Aditya Vision Ltd. · NSE:AVL
Aditya Vision — Q2 FY26 Earnings Presentation
40 slides from Aditya Vision's earnings presentation, Nov 7, 2025
Slide 1: Submission of Investor Presentation to Stock Exchanges
Aditya Vision Limited R R R R Date- November 07, 2025 To 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 Presentatio
Slide 2: Investor Presentation Q2 & H1 FY26, November 2025
Investor Presentation Q2 & H1 FY26, November 2025
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 Q2 & H1 FY26 Highlights Business Overview Historical Performance Industry Overview Appendix Q2 & H1 2026 Investor Presentation
Slide 5: Extended Monsoon, Muted Seasonal Demand
Extended Monsoon, Muted Seasonal Demand... Resilient amid a lean season and muted demand Rainfall Trend (Jul-Sep) Temperature Trend (Jul-Sep) 35-37 36-37 36-37 ~990 34-36 ~870 ~900 ~780 ~785 31-32 31-32 ~700 Uttar Pradesh Bihar Jharkhand Uttar Pradesh Bihar Jharkhand Received Rainfall (mm) Normal Re
Slide 6: GST 2.0: AVL passes on the benefit to the customers
GST 2.0: AVL passes on the benefit to the customers Rebounding from sentiment reset; demand recovery underway Earlier Post GST 2.0 Appliances with 28% 18% Rate Cut Television Inverter Air Conditioner Dishwasher (> 32 inches) Batteries • Softer Pre-GST 2.0 Demand (till 22nd Sept): Channel inventory c
Slide 7: Q2 & H1 FY26: Robust Execution
Q2 & H1 FY26: Robust Execution Multiple tailwinds: festive demand, footprint expansion and Government policies propel AVL into its next growth orbit. Strong Q2 Performance Amid External Headwinds • Aditya Vision delivered a robust Q2, with revenue up 22% YoY despite the lean season, monsoon disrupti
Slide 8: Q2 & H1 FY26 Financials
Q2 & H1 FY26 Financials Gaining market share (Rs. Cr) Revenue EBITDA PBT PAT 21.7% 15.4% 4.5% 4.2% 458 376 Q2FY26 16 17 12 13 35 30 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Margins 8.0% 7.6% 4.3% 3.7% 3.2% 2.8% 4.0% 10.5% 8.0% 2.6% H1FY26 1,398 115 124 88 90 1,265 68 65 H1FY25 H1FY26
Slide 9: H1 FY26 Operational Performance
H1 FY26 Operational Performance (Rs. Cr) SAME STORE SALES BILL CUTS (Nos. in AVERAGE SELLING GROWTH(%) Lacs) PRICE (Rs.) 17% 8.4% 2.4% H1FY26 572 620 22,193 22,724 2% H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 PRODUCT MIX (%) STORE COUNT (Nos.) R E TA I L F O OT P R I N T (Sq. Ft.) 20.5% 23.7% 188 15
Slide 10: Q2 & H1 FY26 Financial Performance
Q2 & H1 FY26 Financial Performance Particulars (Rs. Cr) Q2FY26 Q2FY25 YoY% H1FY26 H1FY25 YoY% Revenue from Operations 458 376 21.7% 1,398 1,265 10.5% COGS 389 318 22.3% 1,185 1,071 10.6% Gross Profit 69 58 18.8% 213 193 10.3% Gross Margin % 15.1% 15.4% (37) bps 15.2% 15.3% (4) bps Other Expenses 34
Slide 11: Balance Sheet
Balance Sheet Particulars (Rs. Cr) Sep-25 Mar-25 Particulars (Rs. Cr) Sep-25 Mar-25 Equity Non-Current Asset (a) Equity Share Capital 13 13 Property, Plant and Equipment 117 106 (b) Other Equity 626 571 Capital Work in Progress 6 6 Total Equity 639 584 ROU 168 162 Non-current Liabilities Financial A
Slide 12: Cash Flow Statement
Cash Flow Statement Particulars (Rs. Cr) Sept-26 Sep-25 Net Profit before tax 90 88 Adjustments for : Add : Depreciation 20 19 Add : Interest Expenses 15 8 Add : Shared based payment expenses (1) 1 Add : Asset Written off - 4 Less: Investment Income - - Adjustments For Working Capital Movements : 32
Slide 13: Positioned to Deliver
Positioned to Deliver Built on Consistency, Geared for the Future Expanded to Central UP; scaling across Hindi Heartland via Creeping 167 204cr Cluster in 3–5 years Reinvesting growth capital and cashflows at high 2,260cr 42cr ROIC to capture the Hindi Heartland opportunity 748cr Focus on scaling pr
Slide 14: Key Catalysts for H2 FY26
Key Catalysts for H2 FY26 Demand strengthening amid the macro tailwinds Trigger Description Revenue Impact Mechanism ₹10,000 direct transfer under Mukhyamantri Mahila Rojgar Yojana for Boosts rural cash flows → higher 1. Direct Benefit Transfer to Women ~1.30 Cr women amounting to disposable income
Slide 15: Contents
Contents Q2 & H1 FY26 Highlights Business Overview Historical Performance Industry Overview Appendix Q2 & H1 2026 Investor Presentation
Slide 16: Aditya Vision at a Glance
Aditya Vision at a Glance Patna Showrooms Retail footprint as Headquarters 188 As on 30th Sep 4,250+ Avg store size (sq ft) 8,03,625 Sq ft of Q2FY26 50%+ Mkt Share 10,000+ In Bihar as per Crisil Report Products sold at our stores Largest Electronic Retailer 100% Retail in Jharkhand Sales 1st Consume
Slide 17: Aditya Vision – Sambandh Bharose ka
Aditya Vision – Sambandh Bharose ka 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 – Capital Group Opened 18 stores in UP in one year, Crossed 100 stores in Bihar FY 2016: 1st Consumer Electronics Company to FY 2023
Slide 18: Our Driving Principles
Our 5 Driving Principles Customer-centric approach based on providing Best Range, Lowest Price, Fast Installation and Great After Sales Service Large Supplier base (Brands) selling their products at Scale Scaling up business to pass on better prices to customers and create a relationship of a lifeti
Slide 19: 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 - 116 stores Supply leading to stop solution for sheet • Jharkhand - 32 stores higher margins after-sales services • Operates on a cash -
Slide 20: Store Unit Economics At A Glance
Store Unit Economics At A Glance Rs 80-90 lacs 188 13-15% Average Capex per Store Stores in Bihar + Jharkhand + UP Gross Margin Range Rs 2.75 – 3.00 Cr 7 - 9 months 3 years Average Working Capital per Store Average Store Level Break Even Payback Period Rs 1.10+ Cr (in FY25) Rs ~45,000 Rs ~2,100 Prod
Slide 21: Business Economics
Business Economics (% of Sales) FY20 FY21 FY22 FY23 FY24 FY25 Gross Margin (%) 11% 12% 16% 16% 16% 16% Gross Margin has increased with scale Employee Cost 3% 3% 3% 3% 3% 3% Low store-level employee cost Rent* 1% 2% 2% 2% 2% 2% Average rent of Rs 2.25-2.50 lacs p.m/store Advertisement & 1% 1% 1% 1% 1
Slide 22: Strategic Focus on Hindi Heartland Region
Strategic Focus on Hindi Heartland Region Present States Uttar Pradesh 40 STORES (In 23 cities; 23 Districts Covered out of 75 Districts) BIHAR 116 STORES (Present in 69 cities in all 38 districts) JHARKHAND 32 STORES (In 25 cities; 22 Districts covered out of 24 Districts) People living in Bihar, J
Slide 23: Revenue Seasonality of the Business
Revenue Seasonality of the Business Quarterly Share of Revenue (%)* Peak Summer Season + Marriage Season + Strong Demand for Cooling Products + Major Stocking up Q1 36% prior to this quarter Weaker Quarter owing to Monsoon + Shraadh Q2 18% months Festive Season with attractive Brand Offers Q3 23% Ma
Slide 24: Contents
Contents Q2 & H1 FY26 Highlights Business Overview Historical Performance Industry Overview Appendix Q2 & H1 2026 Investor Presentation
Slide 25: Historical Financial Highlights
Historical Financial Highlights (Rs. in Cr) Revenue EBITDA & EBITDA Margins PAT & PAT Margins CAGR: CAGR: CAGR: 36% 35% 44% 8.0% 8.0% 10.5% 204 105 2,260 167 77 1,743 133 68 124 64 65 115 1,322 1,398 10.1% 9.6% 1,265 83 5.2% 899 35 4.9% 4.7% 4.9% 4.4% 9.2% 9.0% 9.1% 8.9% 3.9% FY22 FY23 FY24 FY25 H1F
Slide 26: Historical Annual Financials and Operational Performance
Historical Annual Financials and Operational Performance Inventory Days** Payable Days** Working Capital Days 108 106 22 91 83 91 77 83 17 18 66 13 FY23 FY24 FY25 H1FY26 FY23 FY24 FY25 H1FY26 FY23 FY24 FY25 H1FY26 *Receivable Days are less than 0 since the Company has negligible Trade Receivables **
Slide 27: Contents
Contents Q2 & H1 FY26 Highlights Business Overview Historical Performance Industry Overview Appendix Q2 & H1 2026 Investor Presentation
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 Trn) % 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.
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: Market Penetration & Opportunity in Hindi Heartland
Market Penetration & Opportunity in Hindi Heartland Source: www.statsofindia.in , Business Standard 29 Note: The underlying data is from 2022. While absolute values have changed since, the percentage trends remain broadly in-line.
Slide 31: 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. 30
Slide 32: Electricity Consumption Growth In Hindi Heartland States to Outpace Other States
Electricity Consumption Growth In Hindi Heartland States to Outpace Other States ~2.9x 293% ~2.3x 226% ~2.1x 208% ~1.7x 170% 166% ~1.7x FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY27P Bihar Jharkhand Uttar Pradesh Maharashtra Gujarat Source: Central Electricity Authority, MoSPI; Ministry of Power
Slide 33: Hindi Heartland– Engine for Aditya Vision's Sustainable Growth
Hindi Heartland– Engine for Aditya Vision’s Sustainable Growth JHARKHAND UTTAR PRADESH BIHAR • Largest state population with ~24Cr • Bihar is 9% of India’s Population at 13.07cr; • $2.7 Bn cumulative FDI inflows (Oct 2019 – accounting for ~17% of India’s population second largest in India population
Slide 34: 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 35: Contents
Contents Q2 & H1 FY26 Highlights Business Overview Historical Performance Industry Overview Appendix Q2 & H1 2026 Investor Presentation
Slide 36: Our Trade Partners and Consumer Finance Partners
Our Trade Partners Our Consumer Finance Partners ~43% Sales Financed in FY25 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
Slide 39: In-Store Photo Gallery
In-Store Photo Gallery VOLTAS a
Slide 40: Thank You
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.com Sheetal Khanduja – Head