1. Opening Hook
After a Q1 that blamed the weather like a disappointed cricket captain, Aditya Vision has bounced back with a festive quarter that finally brought the sunshine.
Extended monsoon, weak summer, bad vibes — Q1 had it all. But by Q3, Durga Puja to Chhath delivered a 37% festive surge, and management suddenly sounded like the we-told-you-so club. Revenue jumped 28% YoY. Same-store sales growth clocked 17%. Yet EBITDA margins? Calm. Composed. Slightly underwhelmed.
Inventory is stocked, ACs are piled high, and 200-store milestone is within touching distance. New states are calling, Western UP is tempting, and management says January is already “very robust.”
So is this the beginning of a margin comeback — or just another weather update?
Read on. It gets interesting.
2. At a Glance
- Revenue up 28% (Q3): Festive fireworks, no filter needed.
- 9M Revenue up 15%: Q1 tried sabotage, Q3 fixed it.
- EBITDA up 14% (Q3): Growth came, margins stayed seated.
- EBITDA Margin at 8.2% (Q3): Stable, but not sprinting.
- PAT up 13% (Q3): Even after ₹1.5 crore labor code surprise.
- SSSG at 17% (Q3): Mature stores flexed, rookies still warming up.
- Store count at 192: 200-store milestone knocking loudly.
3. Management’s Key Commentary
“Q1 was an outlier, impacted by extended monsoon and weakest summer in decades.”
(Translation: Blame the clouds, not the strategy. 🌧️)
“Q3 marked a clear step-up in performance.”
(Translation: Finally, the sales graph looks Instagram-worthy.)
“Festive period registered 37% growth.”
(Translation: Durga Puja and Chhath saved the quarter.)
“EBITDA margins moderated by around 42 basis points.”
(Translation: Growth came, but expenses RSVP’d uninvited. 😏)
“We opened in bigger cities like Lucknow; marketing expenses were higher.”
(Translation: Western UP doesn’t come cheap.)
“We’ll definitely cross 200 stores by year-end.”
(Translation: 200 is the floor, not the ceiling.)
“We expect 20%–25% growth and have been bettering this guidance.”
(Translation: Conservative guidance, aggressive ambition.)
“Inventory built ahead of summer due to attractive OEM discounts.”
(Translation: Bought ACs cheap, hoping summer cooperates this time. ☀️)
“Stores mature in three years; 96 opened in last three years.”
(Translation: Half the fleet is still in training mode.)
“No requirement of fresh funds; internal accruals and bank lines sufficient.”
(Translation: Expansion without equity dilution — for now.)
Management’s tone was confident, occasionally defensive on margins, but unwavering on expansion. The pitch: short-term margin wobble, long-term scale story intact.
4. Numbers Decoded
Metric Q3 FY26 Q3 FY25 YoY
---------------------------------------------------------------
Revenue (₹ Cr) 649 508 +28%
Gross Margin 15.8% 15.6% +20 bps
EBITDA (₹ Cr) 53 ~46 +14%
EBITDA Margin 8.2% ~9% Down
PBT (₹ Cr) 38 31 +21%
PAT (₹ Cr) 27 24 +13%
SSSG 17% 12% Up
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