Aditya Vision Ltd

STRENGTHENING OUR ROOTS, ACHIEVING NEW HEIGHTS

Dear Shareholders

My heart is filled with a deep sense of gratitude, pride, and responsibility as I pen this message. FY25 has been an extraordinary year for Aditya Vision — not just in numbers and milestones, but in the stories we have lived, the lives we have touched, and the values we have strengthened.

We recorded our highest-ever Profit AfterTax (PAT) of 105 crore this year, joining the elite list of listed companies with a profit after tax of over 100 crore.

But beyond this achievement lies something much more valuable your trust. Our journey has never been just about business growth; it has always been about the relationships we have built.

With 30% year-over-year (Y-O-Y) revenue growth in FY25, we have continued our momentum of delivering a steady performance with a healthy 10-year revenue compound annual growth rate (CAGR) of 29% from FY15 to FY25. Despite economic headwinds, changing consumer behaviors, and a dynamic retail landscape, we have not only endured but also flourished. We began this financial year with cautious optimism, recording a strong Q1 FY25, which contributed 36% of our revenue. Due to the early onset of summer, demand for consumer durables surged, and we were well-prepared to meet it.

As many of you may recall, Q3 FY25 was marred by sluggish demand across the country. FMCG giants and consumer brands were all grappling with reduced spending.

And yet, we stood firm.

What keeps this engine running is not just strategy or foresight it is our people. Their energy, commitment, and belief in our mission have been instrumental in scripting this 25-plus-year-long growth story.

We opened 30 new stores this year, taking our total count to 175 stores, with a robust presence across Bihar (112), Jharkhand (29), and Uttar Pradesh (34). Notably, we expanded our presence in Central Uttar Pradesh with considerable success.

It was an emotional as well as logistical feat. Our team worked with quiet determination, the pride in their eyes reflecting the hope of thousands of families who now have a reliable, accessible, and modern electronics retail destination in their neighborhood.

We take pride in our zero-store-closure track record since our inception. This is a testament not just to the success of our model but to the strength of our Transfer customer relationships.

Electronic retail in India has traditionally seen very little participation from women. At Aditya Vision, we are actively working to change this.

Today, we are proud to share that every store now has female team members, and we continue to expand our efforts to promote inclusivity. Their presence brings diversity and unique customer insights that elevate our brand experience.

Another milestone was the vesting of ESOPs into our employees' Demat accountsforthefirsttime.What made this moment truly special was that these were widely distributed to our employees regardless of their role or rank, because loyalty and dedication come from the heart, not a designation. Every loyal, dedicated member who has been part of our journey is now a shareholder in our Company.

Operating primarily in Bihar, Jharkhand, and Uttar Pradesh, we serve a population base that constitutes 30% of India's total population. These states, rich in culture, history, and aspiration, are often underserved in terms of modern retail experiences.

By aligning our offerings with local tastes, understanding cultural nuances, and maintaining affordability, Aditya Vision has become a household name across the Hindi Heartland.

Behind every great customer experience lies an intricate web of efficiency. Our strong partnerships with over 100 domestic and international brands ensure that our guests always find what they need on our shelves. Collaborations with leading financing entities have enabled us to offer easy, accessible EMIs to our guests, making aspirations affordable for every household.

India's consumer durables and electronics market is poised for exponential growth. From a size of $83.70 billion in 2024, it is expected to nearly double to $152.59 billion by 2033. Rising incomes, digital penetration, and a young, aspirational population will fuel this growth.

We are incredibly well-positioned to tap into this momentum. Our focus remains on the semi-urban and rural markets the real heartbeat of Bharat. With increasing electrification, cheap data, rising smartphone usage, and central/state social welfare measures through Direct Benefit it bodes well for economic optimism in these regions.

The concentration of 30% of India's estimated population in the regions where we have already established our footprint and are expanding our presence 13 crore people residing in Bihar, 4 crore in Jharkhand, and 24 crore in Uttar Pradesh also presents exponential opportunities for expansion and growth.

Our strategy is clear: to deepen our foothold in Bihar and Jharkhand, expand strategically in Uttar Pradesh, and look for opportunities in the wider Hindi Heartland as well as in underserved states.

We aim to continue our journey of steady and meaningful growth, targeting a 20 25% compound annual growth rate (CAGR) in revenue over the next 3 to 5 years, driven by our commitment to serving more customers, entering new markets, and deepening the trust we have established.

We assure you that every decision we take, every store we open, and every partnership we forge is done with one goal in mind: creating lasting value for all our stakeholders customers, employees, investors, and communities.

When we began this journey, we had a simple vision to bring world-class electronics retail to the underserved and underpenetrated Hindi Heartland of India. We started humbly, with one store and one team with big dreams. But the numbers, while heartening, do not define us. What defines us is our commitment to provide the best-suited product to a daughter who walks into our store to buy her parents their first LED TV, a farmer who finances a refrigerator for his home, and a young professional who buys her first laptop with her savings. These are the moments that matter. These are the lives we aim to touch.

And, lastly, I would like to express my gratitude to the following people:

FY25 was special. FY26 will be even more ambitious. With your blessings and our shared purpose, Aditya Vision will continue to rise not just in size, but also in becoming a beacon to millions of countrymen.

With warmth and gratitude,

Chairman and Managing Director