Vishal Mega Mart Ltd
VMM NSE
Vishal Mega Mart Ltd
Consumer DiscretionaryNSE: VMM BSE: 544307 Retailing
Key Fundamentals
MidcapDiversified RetailRetailMarket Cap
₹55,788 Cr
Volatility
Moderate
P/E Ratio
64.66
EBITDA
₹1,884 Cr
Debt to Equity
0.27
Book Value
₹15.86
52W High
₹157.6
52W Low
₹98.77
Technical Indicators
Key Insights
Strengths
1- Company has delivered good profit growth of 47.9% CAGR over last 5 years
Weaknesses
4- Stock is trading at 7.50 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Promoter holding has decreased over last quarter: -14.0%
- Company has a low return on equity of 10.4% over last 3 years.
Growth Rate
Revenue Growth
19.78% ↗
Net Income Growth
28.98% ↗
Cash Flow Change
68.63% ↗
ROE
20.07% ↗
ROCE
13.89% ↗
EBITDA Margin (Avg.)
-1.63% ↗
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 6d agoAI opinion · based on fundamentals
Risk high
HOLD Worth holding, not adding Conviction 5/10
Vishal Mega Mart shows strong revenue growth of 20% TTM and profit CAGR of 48% over 5 years, but trades at an expensive 66.4x PE with low ROE of 10.4% over 3 years. The 94% analyst buy consensus is encouraging, yet the valuation leaves limited margin of safety for new entrants.
Bull Case 8
- Exceptional profit growth of 47.9% CAGR over last 5 years demonstrates strong operating leverage in the value retail model
- Compounded sales growth of 24% over 5 years and 19% over 3 years indicates consistent top-line expansion and market share gains
- TTM sales growth of 20% shows continued momentum with no signs of deceleration despite a larger base
- TTM profit growth of 38% significantly outpaces revenue growth of 20%, indicating improving margins and cost efficiencies
- Overwhelming analyst consensus with 94.12% buy ratings (16 out of 17 analysts) reflects strong institutional confidence
- ROE has improved from 9% (5-year average) to 12% last year, showing an upward trajectory in capital efficiency
- Market cap of Rs 55,376 Cr positions VMM as a scaled player with sufficient heft to negotiate supplier terms and fund expansion
- Only 1 out of 17 analysts (5.88%) has a sell rating, suggesting limited downside risk as perceived by the Street
Bear Case 8
- PE ratio of 66.4x is extremely elevated for a retail business, pricing in several years of flawless execution
- Price-to-book of 7.49x is steep, especially given the modest 3-year average ROE of only 10.4%
- Promoter holding decreased by 14.0% in the last quarter, a significant red flag signaling potential lack of insider confidence
- Zero dividend yield despite repeated profitability suggests poor capital return policy for shareholders
- 3-year average ROE of just 10% barely exceeds cost of equity, indicating the business is not generating substantial economic value added
- Stock has delivered negative 1-year CAGR of -3%, underperforming broader markets despite strong fundamentals
- At 66.4x PE, even a minor earnings miss could trigger a sharp de-rating given the premium valuation
- Limited long-term track record with no 10-year data available for stock CAGR, sales, or profit growth makes assessment of durability difficult
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 15h ago Headwinds 1
- Subsidiary fined for food safety Jun 12
Airplaza Retail Holdings fined Rs 1,00,000 by Rajnandgaon court over food safety norms violation. Company reported no material impact on operations.
Positives 2
- New Chief of Operations appointed Jun 15
Sashi Gumma appointed as Chief of Operations and Senior Management Personnel effective June 15, 2026, bringing over two decades of retail experience.
- 9.75 lakh ESOPs granted Jun 15
Vishal Mega Mart granted 9,75,000 stock options at Rs 119 per option under ESOP 2019. Each option converts into one equity share of Rs 10 face value.
Neutral 4
- Investor meetings in London Jun 9
Company officials will attend investor meetings in London on June 15-16, 2026, organized by Kotak Securities.
- Morgan Stanley forum attendance May 26
Vishal Mega Mart attended the Morgan Stanley India Investment Forum 2026 in Mumbai on June 02-03, 2026. No UPSI to be shared.
- VP Internal Audit appointed Jun 9
Anurag Krishna appointed as Vice President & Head – Internal Audit effective June 09, 2026.
- Chief B&M Officer FMCG resigns Jun 5
Vishal Mehrotra resigned as Chief B&M Officer-FMCG due to personal reasons effective June 05, 2026. Vineet Saxena will lead the FMCG business.
TL;DR: Vishal Mega Mart is strengthening its leadership bench with a seasoned Chief of Operations and new Internal Audit head, while using ESOPs to retain talent. The only headwind is a minor Rs 1 lakh fine on a subsidiary with no material impact. Active investor engagement via Kotak and Morgan Stanley events signals confidence in the growth story. Overall trend is stable-to-positive with management continuity well-handled despite one senior FMCG exit.
Quarterly Results
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,624 | 2,069 | 2,596 | 2,436 | 3,136 | 2,548 | 3,140 | 2,981 | 3,670 | 3,114 |
| Expenses | 2,197 | 1,818 | 2,231 | 2,134 | 2,631 | 2,191 | 2,681 | 2,587 | 3,065 | 2,689 |
| Operating Profit | 427 | 251 | 366 | 302 | 505 | 357 | 459 | 395 | 605 | 425 |
| OPM % | 16% | 12% | 14% | 12% | 16% | 14% | 15% | 13% | 16% | 14% |
| Other Income | 10 | 7 | 8 | 13 | 19 | 19 | 17 | 20 | 25 | 25 |
| Interest | 33 | 36 | 34 | 34 | 31 | 49 | 41 | 41 | 43 | 46 |
| Depreciation | 132 | 136 | 138 | 141 | 141 | 171 | 159 | 169 | 168 | 178 |
| PBT | 272 | 85 | 201 | 141 | 352 | 156 | 276 | 204 | 419 | 225 |
| Tax % | 25% | 28% | 25% | 26% | 25% | 26% | 25% | 25% | 25% | 25% |
| Net Profit | 205 | 61 | 150 | 104 | 263 | 115 | 206 | 152 | 313 | 168 |
| EPS in Rs | 0.46 | 0.14 | 0.33 | 0.23 | 0.58 | 0.25 | 0.44 | 0.33 | 0.67 | 0.36 |
Profit & Loss
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales | 5,292 | 4,452 | 5,589 | 7,586 | 8,912 | 10,716 | 12,906 |
| Expenses | 4,635 | 3,827 | 4,763 | 6,542 | 7,635 | 9,153 | 11,023 |
| Operating Profit | 657 | 625 | 826 | 1,044 | 1,276 | 1,564 | 1,884 |
| OPM % | 12% | 14% | 15% | 14% | 14% | 15% | 15% |
| Other Income | 20 | 116 | 62 | 33 | 32 | 56 | 86 |
| Interest | 236 | 232 | 213 | 185 | 170 | 180 | 171 |
| Depreciation | 340 | 346 | 406 | 461 | 517 | 590 | 673 |
| PBT | 101 | 163 | 270 | 431 | 621 | 849 | 1,125 |
| Tax % | 55% | 27% | 25% | 25% | 26% | 26% | 25% |
| Net Profit | 45 | 119 | 203 | 321 | 462 | 632 | 839 |
| EPS in Rs | 0.1 | 0.26 | 0.45 | 0.71 | 1.02 | 1.37 | 1.8 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Balance Sheet
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Cash Flow
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | 103 |
Ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | 27 |
| ROCE % | — | 8% | 8% | 9% | 11% | 13% | 15% |
Documents
1
Board Meeting Intimation for Board Meeting Intimation For Approval Of Financial Results For The Quarter And Year Ended March 31, 2026
8 May - Board to meet on May 14, 2026, to approve audited FY26 standalone and consolidated results. 8 May - Board to meet on May 14, 2026, to approve audited FY26 standalone and consolidated results.
2
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
8 May - Schedule of Earnings Conference Call on results for the quarter and year ended March 31, 2026 8 May - Schedule of Earnings Conference Call on results for the quarter and year ended March 31, 2026
3
Disclosure Under Regulation 30 Of SEBI (LODR) Regulations, 2015
6 May - Rampur ADM imposed Rs. 2 lakh penalty on subsidiary for food safety violation. 6 May - Rampur ADM imposed Rs. 2 lakh penalty on subsidiary for food safety violation.
4
Disclosure Under Regulation 30 Of SEBI (LODR) Regulations, 2015
20 Apr - Airplaza Retail Holdings received Rs 4 lakh food safety penalty on April 20, 2026. 20 Apr - Airplaza Retail Holdings received Rs 4 lakh food safety penalty on April 20, 2026.
5
Disclosure Under Regulation 30 Of SEBI (LODR) Regulations, 2015
16 Apr - Subsidiary received labour court order on April 15, 2026, for Rs. 13,83,888 recovery. 16 Apr - Subsidiary received labour court order on April 15, 2026, for Rs. 13,83,888 recovery.
2
Intimation Of Grant Of 975000 Stock Options Under Vishal Mega Mart Employees Stock Options Plan 2019 15 Jun 2026
General_Announcements
4
Disclosure Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015 12 Jun 2026
General_Announcements
Frequently Asked Questions about Vishal Mega Mart Ltd
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 is listed on the Indian stock exchanges. It is listed on NSE: VMM and BSE: 544307. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Vishal Mega Mart Ltd belong to?
Vishal Mega Mart Ltd operates in the Consumer Discretionary sector within the Retailing industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Vishal Mega Mart Ltd?
Vishal Mega Mart Ltd has a market capitalisation of approximately ₹55787.68 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Vishal Mega Mart Ltd?
The Price-to-Earnings (PE) ratio of Vishal Mega Mart Ltd is 64.66. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Vishal Mega Mart Ltd?
Over the past 52 weeks, Vishal Mega Mart Ltd has traded between a low of ₹98.77 and a high of ₹157.6. This range helps investors understand the stock's price volatility and recent trading levels.
How can I research Vishal Mega Mart Ltd on Tapetide?
On Tapetide, you can view Vishal Mega Mart Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
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]