Buy Aditya Vision; target of Rs 600: ICICI Securities

About this update from Aditya Vision Ltd.

ICICI Securities research report on Aditya VisionWe remain positive on Aditya Vision (AVL), supported by low penetration of white goods in key markets, sustained demand and strong execution. We note: (1) Revenue growth could be in high teens YoY in Q4FY26E, aided by store additions and strong demand momentum in RACs. (2) Upcoming festive season may further continue to drive demand momentum. (3) Price hike of 7-8% is expected in RACs by OEMs; however, inventory stocking of RACs in Dec’25 could support margins for AVL. (4) Refrigerators and washing machines are likely to gain steady demand momentum in H1CY26. (5) AVL has opened five stores in Q4FY26 so far, taking the total store count to 197. It is on track to cross 200 stores by FY26 end. (6) Induction cooktops may see a huge surge in volumes due to gas shortages in Q4FY26. (7) Sales of mobile phones and laptops may be affected by steep price hikes led by chip shortages.OutlookGiven the store expansion and healthy demand tailwinds, we remain positive on AVL. Maintain BUY with a DCF-based revised TP of INR 600 (earlier: INR 628).Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.Aditya Vision - 2303026 - icici

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