Aditya Vision Limited

Consumer Cyclical — Specialty Retail · NSE

₹572.50+₹4.50 (+0.79%)

DalalBaazaar Score

64 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by moderate debt load, small-cap size, which brings sharper price swings, a very high earnings multiple, which leaves little margin for disappointment.

In simple words: Strong business and financial position, with both sales and profits growing well. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:27 pm

Understanding the Business

Company site ↗

The 60-second version of Aditya Vision Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Aditya Vision Limited engages in the retail business of consumer durables and electronics in India.

IndustrySpecialty Retail

SectorConsumer Cyclical

Employees2,861

Annual revenue₹2,672 Cr

How does it make money?

Turns over ₹2,672 Cr a year. Of every ₹100 of sales, about ₹4 reaches shareholders as profit, with ₹9 left at the operating level before interest, tax and depreciation. Each of its 2,861 employees supports ₹93.4 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹93.4 lakh

Who are its competitors?

The closest listed comparisons in its industry are TRENT LTD, TITAN COMPANY LIMITED, AVENUE SUPERMARTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 21.7%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 17.0% against a peer median of 25.9% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

Peer median ROE25.9%

What is the outlook?

7 analysts covering the stock expect revenue to grow about 23.7% and earnings to grow about 28.1% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+23.7%

Est. earnings growth+28.1%

Analysts7

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +102% while net margin moved -10% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+102%

Margin effect-10%

DalalBaazaar Score

64/ 100

Good

Weighted across six categories. Every point is explained below.

✗ P/E of 53.3x is demanding — it needs sustained high growth to justify
• P/E is close to its own historical median of 64.7x
✗ P/B of 10.69x is a steep premium to book

Quality vs. Valuation

Company Quality

69/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

50/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

53.3x

2Y Median

64.7x

25 monthly readings · mean 66.5x · range 58.6x–80.7x

Sector Median

69.9x

median of 3 sector peers

🟢Current valuation is approximately 18% below its 2y median of 64.7x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 24% below the peer median of 69.9x.

vs. its own history

Fair

64.7x median over 25 months · -18%

vs. sector peers

Cheap

69.9x median of 3 peers · -24%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

33.2x

PEG

2.41

What's Good / What's Bad

🟢 What's Going Well3

Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
High return on capital employed
ROCE of 21.7% is the mark of a business that converts capital into profit efficiently.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 47.1% to 17.0% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 39.6% to 21.7% — often a sign of competition or overexpansion.

Red Flags

3 items require attention · 2 high · 1 watch

🔴Receivables growing faster than salesFinancial
Receivables up 160% against revenue up 102% — sales are being booked faster than they are collected.
🔴Inventory building faster than salesFinancial
Inventory up 186% against revenue up 102% — stock may not be moving.
🟡Debt is increasingFinancial
Total debt is up 37% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 21.7% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Cheaper than its peers
It trades 24% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 160% against revenue up 102%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Returns on shareholder capital are falling
ROE has dropped from 47.1% to 17.0%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 20% a year✓ 26.4% CAGR
Latest reported year was 26.9%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 7%✓ 8.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.4x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Free cash flow remains positive✓ ₹39 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 19%✓ 21.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

9 / 12 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 3 neutral · 2 weak

Market Cap

₹7,393 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

53.3x

Expensive

Expensive — verify against sector peers

P/B Ratio

10.69x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹10.74

Profitable

Profitable on a per-share basis

ROE

17.0%

Strong

Strong capital efficiency

ROCE

21.7%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.83x

Moderate

Moderate leverage

Revenue Growth (YoY)

26.9%

Healthy

Healthy top-line growth

Profit Growth (YoY)

39.8%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.22%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹39 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

35.0x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

9.4%

Average

Average margins

Net Margin

4.8%

Average

Average bottom-line conversion

Current Ratio

1.90

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.10

Defensive

Steadier than the market

52W Range Position

51%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

600.1 / 605.0

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

37.3

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1,322 Cr	₹1,743 Cr	₹2,260 Cr	₹2,672 Cr	+26.4%
EBITDA	₹136 Cr	₹176 Cr	₹216 Cr	₹239 Cr	+20.7%
EBITDA Margin	10.3%	10.1%	9.6%	8.9%	—
PAT (Net Profit)	₹64 Cr	₹77 Cr	₹105 Cr	₹117 Cr	+22.2%
EPS	₹5.33	₹6.32	₹8.16	₹9.05	+19.3%
ROE	47.1%	15.8%	18.1%	17.0%	—
ROCE	39.6%	21.8%	22.9%	21.7%	—
Total Debt	₹418 Cr	₹319 Cr	₹480 Cr	₹573 Cr	+11.1%
Free Cash Flow	-₹13 Cr	-₹41 Cr	-₹78 Cr	₹39 Cr	—

🟢 Revenue has grown at 26.4% a year over 3 years.

🟢 EBITDA has grown at 20.7% a year over 3 years.

🔴 EBITDA Margin has fallen from 10.3% to 8.9% over 3 years (-1.3 pts).

🟢 PAT (Net Profit) has grown at 22.2% a year over 3 years.

🟢 EPS has grown at 19.3% a year over 3 years.

🔴 ROE has fallen from 47.1% to 17.0% over 3 years (-30.1 pts).

🔴 ROCE has fallen from 39.6% to 21.7% over 3 years (-17.9 pts).

🔴 Total Debt has grown at 11.1% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹13 Cr to ₹39 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,471 Cr

Total Liabilities

₹783 Cr

Cash & Equivalents

₹30 Cr

Operating Cash Flow

₹75 Cr

Capex

-₹35 Cr

Shareholding (proxy)

Institutional Holding

32.0%

Insider Holding

55.1%

Corporate Actions

Dividend Rate

₹1.25

Ex-Dividend Date

25 Aug 2026

Analyst Consensus

Recommendations

7 Buy · 0 Hold · 0 Sell

Target Price (Mean)

₹727.57

+27.1% vs CMP

Target Range

₹680 – ₹780

Peer Comparison

Company	P/E	ROE
TRENT LTD	87.2x	25.9%
TITAN COMPANY LIMITED	68.5x	36.7%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

2 mixed4 general

Aditya Vision Share Price gains as retailing stock rises

Univest, 05 OctPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Here's Why We Think Aditya Vision (NSE:AVL) Is Well Worth Watching

Simply Wall Street, 14 Apr

Aditya Vision Ltd. Actuals & Estimates (NSE:AVL)

TradingView, 25 Jun

Aditya Vision Ltd Hits 52-Week High as Strong FY26 Earnings, Rapid Store Expansion, and Tier-2 Growth Fuel Rally

India Infoline, 25 JunCapacity

🟡Mixed / dependsCapacity additions can raise revenue over two to three years, but the capital spend usually pressures free cash flow first. Worth checking whether the capex is funded from operations or from borrowing.

Aditya Vision to hold 27th AGM on September 02, 2026 via video conferencing

scanx.trade, 02 Sept

Stocks to buy: Monarch picks 5 stocks for Q3FY27 with up to 51% upside; TajGVK, Godawari, Aditya Vision, Carborundum

Livemint, 09 Oct

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health · Growth · Risk

MiddlingBusiness Quality · Profitability

WeakValuation

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 2 high-severity red flags sit above this conclusion and should be read first.

1 of 5 tripwires tripped — Debt / EBITDA stays below 2x · see Key things to watch ↑