Aditya Vision Limited

AVL benefits from the extensive experience of its promoter, YashovardhanSinha, Chairman and Managing Director, who has played a key role in the company's growth and development since its inception. Under his leadership, the company has expanded 1SEBI: Securities and Exchange Board of India; RBI: Reserve Bank of India; MCA: Ministry of Corporate Affairs; IRDAI: Insurance Regulatory and Development Authority of India; PFRDA: Pension Fund Regulatory and Development Authority

AVL has significantly expanded its retail network, increasing its outlet count from 105 stores in FY23 to 207 stores in FY26, while its retail area grew from ~4 lakh sq ft to ~9 lakh sq ft in the same period. Notably, the company has not closed a single store since inception, reflecting its prudent site selection, disciplined execution strategy, and ability to sustain store-level profitability. The company's presence remains concentrated in Bihar, which accounts for ~57% of its store network and

The company has demonstrated strong growth in its scale of operations, with total operating income (TOI) increasing to ~₹2,672 crore in FY26 from ₹899 crore in FY22, translating into a healthy compound annual growth rate (CAGR) of ~24%, driven by growth in sales volumes and expansion of its retail network. The same stores sales growth (SSSG) stood at ~15% in FY25 and 8% in FY26. The average transaction value also increased from ₹21,156 in FY23 to ₹22,088 in FY26.

The company’s capital structure has strengthened significantly over the years, as reflected by improvement in its overall gea ring ratio to 0.83x as on March 31, 2026, from 3.58x as on March 31, 2022, primarily supported by sustained accretion of profits t o reserves and a strengthening net worth base. The company issued equity share capital on preferential allotment basis amounting to ₹282 crore in FY24, which further contributed towards the strengthening of capital structure.

The consumer electronics retail industry remains highly competitive, characterised by presence of organised retail chains, e- commerce platforms, authorised distributors, and unorganised local retailers. Competitive landscape limits pricing flexibility and exerts pressure on profitability, considering the relatively high bargaining power of customers and the commoditised nature of products offered. While AVL derives a significant portion of its revenue from Bihar, it has been steadily expanding

Electronic products have a short life cycle due to rapid technological advancements and changing preferences and trends. New and improved models are frequently introduced, leading to obsolescence of older models. Electronic retail chains need to maintain an optimum inventory level and anticipate demand by observing changing demand patterns. Therefore, retailers must remain alert to avoid backlogs while minimising inventory risk.

The company has a large working capital requirement considering the large inventory to be maintained, for which the working capital borrowings have been increasing over the years. The inventory days of the company moderated and stood at 118 days in FY26 against 91 days in FY22. Creditors’ period has reduced from 42 days in FY22 to 25 days in FY26. Accordingly, operating cycle stood at 93 days in FY26 against 49 days in FY22. Any major increase in inventory holding period going forward shall rema