AVAditya Vision540205Quarterly results

Q2 FY27 call: best-ever Q2, revenue up 28.1% and profit after tax up 45.2%

Transcript of the Q2 FY27 analysts/investors call held on October 30, 2026 is out.

By ScoutQuest · Thu 5 Nov 2026, 5:19 PM IST · 3 min read

Q2 Revenue

Rs. 586.23 crores (+28.1%)

Q2 Profit After Tax

Rs. 18.47 crores (+45.2%)

Same-store sales growth

18%

Best-ever Q2

• Revenue increased 28.1% year-on-year to Rs. 586.23 crores.
• Gross profit grew 38.8% to Rs. 95.59 crores, with gross margin at 16.3%, up 125 bps.
• EBITDA rose 31.6% to Rs. 45.65 crores, margin 7.8%, up 21 bps.
• Profit before tax grew 45.3% to Rs. 24.26 crores; profit after tax grew 45.2% to Rs. 18.47 crores, with PAT margin at 3.2%, up 37 bps.
• Same-store sales growth for the quarter was 18%.

Half year H1 FY27

• Revenue grew 27.3% year-on-year to Rs. 1,778.91 crores.
• Gross profit Rs. 287.42 crores, up 34.9%, margin 16.2%, up 91 bps.
• EBITDA Rs. 170.13 crores, up 36.8%, margin 9.6%, up 66 bps.
• Profit before tax Rs. 127.08 crores, up 41.1%; profit after tax Rs. 95.69 crores, up 41%, with PAT margin at 5.4%, up 52 bps.
• Same-store sales growth for H1 FY27 was 18%, against 2% in H1 FY26, when unseasonal rains hurt footfalls and sales.
• Management noted that H1 FY27 profit after tax has already reached over 90% of the entire profit after tax reported in FY 2025.

Store network and expansion

• The network had 214 stores as of September 30, 2026, against 188 stores a year earlier, an increase of 13.8%.
• Retail footprint expanded 18.3% to approximately 9.51 lakh square feet.
• Bihar has 120 stores across all 38 districts, Uttar Pradesh 56 stores across 32 of its 75 districts, Jharkhand 33 stores across 22 of its 24 districts, and Chhattisgarh five stores across three of its 33 districts.
• Bihar contributed roughly 73% of Q2 revenue, Uttar Pradesh 15%, Jharkhand 11% and Chhattisgarh 1%.
• The company entered Chhattisgarh, Madhya Pradesh and West Bengal during calendar year 2026, and said it continues a cluster-based expansion strategy that uses its logistics infrastructure, vendor relationships and brand recall to ramp up new stores.

Balance sheet and working capital

• Inventory stood at Rs. 865 crores as of September 30, 2026, against Rs. 840 crores at the end of March 2026, reflecting stocking ahead of the festive season and competitive pricing due to anticipated price increases across consumer durables.
• Borrowings were Rs. 293 crores at the end of September 2026, down from Rs. 331 crores at the end of March 2026, though higher year-on-year to fund inventory, new stores and business growth.

What management said about demand

• The quarter saw pressure on discretionary spending from the prolonged West Asia crisis, disruptions in energy supplies, a sharp rise in global crude oil prices, flood and cyclone-related disruption in Bihar, and higher prices of essential staples and cooking gas.
• Consumer demand moderated somewhat, but management described underlying demand as resilient across its markets, supported by deeper penetration and improving store productivity.
• Management said H1 FY27 growth keeps the company ahead of its long-term revenue growth aspiration of between 20%-25%, and that its focus remains on product availability, store productivity, inventory discipline and cost control.
• It sees a long-term opportunity in India's consumer durables market, particularly in the heartland, citing rising disposable incomes, increasing financing penetration and the shift to organised retail.

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