Date and Time: November 4, 2026 (time not specified)
Purpose: Discussion of quarterly results and business performance
Management Participants: Mr. Lalit Agarwal (Managing Director), Mr. Anand Agarwal (CFO and Chief Operating Officer)
Post-Call Availability: Transcript made available on company website www.vmart.co.in
UPSI Statement: No explicit statement regarding unpublished price sensitive information
Financial Highlights Discussed:
Quarter Overview: Q2 FY27 is seasonally the smallest quarter, affected by 19-day festive calendar shift (Navratri commenced on October 11, 2026 vs September 22, 2025)
Revenue Performance: 18% growth year-on-year
Same-Store Growth (SSG): 3% reported, 11% adjusted for festival shift
Store Expansion: 23 new stores opened, 1 closed; total network reached 613 stores across 351 cities
Regional Performance: All geographies held up well; South India (Unlimited) showed strong growth momentum
Gross Margins: Stable at 33.5% vs 33.6% last year
Expense Management: Employee cost grew 15%, other expenses grew 18% (in line with sales growth)
EBITDA Performance: Pre-IndAS EBITDA up 32% with margins flat at 0.6%; Post-IndAS EBITDA grew 20% with margin at 9% vs 8.9% last year
Format-wise EBITDA: V-Mart delivered 8.8%, Unlimited delivered 11.6% vs 10.5% last year
Below EBITDA: Depreciation rose 25%, finance cost rose 18% (IndAS 116 impact)
Pre-IndAS Comparison: Depreciation flat at ₹28 crores, interest outgo flat at ~₹6 crores; PBT improved to loss of ₹26 crores vs loss of ₹28 crores last year
Unlimited Format Performance:
Sales per square feet reached ₹681 on YTD basis, up 15%
New stores delivering materially better productivity than acquired legacy stores
YTD EBITDA margin now ahead of V-Mart even at pre-IndAS level
Strategy included attracting lower per capita income consumers and youth segment
LimeRoad Performance:
Online business grew 55% on top line
Losses reduced by 32% (from 18% of revenue to 8% of revenue)
Digital users grew 37%
58% of online orders fulfilled from physical V-Mart store inventory
41 lakh digital customers converted to physical stores within 15 days of browsing
Operational Highlights:
Inventory Management: Days of inventory reduced by 7 days to 90 from 97
Working Capital: Short-term borrowings at ₹190 crores vs ₹100 crores at March end (festive stocking peak)
Capex: Net capex for half year was ₹85 crores vs ₹60 crores last year (new stores, refurbishments, technology)
Vendor Payments: Reduced payment cycle by 9 days
New Office: Shifted to new Gurgaon office housing both V-Mart and LimeRoad teams
Strategic Updates:
Expansion Guidance: Committed to open 90-100 new stores in current financial year
Target: 100 store openings per year going forward
Market Focus: South and West India expansion encouraged by Unlimited performance
Consumer Demographics: 45-50% of customers are Gen Z, driving fashion newness requirements
Merchandising Strategy: New leadership focusing on cluster-based buying methodology and technology-driven assortment planning
Competitive Landscape: 70-75 locations impacted by competitor openings; Eastern and Central Northern belt (Odisha, Bengal, Bihar, Jharkhand, U.P.) seeing highest competitive intensity
Cost and Margin Outlook:
Input Cost Pressure: Raw material costs increased 5-10% depending on product type
Pricing Strategy: Targeting 5-6% price increase to consumers while protecting affordability
Efficiency Measures: Working on vendor partnerships, supply chain optimization, and operational discipline
Labor Costs: Minimum wage increases in key states (Uttar Pradesh, Haryana) creating cost pressure
Additional Notes Section
Attachment: Transcript of conference call enclosed with regulatory filing
Financial Data: Extensive financial data and performance metrics were disclosed during the call
Compliance: Filed pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
