Vishal Mega Mart logo

Vishal Mega Mart

VMM NSE

Key Fundamentals

MidcapDiversified RetailRetail
Market Cap
₹46,834 Cr
Volatility
Moderate
P/E Ratio
52.09
EBITDA
₹1,970 Cr
Return on Equity
11.32%
Debt to Equity
0.27
Book Value
₹15.85
52W High
₹152.18
52W Low
₹98

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has delivered good profit growth of 48.0% CAGR over last 5 years

Weaknesses

3
  • Stock is trading at 6.27 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has a low return on equity of 10.5% over last 3 years.

Growth Rate

Revenue Growth
20.58% higher than 3Y
Net Income Growth
32.78% lower than 3Y
Cash Flow Change
15.88% lower than 3Y
ROE
14.69% higher than 3Y
ROCE
12.12% lower than 3Y
EBITDA Margin (Avg.)
2.85% lower than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk medium

Vishal Mega Mart is a value retailer with a market capitalisation of about ₹48,980 crore. It trades at a P/E of 55.4x and a P/B of 6.64x. The company has grown sales at a 24% CAGR and profit at a 48% CAGR over 5 years, and FY26 revenue was ₹12,906 crore (+20.4% YoY) with PAT up 32.8%. Against this, return on equity has been modest at about 11-12%, the company pays no dividend, and the stock is down 28% over the past year.

Bull Case 8
  • Profit has compounded at 48% CAGR over 5 years and 39% over 3 years, with TTM profit growth at 30%. Profits are growing well ahead of sales (24% 5-year sales CAGR), which points to operating leverage.
  • FY26 revenue from operations rose 20.4% YoY to ₹12,906 crore, and Q4 FY26 revenue rose 22.2% YoY to ₹3,114 crore. Growth held above 20% through the year.
  • Q4 FY26 net profit rose about 46% YoY to ₹167.9 crore, from ₹115.1 crore. Full-year FY26 PAT grew 32.8%, following FY25 consolidated profit of ₹632 crore, up from ₹462 crore in FY24.
  • Growth is not just coming from new stores. Same-store sales grew 12.8% (adjusted) in Q2 FY26 and 10.3% for 9M FY26, which shows demand in existing stores.
  • Private brands contributed about 74% of revenue. That supports gross margin and pricing control, and it reflects in a Q3 FY26 EBITDA margin of 16.5%, strong for value retail.
  • The store network reached 795 stores by end-FY26, up from 771 across 517 cities and 30 states/UTs in December 2025. The company still has room to expand in Tier-2 and Tier-3 towns.
  • The most recent reported quarter showed net profit of ₹258.77 crore, up 25.6% YoY and 54.1% QoQ. Profit momentum continued into the new fiscal year.
  • ROE has trended upward, from a 5-year average of 9% to 11% over 3 years and 12% last year. Capital efficiency is slowly improving as profits scale.
Bear Case 8
  • The stock trades at a P/E of 55.4x on a market cap of about ₹48,980 crore. That multiple already assumes strong growth continues, which leaves little room for execution misses.
  • Price-to-book of about 6.5-6.6x is high next to a 3-year average ROE of about 10.5-11%. Investors are paying a large premium to book for relatively low returns on equity.
  • ROE of 12% last year and 9% over 5 years is low for a richly valued consumer company. It may not comfortably exceed the cost of equity.
  • The stock has returned -28% over the past year despite profit growth of 30%+. The valuation has been de-rating, and sentiment toward the stock is weak.
  • Profit growth decelerated within FY26. Q3 PAT grew 19.1% YoY after 46.5% in Q2, and Q3 EBITDA grew 19.8% after 30.5% in Q2, so growth has been uneven quarter to quarter.
  • Same-store sales growth moderated from 12.8% in Q2 FY26 to 10.3% for 9M FY26. Management also flagged inflationary pressures, which could weigh on value-conscious consumers.
  • The company pays no dividend (0% yield) despite consistent profits, so shareholder returns depend entirely on price appreciation.
  • Net margins are thin at about 8.5% PAT margin in Q3 FY26. Value retail faces intense competition from DMart, Reliance Retail formats and quick commerce, so small cost or pricing shocks can move earnings materially.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

1d ago
Headwinds 4
  • Promoter stake sale overhang Sep 24

    Brokerages flag possible promoter stake sales and long-term ownership as key overhangs on the stock. The stock closed 1.13% lower at ₹105.20 after rising nearly 2% intraday.

  • Q2 festive-shift moderation risk Sep 24

    HSBC expects some moderation in Q2 performance because the festive calendar has shifted, though its full-year view is unchanged. Management also warns of quarterly deviations from its double-digit SSSG goal.

  • COO Manoj Kumar resigns Sep 11

    Chief Operations Officer Manoj Kumar resigned effective September 11, 2026, citing personal reasons. Sashi Gumma, appointed earlier this year, takes over operations oversight.

  • Online mix dilutes gross margins Sep 24

    Online sales carry about 72% FMCG mix versus about 27% in stores, which lowers gross margins. Heavy spending on quick commerce, RFID, AI and warehouse automation adds cost pressure.

Positives 8
  • 10% SSSG beats peers Sep 24

    Q1 same-store sales growth of 10% outpaced peer value retailers at 7%, and about 7% of the gains came from new customers. Management is targeting sustained double-digit SSSG for FY27.

  • Broad Buy consensus, ₹135-170 targets Sep 24

    20 of 21 covering analysts rate it Buy. Targets are Emkay ₹170, Jefferies ₹160 (~54% upside from ~₹104), HSBC ₹153 and Motilal Oswal ₹135.

  • Long store expansion runway Sep 24

    The company has 833 stores now, sees a path to about 2,000 and can add 100+ stores a year. Small formats (16 stores, 3 added in Q1) could lift the addressable opportunity to about 4,000.

  • Quick commerce scales, cash breakeven Sep 24

    Registered users rose 44% YoY to 14.1 million, and the business is already cash breakeven. Management plans to raise its earlier 5% revenue contribution target from the current under 4%.

  • Private labels drive margin edge Sep 24

    Private-label gross margins are about 2x those of third-party brands, with penetration of about 35% in home furnishings. Volume growth of about 17-18% is driving operating leverage.

  • CEO tenure extended five years Sep 18

    Shareholders at the 8th AGM approved MD Gunender Kapur's re-appointment, and he was also redesignated as Founder. Mid-level management was presented at the investor day for the first time, signalling succession depth.

  • New formats Beyond & Co, Belong & Co Sep 24

    Beyond & Co is a new apparel format with an average selling price of about ₹900. Belong & Co targets urban youth in Delhi at a premium position with better margins.

  • Strong earnings growth outlook Sep 24

    Emkay expects revenue CAGR of about 18% and PAT CAGR of about 27% over FY26-29E. It values the stock at about 47x FY27E and 36x FY28E EPS.

Neutral 2
  • 8th AGM resolutions passed Sep 18

    The September 18, 2026 AGM, held by video conference, adopted the FY26 financial statements and approved routine resolutions.

  • Series of investor meetings Sep 18

    The company held analyst meets on September 13, September 22 (JP Morgan, Mumbai), September 23 (Kotak, Mumbai) and September 24 (Lucknow store). It stated no unpublished price-sensitive information would be shared.

TL;DR: Vishal Mega Mart is executing well: Q1 SSSG of 10% beat peers at 7%, quick commerce is cash breakeven with 14.1 million users, and 20 of 21 analysts rate it Buy with targets up to ₹170. The main risks are the promoter stake-sale overhang, the COO exit, a likely softer Q2 from the festive shift and premium valuations of about 47x FY27E EPS. The fundamental trend is improving, backed by a long store-expansion runway and higher-margin private labels. A Q2 slowdown or a promoter block deal could cause near-term volatility before the long-term growth story plays out.

Quarterly Results

Particulars Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
2,624
2,069
2,596
2,436
3,136
2,548
3,140
2,981
3,670
3,114
3,727
Expenses
2,197
1,818
2,231
2,134
2,631
2,191
2,681
2,587
3,065
2,689
3,182
Operating Profit
427
251
366
302
505
357
459
395
605
425
545
OPM %
16%
12%
14%
12%
16%
14%
15%
13%
16%
14%
15%
Other Income
10
7
8
13
19
19
17
20
25
25
33
Interest
33
36
34
34
31
49
41
41
43
46
46
Depreciation
132
136
138
141
141
171
159
169
168
178
185
PBT
272
85
201
141
352
156
276
204
419
225
346
Tax %
25%
28%
25%
26%
25%
26%
25%
25%
25%
25%
25%
Net Profit
205
61
150
104
263
115
206
152
313
168
259
EPS in Rs
0.46
0.14
0.33
0.23
0.58
0.25
0.44
0.33
0.67
0.36
0.55
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
5,292
4,452
5,589
7,586
8,912
10,716
12,906
13,493
Expenses
4,635
3,827
4,763
6,542
7,635
9,153
10,988
11,524
Operating Profit
657
625
826
1,044
1,276
1,564
1,918
1,969
OPM %
12%
14%
15%
14%
14%
15%
15%
15%
Other Income
20
116
62
33
32
56
84
102
Interest
236
232
213
185
170
180
204
177
Depreciation
340
346
406
461
517
590
673
700
PBT
101
163
270
431
621
849
1,125
1,195
Tax %
55%
27%
25%
25%
26%
26%
25%
—
Net Profit
45
119
203
321
462
632
839
892
EPS in Rs
0.1
0.26
0.45
0.71
1.02
1.37
1.8
1.91
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
4,366
4,484
4,503
4,507
4,509
4,597
4,673
Reserves
-143
105
322
650
1,113
1,804
2,740
Borrowings
793
770
1,790
1,462
1,483
1,729
1,988
Other Liabilities
2,377
2,547
1,603
1,671
1,401
1,862
2,048
Total Liabilities
7,392
7,905
8,218
8,289
8,506
9,993
11,449
Fixed Assets
5,736
4,643
5,802
5,893
6,183
6,535
6,882
CWIP
20
11
11
69
38
14
34
Investments
87
547
417
35
0
387
1,119
Other Assets
1,549
2,704
1,988
2,293
2,284
3,057
3,415
Total Assets
7,392
7,905
8,218
8,289
8,506
9,993
11,449
Figures in ₹ Crores

Cash Flow

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
557
1,054
657
636
830
1,399
1,621
Investing
-149
-695
27
177
-130
-610
-988
Financing
-429
-276
-710
-865
-658
-479
-500
Net Cash Flow
-22
84
-26
-52
41
310
133
Free Cash Flow
387
950
500
417
583
1,138
1,299
CFO/OP
94
172
88
73
77
105
102
Figures in ₹ Crores

Ratios

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
0
0
0
0
1
2
1
Inventory Days
106
110
111
98
83
88
80
Days Payable
102
144
133
99
69
70
64
Cash Conversion Cycle
4
-34
-22
0
15
20
17
Working Capital Days
-17
-38
-40
-16
1
-3
-5
ROCE %
—
8%
8%
9%
11%
14%
15%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others0.72%Promot.40.09%Public3.95%FIIs20.43%DIIs34.80%As ofJun 2026

Documents

Frequently Asked Questions about Vishal Mega Mart

What does Vishal Mega Mart Ltd do?
Incorporated In 2001, Vishal Mega Mart is a hypermarket chain that sells a wide range of products like apparel, groceries, electronics, and home essentials.[1]
Where is Vishal Mega Mart Ltd (VMM) listed?
Vishal Mega Mart Ltd trades as VMM on the NSE and under code 544307 on the BSE.
Which sector does Vishal Mega Mart Ltd belong to?
Vishal Mega Mart Ltd is classified under the Retail sector, in the Diversified Retail industry.
What is the market capitalisation of Vishal Mega Mart Ltd?
Vishal Mega Mart Ltd has a market capitalisation of ₹46,834 Cr, which places it in the Large Cap band.
What is the PE ratio of Vishal Mega Mart Ltd?
Vishal Mega Mart Ltd trades at a PE ratio of 52.09, against a book value of ₹15.85 per share.
What is the 52-week high and low of Vishal Mega Mart Ltd?
Over the last 52 weeks Vishal Mega Mart Ltd has traded between ₹98 and ₹152.18.
What is the Return on Equity (ROE) of Vishal Mega Mart Ltd?
Vishal Mega Mart Ltd reported a return on equity of 11.32%. Its debt-to-equity ratio is 0.27.

Company Information

Incorporated In 2001, Vishal Mega Mart is a hypermarket chain that sells a wide range of products like apparel, groceries, electronics, and home essentials.[1]

Website aboutvishal.com
Listed 2024-12-18
Face Value ₹ 10
Issued Size 4,67,30,02,806

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