'Buy' Aditya Vision Shares Maintains Systematix On Multiple Positive Triggers; Hikes Target Price

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Systematix Report

Structural tailwinds, strong inventory management, strategic store expansion, internal operational readiness keep Aditya Vision Ltd. confident of delivering strong growth in the remainder of FY26.

We expect Aditya Vision to add 30+ stores annually. We believe the company would continue to post double-digit same-store sales growth to generate 23%/ 27.2% revenue/ PAT CAGR over FY25-FY28E. Gradual maturing of newly opened stores would drive growth forward.

We are building in 23%/ 22.4%/ 27.2% revenue/ Ebitda/ PAT CAGR over FY25-FY28E.

Aditya Vision’s foray in new geographies shall keep margins range bound at ~9% over FY25-FY28E.

We maintain our Buy rating with a revised target price of Rs 660 (Rs 490 earlier) based on 25x Sept 2027 EV/ Ebitda.

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