Key Financials Snapshot

TTM · Standalone · ₹ in Cr
Market Cap
₹5937 Cr.
Stock P/E
47.9
P/B
6.1
Current Price
₹746.1
Book Value
₹ 123.2
Face Value
10
52W High
₹887.2
52W Low
₹ 465.3
Dividend Yield
0.13%

V-Mart Retail Overview

Business

V-Mart Retail Ltd. is an Indian value retailer primarily focused on fashion apparel, general merchandise, and kirana (FMCG) products. The company operates through a chain of hypermarket and large format stores, predominantly targeting the aspirational middle and lower-middle-class consumers in Tier 2, Tier 3, and Tier 4 cities and towns across India. Its core business model revolves around offering trendy and quality products at affordable price points to cater to the value-conscious demographic. The company makes money by sourcing goods efficiently, managing inventory, and selling products through its retail stores.

Revenue Mix

The company's primary business segment is Value Fashion, which includes apparel for men, women, and children, as well as footwear and accessories. This segment typically accounts for the majority of its revenue (historically 60-70%+). The remaining revenue comes from General Merchandise (e.g., home furnishings, utensils, small appliances) and Kirana (daily needs, groceries, and packaged food items).

Industry

V-Mart operates in the highly competitive Indian retail industry, specifically within the organized value retail segment. The industry is characterized by a significant unorganized presence (local shops, street vendors) and a growing number of organized players. V-Mart is positioned as a leading value retailer with a strong footprint in non-metro markets, differentiating itself by offering a modern retail experience and affordable fashion in underserved regions. It competes with other national value fashion chains (e.g., Max Fashion, Reliance Trends), regional players, local unorganized retailers, and increasingly, e-commerce platforms.

MOAT

Target Market Focus: Deep understanding and strong brand recall among value-conscious consumers in Tier 2, 3, and 4 cities, which are often less penetrated by large national chains.

Efficient Sourcing & Supply Chain: Ability to procure goods directly from manufacturers at competitive prices, enabling a strong value proposition.

Real Estate Strategy: Strategic store expansion in smaller, high-street locations with affordable rentals in its target geographies, minimizing initial capital outlay.

Merchandise Mix: A curated mix of fashion and general merchandise tailored to local preferences and affordability.

Growth Drivers

Store Expansion: Continued penetration into untapped Tier 2, 3, and 4 cities and towns across India, which offer significant growth potential.

Increasing Disposable Incomes: Rising income levels and aspirational spending among the target demographic in smaller cities.

Shift from Unorganized to Organized Retail: Growing preference for organized retail due to better product assortment, quality, and shopping experience.

Category Expansion & Basket Size: Potential to increase average transaction value by expanding general merchandise and kirana offerings.

Omnichannel Strategy: Gradual integration of online channels to complement physical stores and enhance customer reach.

Risks

Intense Competition: Increasing competition from other organized retailers, regional players, and online platforms, potentially impacting market share and margins.

Economic Slowdown: Reduced discretionary spending, particularly in the value segment, could adversely affect sales and profitability.

Inventory Management: Fashion retail is susceptible to inventory obsolescence and markdown risks if trends are misjudged or demand softens.

Supply Chain Disruptions: Dependence on a network of manufacturers makes it vulnerable to sourcing and logistics disruptions.

Real Estate & Regulatory Risks: Challenges in securing suitable retail spaces at favorable terms and compliance with evolving retail regulations.

Changing Consumer Preferences: Failure to adapt merchandise to evolving fashion trends and consumer demands.

Management & Ownership

V-Mart is promoted and led by the Agarwal family, with Mr. Lalit Agarwal serving as the Managing Director. The management team is generally perceived to have significant experience and a focused strategy in the value retail segment, particularly in non-metro markets. The ownership structure is promoter-led, with a substantial portion held by institutional investors and the public.

Outlook

V-Mart is well-positioned to capitalize on the growth of organized retail in non-metro India, driven by increasing consumption and the shift from unorganized players. Its established brand recall and efficient supply chain in its target markets provide a competitive edge. However, the company faces significant challenges from intensifying competition across all formats (online and offline) and the inherent volatility of discretionary consumer spending, which could impact same-store sales growth and profitability. Efficient inventory management and prudent store expansion will be crucial for sustained growth amidst these pressures.

V-Mart Retail Share Price

Live · BSE / NSE · Inception: 2002
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Standalone · annual

V-Mart Retail Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 669 786 661 1027 780 885 807 1126 971 1089
Other Income 4 5 2 3 2 3 3 4 5 3
Total Income 673 791 663 1030 782 888 810 1130 976 1091
Total Expenditure 628 687 622 855 712 759 735 917 865 928
Operating Profit 45 104 40 175 70 129 75 213 111 163
Interest 36 37 39 42 17 18 17 21 19 20
Depreciation 61 57 59 63 54 68 71 78 80 84
Exceptional Income / Expenses 0 0 0 0 24 0 0 -2 1 0
Profit Before Tax -52 9 -58 70 23 43 -14 113 13 60
Provision for Tax -13 -3 -1 -2 4 9 -5 25 1 12
Profit After Tax -39 12 -57 72 19 34 -9 88 11 47
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -39 12 -57 72 19 34 -9 88 11 47
Adjusted Earnings Per Share -4.9 1.5 -7.1 9 2.3 4.2 -1.1 11.1 1.4 5.9

V-Mart Retail Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 809 1002 1222 1434 1662 1075 1666 2465 2786 3254 3789 3993
Other Income 1 4 4 6 4 21 14 15 21 12 15 15
Total Income 810 1006 1227 1440 1667 1097 1680 2480 2807 3266 3804 4007
Total Expenditure 745 914 1086 1297 1443 940 1457 2188 2565 2870 3269 3445
Operating Profit 65 92 141 143 223 156 223 292 242 396 535 562
Interest 5 7 5 6 60 63 82 125 150 143 82 77
Depreciation 19 19 23 28 94 103 131 180 222 233 297 313
Exceptional Income / Expenses 1 0 0 -10 0 0 0 0 0 24 -1 -1
Profit Before Tax 42 67 112 100 70 -10 10 -13 -131 44 155 172
Provision for Tax 15 23 35 38 20 -3 -1 -5 -34 -2 31 33
Profit After Tax 28 44 78 62 49 -6 12 -8 -97 46 124 137
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 28 44 78 62 49 -6 12 -8 -97 46 124 137
Adjusted Earnings Per Share 3.8 6.1 10.7 8.5 6.8 -0.8 1.5 -1 -12.2 5.8 15.6 17.3

V-Mart Retail Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 231 270 347 409 459 825 850 849 747 810 951
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 0 1 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 6 -1 -1 -1 428 513 815 1067 1124 373 557
Total Current Liabilities 206 213 194 211 321 270 396 773 892 1168 1196
Total Liabilities 443 483 541 620 1208 1608 2061 2689 2763 2351 2704
Fixed Assets 110 117 145 165 667 697 1111 1445 1661 1039 1366
Other Non-Current Assets 32 23 29 33 23 23 52 186 68 87 98
Total Current Assets 301 342 367 422 518 888 898 1058 1035 1226 1240
Total Assets 443 483 541 620 1208 1608 2061 2689 2763 2351 2704

V-Mart Retail Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 3 2 3 14 12 5 22 33 18 27 39
Cash Flow from Operating Activities 46 69 58 76 86 149 -11 177 386 349 501
Cash Flow from Investing Activities -37 -73 -8 -73 1 -419 124 -159 -118 -122 -174
Cash Flow from Financing Activities -10 5 -38 -4 -94 287 -104 -33 -259 -215 -346
Net Cash Inflow / Outflow -1 1 11 -1 -8 17 8 -15 9 12 -20
Closing Cash & Cash Equivalent 2 3 14 12 5 22 30 18 27 39 20

V-Mart Retail Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 3.82 6.07 10.73 8.5 6.79 -0.79 1.47 -0.99 -12.23 5.78 15.61
CEPS(Rs) 6.47 8.64 13.9 12.31 19.73 12.28 18.02 21.77 15.85 35.2 52.99
DPS(Rs) 0.31 0.31 0.5 0.43 0 0 0.19 0 0 0 1
Book NAV/Share(Rs) 31.91 37.24 47.77 55.92 62.4 103.82 106.21 105.75 93.66 99.52 117.09
Core EBITDA Margin(%) 7.94 8.79 11.18 9.55 13.16 12.56 12.55 11.19 7.92 11.8 13.72
EBIT Margin(%) 5.91 7.35 9.65 7.35 7.78 4.94 5.55 4.51 0.71 5.76 6.25
Pre Tax Margin(%) 5.23 6.67 9.2 6.96 4.18 -0.9 0.62 -0.53 -4.68 1.35 4.08
PAT Margin (%) 3.41 4.38 6.36 4.3 2.97 -0.58 0.7 -0.32 -3.47 1.41 3.27
Cash Profit Margin (%) 5.77 6.24 8.23 6.23 8.62 9 8.54 6.96 4.49 8.56 11.11
ROA(%) 7.02 9.48 15.18 10.62 5.4 -0.44 0.63 -0.33 -3.55 1.79 4.91
ROE(%) 12.69 17.57 25.27 16.4 11.49 -0.98 1.4 -0.94 -12.27 5.99 14.43
ROCE(%) 19.39 26.12 36.07 27.81 29.74 8.27 11.03 12.08 2.13 20.64 23.56
Receivable days 0 0 0 0 0 0 0 0 0 0 0
Inventory Days 87.42 86.28 86.04 80.97 88.6 153.78 120.11 113.59 110.31 101.08 95.07
Payable days 54.58 66.36 71.81 59.26 55.91 97.98 80.66 89 112.19 98.26 73.7
PER(x) 30.73 33.9 44.13 79.29 51.97 0 673.81 0 0 126.02 30.46
Price/Book(x) 3.68 5.53 9.92 12.05 5.66 6.67 9.35 5.1 5.74 7.32 4.06
Dividend Yield(%) 0.27 0.15 0.11 0.06 0 0 0.02 0 0 0 0.21
EV/Net Sales(x) 1.08 1.52 2.79 3.39 1.54 5.05 4.69 1.78 1.56 1.81 1.02
EV/Core EBITDA(x) 13.32 16.51 24.22 34.09 11.47 34.77 35 15.07 17.94 14.83 7.21
Net Sales Growth(%) 12.37 23.78 22.03 17.29 15.92 -35.29 54.93 47.93 13.01 16.81 16.46
EBIT Growth(%) -19.65 53.93 60.21 -10.64 22.75 -58.93 73.96 20.75 -82.32 850.46 26.32
PAT Growth(%) -26.05 58.89 76.99 -20.69 -19.93 -112.57 287.66 -167.44 -1132.61 147.3 170.92
EPS Growth(%) -26.26 58.87 76.7 -20.83 -20.04 -111.58 287.25 -167.37 -1131.97 147.25 170.03
Debt/Equity(x) 0.12 0.13 0 0 0 0 0 0.18 0.15 0.19 0.11
Current Ratio(x) 1.46 1.6 1.89 1.99 1.61 3.29 2.27 1.37 1.16 1.05 1.04
Quick Ratio(x) 0.47 0.34 0.31 0.49 0.12 1.71 0.58 0.24 0.25 0.2 0.21
Interest Cover(x) 8.7 10.87 21.7 18.99 2.16 0.85 1.13 0.9 0.13 1.31 2.89
Total Debt/Mcap(x) 0.03 0.02 0 0 0 0 0 0.03 0.03 0.03 0.03

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +16% +15% +29% +17%
Operating Profit CAGR +35% +22% +28% +23%
PAT CAGR +170% — — +16%
Share Price CAGR +3% +14% -4% +19%
ROE Average +14% +3% +2% +8%
ROCE Average +24% +15% +14% +20%

V-Mart Retail Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 44.15 %
FII 16.47 %
DII (MF + Insurance) 30.9 %
Public (retail) 8.48 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 44.3344.3344.3144.2944.2844.1944.1844.1544.244.15
FII 15.3215.4616.0217.3217.4718.2917.4617.0116.9116.47
DII 33.9932.6132.7932.4532.9331.5132.1132.4631.8730.9
Public 6.367.596.885.945.326.026.266.387.028.48
Others 0000000000
Total 100100100100100100100100100100

V-Mart Retail Peer Comparison

Retailing Edit Columns

V-Mart Retail Quarterly Price

10-year quarterly close · BSE
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News & Updates

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V-Mart Retail Pros & Cons

Pros

  • Debtor days have improved from 98.26 to 73.7days.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 44.15%.
  • Company has a low return on equity of 3% over the last 3 years.
  • Stock is trading at 6.1 times its book value.
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