Ladies and gentlemen, good day and welcome to Aditya Vision Limited Q1 FY27 earnings conference call. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Devanshi Khandhar from Axis Capital. Thank you, and over to you, ma'am. Good evening, everyone, and thank you for joining us today for Aditya Vision's Q1 FY27 earnings conference call. We are glad to have the senior management team with us, including Mr. Yashovardhan Sinha, Chairman and Managing Director, and Ms. Yosham Vardhan, Whole Time Director. First of all, congratulations to the management team on delivering an excellent start to the year. I will now invite the management to share their opening remarks. After which, we will move into the Q&A session. Over to you, sir. Thank you, Devanshi. Good evening, ladies and gentlemen. Welcome to Aditya Vision Q1 FY27 earnings conference call. Our earnings presentation and financial results for the quarter have been uploaded to the stock exchanges. We trust you would have reviewed it by now. I am pleased to share that Aditya Vision has delivered another quarter of strong, profitable, and market share-led growth despite challenging conditions, reflecting the resilience of our business model and disciplined execution of our long-term strategy. Revenue for the quarter grew 27% YOY, ahead of our long-term growth aspiration of 20%-25%, driven by continued market share gains, healthy demand across key product categories, and the contribution from our expanding store network and strategic diversification of showrooms in different geographies pan-India. This steady diversification across India insulates our business of weather-centric challenges, and we are gradually shifting towards more stable business throughout the year. As per our strategy moved and implemented from last financial year, we have opened only three stores in Q1, thereby conserving our resources and optimizing it. This shift is clearly visible in our company marked improvement in lowering OpEx, which has boosted our profits. The quality of growth was also equally encouraging. EBITDA stood at INR 124 crores, while EBITDA margin expanded by nearly 90 basis points to 10.4%. Profit after tax grew 30% year on year to INR 77 crores, with PAT margin improving by 61 basis points to 6.5%. The steady improvement in profitability reflects operating leverage, disciplined cost management, and improving productivity across our maturing store network, coupled with sound strategies of optimization. Our performance becomes even more satisfying when viewed in the context of the operating environment. The quarter reflected the realities of consumption across real Bharat, where purchasing decisions are often influenced not only by income levels, but also by household sentiment and short-term priorities. During the quarter, LPG availability concerns in large part of our market led to panic reactions in many households. With focus on prioritizing essential spending, consumer sentiments also remained relatively cautious of prompting some families to defer discretionary purchases. In many districts of our geography, poor supply discipline resulted in discouraging consumers from impulsive and planned buying to preserve liquidity for a large period. The appeal from government to desist from buying gold and other import-dependent products further casted gloom over our customers' buying sentiments. This situation has improved since last quarter, but uncertainty still looms large in wake of continued risk. As already spoken, weather pattern also remained significantly different across our operating geographies. While eastern India witnessed a relatively mild summer, north and central India experienced stronger and more sustained heat. Our expanding presence in Uttar Pradesh, therefore, proved to be a strategic advantage, helping offset relatively softer cooling demand across Bihar and Jharkhand. This demonstrated the benefit of a diversified geography footprint and enabled us to continue gaining market share despite localized disruptions. As you know, our business used to be built around seasonal demand and inventory preparedness. We entered the summer with adequate inventory to service peak demand across our markets. As weather conditions evolved differently across regions, our supply chain and procurement team responded quickly by relocating inventory across states and optimizing product availability. This enabled us to maintain healthy sell-through while strengthening our working capital position. Inventory stood at INR 663 crore as of June 30, 2026, while working capital loan reduced to INR 125 crore, reflecting efficient inventory management, healthy operating cash flows, and continued liquidity-prioritized balance sheet discipline. Our retail expansion strategy continues to progress in line with our long-term vision. During the quarter, we opened three new stores. Our network has expanded to 210 stores as on date. We remain firmly on track to add more than 30 new stores during FY 2027. Following our successful entry into Chhattisgarh last year, we remain on track to enter Madhya Pradesh and peripheral regions of West Bengal. Our cluster-based expansion strategy allows us to leverage existing logistics infrastructure, vendor relationships, and brand recall, resulting in faster store ramp-up, superior capital efficiency, and improved store-level profitability due to penetration in newer markets. I would also like to share a very important governance update. In line with our commitment to the highest standards of corporate governance, the board has approved the appointment of MSKA & Associates LLP Chartered Accountants, one of India's leading audit firms and an independent member firm of the BDO International Network, as our statutory auditor. With our network now crossing 210 stores, we are entering the next phase of our growth journey. As our presence expands across multiple states and our store continues to mature, future growth will increasingly be driven by productivity improvement, operating leverage, and a more diversified geographic mix rather than store additions alone. Looking ahead, we remain optimistic, improving disposable incomes, increasing financing of penetration, supportive government initiatives, and the upcoming festive season provide a favorable backdrop for demand. More importantly, we continue to believe that the long-term opportunity for organized consumer durable retail remains highly compelling. Rising incomes, increasing premiumization, higher replacement demand, and the continued shift towards organized retail across India's heartland provide a long runway for sustainable growth. With that, I now hand over the floor to Yosham Vardhan to take you through the financial highlights for the quarter. Thank you. Thank you, sir, and good evening, everyone. We are pleased to report another quarter of strong and profitable growth. Revenue for Q1 FY 2027 stood at INR 1,193 crore, registering a 27% growth YOY, reflecting continued market share gains and healthy demand across our operating markets. Gross margin remained healthy at 16.1%, expanding by approximately 75 basis points compared to the corresponding quarter last year. EBITDA for the quarter stood at INR 124 crore, with EBITDA margin improving to 10.4%, reflecting an expansion of around 89 basis points year-on-year. Profit after tax stood at INR 77 crore, with PAT margin improving by approximately 61 basis points to 6.5%, reflecting disciplined cost management and healthy operating leverage. Our retail footprint continues to expand. As of June 30th, we operate 210 stores, 120 in Bihar, present across all 38 districts, 33 in Jharkhand, covering 22 of 24 districts, 54 in Uttar Pradesh, covering 30 of 25 districts, and three stores in Chhattisgarh, covering two out of 23 districts. FY 2027, Bihar remained our largest revenue contributor at 72% for quarter one, followed by UP at 16% and Jharkhand at 11%. Same-store sales growth for quarter one stood at 18%. We also witnessed a reduction in inventory by INR 177 crore compared to March 2026. The inventory stands at INR 663 crore and a reduction of short-term borrowing to approximately INR 125 crore as of June 30th, 2026. Thank you for your continued trust and support. We now open the floor for questions. We request all participants to ask questions that have not been addressed either in the earnings call or our investor presentation to save on time and enable us to take more questions from all of you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star N one on their telephone. If you wish to remove yourself from the question queue, you may press star N two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Shivam Gupta from Trinetra Asset Managers. Please proceed. Hello, good evening, and thank you for the opportunity. Sir, can you please speak a little louder? Am I audible? Yes. Yeah. What was the same-store sales growth in Q1? Also, the growth mainly volume led or higher product prices also contributed meaningfully? Can you repeat the second question? The growth was mainly due to volume led or it was higher product prices? Okay. Our SSG in this quarter was 18%, which continued from the last three quarters. 18% was our SSG. There was volume growth as well as ASP growth, both. Okay. My second is, could you give some color on the product category, like how did AC, cooler, refrigerator, mobile, and television perform? AC contributed to around 42% of our revenues. Other cooling products, we don't give any figure for coolers or et cetera. These are small categories. Refrigerator contributed about 15%. How much of the older AC inventory is still left? Can also it benefit continuing Q2? Yes, of course. June has been slightly hot, so it is continuing quarter two also. We are at a comfortable inventory level of AC. Okay, sir. That's it from my side. Thank you. Thank you. Thank you. The next question is from the line of Yash from Edelweiss Public. Please proceed. Hi, team. Thank you for taking my questions. I hope I'm audible. Yes, you're audible. Yeah. I have three questions. My first question is, like you already mentioned, the summer was delayed this time. What was the run rate we ended June with the YOY growth for June? If the summer was delayed, how was the month of July for us? Is the summer really good in July for us or not? Summer is good in July. It has remained a relatively hotter month. It is good one. What else you wanted to know? Run rate of June, which was proper YOY. The summer hit June for us. What was the growth run rate for June month? all three months equally contribute to our top line. Got it. Another question is, from OEM perspective, there has been a lot of raw material pressure. Has there any change in the incentives or contribution OEM provide in the EMI schemes or anywhere else in our part of the region, or everything stays intact? I don't think there was any meaningful change in strategy. It was the same, just like any other Q1. There was no policy shift. Got it. One last question. It has been a lot of time for some of our UP stores. Around 19, 20 stores have been running for the last two years or more than two years. Can you just provide some gist on what is the sales per store or EBITDA margin difference between the Bihar store and UP store who has been running for the last two years? Yes, I'm sorry. Actually, we do not give this figure in our earning call. I can only tell you the share of U.P. as a state. It has gone up from 13% YOY to 16% in overall sales, which is quite robust. From comparing quarter on quarter also, it has gone up from 14% to 16%. Got it. Thank you. That's all from my end. Yeah. Thank you. The next question is from the line of Nakul Gupta from Shri Hari Advisors. Please proceed. Hello, am I audible? Yes. Yes. Go ahead, Nakul. Congratulations, sir, for great set of numbers. I just have one question. What has been the rationale for entering West Bengal even when we are just entering Madhya Pradesh? In the past, we have entered one state per year or so. Now in FY27, we are heading to moving into two states. How do you see that? Nakul, it was a very strategic step. We have not planned. That is also very true recently. Due to certain political changes, we are expecting quite a lot of growth is coming in Bengal. This was the only reason that we have started to stand in peripheral such cities like Siliguri, Asansol, Durgapur, et cetera, which are on the borders of Bihar. We are testing. Definitely, we'll be testing waters also in Bengal, and then only we'll decide how further we can penetrate into Bengal. No, that's it. Another question is, what has been the reason for slow growth in store opening in this quarter? What is the full year guidance for FY28 as well? If you can provide that will be great. We have been adding around 30 stores, not less than 30 stores every year. I've already told in the earnings call that we'll be definitely doing more than 30 stores this year also. If we take FY 2028, we'll definitely try to even further increase that run rate. Okay, sir. Thank you so much for coming. Thank you. Good luck. Thank you. Good luck for the future. Thank you. The next question is from the line of Rakshit Desai from IIFL Capital. Please proceed. I feel my first question was what has led to the gross margin expansion during the quarter, and is it sustainable going ahead? We have been maintaining the gross margins like even YOY last year. We were more than 10%. We are sitting on 15.3% gross margin. This year, due to some slight hike also, which where we could have taken leverage on something, which was around 50 basis points. Going ahead, I'll say that we'll be definitely between 15% and 16%. Got it. My second question was, how much was the volume and ASP growth for the quarter? Volume of growth was around 17%, and ASP growth was around 19% volume growth and 8% ASP growth. Got it. Thank you. Thank you. The next question is from the line of Varik Bhavna from Monarch Networth. Please proceed. Sorry, am I audible? Bhavna, are you there? Yes. Sorry, am I audible? Hi, yes. Yes. Sir, can you share the SSG, regional-wise, from Bihar, what was our SSG growth versus in Jharkhand and UP? I just told one of the participants that actually we do not dive in our SSG state-wise or region-wise or anything. Overall, SSG was 18%, and which has continued since last three quarters. Okay. Sir, second question would be on the product category-wise. Which product category are we seeing drastic increase in price as we, suppose we see laptops or we see mobile phones. Are we seeing major price hikes being taken by the OEMs in those categories? Yeah, there have been price hikes by the OEMs for laptops, mobiles. In fact, ASP has gone up by 20%-25% for mobiles and laptops as well. It has been quite less for Air Conditioners. Just has been 5%-6%. Got it, sir. Sir, I just wanted a guidance on sustainable OPM. Going forward this quarter, we achieved a 10.4% OPM. What do you think would be our sustainable OPM for this year, where our major store expansion would take place now and going forward as well? Actually, Varik, margins are dependent on quarter as well. Margins will vary quarter to quarter. And like this remains our good quarter, best quarter, margins are there. We will be definitely achieving around 9%-10% of margin. Sir, I'm saying for the full year. This quarter, we've achieved 10.4%. For the full year, can we achieve 10%? I told you that we give our guidance in investor presentation also that we will be definitely achieving between 8%-10%, and anything better than that is always welcome. Okay, sir. That is it from my side. Thank you, sir. Thank you. A reminder to all participants, anyone who wishes to ask a question, may press star and one on their touch-tone telephone. The next question is from the line of Bharat Shah from BCS Capital. Please proceed. Srinath sir, [Foreign language]. Sir, Namaskar. Namaskar. I didn't really have a question to ask, but I wanted to convey my compliments. Over the years that I've observed Aditya Vision, the very careful and disciplined way the business is being managed, how you expanded from one geography to three, and I'm glad to see that the hunger to grow continues unabated by entering into MP and West Bengal in the current year. All of this while we've seen much larger and excellent competitors stumbling in many, many ways. Aditya Vision remains at a smaller scale, but a very prudent, wise, and disciplined execution of the business opportunity while maintaining growth as well as the hygiene of the balances and the capital efficiency. Sincere compliments, Srinath sir. Thank you so much, Bharat ji. It means a lot coming from you. Thank you. Thank you. The next question is from the line of Vaibhav Gupta from BullHead. Please proceed. Hi, sir. Congrats on a great set of numbers, sir. Thank you. Just wanted to understand which categories were seeing the highest growth rates, be it AC or refrigerators or washers or TV, laptop, mobile. I understand there was a big component of ASP growth in mobiles and laptops. Broadly, if you could give color, which categories are seeing fast growth and which are seeing somewhat slowdown. In this quarter Q1, actually, AC contributes the largest of course, contributed around 35. Contribution of 42% of overall sales and with a growth of around 35% over last year. Understood. Sir, what about refrigerators, washing machine? It was between 10% growth was there in a refrigerator over washing machine and panels. Panels also saw 10% kind of growth? Yes, sir. Understood, sir. That's all from my side for now. Thank you, sir. Thank you. Thank you. The next question is from the line of Prabhat Awasthi from Alturas Investment Management. Please proceed. Are you there, Mr. Awasthi? Hi, am I audible? Yes, sir. Yeah. Sir, firstly, congratulations for the good set of numbers. My question is with respect to seasonality, sir. AVL experienced strong quarterly seasonality driven by Q1. Then in Q2 it drops significantly. What does the management think? Do we think that, is there any way to cater this seasonality or reduce the impact of seasonality? What is your thought on it, sir? You have to understand one thing, Prabhat, that major categories which we deal in, like cooling products, it consists of lot many things. It constitutes room Air Conditioner, commercial Air Conditioner as well. Along with that, refrigerators, deep freezers, commercial refrigerators as well. This category has to be there during summer. This seasonality has been there always throughout India, wherever there is a climate like this. Wherever the climate is not there, of course, it won't be sold there. As you know, more and more geographies are experiencing hot temperatures. This always well for us. Maybe in time to come, it will spill over to Q2 also. Like what I just said that June was quite good and quite hot this year. The month of July was quite hot this year. Maybe we expect that gradually various testing, we see that maybe it will be entire H1 which will be catering to this cooling product. Yeah. Actually, I get it, sir. I was just looking at numbers, and I saw that it dropped 50% and 52% that quantum. It was seasonality. I was just trying to understand that. Do we think that, is there any way that we can manage this seasonality or reduce the quantum of it? No, I don't think so. Because you cannot refuse the business which is coming in Q1. Rather it is market so competitive that we have to take all the advantage of weather conditions. Of course, no worries. Second thing, sir, if you could help me to understand that, what is our EBITDA margin guidance for the longer period, like two, three years? In the next three years, what you're thinking that how does our EBITDA margin look like? We have already given the guidance that our EBITDA margin will be between 8%-10%, and it will not be comparable quarter-over-quarter. Annual, whatever I'm saying is your annual figure. 8%-10%, but what we have seen that we have been able to cling on to more than 9%. Okay. That's it, sir. Thank you. Thank you. Thank you. A reminder to all participants, anyone who wishes to ask a question, may press star and one on their touch-tone telephone. The next question is from the line of Jitesh Gupta from Trikaal Capital. Please proceed. Yes. Am I audible, sir? Yes. Go ahead. Yes. Hi, sir. Thank you for the opportunity. I have two questions. First is, how many stores are we targeting in West Bengal? What is the market size do you see in the entire West Bengal? What will be our store size in West Bengal especially? Average store size. Okay. That's all? The second question is a book-keeping question. Why did the depreciation went up on quarter-on-quarter basis? Because we only opened three stores. Just wanted to understand this. Okay. Actually, we had taken this abrupt decision to open in Bengal because of certain development, we are hoping to add 6 to 10 stores in this financial year. Typically, our store size will be between 4,000 to 6,000 square feet. Depreciation, I am afraid, it includes amortization of rent also. You are taking out that factor. It has not gone up that much. Actually, there are a lot of work in progress going on where we have to provide lease rent also. Sir, lastly, how many stores are we planning for MP? Initially, we have already working progress in Indore, Ujjain, Bhopal, and we are planning to open later on in Jabalpur, Gwalior, et cetera. You can safely take it as 6-10 stores we'll be opening in Madhya Pradesh. Will it be this financial year or? This one next year as well? This one. Okay, sir. Understood, sir. Thank you so much. Thank you. The next question is from the line of Palash from Investec. Please proceed. Yeah. Hi, sir. Is my voice audible? Yes. Please go ahead. We are entering new geographies. Do we think our other expenses, mainly A&P spends, would increase significantly this year? Of course, other expenses depends on, in fact, your volume also, sale also. More you sell, more freight is required, more freight card commission is required, more BBDs are required. Definitely, it is related with the sale. Operating expenses, I don't expect that it will go up significantly, but it will go up commensurate to the sales. Okay, got it. The second question is, what is your plan towards Chhattisgarh? How many stores are we looking to add in FY 2027? Again, in Chhattisgarh also, we have already opened three. Work in progress is in around four, five stores. Let us keep it at 10 to 12 stores in Chhattisgarh. 10 to 12 stores this financial year? Yeah. I'm talking about this financial year. 10-12 stores in Chhattisgarh, 6-10 in MP, and 6-10 in West Bengal, where normal run rate of UP would be above 15. We can become significantly over our guidance of 30 stores. Yeah. UP, we have not guided for that, what number you are saying. No. Definitely, we'll be looking at, we have been improving, but we never, in fact, give a guidance in such a way. We always say that we will be opening more than 30 stores, if we do it better, I'm sure you are going to be happy. Yeah, sure. Thank you, sir. Okay. Thank you. The next question is from the line of Devanshi Khandhar from Axis Capital. Please proceed. Yeah. Hi, am I audible? Yes. Yes. Very much clear. Yeah. I just wanted to understand, how is our Chhattisgarh EBITDA looking like? Are we on the path of breakeven, and what is the timeline for that, since we entered last year? Only for two months the stores have been opened. Right. I don't think it is good for me to comment on any EBITDA or anything. Let's wait. They are doing well. Okay. Since we are planning our new entry in MP and West Bengal over the next 12-18 months, I assume, would that be EBITDA dilutive in any sort? Would we still come within our 8%-10% guidance? No, we'll stick to this guidance, as I told you. What we have experienced in past also, entering a new state doesn't dilute any EBITDA for us. Okay, understood. Just lastly, if you could talk more about our strategy for West Bengal and Madhya Pradesh, since these are new geographies for us. Madhya Pradesh offers a very good potential, especially in the town of Indore. Even Ujjain, Bhopal is another very good city. If you go north of Madhya Pradesh, Gwalior is a very good market. This side, towards eastern, you will come to Jabalpur, that is also very good. Even Katni, Jhansi, these are the big cities. They will also offer us good opportunities. Overall, I think it is going to do well. Understood. Just one last question, sir. We talked about our inventory levels, which had come down. What, basically, are working capital days for this quarter? If you could comment on that. We don't take it for any quarter by quarter, quarterly advancement. Right. Okay, sir. Okay. Thank you. Thank you so much. Yeah. Thank you. Ladies and gentlemen, due to time constraints, that was the last question for today. I now hand the conference over to the management for closing comments. Over to you. Thank you very much for participating in Aditya Vision's Q1 earnings conference call. Thank you very much, and be safe and healthy. Thank you very much. All the best. Thank you. On behalf of Axis Capital, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.