Aditya Vision Ltd — Q4 FY26
Aditya Vision delivered a strong Q4 FY26 with revenue of ₹625 crore (+28% YoY) and PAT of ₹24 crore (+36% YoY), driven by robust festive and summer demand despite a weak H1.
bullish
high
Financial stats pending filing verification
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
45%Questions answered4Evaded / deflected11Questions auditedContradictedNumbers vs filing
Evasive
High priority
Will higher AC inventory be a competitive advantage and boost Q1 margins?
Asked by Adja, Invest
Management avoided quantifying competitive advantage or margin impact, only gave generic reassurance.
refused to compare with competitorsno specific margin impact given
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Question
do you think that the inventory that we'll be carrying will be significantly higher than what general competitors will be carrying and to that extent it will be a big competitive advantage at least in the next quarter. Should that also bode well for margins?
Management (unnamed)
we cannot comment on inventories of our other competitors but as far as we are concerned we are adequately strong... we'll be carrying inventory as per our need and as per our historical figures.
Partial answer
High priority
Will price hikes help margins or get passed to consumers?
Asked by Adja, Invest
Explained strategy but did not quantify margin benefit or pass-through rate.
no specific margin impact given
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Question
do you think a scenario like this helps us a lot in terms of margins or is it that the entire benefit gets passed on to the end consumer?
Management (unnamed)
it's not necessary that whenever there is a hike in price that comes as a profit to us rather we watch the market how it reacts then only we take a call so it's not dependent of our profitability is not very much dependent on the price of OEMs
Answered
High priority
Will store maturation improve margins as new store additions slow?
Asked by Adja, Invest
Agreed and confirmed margin improvement from store maturation and opex control.
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Question
do you think that that will be a bit of a margin lever as those stores start generating high revenues become profitable?
Management (unnamed)
you are absolutely Right. In fact, more matured stores will be there and fewer stores will be added as a percentage. So this is going to definitely having better control over our operating expenses.
Answered
High priority
Why gross margin fell 100 bps YoY in Q4? Product mix?
Asked by Yesh Sanatalia, Adel Wise public
Clearly attributed margin decline to higher share of low-margin mobile and laptop sales due to price increases.
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Question
I want to double click on gross mar of 100 bits negative y. Is it more or less because of change in product mix?
Management (unnamed)
in Q4 ASP of mobiles went up by 20 to 20%. And so the share of volume of that mobility was far more 20% more than what we were encountering in year before. So this was the reason and that carries low margin.
Evasive
Medium priority
What was exceptional ad spend in UP for expansion?
Asked by Yesh Sanatalia, Adel Wise public
Did not quantify exceptional ad spend; instead listed various cost increases without specifics.
no specific number givenlisted general cost increases
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Question
can you help me what was the exceptional or one of advertisement spend we have done in UP to normalize?
Management (unnamed)
we onboarded our brand ambassador also during this period as well as we are entering new geographies... all cost freight cost every cost they go up... your credit card commission is going to go up.
Evasive
Medium priority
What is the performance of mature UP stores (2+ years)?
Asked by Yesh Sanatalia, Adel Wise public
Avoided giving any quantitative performance data; cited abnormal season as reason.
no specific performance metricsattributed to abnormal year
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Question
can you give some color how the unit economics of some mature stores which are now like 20 30 stores has been present in UP for last two years or more. What is the performance?
Management (unnamed)
one of one year has in fact not responded to our mother nor in normal way... even if they are two years older we consider it as one year older only because they have encountered Q1 or Q2... they will do very well once we settle down.
Declined
High priority
What are normalized margins for Bihar and timeline for UP to match?
Asked by Anerudi, ICA securities
Explicitly declined to provide Bihar margin due to competitive reasons.
refused to share state-wise margins
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Question
if you can indicate what will be the normalized margins for Bihar as a state... and by what time frame do we see UP also reaching to similar margins?
Management (unnamed)
I can comment on your second part of the question the first part because we usually do not diverge because of as you know the competition and all that we do not diverge statewise margin.
Partial answer
Medium priority
Why is interest cost high at ~13%? Does it include lease?
Asked by Anerudi, ICA securities
Confirmed lease is included but refused to give bank interest rate, leaving ambiguity.
refused to disclose bank interest rateconfirmed lease inclusion
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Question
if I take the interest cost and divide it by average debt we get a rate of interest at almost 12.8 to 13%. So that's a pretty high interest rate. So one this includes in finance cost me on lease also?
Management (unnamed)
our bank interest again I cannot diverge you for certain banks banks do not like us to diverge the rate of ROIs. but it is what you are looking towards this finance cost includes interest on lease finance also.
Answered
Low priority
Can unsold inventory be returned to OEMs? What is the policy?
Asked by Baba Baba Gandhi, Bajage Alternate Investment Management Limited
Clearly explained that inventory is not returned; OEMs help liquidate.
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Question
Just wanted to understand if there's any unsold inventory left. Can we return that back to the OEMs and how's the policy usually over there?
Management (unnamed)
we do not have to return those inventories to manufacturer. Usually manufacturers they don't prefer taking back their inventory rather they will they help us in liquidating that inventory.
Partial answer
High priority
Store expansion targets for FY27 and FY28?
Asked by Baba Baba Gandhi, Bajage Alternate Investment Management Limited
Refused formal guidance but hinted at 25+ stores based on past performance.
no formal guidancehistorical 25-store figure but actual higher
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Question
would you like to guide for the store expansion targets for FI 27 and 28?
Management (unnamed)
we don't give a guidance because we are always ahead of the guidance... you can safely assume what we when somebody actually ask will ask us how many stores you want to open then we only say the figure of 25 stores however we have been delivering much much more.
Answered
High priority
Will opex weigh on EBITDA margins as we expand into newer geographies?
Asked by Baba Baba Gandhi, Bajage Alternate Investment Management Limited
Directly addressed that mature store base will offset opex pressure from new stores.
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Question
If you're expanding in newer geographies, the OPEX will tend to be much higher. So will it weigh on the overall AITA margins as we expand into newer geographies?
Management (unnamed)
most of our stores will be over 3 years old. So in fact we'll be bottom heavy as far as matured stores are concerned. So newer stores will be very few in percentage terms. So we can safely assume that going forward our opex will not increase.
Partial answer
Medium priority
Why did UP revenue contribution drop from 14% to 13% despite more stores?
Asked by Manoj Gori, EQ securities
Corrected the percentage to 14% but did not address why contribution didn't increase with more stores.
corrected analyst's number but did not explain decline
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Question
the revenue contribution has come down from 14% to 13% during FI26. Anything to read here because ideally more store openings should result into more contribution from UP markets.
Management (unnamed)
most of the stores have opened in last month or February or March of the last financial year in UP... full year they have not worked most of the stores have worked very less... but still contribution from up is 14% and not 13% as you are saying.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Volume growth 18% in Q4 | 18% | 28% | Understated vs filing |
| EBITDA margin guidance 8-10% | 9% | 8.1% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.