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VMM - Vishal Mega Mart

📊 NSE: VMM 🏢 Trading 📅 Last Updated: 12/14/2025 15:10

📢 Recent Corporate Announcements

Vishal Mega Mart VP Legal Resigns; General Counsel Sambit Swain to Lead Compliance

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 12 Mar 2026, 01:25 PM

Vishal Mega Mart Limited (VMM) has announced that Mr. Kuldeep Sharma, Vice President – Legal & Compliance, has been relieved from his duties effective March 11, 2026. The resignation was originally tendered in July 2025 for personal reasons, allowing for a long transition period. Mr. Sambit Swain, who was appointed as General Counsel in November 2025, will now oversee the legal and compliance functions. Mr. Swain brings over 16 years of experience from reputable organizations including Coca-Cola India, McKinsey, and Reckitt Benckiser.

Mr. Kuldeep Sharma resigned as VP - Legal & Compliance effective March 11, 2026.
Mr. Sambit Swain, General Counsel, will now lead the legal and compliance functions.
The successor, Sambit Swain, has over 16 years of experience in corporate law and regulatory affairs.
The resignation was tendered on July 23, 2025, indicating a planned and orderly leadership transition.

💡 This is a routine senior management transition with an experienced successor already in place; no immediate impact on stock performance is expected. Investors should monitor if there are further high-level exits in the coming quarters.

Vishal Mega Mart Allots 1.15 Lakh Equity Shares Under ESOP 2019

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Mar 2026, 09:54 AM

Vishal Mega Mart Limited has allotted 1,15,000 equity shares to eligible employees following the exercise of stock options under its 2019 ESOP plan. The allotment was executed at two exercise prices: 16,500 shares at ₹18.07 and 98,500 shares at ₹65 per share. This transaction has resulted in the company realizing approximately ₹67 lakh in cash. Given the company's massive total share base of over 4.67 billion shares, the resulting equity dilution is negligible.

Allotment of 1,15,000 equity shares of face value ₹10 each upon exercise of stock options.
Exercise prices fixed at ₹18.07 for 16,500 shares and ₹65 for 98,500 shares.
Total money realized by the company from this exercise amounts to ₹67,00,655.
Post-allotment, the total paid-up share capital increased to 4,67,31,17,806 equity shares.
The new shares rank pari-passu with existing equity shares, including dividend entitlements.

💡 This is a routine administrative allotment with insignificant impact on share value or ownership percentage; no action is required.

Vishal Mega Mart Appoints Vineet Saksena as Senior VP - FMCG; Brings 20+ Years Experience

🟢 POSITIVE ⭐ 5/10

MANAGEMENT 📅 03 Mar 2026, 01:05 PM

Vishal Mega Mart Limited has appointed Mr. Vineet Saksena as Senior Vice President - FMCG and Senior Management Personnel effective March 03, 2026. Mr. Saksena brings over 20 years of strategic experience in the retail and FMCG sectors, having previously served as Chief Growth Officer at Metro Wholesale. His career includes leadership roles at major firms like Reliance Retail, Walmart India, and Hindustan Unilever Limited. This appointment is expected to strengthen the company's FMCG vertical, which is a critical segment for retail growth and margin expansion.

Appointment of Mr. Vineet Saksena as Senior Vice President - FMCG effective from March 03, 2026.
The appointee possesses over 20 years of deep operating and strategic experience across retail and consumer goods.
Previous leadership roles held at Metro Wholesale (Chief Growth Officer), Reliance Retail, Walmart India, and Hindustan Unilever Limited.
Educational credentials include a PGDBM and completion of the 3T Senior Management Program from IIM Ahmedabad.

💡 This is a positive development as the company adds a seasoned leader to its core FMCG business. Investors should monitor how this leadership change impacts the company's FMCG segment growth and operational efficiency over the coming quarters.

Vishal Mega Mart Subsidiary Fined ₹1 Lakh for Food Safety Violation

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 19 Feb 2026, 05:45 PM

Vishal Mega Mart's subsidiary, Airplaza Retail Holdings Private Limited, has been penalized ₹1,00,000 by the Adjudicating Officer in Rewari. The penalty follows a violation of the Food Safety and Standards Act, 2006, regarding a 'Maida' sample collected during an inspection in September 2024. The company has clarified that there is no material impact on operations and the financial impact is limited to the fine amount. Furthermore, the company intends to recover the penalty from the third-party manufacturer of the product.

Penalty of ₹1,00,000 imposed on subsidiary Airplaza Retail Holdings Private Limited
Violation pertains to the Food Safety and Standards Act, 2006, involving a 'Maida' sample
Inspection and sample collection were conducted by the Food Safety Officer on September 20, 2024
Company states the penalty will be recovered from the concerned third-party manufacturer
No material impact on the overall operations or financial activities of the listed entity

💡 No immediate action is required as the financial impact is negligible. Investors should treat this as a routine regulatory disclosure with no bearing on the company's long-term fundamentals.

Vishal Mega Mart to Attend Investor Conferences in Mumbai on Feb 23-24, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 16 Feb 2026, 03:47 PM

Vishal Mega Mart Limited (VMM) has announced its participation in two major investor conferences in Mumbai. On February 23, 2026, the company will attend the Kotak Chasing Growth 2026 conference, followed by IIFL's 17th Enterprising India Global Investors' Conference on February 24, 2026. Both events will feature one-on-one and group meetings starting from 10:00 AM IST. The company has explicitly stated that no unpublished price sensitive information will be shared during these sessions.

Scheduled to attend Kotak Chasing Growth 2026 conference on February 23, 2026
Participation in IIFL's 17th Enterprising India Global Investors' Conference on February 24, 2026
Meetings will be held in Mumbai starting from 10:00 AM IST onwards
Interaction format includes both one-on-one and group meetings with institutional investors
Company confirmed that no unpublished price sensitive information (UPSI) will be disclosed

💡 Investors should monitor for any investor presentations or transcripts released after the conferences for insights into the company's growth outlook. This is a routine disclosure and does not require immediate portfolio adjustments.

Vishal Mega Mart Releases Q3 & 9M FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 28 Jan 2026, 03:16 PM

Vishal Mega Mart Limited has officially released the audio recording of its earnings conference call held on January 28, 2026. The call focused on the company's financial performance for the third quarter and the nine-month period ending December 31, 2025. This disclosure is part of the mandatory regulatory compliance under SEBI LODR Regulations. Investors can now access management's detailed commentary and responses to analyst queries via the company's website.

Audio recording of the Q3 and 9M FY26 earnings call is now available for public access.
The conference call was conducted on January 28, 2026, following the quarterly results.
Filing made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements).
Recording link is hosted on the official corporate website under the resources section.

💡 Investors should listen to the recording to understand management's outlook on store expansion and consumer demand trends. It provides essential qualitative context to the reported financial numbers for Q3 FY26.

Vishal Mega Mart Q3FY26 Revenue Up 17% YoY to ₹3,670 Cr; Net Profit Rises 17.5%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 27 Jan 2026, 08:17 PM

Vishal Mega Mart reported a strong Q3FY26 with revenue growing 17% YoY to ₹36,704 million, driven by a 9.6% adjusted SSSG and steady store expansion. Adjusted PAT for the quarter rose 17.5% to ₹3,235 million, maintaining a healthy margin of 8.8%. The company added 29 net new stores in Q3, bringing the total count to 771 across 517 cities. High loyalty program penetration, contributing 95% of revenue, and an expanding quick commerce footprint through 723 stores remain key growth drivers.

Revenue from operations grew 17% YoY to ₹36,704 million in Q3FY26, with 9MFY26 revenue up 19.9% to ₹97,922 million.
Adjusted EBITDA (pre-INDAS 116 & ESOP) increased 18.8% YoY to ₹4,685 million with margins improving to 12.8%.
Net store additions stood at 29 for the quarter and 75 for the nine-month period, reaching a total of 771 stores across 30 States/UTs.
Adjusted SSSG remained robust at 9.6% for Q3FY26, while the 9MFY26 SSSG stood at 10.3%.
Loyalty program reached ~163 million registered customers, contributing ~95% of total revenue in Q3FY26.

💡 Investors should monitor the company's ability to maintain high SSSG and margin expansion as it scales its store network in Tier II and III cities. The strong loyalty base and quick commerce integration provide a competitive edge in the value retail segment.

Vishal Mega Mart Q3FY26 PAT Up 19.1% to ₹3,129 Mn; 9M Revenue Nears ₹100 Billion

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 27 Jan 2026, 08:12 PM

Vishal Mega Mart reported a strong Q3FY26 with revenue growing 17% YoY to ₹36,704 million and PAT increasing 19.1% to ₹3,129 million. The company maintained robust operational efficiency with an EBITDA margin of 16.5% and an adjusted Same Store Sales Growth (SSSG) of 9.6%. For the nine-month period (9MFY26), PAT surged by 29.9% YoY, driven by aggressive expansion and a high contribution from own brands at 74.5%. The company added 80 gross stores in 9MFY26, expanding its footprint to 771 stores across 517 cities.

Revenue for Q3FY26 grew 17.0% YoY to ₹36,704 million, while 9MFY26 revenue rose 19.9% to ₹97,922 million.
Net Profit (PAT) for 9MFY26 increased by 29.9% YoY to ₹6,713 million, reflecting strong operating leverage.
Adjusted SSSG remained healthy at 10.3% for 9MFY26, despite shifts in festive demand timing.
Aggressive expansion continued with 80 gross store additions in 9MFY26, bringing the total retail area to 13.15 million sq. ft.
Quick commerce reach expanded significantly, now serving 485 cities through 723 stores with 11.9 million registered users.

💡 The company's strong SSSG and aggressive store rollout indicate robust growth momentum in the value retail segment. Investors should monitor the scaling of the quick commerce initiative and the impact of own-brand margins on long-term profitability.

Vishal Mega Mart Q3 FY26 Consolidated PAT Jumps 19% YoY to ₹3,129 Million

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 27 Jan 2026, 07:45 PM

Vishal Mega Mart reported a strong performance for the quarter ended December 31, 2025, with consolidated revenue growing 17% YoY to ₹36,704.11 million. Net profit for the quarter rose 19.1% YoY to ₹3,129.23 million, reflecting strong festive season demand and operational efficiency. On a sequential basis, the company showed significant momentum as PAT more than doubled from ₹1,523.12 million in Q2 FY26. For the nine-month period, the company has already surpassed ₹97,922 million in revenue, marking a 19.8% growth over the previous year.

Consolidated Revenue from operations increased 17.04% YoY to ₹36,704.11 million.
Net Profit (PAT) for Q3 FY26 stood at ₹3,129.23 million compared to ₹2,627.18 million in Q3 FY25.
Nine-month FY26 PAT reached ₹6,713.08 million, a significant 29.8% growth over 9M FY25.
Basic EPS for the quarter improved to ₹0.67 from ₹0.58 in the corresponding quarter last year.
Consolidated Profit Before Tax (PBT) for the quarter rose to ₹4,193.80 million, up 19.17% YoY.

💡 The robust double-digit growth in both top-line and bottom-line during the festive quarter confirms strong market positioning. Investors should maintain a positive outlook while monitoring the company's ability to maintain these margins outside of peak seasonal periods.

Vishal Mega Mart Q3 FY26 PAT Jumps 19% YoY to ₹312.9 Crore; Revenue Up 17%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 27 Jan 2026, 07:44 PM

Vishal Mega Mart Limited reported a strong performance for the quarter ended December 31, 2025, with consolidated revenue growing 17% YoY to ₹36,704.11 million. Net profit for the quarter rose 19% YoY to ₹3,129.23 million, significantly outperforming the previous quarter's profit of ₹1,523.12 million due to festive season demand. For the nine-month period, the company has achieved a PAT of ₹6,713.08 million, a substantial 29.8% increase over the ₹5,168.55 million recorded in the same period last year. The company maintains a healthy balance sheet with a steady increase in basic EPS to ₹0.67.

Consolidated Revenue from operations increased 17.04% YoY to ₹36,704.11 million in Q3 FY26.
Net Profit (PAT) for the quarter stood at ₹3,129.23 million compared to ₹2,627.18 million in Q3 FY25.
Nine-month (9M FY26) PAT grew by 29.8% YoY to reach ₹6,713.08 million.
Total income for the quarter rose to ₹36,950.04 million, including other income of ₹245.93 million.
Basic Earnings Per Share (EPS) for the quarter improved to ₹0.67 from ₹0.58 in the year-ago period.

💡 Investors should view these results positively as they demonstrate strong execution and scalability during the peak festive quarter. The significant YoY and sequential growth in profitability suggests strong operational leverage, making it a solid hold for long-term retail sector exposure.

Vishal Mega Mart Schedules Q3FY26 Earnings Conference Call for January 28, 2026

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 21 Jan 2026, 03:44 PM

Vishal Mega Mart Limited (VMM) has announced its earnings conference call to discuss financial results for the quarter and nine months ended December 31, 2025. The call is scheduled for Wednesday, January 28, 2026, at 12:00 PM IST. Senior leadership, including the MD & CEO Gunender Kapur and CFO Amit Gupta, will be present to address investor queries. This is a standard regulatory notification following SEBI listing obligations to ensure transparency regarding performance discussions.

Earnings conference call scheduled for January 28, 2026, at 12:00 Noon IST.
Agenda focuses on financial performance for Q3FY26 and 9MFY26 periods.
Management representation includes MD & CEO Gunender Kapur and CFO Amit Gupta.
Universal access dial-in numbers provided are +91 22 6280 1309 and +91 22 7115 8210.
Diamond Pass registration link is available for participants to bypass the operator queue.

💡 Investors should monitor the actual earnings release prior to the call and listen to management commentary for insights on retail demand and margin sustainability. No immediate action is required as this is a routine scheduling announcement.

Vishal Mega Mart VP Supply Chain S Raamesh Resigns Effective Jan 09, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 09 Jan 2026, 06:13 PM

Vishal Mega Mart Limited (VMM) has announced the resignation of Mr. S Raamesh, the Vice President of Supply Chain and a member of the Senior Management Personnel. The resignation, cited for personal reasons, is effective from the close of business hours on January 09, 2026. Mr. Raamesh had submitted his resignation on September 16, 2025, providing a notice period of nearly four months to ensure a smooth transition. The company has not yet announced a replacement for this key operational role.

Mr. S Raamesh resigned as Vice President - Supply Chain effective January 09, 2026
The resignation was submitted on September 16, 2025, allowing for a transition period of over 3 months
The departure is categorized under Senior Management Personnel changes as per SEBI regulations
Resignation is attributed to personal reasons with no reported disagreements

💡 Investors should monitor the company's next appointment for the Supply Chain head role to ensure operational continuity in its retail business. No immediate impact on stock performance is expected from this routine senior management exit.

Vishal Mega Mart Reports Zero Demat Requests for Quarter Ended December 31, 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jan 2026, 04:12 PM

Vishal Mega Mart Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The report, issued by KFin Technologies Limited, confirms that no security certificates were received for dematerialization or rematerialization during the quarter ended December 31, 2025. This is a standard procedural filing required for all listed companies to ensure the integrity of shareholding records. The filing indicates no movement between physical and electronic share formats during this period.

Compliance certificate submitted for the quarter ended December 31, 2025
KFin Technologies Limited confirmed zero security certificates were received for dematerialization
The filing is in accordance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
Confirms no rematerialization requests were processed during the three-month period

💡 This is a routine regulatory filing with no impact on company fundamentals. No action is required from investors based on this administrative update.

Vishal Mega Mart Subsidiary Receives GST Demand of ₹17.94 Lakh

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 29 Dec 2025, 04:51 PM

Vishal Mega Mart Limited has disclosed that its subsidiary, Airplaza Retail Holdings Private Limited, received a tax order from the CGST Delhi South Commissionerate. The order, issued under Section 73 of the CGST Act, 2017, pertains to alleged excess Input Tax Credit (ITC) availed during FY 2021-22. The total demand is ₹17,94,385, which includes a tax demand of ₹16,31,259 and a penalty of ₹1,63,126. The company has clarified that this order has no material impact on its operations or other activities.

Subsidiary Airplaza Retail Holdings received a GST order for FY 2021-22 on December 29, 2025.
Total financial impact amounts to ₹17,94,385 including tax and penalty.
The order alleges excess Input Tax Credit (ITC) was availed or utilized by the subsidiary.
Management states there is no material impact on the company's operations or financial health.
The subsidiary is currently reviewing the order and evaluating further legal steps.

💡 This is a minor regulatory matter with negligible financial impact on the company's overall valuation. No immediate action is required from investors.

Vishal Mega Mart to Close Trading Window from Jan 1, 2026, for Q3 FY26 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Dec 2025, 11:06 AM

Vishal Mega Mart Limited (VMM) has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the declaration of financial results for the quarter and nine-month period ending December 31, 2025. The restriction applies to all designated persons and their immediate relatives until 48 hours after the results are made public. This is a standard regulatory procedure for listed companies to prevent insider trading during the results preparation period.

Trading window closure effective from Thursday, January 01, 2026.
Closure relates to financial results for the quarter and nine months ending December 31, 2025.
Window to remain closed until 48 hours after the board meeting and results declaration.
Strict prohibition on trading for Designated Persons and their immediate relatives during this period.
Board meeting date for results approval to be communicated in due course.

💡 No action is required as this is a routine regulatory filing. Investors should look out for the upcoming board meeting date to assess the company's Q3 FY26 performance.

View All VMM Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Revenue from operations grew 20.2% YoY to INR 1,07,163 million in FY25. Segmental contributions were: Apparel at 43.9% (INR 47,046.56 million), Fast-Moving Consumer Goods (FMCG) at 27.75% (INR 29,737.71 million), and General Merchandise at 28.2% (INR 30,221.71 million). H1 FY26 revenue grew 21.6% YoY to INR 61,218 million.

Geographic Revenue Split

As of Q2 FY26, the revenue split by region was: North India at 37.6%, East India at 31.6%, West India at 22.6%, and South India at 8.2%. The company operates a central distribution hub in North India to support this regional concentration.

Profitability Margins

Gross margin improved to 28.49% in FY25 from 27.67% in FY24. Profit After Tax (PAT) margin increased to 5.9% (INR 6,320 million) in FY25 from 5.18% (INR 4,619 million) in FY24. H1 FY26 PAT margin stood at 5.9%, a 41% YoY growth in absolute profit to INR 3,584 million.

EBITDA Margin

Reported EBITDA margin was 14.3% in FY25 (INR 15,302 million), up from 14.0% YoY. Adjusted EBITDA (pre-Ind AS 116 and pre-ESOP) margin was 9.6% (INR 10,333 million), reflecting a 38.7% growth. H1 FY26 EBITDA margin was 13.9% (INR 8,537 million).

Capital Expenditure

While specific total CAPEX was not disclosed, the company expanded its store network by 13.9%, growing from 611 stores to 696 stores in FY25, and increased total retail space to 12.16 million sq. ft.

Credit Rating & Borrowing

Finance costs for FY25 were INR 1,492 million, a 4% increase from INR 1,435 million in FY24, primarily driven by lease liabilities under Ind AS 116.

⚙️ Operational Drivers

Raw Materials

The company's Cost of Goods Sold (COGS) represents 71.5% of revenue (INR 76,636 million), consisting of finished goods in Apparel, FMCG, and General Merchandise categories.

Import Sources

Sourcing is primarily domestic, managed through a central distribution centre in North India and a geographically diverse supplier ecosystem across India.

Key Suppliers

VMM relies on a robust ecosystem of third-party contract manufacturers and vendors for 100% of its own-brand products, though specific company names are not disclosed.

Capacity Expansion

Current capacity is 696 stores covering 12.16 million sq. ft. as of March 31, 2025. The company added 85 stores in FY25 and continues an 'accelerated new store opening' strategy in FY26.

Raw Material Costs

COGS was INR 76,636 million in FY25, representing 71.5% of revenue, compared to 72.3% in FY24, indicating improved sourcing efficiency.

Manufacturing Efficiency

Average store size decreased slightly to 17,474 sq. ft. in FY25 from 18,011 sq. ft. in FY24, reflecting a shift toward more optimized store formats in Tier-2 cities.

Logistics & Distribution

Not disclosed as a separate percentage, but included within 'Other Expenses' which totaled INR 8,820 million (8.2% of revenue) in FY25.

📈 Strategic Growth

Expected Growth Rate

21.60%

Growth Strategy

Growth is driven by a three-pronged strategy: expanding the store network (696 stores currently), maintaining double-digit Adjusted SSSG (12.3% in FY25), and increasing the revenue share of high-margin own brands (currently 73.15%). The company reinvests operating leverage gains to maintain price parity and drive volume growth.

Products & Services

Retail sales of Apparel, Fast-Moving Consumer Goods (FMCG), and General Merchandise through physical stores and omni-channel platforms.

Brand Portfolio

Vishal Mega Mart (Own brands contribute 73.15% of total revenue, amounting to INR 78,385.79 million).

New Products/Services

Continuous expansion of the own-brand portfolio, which grew its revenue contribution from 71.81% to 73.15% YoY.

Market Expansion

Aggressive focus on Tier-2 cities and beyond, which house 504 stores (72.4% of total stores) compared to 192 stores in Tier-1 cities.

Market Share & Ranking

Not disclosed, but the company identifies as a leader in the value retail segment with 696 stores.

🌍 External Factors

Industry Trends

The industry is shifting toward omni-channel ecosystems and value retail penetration in smaller towns; VMM is positioning itself with 504 stores in Tier-2+ cities and a growing digital platform.

Competitive Landscape

Faces intense market competition from both organized value retailers and unorganized local players.

Competitive Moat

Sustainable moat built on cost leadership via a 73%+ own-brand mix and an extensive, hard-to-replicate physical footprint of 696 stores in value-conscious markets.

Macro Economic Sensitivity

High sensitivity to domestic economic conditions and government regulations, which can impact consumer budgets and operational costs.

Consumer Behavior

Shift toward higher price points within the value segment and increasing preference for own-brand affordability.

Geopolitical Risks

Supply chain disruptions and market volatilities are identified as key risks to organizational stability.

⚖️ Regulatory & Governance

Industry Regulations

Subject to the Companies Act 2013, SEBI ESOP Regulations, and GST laws. Compliance is monitored through an internal audit program and secretarial audits.

Environmental Compliance

The company obtained third-party independent assurance for its Business Responsibility and Sustainability Reporting (BRSR) Core from GT Bharat LLP.

Taxation Policy Impact

The company faces a tax demand of INR 13.48 crore (including tax, interest, and penalty) for FY 2018-19 to 2022-23 due to alleged excess Input Tax Credit availing.

Legal Contingencies

Pending insolvency application at NCLT Chandigarh filed by MA Sales Corporation for an alleged default of INR 2.58 crore. Also facing a GST demand of INR 13.48 crore.

⚠️ Risk Analysis

Key Uncertainties

Total reliance on third-party vendors for own-brand manufacturing (73% of revenue) poses a significant risk to quality control and supply continuity.

Geographic Concentration Risk

69.2% of revenue is concentrated in North and East India, making the company vulnerable to regional economic or weather-related disruptions.

Third Party Dependencies

100% dependency on third-party contract manufacturers for own-brand products.

Technology Obsolescence Risk

Investing in advanced technological solutions to integrate offline stores with digital platforms to mitigate the risk of being left behind by e-commerce competitors.