01 — At a Glance
The Remote Retailer That Learned to Aim Beyond Bihar
- 52-Week High / Low₹599 / ₹328
- TTM Revenue₹2,533 Cr
- TTM PAT₹111 Cr
- Full-Year EPS (TTM)₹8.63
- Q3 FY26 EPS₹2.11
- Book Value₹49.5
- Price to Book8.88x
- Dividend Yield0.24%
- Debt / Equity0.65x
- Stores (As of Dec 31, 2025)192
The Auditor’s Chuckle: Here’s a company that grew revenue by 28% YoY in Q3, made ₹649 crore in a single quarter, and managed to wring out only 2.11 rupees in EPS. Meanwhile, it trades at 50.7x P/E — which is either a genius call on a high-growth retail story or what your aunt buys when your uncle isn’t watching her portfolio. The stock is down 11% in six months despite record quarterly numbers. Yes, this deserves a deeply confused face. Read on.
02 — Introduction
An Electronics Retail Story That Makes About As Much Sense As A Bihar-Based Company Expanding to Uttar Pradesh. Wait. It Does.
Let’s talk about Aditya Vision Ltd. The company name sounds like something your eye doctor would prescribe after you’ve stared at a balance sheet too long. In reality, it’s an electronics retailer that sells air conditioners, televisions, washing machines, and mobile phones to middle-class India through physical showrooms. Boring? Absolutely. Underrated? Maybe. Absurdly overpriced? We’ll figure that out by the end of this article.
Founded in 1999 by Yashovardhan Sinha, the company stayed in Bihar for about two decades before the genius realization hit: other parts of India also want to buy refrigerators. Last year, it went public at a valuation that made me spit out my chai. This year, it opened stores at a pace that would make Reliance Jio jealous. And in Q3 FY26, after a monsoon-destroyed Q1, it delivered 28% revenue growth like it was nothing.
The plot twist? Management is already prepping to enter Chhattisgarh and Madhya Pradesh. The stock thinks it’s 3x more valuable than it is. The promoter has reduced his stake from 67% to 47% by letting FIIs and DIIs buy in like they’ve discovered a lottery ticket. And the company has never, ever posted a quarterly loss.
This is a deep dive into a small-cap retailer that’s either the next relentless growth machine or an overpriced ₹5,696 crore bet on creeping clusters. Let’s find out which — with real numbers, zero sugar-coating, and enough sarcasm to make your tax auditor uncomfortable.
Concall Note (February 2026): “We’ll be definitely crossing 200 stores by end of this financial year, possibly more.” That’s 8 more stores in 2-3 months. For a company opening stores at 30/year baseline, this isn’t guidance—it’s a victory lap disguised as a casual comment. Management’s confidence is not in short supply.
03 — Business Model: We Sell Stuff You Can Touch. Shocking.
Electronics Retail. Not Fintech. Not Cloud. Just… Boxes Of Cold Air.
The business model is so straightforward that it hurts: Aditya Vision buys consumer electronics from OEM suppliers (85% direct from brands, 15% through distributors), stocks them in retail showrooms, and sells them at margin to middle-class India. That’s it. No venture capital narrative. No AI integration. No “platform play.” Just old-school retail with good real estate and even better inventory management.
The company operates 192 showrooms (as of December 31, 2025) across three states: Bihar (108 stores), Jharkhand (28 stores), and Uttar Pradesh (25 stores). Each store averages 4,000 sq ft, takes ₹55-65 lakhs in capex to build, breaks even in 6-8 months, and generates ₹45,000+ revenue per sq ft — which is legitimately impressive for furniture-heavy electronics retail.
FY24 revenue split was: Home & Entertainment (66%), Digital Gadgets (21%), Others (13%). That means two-thirds of profit comes from TVs, ACs, washing machines, and refrigerators. These are not aspirational buys. These are “my AC broke, I need one by next week” purchases. The moat? Distribution density and local brand trust built over 25+ years.
Same-store sales growth (SSSG) runs 15% year after year. Working capital is tight: 134 inventory days (high for pure retail, but expected for seasonal AC/refrigerator businesses), offset by quick cash conversion. The company finances 41% of sales through NBFC partnerships with Bajaj Finance, Samsung Finance, HDFC Bank, and others — which means customers can afford a ₹75,000 fridge in 12 EMIs, and Aditya Vision gets paid in 30 days. That’s leverage without balance-sheet debt.
Stores (Dec 2025)192Target 200 by FY26-end
Revenue per Sq Ft₹45,000+FY25 annualized
SSSG (3-Year Avg)15%Consistent hold
Gross Margin Note: Gross margin sits at 15.8% in Q3 FY26 — maintained sequentially from 15.6% YoY. That means out of every ₹100 in revenue, ₹15.80 goes to pay the store manager, the electricity bill, and eventually, the bottom line. For retail, this is not bad. For logistics or e-commerce, this is funeral-level thin. Aditya Vision just accepts it and moves on.
💬 Here’s a honest question: Why hasn’t Amazon or Flipkart obliterated this model? Because cash-in-hand, no-return instant satisfaction still moves volume in Tier-II India. Comment whether you agree.
04 — Financials Overview
Q3 FY26: The Numbers (Result Type: Quarterly Results)
