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VMART - V-Mart Retail

📊 NSE: VMART 🏢 Trading 📅 Last Updated: 12/14/2025 14:50

📢 Recent Corporate Announcements

V-Mart Retail Schedules One-on-One Investor Meet with Amansa Capital on March 17

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Mar 2026, 10:03 AM

V-Mart Retail Limited has announced a one-on-one meeting with institutional investor Amansa Capital. The meeting is scheduled for March 17, 2026, and will be conducted in person at Gurugram. The interaction is set to take place between 10:00 AM and 11:00 AM IST. This is a routine disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015.

One-on-one meeting scheduled with Amansa Capital on March 17, 2026
The meeting will be held in person at Gurugram
Scheduled time for the interaction is 10:00 AM to 11:00 AM IST

💡 No immediate action is required as this is a routine institutional interaction. Investors should monitor for any post-meeting presentations or transcripts for updates on company strategy.

V-Mart Wins Silver Shield at ICAI Awards for Excellence in Financial Reporting FY 2024-25

🟢 POSITIVE ⭐ 4/10

OTHER 📅 19 Feb 2026, 03:05 PM

V-Mart Retail Limited has been awarded the Silver Shield in the Services Category at the prestigious ICAI Awards for Excellence in Financial Reporting for FY 2024-25. This recognition underscores the company's high standards in transparency, statutory compliance, and disclosure quality. The company has now achieved a significant milestone by holding three major governance awards: the Golden Peacock (2022), the ICSI Award (2024), and the ICAI Award (2025). V-Mart continues to operate a large-scale network of 562 stores across 325+ cities, focusing on value fashion in Tier II and III markets.

Awarded the Silver Shield in the Services Category by the Institute of Chartered Accountants of India (ICAI).
Recognized for excellence in financial transparency and statutory compliance for the fiscal year 2024-25.
Joins an elite group of companies with three major governance awards including Golden Peacock and ICSI accolades.
Maintains a robust operational footprint with 562 stores across 28 states and Union Territories.
Average store footprint remains at 8,000 sq. ft. across its extensive omni-retail network.

💡 Investors should view this as a positive sign of management integrity and high corporate governance standards. While it does not impact immediate earnings, it reduces the risk profile associated with financial reporting and transparency.

V-Mart Retail Releases Recording of Investor Conference Call Held on Jan 23, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 23 Jan 2026, 03:52 PM

V-Mart Retail Limited has informed the exchanges that the audio recording of its conference call with analysts and institutional investors, held on January 23, 2026, is now available. The recording has been uploaded to the company's official website as per regulatory requirements. This call follows the company's previous intimation sent on January 16, 2026. While the filing itself is a routine compliance matter, the recording contains management's discussion on recent performance and future outlook.

Conference call with analysts and institutional investors was conducted on January 23, 2026.
The audio recording is accessible via the company's website at the provided URL.
The disclosure is in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations.
The filing references the initial intimation letter dated January 16, 2026 (Ref. No. CS/S/L-939/2025-26).

💡 Investors should listen to the recording to gain insights into management's commentary on the retail sector and company-specific growth strategies. No immediate action is required based on this procedural filing.

V-Mart Retail Dispatches Q3 FY26 Financial Results Communication to Shareholders

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 23 Jan 2026, 03:51 PM

V-Mart Retail Limited has informed the stock exchanges regarding the dispatch of email communications to its shareholders on January 23, 2026. This communication pertains to the unaudited financial results for the third quarter and nine months ended December 31, 2025. The Board of Directors had previously approved these results in a meeting held on January 22, 2026. The company has provided links to the financial results, press release, and investor presentation to ensure transparency. This is a standard administrative filing following the quarterly earnings announcement.

Board of Directors approved Q3 and 9M FY26 results on January 22, 2026
Shareholder communication via email was completed on January 23, 2026
Communication includes Financial Results, Press Release, and Investor Presentation
Filing covers the performance period ending December 31, 2025

💡 Investors should review the detailed Q3 FY26 investor presentation on the company's website to assess operational performance. No immediate action is required based on this procedural filing.

V-Mart Q3 FY26 Results: PAT Jumps 23% to ₹880 Mn, EBITDA Margins Expand to 18.6%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 22 Jan 2026, 06:23 PM

V-Mart Retail reported a strong Q3 FY26 performance with revenue growing 10% YoY to ₹11,264 Mn, while PAT surged 23% to ₹880 Mn. The company achieved significant margin expansion, with EBITDA rising 22% to ₹2,095 Mn, driven by efficiency gains and a 40% EBITDA jump in the 'Unlimited' segment. A key highlight is the LimeRoad turnaround, where EBITDA losses were slashed by 60% to just ₹26 Mn. The retail footprint expanded to 554 stores, supported by a 15% increase in footfalls to 25 million during the quarter.

Revenue from operations increased 10% YoY to ₹11,264 Mn, with combined Q2-Q3 growth at 15% after adjusting for festive shifts.
EBITDA grew 22% YoY to ₹2,095 Mn with margins improving to 18.6% from 16.7% in the previous year.
LimeRoad losses were reduced by 60% YoY to ₹26 Mn, signaling a successful strategic focus on profitability.
Store network reached 554 stores with 23 new openings in Q3; total footfalls grew 15% to 25 million.
YTD FY26 PAT witnessed a massive 313% growth to ₹1,127 Mn compared to ₹273 Mn in the previous year.

💡 Investors should take note of the significant margin improvement and the narrowing losses at LimeRoad as indicators of operational maturity. The stock remains a strong contender in the value retail space given its successful cluster-based expansion and efficiency-led profit growth.

V-Mart Q3 FY26 Results: PAT Surges 23% to ₹88 Cr, Revenue Up 10%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 22 Jan 2026, 04:59 PM

V-Mart reported a strong Q3 FY26 performance with revenue growing 10% YoY to ₹1,126 Cr despite a festive calendar shift. Profitability showed significant improvement as PAT expanded 23% to ₹88 Cr, while EBITDA margins rose by 190 bps to 18.6%. The company's expansion remains aggressive, adding 23 stores in the quarter to reach a total of 554. On a year-to-date basis, PAT has seen a massive 314% jump to ₹113 Cr, reflecting operational efficiencies and better inventory management.

Revenue from operations increased 10% YoY to ₹1,126 Cr, with combined Q2-Q3 revenue up 15%
PAT grew 23% YoY to ₹88 Cr for Q3, while YTD PAT surged 314% to ₹113 Cr
EBITDA margins expanded by 190 basis points to 18.6% due to cost efficiencies and inventory health
Aggressive expansion continued with 23 new stores added in Q3, bringing the total count to 554
Combined Q2-Q3 same-store sales growth (SSSG) stood at a healthy 5% adjusting for festive timing

💡 The significant margin expansion and strong YTD profit growth suggest a successful operational turnaround. Investors should monitor the performance of new stores and the scalability of the LimeRoad digital platform as key growth drivers.

V-Mart Appoints Sanjay Sarkar as Senior Management Personnel for Supply Chain

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 22 Jan 2026, 04:56 PM

V-Mart Retail Limited has elevated Mr. Sanjay Sarkar to the position of Senior Management Personnel (SMP) effective January 22, 2026. Mr. Sarkar, who previously served as Assistant Vice President of Supply Chain Management, brings over 20 years of experience from major firms like Colgate and Future Group. This appointment is intended to strengthen the company's tech-driven logistics, warehouse automation, and multi-channel distribution networks. The move reflects V-Mart's strategic focus on operational excellence and cost leadership within its retail supply chain.

Appointment of Mr. Sanjay Sarkar as Senior Management Personnel effective January 22, 2026
Mr. Sarkar possesses over 20 years of experience in FMCG and retail logistics with past roles at Colgate and Future Group
Expertise includes leading large-scale multi-channel distribution center build-outs and WMS/TMS automation initiatives
Educational background includes Mechanical Engineering and advanced training in Supply Chain Analytics from IIM Lucknow

💡 No immediate action is required as this is an internal promotion within the senior management tier. Investors should monitor for long-term improvements in supply chain efficiency and margin expansion.

V-Mart Grants 66,260 Performance ESOPs and Allots 19,264 Equity Shares

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 Jan 2026, 04:53 PM

V-Mart Retail Limited has approved the grant of 66,260 performance-linked stock options to eligible employees at an exercise price of Rs. 288 per share. These options are subject to a four-year vesting period based on performance milestones. Simultaneously, the company allotted 19,264 equity shares following the exercise of options by employees under the ESOP Scheme 2020. This allotment has marginally increased the company's total equity share capital to 7,94,58,289 shares.

Grant of 66,260 performance-based stock options at an exercise price of Rs. 288
Vesting period for new grants spans 4 years with an 8-year exercise window
Allotment of 19,264 equity shares of face value Rs. 10 each upon option exercise
Total paid-up equity shares increased from 7,94,39,025 to 7,94,58,289
The actions were approved by the Nomination & Remuneration Committee on January 22, 2026

💡 This is a routine administrative update regarding employee compensation and retention. The resulting equity dilution is negligible (approximately 0.02%), and no immediate investment action is required.

V-Mart Q3 FY26 Net Profit Rises 23% YoY to ₹88 Crore; Revenue Up 10%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 22 Jan 2026, 02:17 PM

V-Mart Retail reported a strong performance for Q3 FY26, with revenue from operations growing 9.7% YoY to ₹1,126.4 crore. Net profit for the quarter surged 22.8% to ₹88 crore compared to ₹71.6 crore in the same period last year. EBITDA saw a healthy increase of 22.2% YoY, reaching ₹209.5 crore, driven by operational efficiencies. The company also accounted for a small exceptional loss of ₹2.11 crore due to the implementation of new Labour Codes.

Revenue from operations increased by 9.7% YoY to ₹1,126.4 crore in Q3 FY26.
Net Profit grew significantly by 22.8% YoY to ₹88 crore.
EBITDA improved to ₹209.5 crore from ₹171.4 crore in the previous year's corresponding quarter.
Digital Market Place segment contributed ₹10.7 crore to the total revenue.
Exceptional charge of ₹2.11 crore recognized for the impact of new Labour Codes.

💡 The strong bottom-line growth and margin improvement suggest a recovery in discretionary spending in Tier 2/3 cities. Investors should monitor the scalability of the Digital Market Place and the impact of the new Labour Codes on future margins.

V-Mart Q3 FY26 Results: Net Profit Rises 23% YoY to ₹88 Crore; Revenue Up 10%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 22 Jan 2026, 02:10 PM

V-Mart Retail reported a strong performance for the quarter ended December 31, 2025, with revenue from operations growing 10% YoY to ₹1,126 crore. Net profit for the quarter increased significantly by 22.8% to ₹88 crore compared to ₹71.6 crore in the same period last year. EBITDA also saw a healthy jump of 22.2% to ₹209.5 crore, reflecting improved operational efficiency. The company recorded a minor exceptional loss of ₹2.11 crore related to the transition to new labour codes.

Revenue from operations grew 9.7% YoY to ₹1,12,638 lakhs in Q3 FY26.
Net Profit increased by 22.8% YoY to ₹8,799 lakhs from ₹7,163 lakhs in the previous year.
EBITDA for the quarter stood at ₹20,950 lakhs, up from ₹17,137 lakhs in Q3 FY25.
Basic EPS improved to ₹11.08 compared to ₹9.04 in the corresponding previous quarter.
Digital Marketplace segment contributed ₹1,067 lakhs to the total revenue for the quarter.

💡 The strong double-digit growth in profit and healthy EBITDA margins suggest efficient operational scaling during the peak festive quarter. Investors should maintain a positive outlook while monitoring the growth of the Digital Marketplace and the impact of store expansions on the balance sheet.

V-Mart Retail Faces ₹10 Lakh Penalty for Unauthorized Banners in Bihar

🔴 NEGATIVE ⭐ 3/10

REGULATORY 📅 21 Jan 2026, 10:42 AM

V-Mart Retail Limited has been served a statutory order by the Municipal Council of Banka, Bihar, imposing a penalty of ₹10 lakh. The penalty is attributed to the unauthorized installation of 200 promotional flex banners on electric poles within the city limits without prior permission. The company received the communication on January 20, 2026, and has expressed its intention to protest and appeal the order. While the financial impact is minimal relative to the company's overall revenue, it highlights local-level regulatory compliance risks.

Penalty of ₹10,00,000 imposed by the Office of the Municipal Council, Banka, Bihar.
Violation involves the unauthorized installation of 200 promotional flex banners on electric poles.
Order issued under the provisions of the Bihar Municipal Act, 2007.
V-Mart plans to contest the order and file an appeal against the penalty imposition.

💡 The financial impact of ₹10 lakh is immaterial for a company of V-Mart's scale; investors should treat this as a routine regulatory matter. No immediate portfolio action is required based on this specific local compliance issue.

V-Mart to Hold Q3 FY26 Earnings Conference Call on January 23, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 16 Jan 2026, 02:57 PM

V-Mart Retail Limited has scheduled a conference call for analysts and investors on Friday, January 23, 2026, at 10:00 A.M. IST. The call is intended to discuss the company's financial and corporate performance for the third quarter and the nine-month period ending December 31, 2025. This is a routine regulatory filing under SEBI (LODR) Regulations, 2015. Investors will be looking for management commentary on festive season demand and expansion strategies.

Conference call scheduled for January 23, 2026, at 10:00 A.M. IST
Focus on Q3 and nine-month performance ending December 31, 2025
Compliance with Regulation 30 of SEBI (LODR) Regulations, 2015
Information to be hosted on the company's official website www.vmart.co.in

💡 Investors should track the upcoming earnings release and participate in the call to understand the impact of the festive and wedding seasons on retail margins. No immediate action is required based on this scheduling notice.

V-Mart Retail Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Jan 2026, 11:00 AM

V-Mart Retail Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by its Registrar and Transfer Agent (RTA) KFin Technologies Limited, covers the period from October 1, 2025, to December 31, 2025. It confirms that all requests for dematerialization and rematerialization of securities were processed and the details were furnished to the stock exchanges. This is a standard administrative filing required to maintain the integrity of electronic shareholding records.

Compliance certificate submitted for the quarter ended December 31, 2025.
Issued by KFin Technologies Limited, the company's Registrar and Transfer Agent.
Confirms adherence to SEBI (Depositories and Participants) Regulations, 2018.
Covers reporting requirements for both NSDL and CDSL depositories.
Filed with both National Stock Exchange (NSE) and BSE Limited.

💡 No action is required from investors as this is a routine regulatory filing with no impact on company fundamentals or stock valuation.

V-Mart Q3FY26 Revenue Grows 10% YoY to Rs 1,126 Cr; Flat SSSG Due to Festive Shift

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 02 Jan 2026, 04:03 PM

V-Mart Retail reported a 10% YoY increase in revenue for Q3FY26, reaching Rs 1,126 Crores. Same Store Sales Growth (SSSG) was flat at 0% for the V-Mart brand and +2% for Unlimited, primarily due to the shift of Durga Puja sales into the previous quarter (Q2). However, on a combined Q2 and Q3 basis to normalize festive timing, the company achieved a healthier SSSG of +5% and total revenue growth of +15%. The company also maintained an aggressive expansion pace, opening 23 new stores during the quarter to reach a total of 554 stores.

Total revenue from operations grew 10% YoY to Rs 1,126 Crores in Q3FY26.
SSSG remained flat at 0% for V-Mart and +2% for Unlimited due to the Durga Puja timing shift.
Combined Q2 and Q3 performance shows a robust +5% SSSG and +15% total revenue growth.
Opened 23 new stores and closed 2 in Q3, bringing the total operating portfolio to 554 stores.
Year-to-date (YTD) store additions stand at 63, reflecting significant geographic expansion across 11 states.

💡 Investors should look past the flat quarterly SSSG and focus on the normalized +5% growth over H2 so far, which indicates steady demand. Monitor the upcoming full earnings report for impact on margins given the rapid pace of new store openings.

V-Mart Retail to Close Trading Window from Jan 1, 2026, for Q3 FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 22 Dec 2025, 11:37 AM

V-Mart Retail Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI Insider Trading regulations. This closure precedes the announcement of the company's financial results for the third quarter and nine months ending December 31, 2025. The restriction applies to all designated persons and their immediate relatives to prevent insider trading. The window will remain closed until 48 hours after the financial results are officially declared to the stock exchanges.

Trading window closure starts from Thursday, January 1, 2026
Closure pertains to financial results for the quarter and nine months ending December 31, 2025
Window will reopen 48 hours after the official declaration of financial results
Restriction applies to all Designated Persons and their immediate relatives as per SEBI regulations

💡 This is a routine regulatory announcement with no direct impact on stock fundamentals. Investors should watch for the upcoming board meeting date announcement to know when Q3 results will be released.

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.