ICICI Securities has issued a buy rating on Aditya Vision with a target price of ₹600 in its research report dated March 22, 2026. According to reports from Moneycontrol, the brokerage maintains a positive outlook on the company supported by low penetration of white goods in key markets, sustained demand, and strong execution capabilities. The recommendation comes with a DCF-based revised target price of ₹600, down from the earlier target of ₹628.
The company is expected to deliver revenue growth in high teens YoY in Q4FY26E, aided by store additions and strong demand momentum in room air conditioners (RACs). As reported by Moneycontrol, the upcoming festive season may further continue to drive demand momentum, while price hikes of 7-8% are expected in RACs by OEMs. However, inventory stocking of RACs in December 2025 could support margins for Aditya Vision.
Aditya Vision has opened five stores in Q4FY26 so far, taking the total store count to 197 stores. According to the research report, the company is on track to cross 200 stores by FY26 end. Refrigerators and washing machines are likely to gain steady demand momentum in H1CY26, while induction cooktops may see a huge surge in volumes due to gas shortages in Q4FY26.
Despite positive outlook, the company faces some headwinds with sales of mobile phones and laptops may be affected by steep price hikes led by chip shortages. As reported by Moneycontrol, the research highlights that while Aditya Vision is well-positioned to capitalize on the white goods market expansion, it must navigate the challenges posed by supply chain disruptions in the electronics segment.
