VMM

Vishal Mega Mart share price & financials

Price
₹118.66
Market cap
₹51.3k Cr
Sector
Consumer Services
Calls analysed
6
Latest concall · Q1 FY27 · call held 23 Jul 2026

Vishal Mega Mart Limited Q1 FY27

Revenue from Operations ₹3,727 cr +19%Operating EBITDA ₹387 cr +19%Operating EBITDA Margin 10.4% Profit After Tax ₹259 cr +26%

What went well

  • Revenue from operations grew 18.7% YoY to ₹3,727 crores, demonstrating strong top-line performance.
  • Operating EBITDA increased by 19.3% to ₹387 crores, with the operating margin improving from 10.3% to 10.4% YoY.
  • Profit after tax (PAT) surged 25.6% YoY to ₹259 crores, and PAT margin expanded from 6.6% to 6.9%.

What to watch

  • Elevated inflation weighed on the demand environment in Q1, though management expects it to taper down in subsequent quarters.
Read the full call →

What Vishal Mega Mart Limited does

Vishal Mega Mart operates a chain of large-format value-retail stores across India, offering apparel, general merchandise and FMCG products through a mix of own (private-label) brands and third-party brands. It reaches customers both through its physical store network and its mobile app and website, with own brands forming the bulk of what it sells. The company also runs a mobile-first loyalty programme and a hyperlocal quick-commerce delivery service from a subset of its stores.

Segments

  • Apparel
  • General Merchandise
  • FMCG
Store network
795 stores (as of Mar 2026)
Cities and states covered
535 cities across 28 states and 2 union territories
Retail area
13.45 million sq. ft.
Own-brand portfolio
26 own brands
Store mix by city tier
401 Tier I, 205 Tier II, 189 Tier III stores
Loyalty programme members
~169 million registered loyalty customers
Founded 2018Headquarters Gurugram, Haryana, India Company website

Guidance record · Q1 FY27

what the last two calls moved 11 tracked 5 delivered 1 missed 5 open
  • New Store Additions (FY26) delivered said Q4 FY25 Promised: in the same ballpark as 90 stores Q1 FY27: This promise pertained to FY26 and was successfully achieved. The promise is concluded.
  • Quick Commerce Profitability went quiet said Q4 FY25 Promised: close to a cash breakeven Q1 FY27: Ghosted. Management provided an update on revenue contribution from quick commerce (5-9% of store revenue) but again did not comment on its profitability or progress towards cash breakeven.
  • Total Sales Growth on track said Q3 FY26 Promised: about 19% to 20% Q1 FY27: On track. Revenue grew 18.7% YoY, slightly below the guided '19% to 20%' range. Given the inflationary environment and strong absolute growth, this is considered on track for the medium-term guidance.

All 11 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 18.7%, net profit up 25.7% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue2,436 3,136 2,548 3,140 2,981 +22%3,670 +17%3,114 +22%3,727 +19%
EBITDA302 505 357 459 395 +31%605 +20%425 +19%545 +19%
Net profit104 263 115 206 152 +46%313 +19%168 +46%259 +26%
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 −33.1% 1Y

₹100₹120₹140Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q3 FY26 — 28 Jan 2026Q4 FY26 — 15 May 2026Q1 FY27 — 23 Jul 2026

1Y: ₹152.03 on 10 Sept 2025 → ₹101.71. High ₹152.59 (12 Sept 2025), low ₹99.68 (23 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−1.9%
23 Jul
Q4 FY26
+1.0%
15 May
Q3 FY26
−4.1%
28 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 20.4% a year over 1 year, FY25 to FY26. Operating margin held at 14.6%.

Year endingFY25FY26
Revenue₹10.7k Cr₹12.9k Cr
Operating profit₹1.5k Cr₹1.9k Cr
Operating margin14.3%14.6%
Interest₹148 Cr₹171 Cr
Depreciation₹591 Cr₹674 Cr
Net profit₹632 Cr₹839 Cr
Net margin5.9%6.5%
Cash from operations₹1.4k Cr₹1.6k Cr
Free cash flow₹1.1k Cr₹1.3k Cr
ROCE13.0%15.0%
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 endingFY21FY22FY23FY24FY25FY26
Equity capital₹4.5k Cr₹4.5k Cr₹4.5k Cr₹4.5k Cr₹4.7k Cr₹4.7k Cr
Reserves₹105 Cr₹322 Cr₹650 Cr₹1.1k Cr₹2.2k Cr₹2.7k Cr
Borrowings₹770 Cr₹1.8k Cr₹1.5k Cr₹1.5k Cr₹1.9k Cr₹2.0k Cr
Other liabilities₹2.5k Cr₹1.6k Cr₹1.7k Cr₹1.4k Cr₹2.3k Cr₹2.0k Cr
Total liabilities₹7.9k Cr₹8.2k Cr₹8.3k Cr₹8.5k Cr₹11.1k Cr₹11.4k Cr
Fixed assets₹4.6k Cr₹5.8k Cr₹5.9k Cr₹6.2k Cr₹6.7k Cr₹6.9k Cr
Capital work in progress₹11 Cr₹11 Cr₹69 Cr₹38 Cr₹35 Cr₹34 Cr
Investments₹547 Cr₹417 Cr₹35 Cr₹0 Cr₹964 Cr₹1.1k Cr
Other assets₹2.7k Cr₹2.0k Cr₹2.3k Cr₹2.3k Cr₹3.4k Cr₹3.4k Cr
Total assets₹7.9k Cr₹8.2k Cr₹8.3k Cr₹8.5k Cr₹11.1k Cr₹11.4k 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, promoters trimmed −14.13 pp while FIIs added +7.58 pp. The shareholder count shrank 6% to 6,25,567.

Promoters
40.1%
FIIs
20.4%
DIIs
34.8%
Public
4.7%

Since Jun 2025

  • Promoters −14.13 pp
  • FIIs +7.58 pp
  • DIIs +7.49 pp

How it drifted, 7 quarters

Over this window promoters fell from 76.0% to 40.1% — −35.9 pp.

Dec '24Sep '25Jun '26

Ownership split by quarter, oldest first. Dec '24: Promoters 76.0%, FIIs 6.6%, DIIs 9.9%, Public 7.5%.Mar '25: Promoters 74.5%, FIIs 7.0%, DIIs 12.2%, Public 6.2%.Jun '25: Promoters 54.2%, FIIs 12.8%, DIIs 27.3%, Public 5.6%.Sep '25: Promoters 54.1%, FIIs 15.4%, DIIs 25.4%, Public 5.1%.Dec '25: Promoters 54.1%, FIIs 15.5%, DIIs 25.5%, Public 4.9%.Mar '26: Promoters 40.1%, FIIs 22.0%, DIIs 32.7%, Public 5.1%.Jun '26: Promoters 40.1%, FIIs 20.4%, DIIs 34.8%, Public 4.7%.

Who was buying across the market this quarter →

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.

The same filing shows 1 holder trimming and 6 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Vishal Mega Mart Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Samayat Services LLP 40.09%unchanged
HDFC Mutual Fund - HDFC BSE 500 ETF Mutual fund9.44%newly disclosed
Kotak Mahindra Trustee Co Ltd A/C Kotak Services F Mutual fund4.94%newly disclosed
SBI Nifty Midcap 150 Index Fund Mutual fund4.18%newly disclosed
Nippon Life India Trustee Ltd- A/C Nippon India Vi Mutual fund2.82%+0.25 pp
Government Of Singapore - E Sovereign2.75%−0.06 pp
Axis ELSS Tax Saver Fund Mutual fund1.91%newly disclosed
Canara Robeco Mutual Fund A/C Canara Robeco Conser Mutual fund1.75%newly disclosed
Monetary Authority of Singapore Sovereign1.57%unchanged
Employees Provident Fund Board Managed By Amundi A Pension / PF1.17%newly disclosed
NPS Trust- A/C HDFC Pension Fund Management Limited Pension / PF1.05%newly disclosed
Kedaara Capital Fund Ii Llp 0.00%unchanged

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 VMM

Filings to Aug 2026

1 new, 4 added, 5 trimmed, 2 sold out — net −64.03 L shares (−1.2%).

Held by funds
₹5.8k Cr
27 schemes
Biggest holder
SBI Aggressive Hybrid Fund
₹774 Cr · 0.9% of that fund
SchemeHoldingLast month
SBI Aggressive Hybrid Fund SBI Mutual Fund₹774 Crheld
SBI Focused Fund SBI Mutual Fund₹774 Crheld
HDFC Flexi Cap Fund HDFC Mutual Fund₹626 Crheld
HDFC Large Cap Fund HDFC Mutual Fund₹528 Crheld
Nippon India Multi Cap Fund Nippon India Mutual Fund₹472 Crheld
HDFC Small Cap Fund HDFC Mutual Fund₹439 Crheld
HDFC Balanced Advantage Fund HDFC Mutual Fund₹406 Crheld
Nippon India Large Cap Fund Nippon India Mutual Fund₹388 Crheld

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

4 added, 5 trimmed — net −64.03 L shares (−1.2%)

Funds are sitting on
-4%
vs est. average cost
Held by funds
₹5.8k Cr
27 schemes · ≈ 12% of the company
Biggest holder
SBI Aggressive Hybrid Fund
₹774 Cr · 0.9% of that fund

Shares held by these funds +182%

Dec '24 53.84 cr shares Jul '26

What the price assumes

Expensive

To justify its price of ₹102, this stock must grow earnings at 32% every year for 7 years. Our analysis caps realistic growth at ~29%. At that growth it is worth ₹88 — downside of 13%.

Growth the price implies
32.5% a year
for 7 years, fading to 4%
It has actually compounded at
32.8% a year
net profit, FY25–FY26 · EPS 29.5%
The gap
0.0 pp
-13% downside if it only repeats history
Price today ₹101.71 Value at the reference growth ₹88.05

Change the assumptions yourself →

All earnings calls (5)

Read the Q1 FY27 call →

Learn to analyse Vishal Mega Mart Limited

Guides on how to read this kind of business and the numbers that matter.