Aditya Vision Q1 FY27 Results (NSE: AVL)
Signal: Steady quarter
The read
Q1FY27 results show sustained YoY momentum — revenue +27%, PAT +40% — with EBITDA margin expanding 90bps on operating leverage. The sequential -55% revenue decline is seasonal (Q4 is the peak festive quarter in consumer electronics retail), as management explicitly notes. Key positive: PAT grew faster than revenue for the third consecutive quarter, driven by cost discipline. No red flags in earnings quality.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,192.68 Cr | 26.8% | -55.4% |
| EBIT | ₹114.24 Cr | 38.9% | |
| Net profit | ₹77.22 Cr | 40.0% | |
| EPS | ₹5.98 | 39.4% | |
| EBIT margin | 10.6% |
P&L walk
Revenue grew 26.8% YoY on volume-led growth; gross margin (implied) improved ~30bps as purchase cost growth (25.7%) trailed revenue growth; EBITDA expanded 38.5% YoY, margin up 90bps to 10.6% on operating leverage (employee cost +12% vs revenue +27%, D&A +35% vs rev +27%); PAT up 40% YoY, tracking operating profit with a slight tax benefit.
Key positives
- Revenue ₹1,192.68 Cr, +26.8% YoY, demonstrating continued demand in core markets.
- PAT ₹77.22 Cr, +40.0% YoY, growing faster than revenue for the third consecutive quarter.
- EBITDA margin expanded 90bps YoY to 10.6%, driven by operating leverage — employee cost grew only +11.5% vs revenue +26.8%.
Key concerns
- Sequential revenue decline of -55.4% QoQ is seasonal but still a steep drop; full-year trajectory depends on H2 festive demand.
- Depreciation +34.6% YoY indicates rising fixed-cost base from store expansion capex — a drag if revenue growth decelerates.
Research and educational content only. Not investment advice.