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V-Mart Retail Limited (VMART)

₹790.65 -1.45% last close, 16 Oct

📊 NSE: VMART 🏢 Diversified Retail 📢 Latest filing: 05 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, V-Mart Retail's revenue was ₹1,089 Cr (+23.1% year on year, +12.2% on the previous quarter), and net profit ₹47.0 Cr (+38.2% year on year); the operating margin was 14.8%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹1,089	+23.1%	+12.2%
Operating profit	₹161	+27.8%	+51.9%
Net profit	₹47.0	+38.2%	+327.3%
EPS (₹)	5.93	+40.2%	+317.6%
Operating margin	14.8%	—	—

Full quarterly financials → Results calendar →

VMART delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 36.94% of the VMART shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.41%. That is lower than usual for this stock.

36.94%Delivery, 16 Oct

47.41%Own 20-session average

0.8×Volume vs its average

₹790.65NSE close · -1.45%

Delivery in the last 5 sessions: 38.6% · 43.3% · 48.6% · 45.8% · 36.9%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

V-Mart Retail President - Merchandising Jayesh Kothari Resigns Effective Oct 9, 2026

🟡 NEUTRAL ⭐ 5/10

MANAGEMENT 📅 05 Oct 2026, 03:17 PM

V-Mart Retail Limited announced the resignation of Mr. Jayesh Kothari from his position as President - Merchandising, designated as Senior Management Personnel, effective October 9, 2026. Mr. Kothari cited health-related reasons requiring ongoing medical treatments for his departure. Merchandising is a core operational function for the value apparel retailer, which manages a network of 533 stores and generated ₹1,807 crore in TTM revenue. Investors will monitor the company's succession planning to prevent disruptions in inventory management and apparel sourcing.

Mr. Jayesh Kothari resigned as President - Merchandising via letter dated October 4, 2026
Cessation takes effect from the close of business hours on October 9, 2026
Resignation is attributed to health-related reasons requiring daily treatments
Designated as Senior Management Personnel (SMP) under SEBI Listing Regulations

💡 Track announcements regarding the appointment of a new merchandising head and observe if there are any operational impacts on apparel inventory turnover (2.36x in FY25) in upcoming quarterly results.

V-Mart Retail President - Merchandising Jayesh Kothari Resigns Effective Oct 9, 2026

🟡 NEUTRAL ⭐ 5/10

MANAGEMENT 📅 05 Oct 2026, 03:13 PM

Mr. Jayesh Kothari resigned as President - Merchandising via letter dated October 4, 2026
Cessation takes effect from the close of business hours on October 9, 2026
Resignation is attributed to health-related reasons requiring daily treatments
Designated as Senior Management Personnel (SMP) under SEBI Listing Regulations

V-Mart Q2FY27 Revenue Up 18% YoY to Rs 953 Cr; SSSG at 3% (11% Adjusted)

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 01 Oct 2026, 06:57 PM

V-Mart Retail reported provisional Q2FY27 revenue from operations of Rs 953 crore, growing 18% YoY compared to Rs 807 crore in Q2FY26. Same store sales growth (SSSG) stood at 3% (V-Mart at 2%, Unlimited at 11%), but reached 11% when adjusted for a 19-day festive shift into Q3. For H1FY27, revenue reached Rs 2,042 crore (up 21% YoY) with an overall SSSG of 6%. The company added a net 22 stores during the quarter, bringing its total store count to 613.

Q2FY27 revenue from operations rose 18% YoY to Rs 953 crore from Rs 807 crore
SSSG for the quarter stood at 3%, adjusting to 11% after accounting for festive shift
H1FY27 revenue climbed 21% YoY to Rs 2,042 crore with 6% SSSG
Net addition of 22 stores (23 opened, 1 closed), expanding store count to 613
Unlimited format outperformed with 11% SSSG in Q2 and 12% in H1

💡 Track the detailed Q2FY27 financial results for profitability metrics and margin trends, as well as festive demand capture in Q3 following the calendar shift.

V-Mart Retail Clarifies on Volume Surge; Confirms No Undisclosed Material Information

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Aug 2026, 10:44 AM

V-Mart Retail Limited has responded to exchange queries regarding a significant increase in trading volume. The company confirmed that it has disclosed all necessary information under Regulation 30 of SEBI (LODR) Regulations, 2015. It further stated that no undisclosed price-sensitive information is pending and that the volume surge is purely market-driven.

Clarification issued following stock exchange queries on significant volume spurt
Company confirmed strict compliance with Regulation 30 of SEBI (LODR) Regulations, 2015
Confirmed no price-sensitive or material information is withheld from the market

💡 Track ongoing quarterly operational updates and retail footfall trends rather than trading on speculative volume movements.

V-Mart assigned 'Crisil ESG 62' rating in Strong Category for FY 2025-26

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Aug 2026, 07:23 PM

V-Mart Retail Limited has been assigned an ESG rating of 'Crisil ESG 62' by Crisil ESG Ratings & Analytics, placing it in the 'Strong' category. The rating is based on the company's performance data for the financial year 2025-26. This was an independent, unsolicited assessment by Crisil, meaning the company did not engage the agency for this specific report. While the rating validates the company's governance and social practices, it is a non-financial metric and does not impact current operations or the ₹1,807 Cr TTM revenue.

Assigned an ESG score of 62 by Crisil ESG Ratings & Analytics
Placed in the 'Strong' category for ESG performance
Rating is based on public domain data pertaining to FY 2025-26
The report was issued voluntarily and independently by Crisil without company engagement

💡 Investors should treat this as a reputational benchmark; watch for whether this rating helps the company attract ESG-focused institutional funds or secure better terms for its ₹958 Cr debt.

600th Store Milestone: V-Mart Adds 100 Stores in One Year, Reaches 5 Million+ Sq. Ft.

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 11 Aug 2026, 05:27 PM

V-Mart Retail has achieved a significant operational milestone by inaugurating its 600th store, expanding its footprint to 338+ cities across 29 states and UTs. The company has demonstrated aggressive growth by adding 100 stores over the last 12 months, with 24 new stores already opened year-to-date in FY27. Total retail space now exceeds 5 million sq. ft., maintaining an average store size of 8,000 sq. ft. This expansion targets Tier II, III, and emerging towns, focusing on store-level unit economics and revenue density.

Reached the 600th store milestone, expanding the network to 338+ cities across 29 states and UTs.
Added 100 stores in the last one year, representing a 20% increase in store count from the 500-store mark.
Opened 24 new stores year-to-date in FY27, continuing the expansion momentum.
Total retail space now exceeds 5 million sq. ft. with an average store size of 8,000 sq. ft.
Maintained a focus on 'Bharat' (Tier II/III cities) where customer traction and revenue density remain encouraging.

💡 Monitor the Same Store Sales Growth (SSSG) and Inventory Turnover Ratio (2.36x in FY25) in upcoming results to ensure that the rapid 20% store count expansion is translating into profitable growth without diluting margins.

August 12 Investor Call: V-Mart to Meet SBI Mutual Fund to Discuss Business Outlook

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Aug 2026, 03:08 PM

V-Mart Retail Limited has scheduled a one-on-one virtual meeting with SBI Mutual Fund for August 12, 2026. This interaction is part of the company's routine investor relations program to discuss its business performance and strategy. The company currently operates 533 stores and reported a TTM revenue of ₹1,807 Cr. No price-sensitive information is expected to be shared beyond existing public disclosures.

One-on-one virtual meeting scheduled for August 12, 2026, from 17:00 to 18:00 IST
The meeting is specifically with SBI Mutual Fund, a major institutional investor
Company currently manages a network of 533 stores (438 V-Mart, 95 Unlimited)
V-Mart reported TTM revenue of ₹1,807 Cr with a debt-to-equity ratio of 1.01

💡 Educational: Monitor for any post-meeting investor presentations or transcripts that may provide updates on the LimeRoad digital segment's loss reduction or the 'Bharat' expansion strategy.

August 7 Investor Call: V-Mart to Meet Helios MF for One-on-One Discussion

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Aug 2026, 04:58 PM

V-Mart Retail Limited has scheduled a one-on-one virtual investor meeting with Helios MF for August 7, 2026. This routine interaction follows the company's recent operational updates, which include a network of 533 stores and an 11% Same Store Sales Growth (SSSG). The company is currently focusing on a 17-22% growth rate and reducing losses in its LimeRoad digital segment, which recently saw a 53% loss reduction. Such meetings are standard procedural disclosures and typically do not involve the sharing of unpublished price-sensitive information.

One-on-one virtual meeting scheduled for August 7, 2026, at 10:00 IST.
Interaction is specifically with institutional investor Helios MF.
Company maintains a current network of 533 stores as of the latest operational update.
Targeting a long-term growth rate of 17-22% through calibrated store expansion.

💡 Monitor the exchange filings for any post-meeting investor presentations or transcripts that may provide updates on the 'Unlimited' and 'LimeRoad' segment turnarounds.

V-Mart Schedules One-on-One Investor Meeting for August 13, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Aug 2026, 03:51 PM

V-Mart Retail Limited has announced a one-on-one meeting with Bellwether Capital scheduled for August 13, 2026. The meeting will take place in person at Gurugram between 10:00 AM and 11:00 AM IST. This is a routine institutional engagement following the company's recent performance, which includes a TTM revenue of ₹1,807 Cr and a store network of 533 locations. No price-sensitive information is typically shared in such individual meetings that hasn't been disclosed to the exchanges.

One-on-one investor meeting scheduled for 13th August, 2026
Interaction specifically with Bellwether Capital in Gurugram
Company currently operates a network of 533 stores (438 V-Mart, 95 Unlimited)
TTM Revenue stands at ₹1,807 Cr with a Debt-to-Equity ratio of 1.01

💡 Educational: Monitor for any post-meeting investor presentations or transcripts that may provide updates on the LimeRoad digital segment's loss reduction or the 17-22% expected growth rate.

₹1 Dividend Declared as V-Mart Concludes 24th AGM; FY26 Financials Adopted

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 30 Jul 2026, 07:23 PM

V-Mart Retail Limited concluded its 24th Annual General Meeting on July 30, 2026, where shareholders approved three key resolutions. The primary outcomes included the adoption of the FY26 audited financial statements and the declaration of a ₹1 per equity share dividend for the fiscal year 2025-26. Managing Director Lalit Agarwal was re-appointed by rotation, and management reiterated its focus on technology-led transformation and expansion in Tier 2, 3, and 4 cities. The meeting saw participation from 191 members representing over 3.53 crore shares.

Dividend of ₹1 per equity share declared for the financial year 2025-26
Total of 191 members representing 3,53,37,200 shares attended the meeting via VC/OAVM
Remote e-voting was conducted over a 4-day window from July 26 to July 29, 2026
Re-appointment of Mr. Lalit Agarwal as Director was put to vote and approved
Management highlighted a store network of 533 units and 11% SSSG in recent operational updates

💡 Investors should monitor the upcoming announcement regarding the record date and payment date for the ₹1 dividend. Focus should remain on the execution of the LimeRoad loss-reduction strategy and the sustainability of the 11% SSSG reported in previous quarters.

V-Mart Retail Records 24th Annual General Meeting; Video Link Shared

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Jul 2026, 06:31 PM

V-Mart Retail Limited has uploaded the video recording of its 24th Annual General Meeting (AGM) held on July 30, 2026. This is a procedural disclosure following the meeting, allowing shareholders to review management commentary. The company currently operates 533 stores and reported a TTM revenue of ₹1,807 Cr. No new financial data or material business changes were disclosed in this specific filing.

24th Annual General Meeting successfully conducted on July 30, 2026
Video recording of the proceedings made available on the company website
Company maintains a network of 533 stores as of the most recent operational update
TTM revenue stands at ₹1,807 Cr with a debt-to-equity ratio of 1.01

💡 Investors should review the AGM recording for qualitative insights into management's strategy for the 'Bharat' market and the timeline for LimeRoad's profitability.

₹1 Dividend Declared at V-Mart Retail's 24th AGM; FY26 Financials Adopted

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 30 Jul 2026, 05:33 PM

V-Mart Retail Limited concluded its 24th Annual General Meeting (AGM) on July 30, 2026, via video conferencing. Shareholders deliberated on three key resolutions: the adoption of FY26 audited financial statements, the re-appointment of Managing Director Lalit Agarwal, and the declaration of a ₹1 per share dividend for FY26. The meeting was attended by 191 members representing 3.53 crore shares. Management reiterated its focus on technology-led transformation and expansion into Tier 2, 3, and 4 cities.

Proposed a dividend of ₹1 per equity share for the financial year 2025-26.
A total of 191 members representing 3,53,37,200 shares attended the meeting.
Remote e-voting was conducted between July 26, 2026, and July 29, 2026.
Managing Director Lalit Agarwal was proposed for re-appointment as he retired by rotation.
The meeting concluded at 12:20 P.M. after an 80-minute session.

💡 Investors should monitor the stock exchange filings for the final scrutinizer's report to confirm the official passing of all resolutions with the required majority.

23% Revenue Growth and 9% LFL Growth in Q1 FY27 for V-Mart Retail

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 30 Jul 2026, 05:19 PM

V-Mart Retail reported a strong start to FY27 with 23% overall revenue growth and 9% Like-for-Like (LFL) growth, marking its 11th consecutive quarter of positive LFL performance. Management noted a 2% increase in Average Selling Price (ASP) and plans to cap future price hikes at 3-5% to maintain value-segment affordability. While gross margins dipped by 0.9% due to higher inventory provisioning, the company is focusing on absolute rupee gross margin and faster inventory turnover. Despite a 30% monsoon deficiency and inflationary pressures on household budgets, the outlook for 'Bharat' (Tier 2/3/4 cities) remains cautiously positive.

Delivered 23% overall revenue growth and 9% Like-for-Like (LFL) growth in Q1 FY27
Achieved 11 consecutive quarters of positive LFL growth through better merchandise and store execution
Average Selling Price (ASP) increased by 2% in the quarter, with a target cap of 3-5% for future hikes
Gross margin decreased by 0.9% primarily due to higher inventory provisioning rather than cost increases
Monsoon deficiency noted at approximately 30%, which management is watching for its impact on rural demand

💡 Watch for the impact of monsoon recovery on rural demand in the next quarter and monitor if the company can maintain its 9% LFL growth trajectory without aggressive discounting.

V-Mart Retail Releases Recording of July 27 Analyst and Investor Conference Call

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 28 Jul 2026, 11:06 AM

V-Mart Retail has made the audio recording of its July 27, 2026, analyst and investor conference call available to the public. This follows a period where the company reported a store network of 533 locations and an 11% Same Store Sales Growth (SSSG) in Q2 FY26. The recording provides management's detailed commentary on the 25 new stores added in the recent quarter and the 53% loss reduction in the LimeRoad digital segment. This is a standard compliance filing following an investor interaction.

Conference call with analysts and investors was conducted on July 27, 2026
Company currently operates a network of 533 stores as of Q2 FY26
Reported 11% Same Store Sales Growth (SSSG) in the most recent quarter
Added 25 new stores during Q2 FY26 to expand its 'Bharat' footprint
LimeRoad digital segment showed a 53% reduction in losses

💡 Investors should listen to the recording to understand management's guidance on the 17-22% expected growth rate and the impact of recent rainfall on footfalls.

V-Mart Retail Dispatches Q1 FY27 Financial Results Communication to Shareholders

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Jul 2026, 05:53 PM

V-Mart Retail Limited has formally notified the exchanges that it has dispatched an email communication to all registered shareholders regarding its unaudited financial results for the quarter ended June 30, 2026. The Board of Directors had previously approved these results in a meeting held on July 24, 2026. This filing is a procedural requirement under Regulation 30 of SEBI Listing Regulations to ensure all shareholders are informed of the latest performance updates, including the press release and investor presentation. No new financial data beyond the previously approved results was introduced in this specific cover letter.

Board of Directors approved the Q1 FY27 results in a meeting held on July 24, 2026
Shareholder communication dispatched via email on July 27, 2026
Results pertain to the first quarter ended June 30, 2026
Company maintains a network of 533 stores as per latest available operational context

💡 Investors should access the detailed Investor Presentation and Press Release from the company's website to evaluate key metrics like Same Store Sales Growth (SSSG) and the progress of LimeRoad's loss reduction.

View All VMART Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue grew 17% YoY to INR 3,253.86 Cr in FY25. In Q2 FY26, V-Mart segment revenue grew 23% YoY to INR 662.4 Cr, Unlimited segment grew 22% YoY to INR 138.0 Cr, while LimeRoad NMV declined 32% YoY to INR 19.2 Cr.

Geographic Revenue Split

The company focuses on 'Bharat' (Tier 2, 3, and 4 cities). While specific regional % splits are not disclosed, management highlighted increased penetration in specific states and noted that disruptions in the Northeast and excess rainfall impacted recent performance.

Profitability Margins

Gross Margin remained stable at 34.5% for YTD FY26. Operating Profit Margin improved significantly from 0.4% in FY24 to 5.5% in FY25. Net Profit Margin turned positive at 1.41% in FY25 compared to -3.47% in FY24.

EBITDA Margin

EBITDA margin (Post-Ind AS 116) stood at 11.7% for YTD FY26. In Q2 FY26, EBITDA grew 85% YoY to INR 71.5 Cr (8.9% margin) driven by a 53% reduction in LimeRoad losses to INR 3.4 Cr and improved operational efficiency.

Capital Expenditure

Not explicitly disclosed as a total planned figure, but the company opened 25 new stores (18 V-Mart, 7 Unlimited) in Q2 FY26 and closed 2, indicating continued investment in network expansion.

Credit Rating & Borrowing

ICRA reaffirmed [ICRA]AA- (Stable) for INR 295 Cr fund-based facilities and [ICRA]A1+ for INR 5 Cr non-fund based facilities. Interest coverage ratio improved to 2.8 times in FY25 from previous lows.

⚙️ Operational Drivers

Raw Materials

Traded goods (Apparel, Non-Apparel, and FMCG) constitute the primary cost, with COGS representing 65.5% of revenue (INR 1,108.4 Cr for YTD FY26).

Import Sources

Sourcing is primarily domestic, focusing on curated designs and private labels. Specific states or countries are not disclosed, but the supply chain is managed through a central warehouse and logistics network.

Key Suppliers

Not disclosed in available documents; however, the company evaluates supplier continuity through an ESG lens and conducts workshops on quality standards.

Capacity Expansion

Current store network stands at 533 stores (438 V-Mart, 95 Unlimited) as of Q2 FY26. Expansion is calibrated, with 25 stores added in the most recent quarter.

Raw Material Costs

COGS as a percentage of revenue was 65.5% in YTD FY26. Procurement strategies focus on 'product sharpness' and 'better pricing' to maintain value for customers without compromising margins.

Manufacturing Efficiency

As a retailer, efficiency is measured by Inventory Turnover Ratio, which was 2.36 times in FY25, and Same Store Sales Growth (SSSG), which was 11% in Q2 FY26.

Logistics & Distribution

Distribution costs are managed through a centralized model; the company reported a 38.1% improvement in the Cash Conversion Cycle to 13 days in FY25 due to better inventory management.

📈 Strategic Growth

Expected Growth Rate

17-22%

Growth Strategy

Growth is driven by a 11% SSSG, expansion of the store network (25 new stores in Q2 FY26), and reducing losses in the LimeRoad digital segment (53% reduction). The company is also focusing on 'product sharpness' and technological supply chain advancements.

Products & Services

Apparel (77% of Q2 FY26 revenue), Non-Apparel (11%), and FMCG (12%) sold through offline stores and the LimeRoad online marketplace.

Brand Portfolio

V-Mart, Unlimited, LimeRoad.

New Products/Services

Focus on private labels with curated designs and high-quality freshness. Private labels do not target differentiated margins but focus on quality and design to drive volume.

Market Expansion

Targeting increased penetration in specific states within 'Bharat' (Tier 2/3/4 cities) through calibrated store openings.

Market Share & Ranking

Positioned as a leading value retailer in 'Bharat'; specific market share percentage not disclosed.

🌍 External Factors

Industry Trends

The value retail industry is seeing a gradual improvement in demand. Trends include a shift toward omnichannel (offline + online) and increased competition from both organized and unorganized players.

Competitive Landscape

Operates in a highly competitive landscape involving both offline value retailers and online marketplaces.

Competitive Moat

Moat is built on a deep presence in Tier 2/3 cities, a conservative capital structure, and a strong private label portfolio. Sustainability is supported by a 11% SSSG and a turnaround to profitability in FY25.

Macro Economic Sensitivity

Highly sensitive to inflation and income fluctuations in rural and semi-urban India, which directly impact discretionary spending on fashion.

Consumer Behavior

Shift toward early festival shopping and demand for 'freshness' in fashion portfolios. Consumers are increasingly value-conscious, requiring sharper pricing and quality.

Geopolitical Risks

Minimal direct exposure as a domestic retailer, though global supply chain issues could indirectly affect input costs for apparel.

⚖️ Regulatory & Governance

Industry Regulations

Compliant with Section 197 of the Companies Act, 2013 regarding director commissions (limited to 1% of net profits) and SEBI Listing Obligations.

Environmental Compliance

The company reused 83% of cartons and digitised store registers to reduce paper use. ESG compliance is monitored by the Board.

Taxation Policy Impact

Effective tax impact included a deferred tax credit of INR 18.8 Cr in FY25. Current tax was minimal at INR 0.7 Cr.

⚠️ Risk Analysis

Key Uncertainties

Inventory obsolescence risk and seasonal sales volatility could impact margins by 1-2%. Climate change (floods/cyclones) poses risks to infrastructure and supply chain continuity.