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Stock Analysis

Description

V-Mart Retail is a value retail chain operating across India, primarily targeting Tier II, III, and IV cities with apparel and other consumer goods.

Key Growth Triggers

Continued store expansion in Tier II and III cities.
Focus on value fashion appealing to a broad customer base.
Omni-channel strategy to enhance customer reach and sales.
Improving consumer sentiment and disposable incomes.

Order Book

Currently no data available for Order Book.

Key Red Flags

Stock trading at a high P/E ratio of 53.8.
Debt-to-equity ratio of 0.95, indicating significant leverage.

Key Dates To Watch

January 23, 2026: Conference call to discuss Q3 FY26 and nine-month results.

Corporate Announcements

1st Apr 26

Impact Rating: 9

V-Mart Retail reported a strong Q4 FY26 with total revenue at ₹971 Crores, a 24% year-on-year increase. Same store sales grew 12%, and 29 new stores were opened.

24th Mar 26

Impact Rating: 5

V-Mart Retail is implementing a trading window closure starting April 1, 2026. This restriction lasts until 48 hours post-announcement of Q4 and full fiscal year financial results.

23rd Mar 26

Impact Rating: 6

V-Mart Retail announced Promoter and Director Lalit Agarwal acquired 69,120 equity shares via market purchase. His total holding now stands at 10,10,408 shares, representing 1.27% of the company's equity.

5th Mar 26

Impact Rating: 6

V-Mart Retail Limited will conduct a one-on-one investor and analyst meeting with Amansa Capital on March 17, 2026. The meeting is scheduled to take place in person in Gurugram from 10:00 to 11:00 AM IST.

19th Feb 26

Impact Rating: 6

V-Mart Retail Limited honoured with ICAI's Silver Shield for outstanding financial reporting practices in FY 2024-25, reinforcing its commitment to transparency.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Avenue Super.	3837.50	91.41	249718.79	0.00	684.85	3.86	16676.30	15.45	17.95	63880.41	7.33	2732.60	685.01	10.97	11.86	0.07
2.	Vishal Mega Mart	131.25	83.33	61333.15	0.00	152.31	46.47	2981.49	22.38	13.10	11805.64	14.53	736.21	152.31	8.93	6.58	0.27
3.	V-Mart Retail	682.15	53.76	5418.93	0.00	-8.87	84.30	806.87	22.07	8.50	3498.90	12.50	100.75	-8.87	6.49	0.91	0.95
4.	Shoppers Stop	379.80	256.25	4182.06	0.00	-20.11	-8.23	1256.62	12.71	7.96	4861.17	15.58	16.32	-20.11	14.53	0.19	11.56
5.	Electronics Mart	99.65	41.99	3834.02	0.00	16.14	-73.13	1590.97	19.14	10.35	6879.43	5.79	91.23	6.29	2.42	4.75	1.26
6.	Patel Retail	200.25	22.66	668.85	0.00	10.14	73.33	222.44	13.88	17.33	820.68	7.11	25.25	10.14	1.81	7.05	0.34
7.	Spencer's Retail	41.33	–	372.50	0.00	-63.79	26.83	445.15	-14.07	-9.72	1789.83	-0.55	-241.15	-63.79	–	-17.76	–
–	Median: 10 Co.	146.45	41.99	2251.43	0.0	5.14	36.65	626.01	14.66	13.91	2644.36	7.22	23.96	5.14	3.77	4.23	0.4

Quarterly Results

Standalone figures in ₹ crores

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	776.88	889.05	1,026.73	678.52	786.08	885.22	593.91	668.60	780.08	506.16	549.43	660.97	806.87
Expenses	673.19	769.36	855.36	626.06	687.10	759.05	570.99	628.37	711.94	452.57	548.76	622.35	735.36
Operating Profit	103.69	119.69	171.37	52.46	98.98	126.17	22.92	40.23	68.14	53.59	0.67	38.62	71.51
Other Income	0.70	13.03	3.38	1.51	4.64	2.93	7.53	4.43	26.51	2.65	1.99	1.77	3.43
Profit before tax	26.42	36.88	69.74	-28.96	9.32	42.94	-51.58	-51.99	22.89	-15.68	-86.42	-57.99	-13.61
Tax %	24.38%	23.45%	-2.71%	-24.24%	-30.26%	21.75%	-28.32%	-25.14%	19.13%	-27.87%	-25.80%	-2.55%	-34.83%
Net Profit	19.97	28.23	71.63	-21.94	12.14	33.60	-36.96	-38.92	18.51	-11.31	-64.12	-56.51	-8.87
EPS in Rs	2.52	3.57	9.04	-2.77	1.53	4.23	-4.67	-4.92	2.34	-1.43	-8.11	-7.14	-1.12

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	575	720	809	1,002	1,222	1,434	1,662	1,075	1,666	2,465	2,786	3,254	3,499
Expenses	523	657	747	917	1,090	1,301	1,448	944	1,462	2,196	2,570	2,874	3,062
Operating Profit	52	64	62	85	133	133	214	131	204	269	215	380	437
Other Income	1	0	2	4	4	-4	4	21	14	15	19	34	36
Interest	4	4	3	4	2	2	55	59	77	117	142	136	96
Depreciation	11	5	19	19	23	28	94	103	131	180	222	233	256
Profit before tax	38	55	42	67	112	100	70	-10	10	-13	-130	44	122
Net Profit	25	37	28	44	78	62	49	-6	12	-8	-97	46	115
EPS in Rs	3.50	5.18	3.82	6.07	10.73	8.50	6.80	-0.79	1.47	-0.99	-12.23	5.78	14.49
Dividend Payout %	7%	7%	8%	5%	5%	5%	0%	0%	13%	0%	0%	0%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	18	18	18	18	18	18	18	20	20	20	20	20	79
Reserves	152	187	213	252	329	391	441	806	830	829	727	790	766
Borrowings	44	31	27	36	1	0	517	568	902	1,332	1,391	783	801
Other Liabilities	80	93	126	185	202	222	248	234	348	562	707	844	979
Total Liabilities	294	329	383	491	550	632	1,224	1,627	2,099	2,743	2,845	2,436	2,626
Fixed Assets	70	98	110	117	145	165	667	697	1,111	1,445	1,661	1,039	1,152
Gross Block	109.61	142.11	173.34	134.91	184.95	229.57	759.52	820.41	1,271.58	1,652.21	1,926.98	1,379.35	–
Accumulated Depreciation	39.65	44.05	63.04	17.61	40.20	64.07	92.47	123.87	160.61	206.75	266.24	340.83	–
CWIP	1	1	2	1	4	4	2	2	6	109	4	4	12
Investments	34	22	32	72	34	61	8	319	125	9	5	5	5
Other Assets	188	208	238	300	368	402	546	609	857	1,179	1,176	1,388	1,457
Total Assets	294	329	383	491	550	632	1,224	1,627	2,099	2,743	2,845	2,436	2,626

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	11	40	46	69	58	76	86	149	-11	177	386	349
Cash from Investing Activity	-27	-19	-37	-73	-8	-73	1	-419	124	-159	-118	-122
Cash from Financing Activity	2	-20	-10	5	-38	-4	-94	287	-104	-33	-259	-215
Net Cash Flow	-14	1	-1	1	11	-1	-8	17	8	-15	9	12

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	0	0	0	0	0	0	0	0	0	0	0	0
Inventory Days	154	132	131	140	135	124	155	216	224	199	163	169
Days Payable	60	54	61	83	73	56	64	97	97	112	127	131
Cash Conversion Cycle	95	78	70	57	62	68	91	119	126	87	36	39
Working Capital Days	32	37	32	22	38	36	41	94	76	38	14	1
ROCE %	21%	26%	18%	25%	35%	29%	18%	4%	5%	5%	1%	8%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	45.78%	44.34%	44.34%	44.34%	44.34%	44.34%	44.34%	44.32%	44.29%	44.28%	44.19%	44.18%
FIIs	11.18%	14.17%	14.82%	14.28%	14.32%	15.32%	15.46%	16.02%	17.32%	17.48%	18.29%	17.46%
DIIs	32.67%	31.82%	30.97%	32.64%	34.00%	33.99%	32.62%	32.79%	32.45%	32.93%	31.51%	32.11%
Public	10.36%	9.67%	9.86%	8.75%	7.35%	6.37%	7.59%	6.89%	5.94%	5.33%	6.02%	6.26%