Transcript of earnings conference call on results for the quarter and financial year ended March 31, 2026

Vishal Mega Mart reported strong Q4 FY'26 results with revenue of INR 3,114 crores (22.2% YoY growth) and PAT of INR 168 crores (45.9% growth). Full year FY'26 revenue stood at INR 12,906 crores with 20.4% growth and PAT of INR 839 crores (32.8% growth). Same-store sales growth was 13.2% for Q4 and 11% for the full year. The company opened 105 stores during FY'26, taking total count to 795 stores across 535 cities. Private brands now contribute 74.1% of revenue. Management highlighted that private brands provide a cushion against inflation, with prices 30-50% cheaper than national brands. They committed to maintaining at least the same discount versus market leaders during inflationary periods. Fabric prices are rising 10-11%, but management expects to offset this through cost initiatives and efficiency gains. The company plans to continue store expansion despite macro headwinds.