Aditya Vision Target Price Raised to Rs 600 by ICICI Securities

Financial Report: Aditya Vision

Company Overview

Aditya Vision (AVL) is a leading player in the white goods market, with a strong presence in key markets. Our research report highlights the company's positive outlook, driven by low penetration of white goods, sustained demand, and strong execution.

Key Highlights

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• Revenue growth is expected to be in the high teens year-over-year (YoY) in Q4FY26E, driven by store additions and strong demand momentum in Room Air Conditioners (RACs).
• The upcoming festive season is likely to further boost demand momentum.
• Price hike of 7-8% is expected in RACs by Original Equipment Manufacturers (OEMs), which may support margins for AVL, especially with inventory stocking in Dec'25.
• Refrigerators and washing machines are expected to gain steady demand momentum in H1CY26.
• AVL has opened five stores in Q4FY26, taking the total store count to 197, and is on track to cross 200 stores by FY26 end.

Market Trends

• Induction cooktops are likely to see a huge surge in volumes due to gas shortages in Q4FY26.
• Sales of mobile phones and laptops may be affected by steep price hikes led by chip shortages.

Outlook and Recommendations

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Given the store expansion and healthy demand tailwinds, we maintain a BUY rating for AVL. Our target price has been revised to INR 600 (earlier: INR 628) based on a Discounted Cash Flow (DCF) model.

Key Statistics

• Target Price: INR 600
• Previous Target Price: INR 628
• Rating: BUY