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V-Mart Retail Q4 FY26 results: net profit down 39.1% to ₹11.28 crore, revenue up 24.5%
V-Mart Retail Limited reported standalone revenue of ₹970.89 crore in Q4 FY26, up 24.5% from Q4 FY25, while EBITDA rose to ₹106.28 crore from ₹68.14 crore. Net profit declined to ₹11.28 crore from ₹18.51 crore and basic EPS fell to ₹1.49 from ₹9.35, as higher expenses and a lower exceptional-item gain affected the year-on-year comparison.
Key points
- Revenue was ₹970.89 crore in Q4 FY26, up 24.5% from ₹780.08 crore in Q4 FY25.
- EBITDA rose to ₹106.28 crore from ₹68.14 crore, with margin at 10.9% versus 8.7%.
- Net profit was ₹11.28 crore versus ₹18.51 crore in the year-ago quarter, and basic EPS was ₹1.49 versus ₹9.35.
- Against Q3 FY26, revenue fell 13.8% to ₹970.89 crore and EBITDA fell 49.3% to ₹106.28 crore.
- For FY26, revenue rose 16.5% to ₹3,789.36 crore, while profit after tax was ₹124.0 crore against ₹45.77 crore in FY25.
How did V-Mart Retail perform in Q4 FY26?
V-Mart Retail reported standalone revenue of ₹970.89 crore in Q4 FY26, up 24.5% from ₹780.08 crore in Q4 FY25 and down 13.8% from ₹1,126 crore in Q3 FY26. EBITDA was ₹106.28 crore, up 56.0% year on year but down 49.3% sequentially, while the EBITDA margin was 10.9%, compared with 8.7% and 18.6% in the two prior quarters.
Profit before tax fell to ₹12.54 crore from ₹22.89 crore in Q4 FY25 and ₹112.91 crore in Q3 FY26. The company reported a net profit of ₹11.28 crore against ₹18.51 crore a year earlier and ₹87.99 crore in the previous quarter; basic EPS was ₹1.49, compared with ₹9.35 and ₹11.08, respectively. The figures are standalone.
Total income was ₹975.61 crore, up 24.7% from ₹782.41 crore in Q4 FY25 and down 13.7% from ₹1,130 crore in Q3 FY26. The statutory auditor issued an unmodified report on the standalone financial statements for the year ended March 31, 2026.
| ₹ crore | Q4 FY26 | Q3 FY26 | Q4 FY25 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 970.89 | 1,126 | 780.08 | +24.5% | −13.8% |
| Other income | 4.72 | 3.96 | 2.33 | +102.6% | +19.2% |
| Total expenses | 963.99 | 1,015 | 783.70 | +23.0% | −5.1% |
| EBITDA | 106.28 | 209.50 | 68.14 | +56.0% | −49.3% |
| EBITDA margin | 10.9% | 18.6% | 8.7% | +2.2 pp | −7.7 pp |
| Profit before tax | 12.54 | 112.91 | 22.89 | −45.2% | −88.9% |
| Tax | 1.26 | 24.92 | 4.38 | −71.2% | −94.9% |
| Net profit | 11.28 | 87.99 | 18.51 | −39.1% | −87.2% |
| EPS (₹) | 1.49 | 11.08 | 9.35 | −84.1% | −86.6% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in V-Mart Retail's costs and profit?
Total expenses rose to ₹963.99 crore in Q4 FY26 from ₹783.70 crore in Q4 FY25, an increase of ₹180.29 crore or 23.0%. Employee cost increased by ₹3.09 crore to ₹100.53 crore, finance costs rose by ₹1.84 crore to ₹19.24 crore, depreciation increased by ₹25.78 crore to ₹80.14 crore and other expenses rose by ₹12.71 crore to ₹105.30 crore.
Other income increased by ₹2.39 crore to ₹4.72 crore from ₹2.33 crore in the year-ago quarter. The quarter included an exceptional-item gain of ₹0.92 crore, compared with an exceptional-item gain of ₹24.18 crore in Q4 FY25. Tax was ₹1.26 crore, lower by ₹3.12 crore from ₹4.38 crore.
Against Q3 FY26, total expenses fell by ₹51.33 crore to ₹963.99 crore, while other income rose by ₹0.76 crore to ₹4.72 crore. The exceptional item changed from a ₹2.11 crore charge to a ₹0.92 crore gain, and tax fell by ₹23.66 crore to ₹1.26 crore.
The filings and figures show the expense movements but do not state a reason for the increase in depreciation or other expenses. In the earnings call, management said polyester yarn prices had risen 10-15% because of crude-driven inflation, but the filing does not quantify that factor's effect on the standalone quarter.
| ₹ crore | Q4 FY26 | Q4 FY25 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 100.53 | 97.44 | +3.09 | +3.2% |
| Finance costs | 19.24 | 17.40 | +1.84 | +10.6% |
| Depreciation | 80.14 | 54.36 | +25.78 | +47.4% |
| Other expenses | 105.30 | 92.59 | +12.71 | +13.7% |
| Total expenses | 963.99 | 783.70 | +180.29 | +23.0% |
| Other income | 4.72 | 2.33 | +2.39 | +102.6% |
| Tax | 1.26 | 4.38 | −3.12 | −71.2% |
| Exceptional items | +0.92 (gain) | +24.18 (gain) |
Source: Company's results filing (XBRL).
How did V-Mart Retail do in FY26 as a whole?
For FY26, V-Mart Retail reported standalone revenue of ₹3,789.36 crore, up 16.5% from ₹3,253.86 crore in FY25. Total income rose 16.5% to ₹3,804.4 crore from ₹3,265.98 crore, while profit before tax increased to ₹154.78 crore from ₹43.96 crore.
Profit after tax was ₹124.0 crore in FY26, compared with ₹45.77 crore in FY25, while basic EPS was ₹11.79 against ₹23.12. The company’s press release also reported full-year adjusted PAT of ₹125 crore, up 507% year on year, and an adjusted PAT margin of 3.3%.
Same-store sales growth was 5% for FY26. The company opened 92 stores and closed 12 during the year, taking the total store count to 577. It also reported a 13% year-on-year reduction in per-store inventory and an improvement of 3 days in days of inventory.
| ₹ crore | FY26 | FY25 | Change |
|---|---|---|---|
| Revenue from operations | 3,789 | 3,254 | +16.5% |
| Profit before tax | 154.78 | 43.96 | +252.1% |
| Net profit | 124 | 45.77 | +170.9% |
| EPS (₹) | 11.79 | 23.12 | −49.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of March 31, 2026, total assets were ₹2,779.9 crore, up from ₹2,626.31 crore at September 30, 2025. Total equity rose to ₹951.1 crore from ₹845.75 crore, while borrowings fell to ₹100.01 crore from ₹101.11 crore. Cash was ₹19.53 crore, compared with ₹23.86 crore.
Inventories declined to ₹987.53 crore from ₹1,044.11 crore, and trade payables fell to ₹490.97 crore from ₹868.6 crore. Trade receivables remained unchanged at the reported balance-sheet value, with no exceptional item recorded for the line.
FY26 operating cash flow was ₹500.54 crore, compared with ₹349.4 crore in FY25. Investing cash flow was negative ₹173.98 crore against negative ₹122.29 crore, financing cash flow was negative ₹346.45 crore against negative ₹214.92 crore, and capital expenditure was ₹159.93 crore compared with ₹123.82 crore.
| ₹ crore | As of 31 March 2026 | As of 30 September 2025 |
|---|---|---|
| Total assets | 2,780 | 2,626 |
| Total equity | 951.10 | 845.75 |
| Borrowings | 100.01 | 101.11 |
| Cash and equivalents | 19.53 | 23.86 |
| Inventories | 987.53 | 1,044 |
| Trade receivables | 0 | 0 |
Source: Company's results filing (XBRL).
| ₹ crore | FY26 | FY25 |
|---|---|---|
| Cash from operations | 500.54 | 349.40 |
| Cash from investing | −173.98 | −122.29 |
| Cash from financing | −346.45 | −214.92 |
| Capital expenditure | 159.93 | 123.82 |
Source: Company's results filing (XBRL).
How has V-Mart Retail done over the last 8 quarters?
Revenue rose year on year in each of the last eight quarters. Over the reported period, revenue peaked at ₹1,126.38 crore in Q3 FY26 and was lowest at ₹660.97 crore in Q2 FY25; Q4 FY26 revenue of ₹970.89 crore was below the recent peak but above the year-ago quarter’s ₹780.08 crore.
Net profit peaked at ₹87.99 crore in Q3 FY26 and bottomed at a net loss of ₹56.51 crore in Q2 FY25. In Q4 FY26, net profit was ₹11.28 crore, below Q3 FY26 but below the ₹18.51 crore reported in Q4 FY25 as well.
The EBITDA margin peaked at 18.6% in Q3 FY26 and was lowest at 5.8% in Q2 FY25. It eased to 10.9% in Q4 FY26 from 8.7% in Q4 FY25, with the sequential shape also showing lower revenue and profit than in Q3 FY26.
Which businesses drove the quarter?
Retail trade reported revenue of ₹965.02 crore in Q4 FY26, up 25.0% from ₹771.84 crore in the year-ago quarter. Segment EBIT was ₹16.24 crore, compared with ₹10.92 crore, and the reported EBIT margin was 1.7%.
Digital marketplace revenue was ₹9.9 crore, with EBIT of negative ₹0.42 crore and an EBIT margin of negative 4.2%. The filing did not provide a year-ago revenue or EBIT comparison for this segment.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Retail trade | 965.02 | +25.0% | 16.24 | 1.7% |
| Retail trade | 965.02 | +25.0% | 16.24 | 1.7% |
| Digital marketplace | 9.90 | −0.42 | -4.2% | |
| Digital marketplace | 9.90 | −0.42 | -4.2% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the audited standalone financial results for the fourth quarter and year ended March 31, 2026 on May 7, 2026. It recommended a dividend of 10%, or ₹1 per equity share of the face value of ₹10 each, for FY26.
The board re-appointed KPMG Assurance & Consulting Services LLP as internal auditor for FY27 and FY28. It also appointed Shweta Kumar as Lead Independent Director with effect from May 7, 2026. The filings also covered the dividend record date and the 24th Annual General Meeting.
The company filed its investor presentation, a press release and shareholder communication for the audited results, followed by the recording of the conference call held on May 8, 2026. No fund-raising action was stated in the provided filings.
What did V-Mart Retail's management say?
Management said Q4 FY26 sales grew 24%, with same-store sales growth of 12%, comprising 12% for V-Mart and 9% for Unlimited. The company added 29 stores during the quarter, while South India Unlimited reported 28% revenue growth and 63% EBITDA growth. Management also said LimeRoad’s loss was cut 70% year on year and the omni-channel business was profitable at CM3.
Management said polyester yarn prices had risen 10-15% because of crude-driven inflation, translating into 3-4% apparel cost inflation, while 50-60% of forward sourcing needs through December had been secured. The company identified consumer sentiment, labour costs, raw-material availability and competition as risks. CFO Anand Agarwal said he could not predict the timeline for achieving the stated direction.
How did V-Mart Retail shares react?
The filing appeared after market hours. From the price when the results appeared, the stock was down 2.4% after five minutes, down 1.3% after 15 minutes and up 0.2% after 30 minutes. On the reaction day, it closed up 0.4% from the previous close of ₹671.5.
By the next day's close, the stock was down 2.6% from its pre-results close, and by the fifth session it was down 4.1%. The Diversified Retail industry median moved 0.0% on the reaction day, down 2.5% by the next close and down 6.4% by the fifth close; V-Mart's excess industry moves were 0.4 percentage points, negative 0.1 percentage points and 2.3 percentage points, respectively.
Earlier reaction-day moves were positive 16.8% on October 1, 2025, positive 6.3% on July 24, 2025 and positive 5.4% on February 4, 2025. The reactions on May 2, 2025 and October 29, 2024 were negative 1.3% and positive 2.3%, respectively.
| After the filing | Stock | Diversified Retail median |
|---|---|---|
| 5 minutes | −2.4% | |
| 15 minutes | −1.3% | |
| 30 minutes | +0.2% | |
| Reaction day | +0.4% | +0.0% |
| Next day | −2.6% | −2.5% |
| 5 days | −4.1% | −6.4% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 22 January 2026 | +2.8% |
| 1 October 2025 | +16.8% |
| 24 July 2025 | +6.3% |
| 2 May 2025 | −1.3% |
| 4 February 2025 | +5.4% |
| 29 October 2024 | +2.3% |
| 5 August 2024 | −2.0% |
| 14 May 2024 | −1.7% |
Source: MarketPing price-reaction measurement.
How did other Diversified Retail companies do?
Six other Diversified Retail companies that had filed this quarter were compared with V-Mart Retail. Their median revenue growth was 12.5%, while V-Mart’s revenue growth was higher than all six peers; peers growing faster than the company numbered zero and peers growing slower than the company numbered six.
Of the six peers compared, five reported higher profit. The peer figures were available as of November 5, 2026, while V-Mart’s Q4 FY26 results had been announced on May 7, 2026.
| V-Mart Retail revenue growth (YoY) | +24.5% |
|---|---|
| Median of 6 other Diversified Retail companies | +12.5% |
| Companies with slower revenue growth than V-Mart Retail | 6 of 6 |
| Companies with faster revenue growth than V-Mart Retail | 0 of 6 |
| Companies whose net profit rose | 5 of 6 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was V-Mart Retail's revenue in Q4 FY26?
Revenue from operations was ₹970.89 crore, up 24.5% from ₹780.08 crore in Q4 FY25 (standalone).
Did V-Mart Retail make a profit in Q4 FY26?
Yes. Net profit was ₹11.28 crore, against a net profit of ₹18.51 crore in Q4 FY25.
What was V-Mart Retail's EPS in Q4 FY26?
Basic earnings per share were ₹1.49, against ₹9.35 in Q4 FY25.
How did V-Mart Retail shares react to the Q4 FY26 results?
On the reaction day the stock moved +0.4% from the previous close; the median Diversified Retail stock moved +0.0%.
When did V-Mart Retail announce its Q4 FY26 results?
On 7 May 2026, in a filing to the NSE.
Sources
- Board Meeting Outcome for Outcome Of The Meeting Of The Board Of Directors Of The Company Held On May 7, 2026 (BSE, 7 May 2026) · PDF
- Outcome of Board Meeting (NSE, 7 May 2026) · PDF
- Outcome Of The Meeting Of The Board Of Directors Of The Company Held On May 7, 2026 (BSE, 7 May 2026) · PDF
- Press Release (NSE, 7 May 2026) · PDF
- General Updates (NSE, 8 May 2026) · PDF
- The earnings call (13 May 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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