VMART
Micro CapV-Mart Retail Limited
Consumer
V-Mart Retail Limited operates a chain of value fashion retail stores across India, primarily in Tier 2, 3, and 4 cities. The company also manages the 'Unlimited' store format and the LimeRoad online marketplace, focusing on apparel, non-apparel, and FMCG categories.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 15/100PAT -42% YoY · Rev +24% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹971 Cr | +24.5% | -13.8% |
| EBITDA | ₹106 Cr | +55.9% | -49.5% |
| Operating margin | 11.0% | +200 bps | -800 bps |
| PAT | ₹11 Cr | -42.1% | -87.5% |
| PAT margin | 1.1% | -131 bps | -669 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
V-Mart reports strong Q4FY26 revenue growth of 24% YoY and EBITDA growth of 56% YoY, driven by robust footfall and store expansion. FY26 performance also shows significant improvement in profitability and operational efficiency.
The company demonstrated strong top-line growth and significant margin expansion in Q4FY26 and FY26, supported by aggressive store additions and improved operational metrics like SSSG and inventory days. The reduction in LimeRoad losses is a positive. However, the slight dip in gross margin and the elevated debt-equity ratio (post Ind AS 116) warrant continued monitoring.
FY26 Revenue Mix
Latest issuer-disclosed distribution across 3 reported categories.
Store Expansion
Total stores increased to 577 in FY26 from 497 in FY25, with 92 new stores opened (74 V-Mart, 18 Unlimited). Retail space grew 16% YoY to 5.0 Million Square Feet.
Operational Efficiency
Inventory Days of Sales (DOI) improved from 96 to 93 days, and per-store inventory reduced by 13% (₹20 Mn to ₹17 Mn) in FY26.
LimeRoad Loss Reduction
LimeRoad loss reduced by 56% YoY to ₹30 Mn in Q4FY26 and by 57% YoY to ₹133 Mn in FY26.
New Store Openings
29 stores opened in Q4FY26 (25 V-Mart, 4 Unlimited). 92 stores opened in FY26 (74 V-Mart, 18 Unlimited).
Total Store Count
Total stores reached 577 as of March 31, 2026 (478 V-Mart, 99 Unlimited).
Retail Space Expansion
Retail space increased 16% YoY to 5.0 Million Square Feet in FY26 (4.0 Mn V-Mart, 0.9 Mn Unlimited).
Business-Specific Risks
Forward-looking statements involve risks related to V-Mart’s fashion, FMCG, and online marketplace businesses, which could cause actual results to differ materially.
Leverage (Post Ind AS 116)
Debt-Equity Ratio (Post Ind AS 116) was 1.01x in FY26, an increase from 0.97x in FY25, indicating higher financial leverage.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The retail business is seasonal, making year-over-year comparisons more relevant for understanding underlying performance trends and growth drivers. The document provides both Q4FY26 vs Q4FY25 and FY26 vs FY25 data.
Revenue Growth
Q4FY26 Revenue from operations grew 24% YoY to ₹9,709 Mn. FY26 Revenue grew 16% YoY to ₹37,894 Mn.
Footfall Growth
Q4FY26 Footfall increased 47% YoY. FY26 Footfall increased 22% YoY to 90 Million.
Same Store Sales Growth (SSSG)
Q4FY26 SSSG was 12% (V-Mart: 12%, Unlimited: 9%). FY26 SSSG was 5% (V-Mart: 5%, Unlimited: 5%).
Same Store Volume Growth (SSVG)
Q4FY26 SSVG was 10% (V-Mart: 10%, Unlimited: 10%). FY26 SSVG was 4% (V-Mart: 4%, Unlimited: 9%).
Focus on Operational Efficiency
Management highlighted improved inventory days of sales and reduced per-store inventory, indicating a focus on efficient working capital management.
Strategic Store Expansion
Continued cluster-based expansion with 92 new stores opened in FY26, demonstrating commitment to increasing physical footprint.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Same Store Sales Growth (SSSG) | 5% (FY26) | Sustained positive SSSG across both V-Mart and Unlimited formats to indicate underlying demand strength. |
| EBITDA Margin | 13.6% (FY26) | Maintenance or further improvement in EBITDA margin, especially given the slight dip in gross margin. |
| LimeRoad Profitability | Loss of ₹133 Mn (FY26) | Continued reduction in losses and progress towards profitability for the online marketplace business. |
| Debt-Equity Ratio (Post Ind AS 116) | 1.01x (FY26) | Stabilization or reduction in the debt-equity ratio to manage financial risk, particularly with ongoing expansion. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
53NeutralSMA20 +3.0% / mo
Technical chart
VMARTdaily · 1Y-10.9%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 63. Wait for confirmation.
- SMA20 rising (~3.7% over last month) — short-term momentum positive.
- RSI(14) at 63 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 22% off 52W high · 51% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 6.3%.
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 43.3%.
Main drags
- Quality is weaker at 9/20; verify the latest quarterly trend.
- Valuation is weaker at 14/30; verify the latest quarterly trend.
- Balance sheet is weaker at 7/15; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 90th percentile of the scored universe and 91st percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: Debt/equity is 1.01.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 91st pctile, median 67 · Micro: 85th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 6.5%.
- ▸10 years of positive FCF.
- ▸8/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸Debt/equity is 1.01.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 41.60
- P/B
- 5.43
- EV/EBITDA
- 7.60
- Market Cap
- 5195.00Cr
Profitability
- ROE
- 14.20%
- ROCE
- 13.20%
- ROA
- 4.46%
- Dividend Y
- 0.15%
Growth (CAGR)
- Revenue 5Y
- 29.00%
- EPS 5Y
- 83.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- 143.00%
Balance Sheet
- Debt/Equity
- 1.01
- Interest Coverage
- 6.84×
- Altman Z
- 4.24
- Book Value
- 120.00
Cash Flow
- FCF Yield
- 6.29%
- FCF Positive Y
- 10/5
- OCF
- 501.00 Cr
- EPS TTM
- 15.61
Shareholding
- Promoter Hold
- 44.20%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 38%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.