V-Mart Retail Limited (VMART)

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V-Mart Retail Limited (VMART) · mywealthgrid

About

V-Mart Retail Limited operates as a diversified retailer in the Consumer Discretionary sector with a market capitalization of ₹6,419.63 Cr. The company generated recent quarterly standalone revenues of approximately ₹1,088.81 Cr (Jun 2026) with profitability ranging significantly across periods. Operations center on organized retail distribution of consumer goods.

Founded: 2002
Face value: ₹10

Market cap

₹5,931 Cr

P/E

43.1×

P/B

6.2×

Dividend yield

0.1%

ROE

14.1%

ROCE

16.2%

Debt / equity

0.11

OPM

13.6%

EPS (TTM)

₹17.3

Book value

₹119.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

September quarters consistently unprofitable with Sep 2025 loss of ₹8.87 Cr and Sep 2024 loss of ₹56.51 Cr, indicating unresolved seasonal or structural challenges
Operating margin volatility spanning 5.84% to 18.6% across recent quarters signals inconsistent execution or seasonal impact affecting earnings predictability
Elevated PE ratio of 46.65 relative to EPS volatility (ranging -28.57 to 36.18) leaves minimal cushion for guidance misses or earnings disappointment
Earnings instability with net profits ranging from -₹56.51 Cr (Sep 2024) to ₹87.99 Cr (Dec 2025) raises concerns about sustainability of current valuation

Generated analysis · source review pending

Growth drivers

Jun 2026 revenue of ₹1,088.81 Cr rose from Mar 2026's ₹970.89 Cr; verify if quarterly momentum reflects sustained growth or temporary seasonal strength
Jun 2026 OPM of 14.75% improved from Mar 2026's 10.95% and Sep 2025's 8.86%; verify if reflects operational efficiency gains, category mix shift, or pricing leverage
₹1.1 Cr quarterly revenue scale positions V-Mart meaningfully in organized discretionary retail; verify if management is deploying retained profits into store expansion and geographic diversification
Dividend payment (July 2026) and bonus (June 2025) signal cash generation capacity; verify capital allocation priorities between growth capex and shareholder distributions

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹746.1-1.8%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 28.6% over the last 5 years

Cons

−Low return on equity of 2.6% (3-yr avg)
−Low dividend payout of 5.8% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

57/100

Business quality: 42
Growth: 85
Valuation: 45

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	808	1,001	1,222	1,434	1,662	1,075	1,666	2,465	2,786	3,254	3,789
COGS	—	—	-830	970	1,126	724	1,091	1,597	1,825	2,130	2,486
Gross profit	—	—	—	463	536	352	575	868	961	1,124	1,303
	765	930	1,959	331	322	221	371	599	747	747	790
	43	71	94	133	214	131	204	269	213	377	513
OPM %	5.4%	7.1%	7.7%	9.3%	12.9%	12.2%	12.3%	10.9%	7.7%	11.6%	13.6%
Depreciation	—	—	23	28	94	103	131	180	222	233	297
Interest	3	4	—	2	55	59	77	117	142	136	75
	1	3	4	-4	4	21	14	15	21	36	14
Profit before tax	41	60	74	100	70	-10	10	-13	-131	44	155
Tax	14	21	35	38	20	-3	-1	-5	-34	-2	31
Tax %	34.7%	34.3%	47.1%	38.3%	29%	-35.8%	-11.9%	-39.7%	-25.9%	-4.1%	19.9%
	28	40	39	62	49	-6	12	-8	-97	46	124
PAT margin %	3.4%	4%	3.2%	4.3%	3%	-0.6%	0.7%	-0.3%	-3.5%	1.4%	3.3%
EPS (₹)	15.3	21.9	42.9	34	27.2	-3.4	5.9	-4	-48.9	23.1	11.8
EPS adjusted (₹)	—	—	—	—	—	-0.8	1.5	-1	-12.2	5.8	15.6
	8.2%	5.7%	4.7%	5%	0%	—	12.7%	—	—	0%	8.5%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	20	20	20	20	20	79
Reserves	806	830	829	727	790	872
	0	0	148	110	149	100
	801	1,250	1,746	1,988	1,477	1,729
Total equity & liabilities	1,627	2,099	2,743	2,845	2,436	2,780
	179	283	381	541	569	616
CWIP	2	6	109	4	4	8
Investments	319	125	9	5	5	18
	1,127	1,686	2,244	2,296	1,858	2,138
Total assets	1,627	2,099	2,743	2,845	2,436	2,780

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Retail trade	3,764.63	189.84	2,632.04	1,705.05	926.99	20.48
Digital marketplace	37.18	-14.36

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	32.3%	32.2%	32.7%	34.5%	35.2%	34.5%	34.5%	34.4%
EBITDA margin %	9.3%	12.9%	12.2%	12.3%	10.9%	7.7%	11.6%	13.6%
EBIT margin %	7.3%	7.2%	2.6%	4.4%	3.6%	-0.3%	4.4%	5.7%
PAT margin %	4.3%	3%	-0.6%	0.7%	-0.3%	-3.5%	1.4%	3.3%
Working capital
Receivable days	—	—	0	0	0	0	0	0
Inventory days	—	—	216	224	199	163	169	145
Payable days	—	—	97	97	112	127	131	72
NWC days	—	—	119	126	87	36	39	73
Leverage
Current ratio	—	—	3.35	2.27	1.37	1.16	1.05	1.04
Debt to EBITDA	—	—	0	0	0.55	0.52	0.4	0.19
Debt to equity	—	—	0	0	0.17	0.15	0.18	0.11
Interest coverage	69.1	2.3	0.8	1.1	0.9	0.1	1.1	3.1
Asset turnover	—	—	0.66	0.79	0.9	0.98	1.34	1.36
Return ratios
Return on assets %	—	—	-0.4%	0.6%	-0.3%	-3.4%	1.9%	4.5%
Return on capital employed %	—	—	3.6%	5.7%	5.7%	0.6%	9.7%	16.2%
Return on equity %	—	—	-0.8%	1.4%	-0.9%	-13%	5.6%	13%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	44.33%	44.33%	44.33%	44.33%	44.31%	44.29%	44.28%	44.19%	44.18%	44.15%	44.2%	44.15%
	14.28%	14.32%	15.32%	15.46%	16.02%	17.32%	17.47%	18.29%	17.46%	17.01%	16.91%	16.47%
	32.64%	34%	33.99%	32.61%	32.79%	32.45%	32.93%	31.51%	32.11%	32.46%	31.87%	30.9%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	8.75%	7.35%	6.36%	7.6%	6.88%	5.94%	5.32%	6.01%	6.25%	6.38%	7.02%	8.48%
No. of shareholders	—	—	—	—	—	—	—	—	26,763	24,903	30,027	31,182

Promoter holding down 0.18 percentage points since Sep 2023.

66 deals · 5 Sept 2022 – 7 Apr 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
7 Apr 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	18,85,656	₹630.90	₹118.97 Cr
7 Apr 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	18,84,478	₹631.27	₹118.96 Cr
7 Apr 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	10,60,620	₹634.53	₹67.30 Cr
7 Apr 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	10,60,620	₹634.20	₹67.26 Cr
7 Apr 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	9,96,861	₹631.53	₹62.95 Cr
7 Apr 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	9,95,682	₹632.00	₹62.93 Cr
7 Apr 2026	IRAGE BROKING SERVICES LLP	Bulk	NSE	Buy	8,58,863	₹631.25	₹54.22 Cr
7 Apr 2026	QE SECURITIES LLP	Bulk	NSE	Buy	7,14,771	₹628.72	₹44.94 Cr
7 Apr 2026	QE SECURITIES LLP	Bulk	NSE	Sell	7,14,765	₹630.54	₹45.07 Cr
7 Apr 2026	IRAGE BROKING SERVICES LLP	Bulk	BSE	Sell	5,84,055	₹631.34	₹36.87 Cr

1–10 of 66

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Mr. Aakash MoondhraNon-Executive - Non Independent Director-Chairperson
Mr. Lalit AgarwalExecutive Director-MD
Anand AgarwalChief Financial Officer
Mr. Madan Gopal AgarwalExecutive Director
Mr. Govind Shridhar ShrikhandeNon-Executive - Independent Director
Mr. Raghuvesh SarupNon-Executive - Independent Director
Mrs. Shweta KumarNon-Executive - Independent Director
Ms. Megha TandonCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 7 fund houses

Held by these funds

17.1%

of the company's equity

All mutual funds

30.12%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

12 schemes · 7 fund houses

		Shares
MultiCap Fund	SBI Mutual Fund	40 L	338.98	1.38%	5.031%	-0
Portfolio of Kotak Small Cap Fund	Kotak Mahindra Mutual Fund	35.12 L	297.65	1.51%	4.418%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	22.03 L	186.69	2.29%	2.771%	+38,332
Franklin India Small Cap Fund (Formerly known as Franklin India Smaller Companies Fund) ^	Franklin Templeton Mutual Fund	17.5 L	148.31	1.01%	2.201%	-68,270
ELSS – Tax Saver Fund	ICICI Prudential Mutual Fund	11.29 L	95.67	0.67%	1.42%	-50,395
Templeton India Value Fund	Franklin Templeton Mutual Fund	3.1 L	26.29	1.37%	0.39%	-0
Multi Asset Allocation Fund	SBI Mutual Fund	2.83 L	23.97	0.11%	0.356%	-0
Small Cap Fund	Bajaj Finserv Mutual Fund	2.43 L	20.58	0.78%	0.306%	-0

1–8 of 12

1 / 2

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Credit rating reaffirmed by ICRA2 Jun 2026 from ICRA

Investor Presentation and earnings call

Jul 2026Transcript AI Summary PPTREC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

10

Final dividend17 Jul 2026 · ex-date₹1
Dividend dividend18 Aug 2022 · ex-date₹0.75
Dividend dividend24 Jul 2019 · ex-date₹1.7
Final dividend20 Jun 2018 · ex-date₹2
Final dividend8 Sept 2017 · ex-date₹1.25
Final dividend20 Sept 2016 · ex-date₹0.1
Interim dividend28 Mar 2016 · ex-date₹1.15
Dividend dividend21 Sept 2015 · ex-date₹1.5
Dividend dividend17 Sept 2014 · ex-date₹1
Dividend dividend23 Sept 2013 · ex-date₹1

1

Board meeting to consider results24 Jul 2026

1

Bonus 3:123 Jun 2025 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

31 announcementsExport CSV

1 Oct 2026, 7:01 pmCompany Update

Business Update At The End Of Quarter 2 Of Financial Year 2026-27 (Q2FY27)

General PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	32.3%	32.2%	32.7%	34.5%	35.2%	34.5%	34.5%	34.4%
EBITDA margin %	9.3%	12.9%	12.2%	12.3%	10.9%	7.7%	11.6%	13.6%
EBIT margin %	7.3%	7.2%	2.6%	4.4%	3.6%	-0.3%	4.4%	5.7%
PAT margin %	4.3%	3%	-0.6%	0.7%	-0.3%	-3.5%	1.4%	3.3%
Working capital
Receivable days	—	—	0	0	0	0	0	0
Inventory days	—	—	216	224	199	163	169	145
Payable days	—	—	97	97	112	127	131	72
NWC days	—	—	119	126	87	36	39	73
Leverage
Current ratio	—	—	3.35	2.27	1.37	1.16	1.05	1.04
Debt to EBITDA	—	—	0	0	0.55	0.52	0.4	0.19
Debt to equity	—	—	0	0	0.17	0.15	0.18	0.11
Interest coverage	69.1	2.3	0.8	1.1	0.9	0.1	1.1	3.1
Asset turnover	—	—	0.66	0.79	0.9	0.98	1.34	1.36
Return ratios
Return on assets %	—	—	-0.4%	0.6%	-0.3%	-3.4%	1.9%	4.5%
Return on capital employed %	—	—	3.6%	5.7%	5.7%	0.6%	9.7%	16.2%
Return on equity %	—	—	-0.8%	1.4%	-0.9%	-13%	5.6%	13%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Vishal Mega Mart LimitedVMMVMM	₹46,609 Cr	₹46,609 Cr	₹13,493 Cr	₹1,969 Cr	14.6%	₹892 Cr	6.5%	15.7%	12.1%	17
Electronics Mart India LimitedEMILEMIL	₹7,850 Cr	₹8,741 Cr	₹7,863 Cr	₹568 Cr	6.1%	₹206 Cr	1.5%	10.5%	6.8%	73
V-Mart Retail LimitedVMARTVMART	₹5,931 Cr	₹6,032 Cr	₹3,993 Cr	₹548 Cr	13.6%	₹138 Cr	3.3%	16.2%	14.1%	73
Shoppers Stop LimitedSHOPERSTOPSHOPERSTOP	₹4,456 Cr	₹4,692 Cr	₹5,174 Cr	₹760 Cr	14.8%	₹-35 Cr	-0.7%	8.3%	-11.8%	-37
Patel Retail LimitedPATELRMARTPATELRMART	₹705 Cr	₹828 Cr	₹1,175 Cr	₹76 Cr	6.9%	₹42 Cr	3.7%	15.8%	10.7%	128
Spencer's Retail LimitedSPENCERSSPENCERS	₹236 Cr	₹1,471 Cr	₹1,854 Cr	₹4 Cr	-0.6%	₹-248 Cr	-13.9%	-31.2%	—	-24
Jay Ambe Supermarkets LtdCITYSQUARECITYSQUARE	₹110 Cr	—	₹72 Cr	₹10 Cr	14.5%	₹5 Cr	6.8%	—	—	—
Aditya Consumer Marketing LtdACMLACML	₹51 Cr	—	₹91 Cr	₹-1 Cr	-1.2%	₹-2 Cr	-2.3%	—	—	—
Jhs Svendgaard Retail Ventures LimitedRETAILRETAIL	₹29 Cr	₹30 Cr	₹17 Cr	₹-3 Cr	-14.3%	₹-0 Cr	-2.4%	2.6%	-1.2%	29
Shanti Guru Industries LtdSHANTIGURUSHANTIGURU	₹11 Cr	₹11 Cr	₹0 Cr	₹-1 Cr	-443.5%	₹11 Cr	—	67.2%	58.2%	-683
Future Consumer LimitedFCONSUMERFCONSUMER	—	—	₹450 Cr	₹-21 Cr	-1.9%	₹-49 Cr	-10.3%	—	—	-46
Future Lifestyle Fashions LimitedFLFLFLFL	—	—	₹2,313 Cr	₹-548 Cr	-19.2%	₹-2,135 Cr	-85.1%	-126.7%	—	-160

Date	Category	Subject	Filing
1 Oct 2026, 7:01 pm	Company Update General	Business Update At The End Of Quarter 2 Of Financial Year 2026-27 (Q2FY27)	PDF
24 Aug 2026, 2:21 pm	Company Update General	Clarification For Increase In Volume	PDF
24 Aug 2026, 1:21 pm	Company Update Clarification	Clarification sought from V-Mart Retail Ltd	—
13 Aug 2026, 7:15 pm	Company Update General	Disclosure Under Regulation 30 Of SEBI (LODR) Regulations, 2015	PDF
11 Aug 2026, 5:28 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
7 Aug 2026, 3:10 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
3 Aug 2026, 3:51 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
30 Jul 2026, 7:18 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	58	76	86	149	-11	181	386	349	501
	-8	-73	1	-419	124	-159	-118	-122	-174
	-38	-4	-94	287	-104	-37	-259	-215	-346
Net cash flow	11	-1	-8	17	8	-15	9	12	-20
Free cash flow	58	76	86	108	-162	-98	263	226	341
CFO / Operating profit %	61.7%	57.4%	40.4%	113.8%	-5.5%	67.2%	181.1%	92.7%	97.5%

V-Mart Retail Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends10

Board meetings1

Bonus issues1

Announcements

Dividends10

Board meetings1

Bonus issues1

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Digital Market Place · revenue

10

1

1

10

1

1