nine months FY 2025 increased 29% year-over-year to INR 89.51 crores.

• Q3 FY 2025 revenue rose 23% year-over-year to INR 508.5 crores, with PAT up 9% to INR 24.22 crores.

• Store count reached 167 as of January 2025, with 22 new stores opened in FY 2025, exceeding guidance.

• Continued expansion in the Hindi heartland, targeting new states beyond Bihar, Jharkhand, and UP.

Financial highlights

• Gross margin for nine months FY 2025 was 15.37%; Q3 FY 2025 gross margin was 15.58%.

• EBITDA for nine months FY 2025 was INR 161.8 crores, with an EBITDA margin of 9.1%.

• Q3 FY 2025 EBITDA was INR 46.6 crores, with an EBITDA margin of 9.2%.

• Diluted EPS for Q3 FY 2025 was ₹1.9; for nine months FY 2025, ₹7.0.

• PBT for Q3 FY 2025 was INR 31.20 crores.

Outlook and guidance

• Confident of surpassing 200 stores by FY 2026, with 8-10 more stores planned by FY 2025 year-end.

• Targeting 20-25% revenue CAGR over the next 3-5 years and expansion into new Hindi heartland states.

• Guidance for sustainable EBITDA margin is 8%-10%, with targeted revenue and profit growth of 20%-25%.

• Expecting strong Q1 FY 2026 due to summer demand and events like Kumbh Mela in UP.

• Inventory build-up underway for summer season, especially in cooling products.