VMART
V-Mart Retail share price & financials
- Price
- ₹746.2
- Market cap
- ₹6.1k Cr
- Sector
- Consumer Services
- Calls analysed
- 6
V-Mart Retail Limited Q1 FY27
What went well
- Overall revenues grew 23% year-on-year, marking the 11th consecutive quarter of positive like-for-like growth.
- V-Mart core business delivered 8% SSG, and the Unlimited format significantly outperformed with 13% SSG.
- Footfalls were up 39% and memo count up 18% year-on-year, indicating healthy customer engagement.
What to watch
- Gross margin declined 80 bps to 34.5%, primarily due to a mix change and regular provision on aged inventory.
- Conversion rate declined due to increased competition and customers checking multiple stores before purchase, increasing footfalls but decreasing memo count per visit.
What V-Mart Retail Limited does
V-Mart Retail operates a chain of value-fashion department stores under the V-Mart banner (largely Tier II-IV towns) and the Unlimited banner (a South India-focused format), selling apparel, non-apparel (footwear, beauty/fashion accessories, bags, home needs) and general merchandise/FMCG through a mix of national and private-label brands. It also owns LimeRoad, an online fashion marketplace connecting third-party sellers to online shoppers. Merchandise is sourced directly from vendors and the company's own private labels, stocked through company-owned warehouses, and sold via a nationwide store network supplemented by e-commerce and omnichannel order fulfilment.
Segments
- Apparel
- Non-Apparel
- General Merchandise
- Total stores
- 577 (478 V-Mart + 99 Unlimited), as of March 2026
- Total retail space
- ~5.0 million sq. ft., as of March 2026
- Total employees
- ~14,000, as of FY26
- Geographic footprint
- 27 states/UTs across 309 cities (FY25)
- Active customer base
- ~1.63 crore (16.3 million), FY25
- Pin codes served
- ~26,000, FY25
Guidance record · Q1 FY27
what the last two calls moved 18 tracked 5 delivered 3 missed 10 open- Net New Stores delivered said Q1 FY26 Promised: around 65 net new stores for FY26 Q1 FY27: Promise concluded in prior fiscal year.
- Working Capital Utilization went quiet said Q1 FY26 Promised: average around INR90 crores to INR100 crores for the entire year Q1 FY27: Promise concluded in prior fiscal year.
- Unlimited Sales per Sq Ft on track said Q3 FY26 Promised: bring it in line with V-Mart numbers in the next 2 to 3 years Q1 FY27: Progress continues. Unlimited format's sales per square feet grew 18% YoY to INR 710 in Q1 FY27, indicating strong momentum towards parity with V-Mart.
All 18 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 23.1%, net profit up 38.2% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 661 | 1,027 | 780 | 885 | 807 +22% | 1,126 +10% | 971 +24% | 1,089 +23% |
| EBITDA | 39 | 171 | 68 | 126 | 72 +85% | 210 +23% | 106 +56% | 161 +28% |
| Net profit | -57 | 72 | 19 | 34 | -9 +84% | 88 +22% | 11 −42% | 47 +38% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +8.1% 1Y
1Y: ₹748.15 on 10 Sept 2025 → ₹808.95. High ₹881.35 (13 Oct 2025), low ₹477.2 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −1.3%
- 27 Jul
- Q4 FY26
- +1.8%
- 8 May
- Q3 FY26
- −0.7%
- 23 Jan
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 15.4% a year over 3 years, FY23 to FY26. Operating margin widened to 13.6%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.5k Cr | ₹2.8k Cr | ₹3.3k Cr | ₹3.8k Cr |
| Operating profit | ₹270 Cr | ₹213 Cr | ₹377 Cr | ₹514 Cr |
| Operating margin | 10.9% | 7.6% | 11.6% | 13.6% |
| Interest | ₹118 Cr | ₹143 Cr | ₹135 Cr | ₹75 Cr |
| Depreciation | ₹179 Cr | ₹222 Cr | ₹233 Cr | ₹297 Cr |
| Net profit | ₹-8 Cr | ₹-97 Cr | ₹46 Cr | ₹124 Cr |
| Net margin | -0.3% | -3.5% | 1.4% | 3.3% |
| Cash from operations | ₹177 Cr | ₹386 Cr | ₹349 Cr | ₹501 Cr |
| Free cash flow | ₹-101 Cr | ₹263 Cr | ₹225 Cr | ₹337 Cr |
| ROCE | 5.0% | 1.0% | 8.0% | 13.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹20 Cr | ₹20 Cr | ₹20 Cr | ₹20 Cr | ₹79 Cr | ₹79 Cr |
| Reserves | ₹806 Cr | ₹830 Cr | ₹829 Cr | ₹727 Cr | ₹766 Cr | ₹872 Cr |
| Borrowings | ₹568 Cr | ₹902 Cr | ₹1.3k Cr | ₹1.4k Cr | ₹801 Cr | ₹958 Cr |
| Other liabilities | ₹234 Cr | ₹348 Cr | ₹562 Cr | ₹707 Cr | ₹979 Cr | ₹871 Cr |
| Total liabilities | ₹1.6k Cr | ₹2.1k Cr | ₹2.7k Cr | ₹2.8k Cr | ₹2.6k Cr | ₹2.8k Cr |
| Fixed assets | ₹697 Cr | ₹1.1k Cr | ₹1.4k Cr | ₹1.7k Cr | ₹1.2k Cr | ₹1.4k Cr |
| Capital work in progress | ₹2 Cr | ₹6 Cr | ₹109 Cr | ₹4 Cr | ₹12 Cr | ₹8 Cr |
| Investments | ₹319 Cr | ₹125 Cr | ₹9 Cr | ₹5 Cr | ₹5 Cr | ₹18 Cr |
| Other assets | ₹609 Cr | ₹857 Cr | ₹1.2k Cr | ₹1.2k Cr | ₹1.5k Cr | ₹1.4k Cr |
| Total assets | ₹1.6k Cr | ₹2.1k Cr | ₹2.7k Cr | ₹2.8k Cr | ₹2.6k Cr | ₹2.8k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +2.46 pp while FIIs trimmed −1.82 pp. The shareholder count grew 30% to 31,182.
- Promoters
- 44.1%
- FIIs
- 16.5%
- DIIs
- 30.9%
- Public
- 8.5%
Since Jun 2025
- Public +2.46 pp
- FIIs −1.82 pp
- DIIs −0.61 pp
How it drifted, 12 quarters
Over this window FIIs went from 14.3% to 16.5% — +2.2 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 44.3%, FIIs 14.3%, DIIs 32.6%, Public 8.8%.Dec '23: Promoters 44.3%, FIIs 14.3%, DIIs 34.0%, Public 7.3%.Mar '24: Promoters 44.3%, FIIs 15.3%, DIIs 34.0%, Public 6.4%.Jun '24: Promoters 44.3%, FIIs 15.5%, DIIs 32.6%, Public 7.6%.Sep '24: Promoters 44.3%, FIIs 16.0%, DIIs 32.8%, Public 6.9%.Dec '24: Promoters 44.3%, FIIs 17.3%, DIIs 32.5%, Public 5.9%.Mar '25: Promoters 44.3%, FIIs 17.5%, DIIs 32.9%, Public 5.3%.Jun '25: Promoters 44.2%, FIIs 18.3%, DIIs 31.5%, Public 6.0%.Sep '25: Promoters 44.2%, FIIs 17.5%, DIIs 32.1%, Public 6.3%.Dec '25: Promoters 44.1%, FIIs 17.0%, DIIs 32.5%, Public 6.4%.Mar '26: Promoters 44.2%, FIIs 16.9%, DIIs 31.9%, Public 7.0%.Jun '26: Promoters 44.1%, FIIs 16.5%, DIIs 30.9%, Public 8.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Templeton India Value Fund Mutual fund newly disclosed 3.24% held
- ICICI Prudential Retirement Fund-Hybrid Aggressive Mutual fund newly disclosed 1.61% held
- Edelweiss Trusteeship Co Ltd Ac- Edelweiss Mf Ac- Mutual fund newly disclosed 1.53% held
- UTI-India Consumer Fund Mutual fund newly disclosed 1.06% held
- Canara Robeco Mutual Fund A/C Canara Robeco Small Mutual fund +0.49 pp 2.49% held
The same filing shows 2 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of V-Mart Retail Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Conquest Business Services Pvt Ltd | 37.67% | unchanged |
| Amansa Holdings Private Limited FPI fund | 7.77% | unchanged |
| SBI Multi Asset Allocation Fund Mutual fund | 5.38% | unchanged |
| BANDHAN FLEXI CAP FUNd Mutual fund | 5.35% | unchanged |
| Madan Gopal Agarwal | 5.24% | unchanged |
| Kotak Small Cap Fund Mutual fund | 4.47% | −0.18 pp |
| Templeton India Value Fund Mutual fund | 3.24% | newly disclosed |
| Motilal Oswal Nifty Microcap 250 Index Fund Mutual fund | 2.78% | −0.30 pp |
| Canara Robeco Mutual Fund A/C Canara Robeco Small Mutual fund | 2.49% | +0.49 pp |
| ICICI Prudential Retirement Fund-Hybrid Aggressive Mutual fund | 1.61% | newly disclosed |
| Invesco India Contra Fund Mutual fund | 1.55% | unchanged |
| Edelweiss Trusteeship Co Ltd Ac- Edelweiss Mf Ac- Mutual fund | 1.53% | newly disclosed |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in VMART
Filings to Aug 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹363 Cr
- 2 schemes
- Biggest holder
- SBI MultiCap Fund
- ₹339 Cr · 1.4% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI MultiCap Fund SBI Mutual Fund | ₹339 Cr | held | Mar '22 |
| SBI Multi Asset Allocation Fund SBI Mutual Fund | ₹24 Cr | held | Jun '23 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- -21%
- vs est. average cost
- Held by funds
- ₹363 Cr
- 2 schemes · ≈ 5.3% of the company
- Biggest holder
- SBI MultiCap Fund
- ₹339 Cr · 1.4% of that fund
Shares held by these funds −42%
Aug '23 42.83 L shares Jul '26
All earnings calls (4)
Read the Q1 FY27 call →Learn to analyse V-Mart Retail Limited
Guides on how to read this kind of business and the numbers that matter.