V-Mart Retail Limited – Investor Presentation Summary

Key Operational Highlights

  • Total store count reached 613 stores with net addition of 22 stores in Q2 FY27, crossing the 600-store milestone
  • Retail space expanded to 5.2 million square feet across 351 cities
  • Footfall growth of 36% and memo growth of 15% in Q2 FY27
  • Same Store Sales Growth (SSSG) of 3% (festive-adjusted SSSG: 11%)
  • V-Mart brand SSSG: 2% (festive-adjusted: 10%), Unlimited brand SSSG: 11% (festive-adjusted: 12%)
  • Total sales growth of 18% YoY in Q2 FY27 (V-Mart: 17%, Unlimited: 25%)

Segment-wise Performance

  • V-Mart: 509 stores, Unlimited: 104 stores
  • Opened 23 new stores, closed 1 store in Q2 FY27
  • Tier-wise sales per square feet performance: Tier 1: ₹718 (16%▲ YoY), Tier 2: ₹668 (38%▲ YoY), Tier 3: ₹709 (11%▲ YoY), Tier 4: ₹703 (8%▲ YoY)

Financial Highlights

Revenue: ₹9,530 million (Q2 FY27), ₹20,418 million (YTD FY27)

EBITDA: ₹861 million (Q2 FY27), ₹2,467 million (YTD FY27)

PAT: ₹-163 million (Q2 FY27), ₹309 million (YTD FY27)

EPS: Not Specified

Margins: EBITDA margin 9.0% (Q2 FY27), 12.1% (YTD FY27); PAT margin -1.7% (Q2 FY27), 1.5% (YTD FY27)

YoY/QoQ comparison: Q2 revenue ▲18% YoY, EBITDA ▲20% YoY; YTD revenue ▲21% YoY, EBITDA ▲25% YoY

Drivers of financial performance: Operating leverage, disciplined cost management, healthy customer traction

Comparison to market estimates: Not Specified

Key Risks: Not Specified

Geographical Revenue Split

Domestic vs Export/Regional Revenue: Not Specified

Regional Breakdown: Store distribution by state: Uttar Pradesh (190), Bihar (85), Tamil Nadu (41), Rajasthan (34), Jharkhand (33), West Bengal (26), Uttarakhand (22), Karnataka (20), Madhya Pradesh (20), Gujarat (19), Telangana (18), Orissa (15), Assam (14), Andhra Pradesh (13), Jammu & Kashmir (11), New Delhi (9), Punjab (7), Tripura (7), Haryana (6), Maharashtra (5), Kerala (4), Chhattisgarh (3), Arunachal Pradesh (2), Manipur (2), Meghalaya (2), Puducherry (2), Chandigarh (1), Goa (1), Himachal Pradesh (1)

Balance Sheet Snapshot

Net Debt/Equity: Not Specified

Reserves: Other equity: ₹8,992 million (Sep 2026)

Current Assets/Liabilities: Current assets: ₹14,859 million, Current liabilities: ₹14,720 million

Working Capital/Leverage Metrics: Inventories: ₹11,904 million; Borrowings: ₹1,900 million; Lease liabilities: ₹8,725 million total

Financial Health Insights: Strong balance sheet supporting network expansion and seasonal stock preparation

Capex & Cash Flow Health

Capital Expenditure: Net Capex: ₹846 million (YTD FY27)

Free Cash Flow: ₹-1,138 million (YTD FY27)

Operating Cash Flow: ₹1,402 million (YTD FY27 post-Ind AS 116), ₹-174 million (YTD FY27 pre-Ind AS 116)

Net Debt Movement: Not Specified

Investment Rationale: Cluster-based store rollout deepening market presence across high-potential Tier 2 and Tier 3 catchments

Strategic & R&D Initiatives

Investments in Innovation: 6 lakh sq.ft. owned warehouse in Palwal, Haryana; automated workflow using scanners and conveyers; tech-enabled centralized logistics network

Expected impact on growth: Powers rapid store replenishment and optimized inventory turn across all regions

Strategic Rationale: Strengthening omni-channel ecosystem through LimeRoad Marketplace

Industry Trends & Business Environment

Macro/Industry Trends: Festive dates shifted from Q2 to Q3 due to 19-day shift in festive calendar (Navratri commenced on 11 October 2026 vs 22 September 2025 last year)

Impact on Company: Affected reported SSSG, with festive-adjusted metrics showing stronger underlying performance (11% SSSG vs reported 3%)

Management Commentary & Growth Outlook

Strategic Outlook: "Strong performance across financial and operational parameters, driven by healthy customer traction and improving business momentum"

FY Guidance: Not Specified

Market Share Targets: Not Specified

Risks and Opportunities: Not Specified

ESG Updates

  • Silver Shield - ICAI Awards for Excellence in Financial Reporting in 2026
  • 24th ICSI National Awards for Excellence in Corporate Governance in 2025
  • Globally ranked 19th best Integrated Annual Report in 2026
  • Ambition Box Employer Choice Awards 2024 (ABECA)
  • Retail Brand of the Year 2024 by Great India Retail Awards
  • Golden Peacock Award for excellence in Corporate Governance by Institute of Directors, 2022
  • India's Best Workplaces in Retail 2022, 2021 & 2020 by Great Places to Work
  • Masters of Risk - Retail & Consumer Sector in Mid Cap category, CNBC India Risk Management Awards 2022