VMM
Mid CapVishal Mega Mart Limited
Consumer
Vishal Mega Mart Limited is an Indian value retail chain offering apparel, general merchandise, and FMCG products. The company operates a pan-India store network, emphasizes its diverse own-brand portfolio, and leverages a large loyalty program for customer engagement and revenue generation.
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.
Weak fundamentals, management trust is supportive, price trend argues for patience, 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
Good · 67/100Rev +22% YoY · PAT +46% YoY · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,114 Cr | +22.2% | -15.2% |
| EBITDA | ₹425 Cr | +19.0% | -29.8% |
| Operating margin | 14.0% | +0 bps | -200 bps |
| PAT | ₹168 Cr | +46.1% | -46.3% |
| PAT margin | 5.4% | +88 bps | -314 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
VMM delivered strong Q4FY26 and FY26 results, with revenue from operations growing over 20% YoY, supported by robust SSSG and accelerated store expansion. Profitability metrics, including Adjusted EBITDA and PAT margins, also showed healthy improvement.
The company continues to demonstrate strong execution in its value retail model, evidenced by consistent double-digit revenue growth, healthy SSSG, and expanding store footprint. The increasing contribution from own brands and effective loyalty program engagement are key differentiators, supporting margin expansion despite a slight dip in gross margin.
Revenue by Brand Type (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Store Expansion
Accelerated store additions with 105 gross new stores added in FY26, reaching 795 stores by Mar'26 end.
Own Brand Portfolio
26 own brands contributed 74.1% of total revenue in FY26, with 2 brands exceeding ₹10bn and 6 exceeding ₹5bn in sales.
Loyalty Program
Large and growing base of ~169 million registered loyalty customers, contributing ~95% of FY26 revenue, enabling targeted promotions.
Quick Commerce Platform
Consistent progress with 745 stores offering hyperlocal delivery (14% YoY growth) and ~13 million registered users (48% YoY growth).
Store Count
Total 795 stores as of March 31, 2026. 105 gross new stores added in FY26 (25 in Q4FY26).
Retail Square Footage
13.45 million retail square feet as of March 31, 2026.
Strong Own Brand Performance
Own brands are significant and growing contributors to sales, with 74.1% contribution to total revenue in FY26.
Loyal Customer Base
The loyalty program, recognized as India's biggest, drives ~95% of revenue and enables personalized engagement.
Digital Engagement
Quick Commerce platform and loyalty program offer omni-channel flexibility and targeted marketing, enhancing customer reach.
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.
Retail businesses often exhibit seasonality, making year-over-year comparisons more appropriate for assessing underlying operational performance, growth trends, and financial health, as reflected in the provided Q4FY26 vs Q4FY25 and FY26 vs FY25 data.
Revenue from Operations
Q4FY26: 31,141 mn (22.2% YoY growth); FY26: 129,063 mn (20.4% YoY growth).
Adjusted SSSG
Q4FY26: 13.2%; FY26: 11.0%.
Gross Profit Margin
Q4FY26: 27.8% (vs 28.3% in Q4FY25); FY26: 28.4% (vs 28.5% in FY25).
Adjusted EBITDA Margin
Q4FY26: 8.8% (vs 8.2% in Q4FY25); FY26: 10.2% (vs 9.6% in FY25).
Core Philosophy
Committed to 'Making Aspirations Affordable' for millions of customers across India.
Loyalty Program Strategy
Loyalty program allows creation of targeted promotions to drive cross-selling and up-selling of products.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Adjusted SSSG | 11.0% for FY26 | Sustained double-digit growth indicating continued demand and store productivity. |
| Adjusted EBITDA Margin | 10.2% for FY26 | Further expansion, demonstrating operating leverage and cost management. |
| Own Brand Contribution | 74.1% of total revenue in FY26 | Continued growth in contribution, which typically supports higher margins and brand stickiness. |
| Gross Store Additions | 105 in FY26 | Consistent pace of new store openings to drive overall revenue growth and market penetration. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
43NeutralSMA20 -2.4% / mo
Technical chart
VMMweekly · 6M-12.3%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 43.
- RSI(14) at 43 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 15% off 52W high · 20% 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
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 15.9%.
- Growth contributes 18/25 to the score.
Main drags
- Quality is weaker at 1/20; verify the latest quarterly trend.
- Valuation is weaker at 7/30; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; 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: +1 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 85th percentile of the scored universe and 84th percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: Promoter holding fell 14.1%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 84th pctile, median 67 · Mid: 59th pctile, median 76
36 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 positive at 1.2%.
- ▸7 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Promoter holding fell 14.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 65.40
- P/B
- 7.36
- EV/EBITDA
- 22.13
- Market Cap
- 54868.00Cr
Profitability
- ROE
- 12.20%
- ROCE
- 14.80%
- ROA
- 7.33%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 24.00%
- EPS 5Y
- 48.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 39.00%
Balance Sheet
- Debt/Equity
- 0.23
- Interest Coverage
- 11.02×
- Altman Z
- 8.24
- Book Value
- 15.90
Cash Flow
- FCF Yield
- 1.15%
- FCF Positive Y
- 7/5
- OCF
- 1621.00 Cr
- EPS TTM
- 1.80
Shareholding
- Promoter Hold
- 40.12%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 31%
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.