Aditya Vision Ltd. · NSE:AVL
Aditya Vision — Q4 FY26 Earnings Presentation
40 slides from Aditya Vision's earnings presentation, May 8, 2026
Slide 1: Submission of Investor Presentation to exchanges
R Aditya Vision Limited R R R Date- May 08, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza Dalal Street Bandra Kurla Complex, Bandra (East) Mumbai-400 001 Mumbai- 400051 Scrip Code: 540205 Symbol-AVL Sub:- Submission of Investor Presentation Dear S
Slide 2: Investor Presentation Q4 & FY26, May 2026
sitet fasta ADITYA VISION 1 LE ARR BL Baty eatin gh at INVESTOR PRESENTATION O4 & FY26, MAY 2026
Slide 3: Disclaimer
Disclaimer This presentation and the accompanying slides (the “Presentation”), have been prepared by Aditya Vision Limited (the “Company”) solely for information purposes and do not constitute any offer, recommendation, or invitation to purchase or subscribe for any securities and shall not form the
Slide 4: Contents
CONTENTS > Q4 & FY26 HIGHLIGHTS Al |w ettigerator_ Expanding in Jharkhand oe HEE HTR BL Serving Uttar Pradesh ‘ling Fan Induction CHHATTISGARH odkame Growing in Chhattisgarh Q4 & 2026 INVESTOR PRESENTATION
Slide 5: FY26: Resilience Delivered
FY26: Resilience Delivered Growth delivered despite headwinds FY26 was an unusual year, with prolonged and unseasonal rainfall which engulfed entire H1. Despite this, Aditya Vision delivered a strong performance, with revenue growing by 18% YoY and PAT rising by 11% YoY. This reflects the resilience
Slide 6: FY26 at a Glance: Scale Built, Growth Delivered
FY26 at a Glance: Scale Built, Growth Delivered Momentum sustained despite external pressures % Rs. 2,672 Cr 8.5% Rs. 157 Cr Rs 117 Cr Revenue EBITDA Margins PBT PAT 18% growth despite a (29% CAGR FY22–FY26) PBT margins stood at 5.9% 11% YoY growth challenging summer KEY HIGHLIGHTS EXPANDING STRONGE
Slide 7: Financials: Consistent Compounding
Financials: Consistent Compounding Gaining market share (Rs. Cr) Revenue EBITDA PBT* PAT * * 28.4% 19.4% 27.2% 36.0% 625 51 Q4FY26 487 42 22 31 24 16 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Margins 8.7% 8.1% 5.0% 4.9% 3.3% 3.5% 11.7% 10.8% 18.2% 10.7% 2,672 228 158 117 2,260 204 143
Slide 8: H2 & FY26 Operational Performance (1/2)
H2 & FY26 Operational Performance (1/2) (Rs. Cr) SAME STORE SALES BILL CUTS (Nos. in AVERAGE SELLING GROWTH(%) Lacs) PRICE (Rs.) 18% 32.3% -0.5% 16% H2FY26 570 21,521 21,406 431 H2FY25 H2FY26 H2FY25 H2FY26 H2FY25 H2FY26 SAME STORE SALES BILL CUTS (Nos. in AVERAGE SELLING GROWTH(%) Lacs) PRICE (Rs.)
Slide 9: H2 & FY26 Operational Performance (2/2)
H2 & FY26 Operational Performance (2/2) (Rs. Cr) H2FY26 - R E TA I L F O OT P R I N T Q U A R T E R LY S H A R E O F R E V E N U E PRODUCT MIX (%) (Sq. Ft.) (%) – FY26 12% 22% 14% 25% 27% 9,13,725 7,50,100 Q1 35% 63% 59% Peak Summer Season + Marriage Season H2FY25 H2FY26 FY25 FY26 Large Appliances D
Slide 10: Q4 & FY26 Financial Performance
Q4 & FY26 Financial Performance Particulars (Rs. Cr) Q4FY26 Q4FY25 YoY% FY26 FY25 YoY% Revenue from Operations 625 487 28.4% 2,672 2,260 18.2% COGS 525 404 29.9% 2,256 1,905 18.4% Gross Profit 100 83 21.2% 416 355 17.0% Gross Margin % 16.0% 17.0% (95) bps 15.6% 15.7% (16) bps Other Expenses 50 40 23
Slide 11: Balance Sheet
Balance Sheet Particulars (Rs. Cr) Mar-26 Mar-25 Particulars (Rs. Cr) Mar-26 Mar-25 Equity Non-Current Asset (a) Equity Share Capital 13 13 Property, Plant and Equipment 131 106 (b) Other Equity 676 571 Capital Work in Progress 6 6 Total Equity 688 584 ROU 195 162 Non-current Liabilities Financial A
Slide 12: Winning Through Three Shocks
Winning Through Three Shocks Strategic inventory positioning helps AVL navigate Regulatory Shift Geopolitical Shock Weather BEE Norms Change (ACs) Iran-Israel Conflict FY27: Normal Summer Ahead IMD forecasts above-normal New BEE norms effective heatwave days LPG supply disruption Legacy inventory of
Slide 13: 2X Stores in Just 3 Years
2X stores in Just 3 Years. Doubling in 3 Years – and why profitability will follow Our Store Growth Journey FY99–FY23 | 24 YRS FY24-FY26 | JUST 3 YEARS Increase Decrease Total OPEX IMPACT (SHORT TERM) New stores take ~3 years to mature 32 207 YEAR 1 Setup & Ramp-up | Achieving breakeven 30 40 YEAR 2
Slide 14: Cash Inflection
Cash Inflection Transitioning to positive cash generation ₹ 75.0 31.5 17.6 -6.1 FY22 FY23 FY24 FY25 FY26 ✓ -40.8 1 Disciplined working capital management has turned cash flows positive, strengthening our balance sheet and enabling future growth. 13
Slide 15: Transitioning to a Year-Round Demand Model
Transitioning to a Year-Round Demand Model H1 and H2 revenues are near-equal Revenue (In Rs. Cr) PAT (In Rs. Cr) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY24 FY25 FY26 FY24 FY25 FY26 H1: H2 55% : 45% 56% : 44% 52% : 48% H1: H2 61% : 39% 62% : 38% 58% : 42% Sustained Q4 profit 625 growth 22 due to early Q3 REVENUE s
Slide 16: The Hindi Heartland Playbook
The Hindi Heartland Playbook State-by-State Conquest Till FY21 FY22 FY23 FY26 FY27 Bihar Jharkhand Uttar Pradesh Chhattisgarh Madhya Pradesh Founding state Entered FY22 Entered FY23 Entered FY26 Planned entry 118 STORES 33 STORES 53 STORES 3 STORES (Present in 69 cities in all (In 25 cities; 22 Dist
Slide 17: Built for the Next Decade
Built for the Next Decade Built on Consistency, Geared for the Future, Reinvesting at High ROIC Expanded to Western 117cr UP & Chhattisgarh; scaling across Hindi Heartland via Creeping Cluster in 3–5 years 167 228cr 21cr Reinvesting growth capital and cashflows at high ROIC to capture the Hindi 2,67
Slide 18: Contents: Business Overview
Slide 19: Aditya Vision at a Glance
Aditya Vision at a Glance Patna Showrooms Retail footprint as Headquarters 207 As on 31th Mar 4,400+ Avg store size (sq ft) ~9.1 Lakh Sq ft of FY26 50%+ Mkt Share 100% Retail In Bihar as per Crisil Report Sales Largest Electronic Retailer 100+ in Jharkhand Long Term Relationships with OEMs 1st Consu
Slide 20: Aditya Vision – Sambandh Bharose ka
Aditya Vision – Sambandh Bharose ka FY 2026: Started expanding in Western UP & Chhattisgarh FY 2025: Listed on NSE, Started expanding in Central UP FY 2024: First fund raise after IPO from the one of the World’s largest FII – 2,672 Capital Group Opened 18 stores in UP in one year, Crossed 100 stores
Slide 21: Unique Business Model
Unique Business Model OEM Customer Strong Financial Expanding Supply Service Management Footprint • 85% Direct OEM • Aditya Seva - One- • Low debt balance • Bihar - 118 stores Supply leading to stop solution for sheet • Jharkhand - 33 stores higher margins after-sales services • Operates on a cash -
Slide 22: Store Unit Economics At A Glance
Store Unit Economics At A Glance Rs 80-90 lacs 207 13-15% Average Capex per Store Stores in Bihar + Jharkhand + UP Gross Margin Range Rs 2.75 – 3.00 Cr 6 - 12 months 3 years Average Working Capital per Store Average Store Level Break Even Payback Period Rs 1.11 Cr (in FY26) Rs 41,000+ Rs 1,900+ Prod
Slide 23: Business Economics
Business Economics (% of Sales) FY20 FY21 FY22 FY23 FY24 FY25 FY26 Gross Margin (%) 10.7% 12.3% 15.8% 16.0% 15.9% 15.7% 15.6% Gross Margin has increased with scale Employee Cost 2.7% 3.3% 3.2% 3.0% 3.3% 3.1% 3.1% Low store-level employee cost Rent* 1.4% 1.6% 2.2% 1.9% 2.0% 2.1% 2.1% Average rent of
Slide 24: Contents: Historical Performance
Slide 25: Historical Financial Highlights
Historical Financial Highlights (Rs. in Cr) Revenue EBITDA & EBITDA Margins PAT & PAT Margins CAGR: 29% CAGR: 35% CAGR: 31% 228 117 204 105 2,672 167 2,260 77 133 64 1,743 10.1% 9.6% 1,322 83 35 4.9% 4.7% 899 4.4% 4.4% 9.2% 9.0% 8.5% 3.9% FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 FY22 FY23 F
Slide 26: Historical Annual Financials and Operational Performance
Historical Annual Financials and Operational Performance Inventory Days** Payable Days** Working Capital Days 45 124 98 108 91 98 91 77 83 26 66 53 17 18 13 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 *Receivable Days are less than 0 since the Company has negligible Tr
Slide 27: Industry Overview
NVESTOR PRE:
Slide 28: Powering India's Retail Surge: Driving Consumer Spending Growth
Powering India's Retail Surge: Driving Consumer Spending Growth Increased household spending on consumer durables over the years Consumer Durables Market Growth (Rs Tn) % of Monthly Per Capita Consumption Expenditure on Consumer Durables Rural Urban CAGR 11-15% CAGR 8% 7.0% 6.6% 5.1 3.1 3.6 4.3% 2.1
Slide 29: Low Penetration and Rising premiumization is in favor of AVL
Low Penetration and Rising premiumization is in favor of AVL Penetration in India (%) 4-star and 5-star Acs with 2 tons Demand for Fully Automated WMs and capacity higher in demand Washer Dryers continuously rising (In INR Bn) (In INR Bn) ~250 ~640 ~220 ~340 ~10% ~35% ~13% ~74% ~5-10% 12% 21% 23% 38
Slide 30: Shift from Unorganised to Organised: Aditya Vision is well positioned to benefit
Shift from Unorganised to Organised: Aditya Vision is well positioned to benefit Rapid Shift from Overall Un-Organised to Organised sector in Indian Consumer’s Durable Industry Organised Unorganised 23% 51% 42% 77% 49% 58% FY16 FY21 FY27P Organised Sector to Grow Faster than Overall Consumer Electro
Slide 31: Hindi Heartland– Engine for Aditya Vision's Sustainable Growth
Hindi Heartland– Engine for Aditya Vision’s Sustainable Growth UTTAR PRADESH BIHAR JHARKHAND CHHATTISGARH • Largest state population with ~24Cr • Bihar is 9% of India’s Population at 13.07cr; • $2.7 Bn cumulative FDI inflows (Oct 2019 - • ~3.1 Cr population accounting for ~17% of India’s population
Slide 32: Market Penetration & Opportunity in Hindi Heartland
Market Penetration & Opportunity in Hindi Heartland Source: www.statsofindia.in , Business Standard 31 Note: The underlying data is from 2022. While absolute values have changed since, the percentage trends remain broadly in-line.
Slide 33: Rising Prosperity in Underpenetrated Hindi Heartland
Rising Prosperity in Underpenetrated Hindi Heartland Note: The underlying data is from 2022. While absolute values have changed since, the percentage trends remain broadly in-line. 32
Slide 34: Electricity Consumption Growth In Hindi Heartland States to Outpace Other States
Electricity Consumption Growth In Hindi Heartland States to Outpace Other States ~3.9x ~2.8x ~2.3x ~2.3x ~2.1x ~1.6x ~1.4x FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY28 (P) Uttar Pradesh Madhya Pradesh Chhattisgarh Bihar Jharkhand Maharashtra Gujarat Source: Central Electricity Authority, M
Slide 35: Appendix
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Slide 36: Our Trade Partners / Our Consumer Finance Partners
Our Trade Partners Our Consumer Finance Partners ~53% Sales Financed in FY26 35
Slide 37: Board of Directors
Board of Directors Yashovardhan Sinha Nishant Prabhakar Yosham Vardhan Sunita Sinha Rashi Vardhan Chairman & Managing Director Whole Time Director Whole Time Director Non-Executive Director Non-Executive Director • Promoter, Chairman and • Promoter and Whole-time • Promoter and Whole-time • Founder,
Slide 38: Independent Directors
Independent Directors ` Ravinder Zutshi Nusrat Syed Hassan Atul Sinha Apeksha Agiwal Rahul Kumar Independent Director Independent Director Independent Director Independent Director Independent Director • 45+ years of • Managing Director at • 35+ years at UCO • Highly qualified • Qualified profession
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Slide 40: Thank You
- THANK YOU —— 3iteedr fast For Further information, please contact: Aditya Vision Ltd. Ms. Akanksha Arya-Company Secretary Tel: +91-6122520854 Email: cs@adityavision.in www.adityavision.in Investor Relations Contact: Garima Singla - Research Analyst Tel: +91-9780042377 Email: garima@goindiaadvisors