Earnings call transcript for Q4FY26
VMART · price
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V-Mart Retail reported strong Q4 FY26 with 24% revenue growth, 12% like-to-like growth (10th consecutive quarter), and 29 new store openings (highest ever quarterly additions). South market under Unlimited format delivered 28% revenue growth with 63% EBITDA increase. Apparel ASPs rose 5% due to better festive mix and lower discounting. EBITDA grew 56% YoY to INR106 crores with 220 bps margin expansion to 10.9%. Full year PAT grew 6x to INR124 crores (highest ever). Management flagged headwinds from crude oil price surge causing 10-15% yarn price increase (translating to 5-7% apparel cost impact), which may partially be passed to consumers. LimeRoad business turned profitable at CM3 level with 70% loss reduction. Company generated positive cash flows of INR33 crores vs negative INR33 crores last year, with no long-term debt. Capex guidance for FY27 is INR170-180 crores with 13-15% annual area addition.
Strong quarter with margin expansion and cash generation improvement, but management flagged upcoming margin pressure from raw material inflation while maintaining optimism on sustained mid-single-digit like-to-like growth and potential margin improvement in FY27 if crude situation stabilizes.