Aditya Vision Q2FY27: standalone PAT +42% YoY to ₹18 Cr, margins expand despite QoQ dip
PAT +41.51% YoY · revenue +28.14% · margins expanding
₹586 Cr
+28.14% YoY
₹18 Cr
+41.51% YoY
3.06%
+0.3pp YoY
₹1
Aditya Vision's standalone results (the sole basis reported — no consolidated statement was filed) show Q2 FY27 revenue up 28.1% YoY to ₹586 Cr from ₹457.5 Cr, with PAT up 41.5% YoY to ₹18 Cr from ₹12.72 Cr; EPS was ₹1 (basic and diluted), flat YoY on the filing's rounded presentation. Both NPM (~3.1% vs 2.77%) and OPM (~7.9% vs 7.58%) expanded year-on-year, though OPM remains just under management's guided 8-10% EBITDA margin band for what is a seasonally soft quarter. Sequentially revenue fell 50.9% and PAT fell 76.7% from Q1 FY27's ₹1,192.68 Cr / ₹77.22 Cr — a sharp-looking drop, but the company's own note explicitly flags its sales as seasonal (the Apr-Jun quarter captures summer AC/fridge demand; Jul-Sep is structurally weaker), so this QoQ swing is not a sign of deceleration and should not be read against the much stronger YoY print.
Q2 FY-2027 vs prior quarters
There is no quarter-specific management guidance or street consensus in the record, and a web search surfaced only full-year FY27 estimates (consensus revenue ~₹3,350 Cr, +25.4% YoY) rather than a Q2 print, so vsStreet is marked unknown rather than guessed. Against the Q1 FY26 concall guidance — continued expansion of 30+ stores a year into UP, Chhattisgarh and (newly) Madhya Pradesh, EBITDA margins held at 8-10%, and no capital raise — the quarter is broadly on track: at least four new showrooms opened within Q2 (two in Chhattisgarh, two elsewhere), borrowings were pared down to ₹293 Cr from ₹331 Cr at FY26-end funded by internal accruals exactly as guided, and five more stores including the company's first in Madhya Pradesh and West Bengal opened just after quarter-end (Oct 29). The one soft spot against guidance is the EBITDA margin print itself, at ~7.85% versus the guided 8-10% band, even though it improved from 7.58% a year ago. The quarter carries no exceptional items, and no management press release was available in the record to cross-check their own framing of the print.
The stock went into the print at ₹552, down 5.6% over the past month of trading.
What the summary numbers don't show
No exceptional items this quarter (clean print) — FY26's full year had carried a ₹2 Cr one-off labour-code impact, not relevant to this comparison.
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: met
W1
Whether the >30 stores/year expansion pace holds into Q3 following the Oct 29 entry into Madhya Pradesh and West Bengal (5 new stores).
W2
Whether OPM (currently ~7.85%) closes the gap to management's guided 8-10% EBITDA margin band as newer stores mature.
W3
Continued deleveraging — borrowings at ₹293 Cr (down from ₹331 Cr) — funded via internal accruals/credit lines with no capital raise, as guided.
Figures are reported rounded to the nearest ₹ Crore per the filing's own rounding note; totalIncome (589) vs revenue+otherIncome (588) differs by ₹1 Cr purely from this rounding. EPS is also shown rounded to the nearest whole rupee (both current and year-ago quarter print '1'), losing precision vs the underlying P&L. No consolidated statement was filed this quarter. No exceptional items in Q2 FY27 or the year-ago quarter — FY26's full year carried a ₹2 Cr one-off labour-code impact, irrelevant to this comparison, so no adjusted-growth figure is needed.