Aditya Vision (540205) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 revenue grew 28% year-over-year, driven by festive demand, GST reforms, and disciplined store expansion, despite earlier weather-related headwinds.

• Store count reached 192 by December 2025, with 4 new stores added in Q3 and 17 in nine months; on track to surpass 200 stores by year-end.

• Adjusted PAT rose 18% YoY, excluding a one-time statutory expense from new Labour Codes.

• Maintained strong market share in Bihar and continued expansion in UP, Jharkhand, and new geographies (MP, Chhattisgarh).

• Unaudited standalone financial results for the quarter and nine months ended December 31, 2025, were approved by the Board on January 27, 2026.

Financial highlights

• Q3 FY26 revenue: ₹649 crore (up 28% YoY); 9MFY26 revenue: ₹2,047 crore (up 15% YoY).

• Q3 gross margin improved to 15.8% (up 20 bps YoY); nine-month gross margin held at 15%.

• Q3 EBITDA: ₹53 crore (8.2% margin); 9MFY26 EBITDA: ₹177 crore (8.7% margin).

• Q3 Adjusted PAT: ₹38 crore (up 17.5% YoY); Q3 reported PAT: ₹27.31 crore after a one-time expense; 9MFY26 PAT: ₹95 crore.

• Earnings per share (basic) for Q3 FY26 was ₹2.12, up from ₹1.89 in Q3 FY25.

Outlook and guidance

• Management expects to exceed 200 stores by FY26 and maintains a guidance of 30 new stores annually.

• Revenue growth guidance for FY27 is 20%-25%, with Q1 FY27 expected to be particularly strong due to pent-up demand.

• Plans to expand into Chhattisgarh and Madhya Pradesh in the current calendar year.