Aditya Vision Q1FY27: PAT +40% YoY to ₹77 Cr, margin expansion beats 8-10% guidance
PAT +40% YoY · revenue +26.85% · margins expanding
₹1,192.68 Cr
+26.85% YoY
₹77.22 Cr
+40% YoY
6.46%
+0.6pp YoY
₹5.98
Aditya Vision's standalone revenue from operations rose 26.9% year-on-year to ₹1,192.68 Cr (Q1 FY26: ₹940.23 Cr), with PAT up 40.0% YoY to ₹77.22 Cr (Q1 FY26: ₹55.16 Cr) and basic EPS at ₹5.98 versus ₹4.29 a year ago. The quarter-on-quarter jump versus Q4 FY26 (revenue ₹625.03 Cr, PAT ₹21.73 Cr) is large in percentage terms but is a seasonal artifact — management's own note in the filing states sales are seasonal and not comparable sequentially — so the YoY read is the one that matters here, and it shows clean, one-off-free growth on both the revenue and profit lines.
Q1 FY-2027 vs prior quarters
The margin story is the more interesting part of the print: operating margin (PBT + finance costs + depreciation, over revenue) came in at roughly 10.6%, up from ~9.5% a year ago and above the ~8.4% seen last quarter, while net margin improved to about 6.5% from 5.9% YoY. The bridge is operating leverage — employee benefit expense grew just 11.5% YoY (₹23.76 Cr vs ₹21.31 Cr) versus 26.9% revenue growth, consistent with management's guidance that a growing base of mature stores would help control opex. Purchases of stock-in-trade grew roughly in line with revenue (+27.7% YoY), while finance costs (+28.7% YoY to ₹11.42 Cr) and depreciation (+34.6% YoY to ₹12.40 Cr) rose faster, tracking the ongoing store rollout, but were more than offset by the opex control and topline growth.
The stock went into the print at ₹633.7, down 1% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; revenue is at a 6-quarter high.
What the summary numbers don't show
Results are standalone-only, unaudited, subject to Ind AS 34 limited review by newly appointed statutory auditor M S K A & Associates LLP; no consolidated statement was filed.
Management guides for continued aggressive store expansion of over 30 stores annually, focusing on Uttar Pradesh, Chhattisgarh, and entering Madhya Pradesh this financial year. They expect to maintain EBITDA margins in the 8% to 10% range, supported by a growing base of mature stores helping to control opex. The compan
— This quarter: beat
Against the prior concall's guidance — EBITDA margins held in an 8-10% band, continued store additions of 30+ a year focused on UP, Chhattisgarh and a planned Madhya Pradesh entry, and expectations of a strong summer season driving near-term growth — this quarter delivers on all three: margins printed at the top of (arguably above) the guided range, revenue growth confirms the anticipated summer strength, and the company's own event disclosures show the network reaching its 210th showroom by May 22, 2026, with two more openings on May 19, in line with the guided expansion cadence. We found no formal brokerage consensus or Q1 FY27 preview for this specific print, so the result cannot be graded against street numbers this quarter — vsStreet is marked unknown rather than assumed. The company has not put out a separate management press release/commentary for this result beyond the regulatory filing, so there is no additional management framing to reconcile against the numbers.
W1
Whether the ~10.6% operating margin holds versus the guided 8-10% band, or reverts toward Q4 FY26's ~8.4% level as finance costs (+28.7% YoY) and depreciation (+34.6% YoY) keep climbing with expansion.
W2
Store-addition pace against the >30-stores/year guidance — network was at 210 showrooms as of May 22, 2026; watch progress on the planned Madhya Pradesh entry and further UP/Chhattisgarh additions through FY27.
W3
Funding of expansion purely via internal accruals/credit lines as management stated, given finance costs are already rising faster than revenue.
Standalone only filed (no consolidated statement). No exceptional/extraordinary items in the current or year-ago quarter (unlike the FY26 full year column, which carried a ₹1.53 Cr exceptional item), so raw and adjusted growth are identical. Statement is clearly legible; figures already reported in ₹ Crore.