V-Mart Retail Limited has informed the Exchange about Transcript
VMART · price
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Awaiting price reaction for this filing.
V-Mart Retail's Q1 FY'26 revenue grew 13% year-on-year (V-Mart 14%, Unlimited 12%), with same-store sales growth of 5% after normalising for the earlier-than-usual Eid timing. EBITDA margin (excluding LimeRoad) improved 80 basis points to 14.9%, while total EBITDA grew 27% with margins up 170 basis points to 14.3%, helped by lower advertising spend and tighter cost control. The company added 15 new stores, closed 2, and is on track for 65 net new store openings this year, with no long-term debt and INR109 crore in free cash flow generated during the quarter. Management expects a better Q2 driven by the festive season, but the CFO was notably cautious on full-year margin guidance, stating the company is now prioritising rupee margins over percentage margins. Some pressure was flagged in the eastern region (Bangladesh border disruption) and around 20% of locations due to quick commerce penetration.
Steady Q1 with margin gains and strong cash generation is positive, but management's conservative stance on percentage margin expansion and repeated avoidance of firm same-store sales growth guidance may limit near-term upside excitement among investors.