NSE: VMM · BSE: 544307
VISHAL MEGA MART LIMITED
Sells value apparel and general merchandise through a chain of 819 stores spread across 559 cities and 13.8 million sq ft of trading area. Private-label products contribute 75.2% of revenue, with private brands 100% in apparel, while third-party brands fill the remaining share. The bulk of sales come from physical store footfalls, supplemented by a quick-commerce delivery service now active in 767 stores with 1.4 crore registered users, contributing 2-9% of store revenue. Same-store sales growth of 10% and overall revenue growth of 18.7% YoY in Q1 FY27 reflect demand resilience despite broader inflationary pressure. The company is rolling out small-format stores (target ~3,000 nationally over time) and piloting a new format, while an RFID rollout across the network is underway in Delhi NCR and expected to take slightly over a year to complete network-wide. Cost structure shows employee costs at 5.6% of revenue and other operating expenses at 8.2%, with depreciation at 5.2%; merchandise procurement is the largest underlying input but is not separately disclosed in the cost shape provided. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Apparel and general merchandise retail, Private label brands (75%), Quick commerce delivery. Value retail chain selling apparel and general merchandise through owned large-format and small-format stores, supplemented by quick-commerce delivery
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 10,716 | 12,906 |
| EBITDA (ex other income) | 1,530 | 1,884 |
| margin % | 14.3 | 14.6 |
| Owners' profit | 632 | 0 |
| EPS, as reported (₹) | 1.40 | 1.80 |
| ROE % · ROCE % | 9.9 · 13.0 | 11.3 · 14.6 |
| Debt / equity (x) | 0.00 | 0.00 |
| Cash from operations | 1,399 | 1,621 |
| Capex | (264) | (325) |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|
| Revenue | 3,136 | 2,548 | 3,140 | 2,981 | 3,670 | 3,114 | 3,727 |
| Profit before tax | 352 | 156 | 276 | 204 | 419 | 225 | 346 |
| Net profit | 263 | 115 | 206 | 152 | 313 | 168 | 259 |
| EPS (₹) | 0.58 | 0.25 | 0.45 | 0.33 | 0.67 | 0.36 | 0.55 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| AVENUE SUPERMARTS LIMITED | 2,08,720 | 68.1 | 8.53 | 40.1 | 12.1 | 15.9 | 23.3 | 8.1 |
| VISHAL MEGA MART LIMITED ◆ | 41,147 | 46.1 | 5.55 | 20.6 | 11.3 | 12.7 | — | 15.5 |
| VMART RETAIL LTD | 6,141 | 44.4 | 6.46 | — | 13.0 | 9.8 | — | 15.0 |
| ELECTRONICS MART IND LTD | 6,092 | 29.5 | 3.75 | 15.3 | 6.6 | 5.0 | — | 10.0 |
| SHOPPERS STOP LIMITED | 3,746 | — | 12.87 | 5.1 | (12.4) | (1.7) | 23.6 | 14.9 |
| PATEL RETAIL LIMITED | 785 | 18.1 | 2.16 | — | 10.7 | 12.8 | — | 6.4 |
| SPENCER S RETAIL LIMITED | 161 | — | — | 89.1 | 27.3 | (135.8) | (5.8) | 2.0 |
| JAY AMBE SUPERMARKETS LIMITED | 86 | 9.0 | — | — | — | 15.1 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 46.1 | 29.5 | 8 of 9 | 13% |
| P/B | 5.5 | 3.8 | 6 of 9 | 38% |
| ROCE | 12.7 | 7.4 | 5 of 12 | 64% |
| ROE | 11.3 | 10.7 | 4 of 9 | 63% |
| Debt / Equity | 0.0 | 0.2 | 1 of 9 | 88% |
| EBITDA margin | 15.5 | 12.4 | 3 of 10 | 78% |
| Revenue growth | 18.7 | 16.8 | 5 of 10 | 56% |
| Profit growth | 25.6 | 31.5 | 6 of 10 | 44% |
| Market cap | 41147 | 473 | 2 of 12 | 91% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Q2 sales and profit rise; management expects margin improvement | investor communications | medium | — | — |
| 22 Oct 2026 · Newspaper publication of Q2 FY26 financial results | compliance | minimal | — | — |
| 21 Oct 2026 · Audio recording of September quarter earnings call uploaded on website | investor communications | low | — | — |
| 21 Oct 2026 · Vishal Mega Mart Q2 FY27: Revenue Rs 3,399 cr, PAT Rs 158 cr | results | high | — | — |
| 21 Oct 2026 · Q2 and H1 FY27 sales rise, margins ease due to festive shift | investor communications | medium | — | — |
| 21 Oct 2026 · Vishal Mega Mart Q2FY27 revenue rises 14 percent YoY to Rs 3,398.5 cr | compliance | low | — | — |
| 21 Oct 2026 · Q2 FY27 Results: Revenue up 25% YoY to Rs 3,727 cr, PAT up 70% to Rs 259 cr | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Vishal Mega Mart to host Q2FY27 and H1FY27 earnings call on October 21 | board shareholder meetings | low | — | — |
| 14 Oct 2026 · Board meeting on Oct 21 to consider Q2 and H1 FY26 results | results | low | — | — |
| 6 Oct 2026 · Routine quarterly compliance filing under SEBI Regulation 74(5) | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.