Aditya Vision targets low appliance ownership in six states

Aditya Vision identifies six Hindi-heartland states as a regional growth opportunity because they represent about 45% of India’s population while ownership of televisions, refrigerators and washing machines is below the 16.0% national rate in several markets, including Bihar at 3.7% and West Bengal at 4.8%.

How large is Aditya Vision’s six-state Hindi-heartland market?

Aditya Vision’s Hindi-heartland thesis covers Uttar Pradesh, Bihar, Jharkhand, Chhattisgarh, Madhya Pradesh and West Bengal, which together account for about 45% of India’s population. Uttar Pradesh alone has about 24 crore residents, or about 17% of India’s population, while Bihar has 13.07 crore residents, or about 9%. Madhya Pradesh has about 9.0 crore people, West Bengal about 10.1 crore and Chhattisgarh about 3.1 crore.

The six states differ in economic scale, but the presentation cites expanding state output, income or investment in each market. Uttar Pradesh’s gross state domestic product, or GSDP, is stated at Rs 30.8 lakh crore in FY26, while West Bengal’s FY26 revised-estimate GSDP is Rs 19.91 lakh crore. Madhya Pradesh reported FY26 GSDP of Rs 16.69 lakh crore, up 11.1% year on year, and Bihar’s FY26 budget estimate was Rs 10.97 lakh crore. Chhattisgarh’s FY26 estimated GSDP was Rs 6.35 lakh crore and Jharkhand’s FY26 estimate was Rs 5.56 lakh crore.

Uttar Pradesh reported outstanding bank credit of Rs 11.74 lakh crore in FY26, 11.1% above Rs 10.57 lakh crore in FY25. Bihar reported FY26 per-capita income of Rs 84,136, up 10.0% year on year. In Madhya Pradesh, per-capita income reached Rs 1,69,050 in FY26, compared with Rs 38,497 in 2011-12, while West Bengal reported per-capita GSDP of Rs 1,98,451 in FY26, up 9% year on year.

Where is appliance ownership lowest in Aditya Vision’s target states?

Appliance ownership is lowest in Bihar, West Bengal, Jharkhand, Chhattisgarh and Madhya Pradesh among Aditya Vision’s named markets, based on the share of households owning a television, refrigerator and washing machine. The presentation says the underlying household data are from 2022 and that absolute values may have changed, although relative trends remain broadly in line.

Bihar’s 3.7% rate was 12.3 percentage points below the India-wide 16.0% rate, and West Bengal’s 4.8% rate was 11.2 percentage points below it. Uttar Pradesh was closer to the national figure at 15.7%, but remained 0.3 percentage points lower. The measure requires ownership of all three categories, rather than recording a household that owns only one appliance.

The presentation also shows a national urban-rural gap in ownership of these three appliances. It reports that 33.1% of urban households owned the television-refrigerator-washing-machine combination, compared with 7.5% of rural households. Its air-conditioner ownership map places several Hindi-heartland states in low ownership bands, though it does not attach state names to every map value. Aditya Vision therefore frames the region as having scope for first-time and additional appliance purchases.

How does rising prosperity support Aditya Vision’s regional case?

Aditya Vision links lower poverty and higher reported incomes to a wider potential consumer base in the Hindi heartland. In Uttar Pradesh, the share of people living on Rs-equivalent US$3.20 a day declined from 67.2% a decade earlier to 32.1% in 2022-23. Bihar’s cited figure fell from 69.6% to 23.3% over the same comparison, after starting from a higher level.

West Bengal’s comparable poverty measure declined from 54.8% to 35.2%, while Odisha, which the presentation uses as an eastern benchmark, declined from 66.3% to 27.0%. These changes do not establish appliance demand on their own, but provide income context for Aditya Vision’s view that low ownership could translate into future purchases as household purchasing power rises.

State plans and public spending are the second part of the regional narrative. Uttar Pradesh had installed power capacity of more than 39 gigawatts in 2025-26. West Bengal budgeted FY27 GSDP of Rs 21.48 lakh crore and capital outlay of Rs 40,930 crore, up 55% from FY26. Chhattisgarh targets GSDP of Rs 10 lakh crore by 2028 and reported Rs 3 lakh crore of energy-sector investment proposals at the 2025 Energy Investors Summit.

Why is electricity consumption relevant to Aditya Vision’s opportunity?

Electricity-consumption projections support Aditya Vision’s focus on states where usage of cooling and other household appliances could expand with power availability and incomes. The presentation indexes every state to a starting value of 100 and projects Bihar’s electricity consumption at about 3.9 times that base by FY28. Uttar Pradesh is projected at about 2.8 times, ahead of Madhya Pradesh and Chhattisgarh at about 2.3 times each.

Jharkhand is projected to reach about 2.1 times its indexed starting point and West Bengal about 1.8 times by FY28. These projected increases exceed the presentation’s figures for Gujarat at about 1.6 times and Maharashtra at about 1.4 times. The comparison is based on projections through FY28 rather than reported retail sales in those states.

The electricity outlook is relevant to air conditioners, refrigerators and other electricity-dependent products, but it is not a sales forecast for Aditya Vision. Nationally, the presentation estimates air-conditioner penetration at about 13% currently, rising to about 19-20% by FY31, while refrigerator penetration rises from about 43% to about 47-49%. It also reports that about 53% of Aditya Vision’s FY26 sales were financed, making consumer finance part of the purchase mechanism.

Conclusion

Aditya Vision’s regional case combines population scale with measurable gaps in ownership of essential consumer durables. Uttar Pradesh and Bihar have the largest stated populations, while Bihar, West Bengal, Jharkhand, Chhattisgarh and Madhya Pradesh are materially below the national 16.0% rate for households owning a television, refrigerator and washing machine. Higher reported income, reductions in the cited poverty measures and projected electricity use are the supporting conditions for this thesis.

What to watch next is progress against disclosed plans and projections, particularly Bihar’s projected 3.9-times indexed electricity consumption and Uttar Pradesh’s 2.8-times figure by FY28. Chhattisgarh’s target of Rs 10 lakh crore of GSDP by 2028 is another stated milestone. At the category level, the presentation projects national air-conditioner penetration of about 19-20% and refrigerator penetration of about 47-49% by FY31.