Aditya Vision revenue reached Rs 2,672 crore as debt eased

Aditya Vision increased revenue from Rs 899 crore in FY22 to Rs 2,672 crore in FY26, representing a stated 31% compound annual growth rate. Over the same period, net debt-to-EBITDA declined from 1.5 times to 0.3 times, while retail footprint rose from 320 thousand square feet to 914 thousand square feet.

How fast did Aditya Vision's revenue grow?

Aditya Vision's revenue rose by Rs 1,773 crore between FY22 and FY26, reaching Rs 2,672 crore from Rs 899 crore. The presentation puts the FY22-FY26 revenue compound annual growth rate, or CAGR, at 31%, while its 10-year revenue CAGR is stated as 27%. FY26 revenue was nearly three times the FY22 level.

Growth continued in the first half of FY27. Revenue was Rs 1,779 crore in H1FY27, compared with Rs 1,398 crore in H1FY26, an increase of Rs 381 crore. The source labels FY22 as a pandemic year, which provides context for comparisons beginning with that base. It does not provide quarterly revenue figures within H1FY27 on the historical-performance page.

What happened to Aditya Vision's margins and profit?

Aditya Vision's earnings before interest, tax, depreciation and amortisation, or EBITDA, rose from Rs 83 crore in FY22 to Rs 228 crore in FY26, while EBITDA margin declined to 8.5% from 9.2%. The margin was 9.6% in both FY23 and FY24, before falling to 9.0% in FY25 and 8.5% in FY26 during a period of store additions.

Profit after tax, or PAT, increased from Rs 35 crore in FY22 to Rs 117 crore in FY26. PAT margin was 4.4% in FY26, compared with 3.9% in FY22; it reached 4.9% in FY23 and was 4.7% in FY25. In H1FY27, EBITDA margin was 9.6% and PAT margin was 5.4%, compared with 8.9% and 4.9%, respectively, in H1FY26.

Aditya Vision says newly opened stores take about three years to mature. Its stated timeline consists of setup and ramp-up towards breakeven in year one, improving profitability in year two and a path to maturity in year three. Management presents that timetable as the reason for a short-term operating-expense effect from rapid store opening.

How did Aditya Vision fund its expansion?

Aditya Vision reported net debt-to-EBITDA of 0.3 times in FY26, down from 1.5 times in FY22. The ratio was 1.4 times in FY23, 0.2 times in FY24, 0.7 times in FY25 and 0.4 times in H1FY27. The presentation provides leverage ratios rather than net-debt amounts for the periods shown.

Net debt-to-equity was 0.1 times in FY26, compared with 1.6 times in FY22. It was 0.1 times in FY24, 0.2 times in FY25 and 0.2 times in H1FY27. Aditya Vision describes its model as cash-and-carry, states that it has high cash reserves, and says 85% of supply comes directly from original equipment manufacturers, or OEMs, while 15% comes from distributors or clearing and forwarding agents.

Did working capital rise as Aditya Vision expanded?

Aditya Vision's working-capital days increased to 98 in FY26 from 53 in FY22 as inventory days rose to 124 from 98 and payable days fell to 26 from 45. The presentation states that receivable days are below zero because Aditya Vision has negligible trade receivables. It calculates inventory days using cost of goods sold and payable days using purchases.

H1FY27 showed a partial reversal in the operating cycle. Inventory days were 104 and payable days were 22, resulting in 82 working-capital days, below FY26's 98 days but above FY22's 53 days. The source does not quantify a cash-flow effect from this movement, so the figures show changes in inventory and supplier-balance timing rather than a reported cash-flow result.

How much did Aditya Vision's retail network expand?

Aditya Vision's retail footprint expanded from 320 thousand square feet in FY22 to 914 thousand square feet in FY26, and reached 951 thousand square feet in H1FY27. The presentation states a 30% CAGR for footprint growth. Store count rose from 105 in FY23 to 207 in FY26, with 102 stores added during FY24 through FY26.

As of September 30, 2026, Aditya Vision had 214 showrooms across Bihar, Jharkhand, Uttar Pradesh and Chhattisgarh, with an average store size of 4,445 square feet and about 9.5 lakh square feet of retail footprint. Bihar accounted for 120 stores, Uttar Pradesh 56, Jharkhand 33 and Chhattisgarh five. Aditya Vision says it has had zero store closures since inception.

Sales activity increased alongside floor space. Bill cuts rose from 429 thousand in FY22 to 1,190 thousand in FY26, while average selling price rose from Rs 20,173 to Rs 22,088. In H1FY27, bill cuts were 724 thousand and average selling price was Rs 24,272, showing that transaction growth exceeded the change in average selling price over FY22 to FY26.

Conclusion

Aditya Vision combined revenue growth from Rs 899 crore in FY22 to Rs 2,672 crore in FY26 with a reduction in net debt-to-EBITDA from 1.5 times to 0.3 times. EBITDA margin declined from 9.2% to 8.5% over those fiscal years, while working-capital days rose from 53 to 98 as inventory days increased.

The next item to watch is the maturity of the 102 stores opened in FY24 through FY26, which management says generally takes about three years. Aditya Vision had 214 stores as of September 30, 2026, entered Chhattisgarh in FY26, and identifies Madhya Pradesh and West Bengal as FY27 entry markets.