ICICI Direct Sees Aditya Vision Reaching Rs 600

Aditya Vision Poised to Lead Organised Retail Penetration in Key Geographies

ICICI Direct's latest research report on Aditya Vision highlights the company's significant opportunity to expand its presence in organised retail penetration across several key regions. According to the report, Aditya Vision achieved its 200+ store mark in FY26 by opening 32 stores in the same fiscal year.

The analysis reveals that Aditya Vision operates 207 stores, which is comparable to the combined store count of Croma and Reliance Digital, approximately 197 stores. This translates to an organised penetration of around 30% in key geographies, with Aditya Vision operating in a total potential store count of 1,328. Notably, Aditya Vision has established a strong presence in regions such as Bihar, eastern Uttar Pradesh, and Jharkhand, where national chains have limited reach.

Aditya Vision's regional understanding and cost structure provide a structural advantage over national peers, according to the report. The company aims to expand its presence into Madhya Pradesh, western and central Uttar Pradesh, and Chhattisgarh with larger format stores, targeting cities with higher disposable income.

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Key Geographies Organised Retail Penetration Comparison

ICICI Direct remains constructive on Aditya Vision's expansion trajectory and retains a BUY recommendation. The research firm models the company to report revenue and PAT CAGRs of 19.3% and 23.0% over FY25-28E, respectively.

Maintain BUY with Unchanged Target Price

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ICICI Direct maintains a BUY recommendation on Aditya Vision with a DCF-based unchanged target price of INR 600, implying a price-to-earnings ratio of 39x FY28E EPS.