V-Mart Retail Q2 FY27 results: net loss widens to ₹16.34 crore, revenue up 18.1%

How did V-Mart Retail perform in Q2 FY27?

V-Mart Retail reported standalone revenue of ₹952.99 crore for Q2 FY27, up 18.1% from ₹806.87 crore in Q2 FY26. EBITDA rose 20.3% to ₹86.06 crore from ₹71.51 crore, while the EBITDA margin edged up to 9.0% from 8.9%. Against Q1 FY27, revenue fell 12.5% to ₹952.99 crore from ₹1,089 crore, and EBITDA fell 46.4% to ₹86.06 crore from ₹160.64 crore.

The company reported a net loss of ₹16.34 crore in Q2 FY27, compared with a net loss of ₹8.87 crore in Q2 FY26. Basic EPS was negative ₹2.06, compared with negative ₹1.12. Against Q1 FY27, the company moved from PAT of ₹47.21 crore to a net loss of ₹16.34 crore, while basic EPS fell from ₹5.94 to negative ₹2.06. The figures are standalone; no consolidated figures are provided in the supplied data.

The quarter’s revenue was supported by Retail Trade revenue of ₹947.08 crore and Digital Market Place revenue of ₹14.28 crore. EBITDA and the reported net loss were on a standalone basis, while the investor presentation also presented consolidated financial highlights for Q2 FY27.

What changed in V-Mart Retail's costs and profit?

Total expenses rose 18.5% to ₹976.37 crore in Q2 FY27 from ₹823.91 crore in Q2 FY26, exceeding the increase in revenue. Employee cost increased by ₹14.35 crore to ₹111.95 crore, finance costs by ₹3.24 crore to ₹20.69 crore, depreciation by ₹17.65 crore to ₹88.75 crore and other expenses by ₹18.68 crore to ₹120.92 crore. Cost of materials was unchanged at ₹0 crore, and there was no exceptional item.

Other income fell by ₹0.75 crore to ₹2.68 crore from ₹3.43 crore in the year-ago quarter. Tax was ₹4.36 crore compared with ₹4.74 crore in Q2 FY26. PBT was a loss of ₹20.70 crore compared with a loss of ₹13.61 crore, and the net loss widened to ₹16.34 crore from ₹8.87 crore. The filing does not state a reason for the higher depreciation, finance costs or other expenses.

Against Q1 FY27, total expenses were lower by ₹55.57 crore at ₹976.37 crore, but other expenses were higher by ₹17.62 crore, depreciation by ₹4.80 crore, employee cost by ₹0.72 crore and finance costs by ₹0.87 crore. Other income was ₹2.68 crore against ₹2.65 crore, while tax moved from ₹12.31 crore to ₹4.36 crore.

How did the first half of FY27 go?

For the first half of FY27, revenue was ₹2,041.8 crore, up 20.7% from ₹1,692.09 crore in H1 FY26. Total income rose 20.5% to ₹2,047.13 crore from ₹1,698.45 crore. PBT increased 32.4% to ₹38.82 crore from ₹29.33 crore, and PAT rose 24.8% to ₹30.87 crore from ₹24.73 crore.

Basic EPS for H1 FY27 was ₹3.88, compared with ₹3.11 in H1 FY26. The increase in PAT and EPS came alongside the higher revenue and total income; the supplied first-half figures are standalone.

What do the balance sheet and cash flow show?

As of 30 September 2026, total assets were ₹3,080.62 crore against ₹2,779.9 crore on 31 March 2026. Total equity was ₹978.8 crore compared with ₹951.1 crore, while borrowings rose to ₹189.95 crore from ₹100.01 crore. Cash fell to ₹12.96 crore from ₹19.53 crore. Inventories were ₹1,190.41 crore against ₹987.53 crore, and trade payables were ₹599.35 crore compared with ₹490.97 crore.

H1 FY27 operating cash flow was ₹140.21 crore, compared with ₹232.67 crore in H1 FY26. Investing cash flow was negative ₹63.8 crore against negative ₹59.71 crore, and financing cash flow was negative ₹82.98 crore against negative ₹188.52 crore. Capital expenditure was ₹81.46 crore, compared with ₹58.51 crore in the year-earlier period.

How has V-Mart Retail done over the last 8 quarters?

Revenue reached its highest level in the supplied series at ₹1,126.38 crore in Q3 FY26 and its lowest at ₹780.08 crore in Q4 FY25. It was ₹952.99 crore in Q2 FY27 after ₹1,088.81 crore in Q1 FY27, so the current direction was lower than the preceding quarter. Revenue rose year on year in each of the last eight quarters, according to the supplied trend data.

PAT peaked at ₹87.99 crore in Q3 FY26 and was lowest at negative ₹16.34 crore in Q2 FY27. EBITDA margin peaked at 18.6% in Q3 FY26 and was lowest at 8.7% in Q4 FY25; the margin was 9.0% in Q2 FY27 after 14.8% in Q1 FY27. The trend therefore shows quarterly profit and margin declining from the preceding quarter, while the year-on-year revenue streak remained positive.

Which businesses drove the quarter?

Retail Trade revenue was ₹947.08 crore in Q2 FY27, up 18.3% from ₹800.32 crore in Q2 FY26. The segment reported an EBIT loss of ₹13.2 crore, compared with an EBIT loss of ₹5.63 crore, and its EBIT margin was negative 1.4%. Digital Market Place revenue rose 68.4% to ₹14.28 crore from ₹8.48 crore, while EBIT was a loss of ₹2.38 crore compared with a loss of ₹3.7 crore; its EBIT margin was negative 16.7%.

The segment data shows higher revenue for both reported businesses in Q2 FY27 compared with the year-ago quarter. The Retail Trade segment recorded a wider EBIT loss, whereas the Digital Market Place segment’s EBIT loss narrowed. The supplied figures do not include segment-specific explanations for these changes.

What else did the company announce?

The board approved the unaudited financial results for the second quarter and half year ended 30 September 2026, along with the limited review report issued by the statutory auditors. The company also appointed Varin Agarwal as Head of Merchandising and Senior Management Personnel with effect from 3 November 2026; the filing stated that he had joined V-Mart in 2024 and had led buying, merchandising, product assortment and category management functions for LimeRoad over the previous two years.

The board approved requests from Raghav Agarwal and Ditya Agarwal to reclassify from the Promoter Group to the Public category, subject to necessary approvals, including from BSE and NSE. The same-day filing listed no shares for either member and 0% shareholding. No dividend or fund-raising announcement is included in the supplied same-day filings.

What did V-Mart Retail's management say?

In the investor presentation dated 3 November 2026, management said that Q2 FY27 revenue growth was 18%, EBITDA growth was 20%, festive-adjusted same-store sales growth was 11% and the company added 22 net new stores. Management also said that the first-half revenue rose 21%, EBITDA 25% and PAT 25%. The presentation described priorities including cluster-based store expansion focused on Tier 2 and Tier 3 cities, LimeRoad marketplace scaling and loss reduction, inventory efficiency and supply-chain capability, and working-capital and free-cash-flow pressure.

Management identified risks to quarterly profitability, including depreciation under Ind AS 116, negative free cash flow, higher borrowings, lower cash and increased inventories. It also said that a 19-day shift of festive dates from Q2 to Q3 reduced comparability of festive performance. The presentation said that Q2 FY27 added 23 stores and closed one, taking the network to 613 stores across 351 cities, and described the rollout as cluster-based, with 6 new stores in Tier 1, 8 in Tier 2, 9 in Tier 3 and none in Tier 4 during Q2.

Management said that LimeRoad’s NMV grew 55% year on year and its loss percentage to NMV reduced to 8% from 18%. It also said that H1 FY27 store additions were 38 with 2 closures, leaving a 613-store network, and that inventory days improved to 90 from 97. The supplied presentation contained no forward guidance figures or a separate record of analysts’ questions.

How did V-Mart Retail shares react?

The filing appeared after market hours. The stock was up 0.8% after 5 minutes, up 0.5% after 15 minutes and up 1.5% after 30 minutes from the price when the filing appeared. On the reaction day, the stock closed unchanged at 0.0% from the previous close; by the next day’s close, it was up 3.1% from that pre-results close.

The Diversified Retail industry median was up 1.7% on the reaction day and 1.7% by the next day’s close. V-Mart Retail therefore underperformed the industry median by 1.7 percentage points on the reaction day and was ahead by 1.4 percentage points by the next day’s close. The Nifty Microcap 250 was up 2.2% on the reaction day. Earlier results-day moves were mixed, including 16.8% on 1 October 2025, 6.3% on 24 July 2025 and negative 1.3% on 2 May 2025.

How did other Diversified Retail companies do?

Eight other Diversified Retail companies had filed this quarter, with a median revenue growth of 11.3%. Six peers grew slower than V-Mart Retail and two grew faster than V-Mart Retail, which reported 18.1% revenue growth in the supplied comparison. Four peers reported higher profit, based on seven peers with profit data available.

The peer comparison therefore placed V-Mart Retail’s revenue growth above the Diversified Retail median and above the growth recorded by six of the other companies. The supplied data does not provide peer-by-peer revenue or profit figures, so no additional peer-level comparisons can be stated.