Financial Performance Summary

Quarterly Performance (Q2 FY27 vs Q2 FY26):

  • Revenue from operations: ₹953 crore (vs ₹807 crore) - 18% YoY growth
  • EBITDA: ₹86 crore (vs ₹72 crore) - 20% YoY growth
  • EBITDA Margin: 9.0% (vs 8.9%) - +0.1% improvement
  • PAT Margin: -1.7% (vs -1.1%) - -0.6% decline

Half-Yearly Performance (H1 FY27 vs H1 FY26):

  • Revenue from operations: ₹2,042 crore (vs ₹1,692 crore) - 21% YoY growth
  • EBITDA: ₹247 crore (vs ₹198 crore) - 25% YoY growth
  • EBITDA Margin: 12.1% (vs 11.7%) - +0.4% improvement
  • PAT Margin: 1.5% (vs 1.5%) - +0.1% improvement

Operational Highlights

Same Store Sales Growth (SSSG):

  • Adjusted for festive timing shift (19-day shift with Navratri moving from Q2 to Q3): 11% overall SSSG
  • V-Mart format: 10% SSSG
  • Unlimited format: 12% SSSG
  • Calendar SSSG for Q2: 3% overall
  • V-Mart format: 2% SSSG
  • Unlimited format: 11% SSSG

Unlimited Format Performance:

  • Q2 revenue growth: 25% YoY
  • YTD revenue growth: 29%
  • Q2 EBITDA growth: 38% YoY
  • YTD EBITDA growth: 40%

Inventory Management:

  • Inventory days improved by 7% to 90 days as of September 30, 2026 compared to corresponding period last year

Store Expansion:

  • 23 new stores opened during the quarter
  • 1 underperforming store closed
  • Crossed milestone of 600 stores during the quarter
  • Total stores as of September 30, 2026: 613 stores across 29 States and Union Territories
  • Total retail footprint: approximately 52 lakh sq. ft.
  • Average store size: approximately 8,000 sq. ft.

Business Context

The strong performance was driven by healthy underlying consumer demand, operating leverage gains, and cost discipline. The company noted a shift in festive dates from Q2 to Q3 due to a 19-day shift in the festive calendar, with Navratri commencing on October 11, 2026 versus September 22, 2025 last year.

V-Mart operates as a value fashion retailer offering apparel, footwear, accessories and home furnishings for the entire family, with strong presence across Tier II and Tier III cities. The company also operates an omni-channel platform through LimeRoad (www.limeroad.com) and maintains presence across leading online marketplaces.

Performance Drivers

  • Robust underlying demand momentum across retail footprint
  • Operating leverage gains and cost discipline contributing to EBITDA growth
  • Increased store productivity and sharper merchandise assortments in Unlimited format
  • Operational efficiencies supporting scaling across southern states
  • Continued focus on operational efficiency and inventory management