Aditya Vision Ltd Q2FY26 – The Patna Powerhouse That Turned Retail Into a Family Function With 9% OPM and 65x P/E
1. At a Glance
Welcome to the story of Aditya Vision Ltd — Bihar’s very own retail juggernaut that made Patna feel like Phoenix Mall. Trading at ₹550 a share and wearing a premium P/E of 65.4x, this ₹7,074 crore market-cap darling is not just selling fridges and phones; it’s selling revenge of the Tier-2 shopper.
The company clocked Q2FY26 revenue of ₹458 crore, up 21.7% YoY, and PAT of ₹12.7 crore, growing 4.18%. For a chain that started in 1999 with one shop, it’s now running a 161-store empire across Bihar, Jharkhand, and Uttar Pradesh — and wants to hit 200 by FY26.
Return on equity? 20.3%. Return on capital employed? 19.1%. Operating profit margin? 8.9%. And just to show off, the stock has delivered 59% CAGR over three years.
Bihar may not have an IKEA, but it sure has Aditya Vision — a company that can sell you an AC, EMI, and selfie stick all in one breath.
2. Introduction
If retail therapy had a desi version, Aditya Vision would be its temple. Picture this: you’re in Gaya or Gorakhpur, it’s 42°C outside, and you walk into a sparkling Aditya Vision showroom. Cold air greets you, your EMI eligibility is auto-checked faster than your Aadhaar OTP, and a Bajaj Finance agent offers chai while pitching zero-cost finance on a ₹70,000 Samsung.
That’s the Aditya Vision model — hyper-local trust meets national brand muscle. While Delhi debates “omnichannel”, these guys already run an omnipresent network across 38 districts of Bihar.
What started as a family-run electronics shop has now evolved into a listed specialty retail empire, part of the consumer discretionary segment that’s eating up the hinterland.
It’s the Trent of Tier-2 India — but with more refrigerators and less Zara.
But before you get dazzled by LED TVs and dividend yields (a “royal” 0.20%), remember this: growth is fast, margins are thin, and one bad monsoon could slow down even a 200-store dream.
So, what keeps this desi D-Mart of electronics ticking? Let’s plug in.
3. Business Model – WTF Do They Even Do?
In plain English: Aditya Vision sells anything that runs on electricity and your EMIs.
The company deals in 10,000+ SKUs — from phones, laptops, and tablets to air-conditioners, TVs, washing machines, and soundbars. Basically, if it makes noise or cools your chai, it’s in their inventory.
Revenue split FY24:
Home & Entertainment Solutions – 66%
Digital Gadgets – 21%
Others – 13%
Their sourcing is direct from OEMs (85%), so middlemen are as absent here as Wi-Fi in Indian Railways. They’ve tied up with 100+ brands including Samsung, LG, Apple, Sony, Whirlpool, and even the humble Usha — ensuring both premium and mass-market appeal.
Their stores are not “fancy retail outlets” — they’re mini temples of consumer aspiration across Tier-2 and Tier-3 India.
Per-store economics look neat:
Capex per store: ₹55–65 lakh
Working capital: ₹2–2.25 crore
Store breakeven: 6–8 months
Payback: 3 years
Rent: ₹2–2.25 lakh/month
Revenue per sq ft: ₹45,000+
Now imagine that 161 times. That’s what gives them ₹2,393 crore annual sales.
4. Financials Overview
Metric
Latest Qtr (Sep’25)
YoY Qtr (Sep’24)
Prev Qtr (Jun’25)
YoY %
QoQ %
Revenue
458
376
940
21.7%
-51.3%
EBITDA
35
30
90
16.7%
-61.1%
PAT
12.7
12.2
55
4.1%
-76.9%
EPS (₹)
0.99
0.95
4.29
4.2%
-76.9%
(Figures in ₹ crore)
Commentary: That QoQ drop? Don’t panic — this is seasonality 101. The previous quarter (Q1FY26) was a ₹940 crore summer blockbuster — fans, fridges, and EMIs flying off shelves. Q2 is the classic monsoon cooldown. YoY growth of 21.7% is healthy, showing demand resilience even post-festive fatigue.
Annualized EPS (0.99 x 4) = ₹3.96 → P/E recalculated = ₹550 / ₹3.96 ≈ 139x (educationally terrifying but justified by growth).
5. Valuation Discussion – Fair Value Range Only
Let’s use three lenses — P/E, EV/EBITDA, and DCF (because why not flex Excel).
a) P/E Approach
FY25 EPS = ₹8.4
Industry P/E = 39.4x
Fair range = 39x – 55x → ₹328 – ₹462 per share
b) EV/EBITDA Approach
EV = ₹7,384 crore
EBITDA (FY25) = ₹213 crore
EV/EBITDA = 34.6x If re-rated closer to peers (~25–30x), fair EV = ₹5,325–₹6,390 crore → Per share: ₹400–₹480
c) DCF (simplified) Assuming 20% growth for 5 years, 12% WACC, and 4% terminal growth → fair range ₹440–₹520.
📉 Fair Value Range (educational only): ₹400 – ₹520/share.
Disclaimer: This range is for educational purposes only and is not investment advice.
6. What’s Cooking – News, Triggers, Drama
Let’s start with some spicy BSE filings.
Sep 2025: Approved reappointment of MD Yashovardhan Sinha (till May 2031). Bihar succession planning done right.
Nov 2024: CRISIL upgraded credit rating to A. Not A+, but hey — we’ll take it.
Mar 2024: Declared 51% special interim dividend (yes, you read that right) to celebrate its 25th anniversary. Only in Patna do they celebrate silver jubilees with silver money.
Apr 2024: GST department decided to visit their warehouses —
