V-Mart Retail Limited (VMART)

Micro Cap

V-Mart Retail Limited operates a chain of value fashion retail stores across India, primarily in Tier 2, 3, and 4 cities. The company also manages the 'Unlimited' store format and the LimeRoad online marketplace, focusing on apparel, non-apparel, and FMCG categories.

₹780.3

-10.35 · -1.31%

Market cap ₹6,292 Cr

Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm IST

Details

Quote19 Oct, 03:31 pm IST

Base fundamentals17 Oct 2026 · screener

Latest result24 Jul, 06:54 pm IST

Score20 Oct, 04:30 am IST · v4.3-runtime-valuation

Tags02 May 2026

Coverage14/14 · 100%

Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)

Technical timing lens

Trend score and candlestick chart

46Neutral

SMA20 -4.6% / mo · MACD + · sector -3.7pp vs Nifty 500 (3M)

Stock trend: 52

Sector RS: 36

Sector 3M: -9.3% vs Nifty 500 -5.6%

Consumer FPI tailwindNot confirmed

Latest mapped FPI equity flow was not positive. View sector evidence

Compare peers →

Technical chart

VMARTD candles · FIT view+26.4%

Latest close ₹780.30 on 2026-10-19

Bar

-0.3%

RSI

MACD hist

1.01

52W pos

76%

2026-10-19O ₹782.45H ₹795.85L ₹769.70C ₹780.30Vol 46,819 sh

Up bar

Down bar

EMA 20

EMA 50

Volume + 20D avg

Result date

RSI(14)

MACD / signal

Market context

Relative performance and chart statistics

Adjusted completed-session prices, rebased to 100

VMARTNifty Consumer DurablesNifty 500

VMART: -0.6%
Nifty 500: -5.6%
Nifty Consumer Durables: -9.7%
Vs Nifty 500: +5.0 pp

Chart stats

19 Oct 2026

From 52W high: -12.1%
52W range position: 75%
ATR (14): 3.6%
Volume vs 20D: 0.58x
Avg traded value: ₹6.1 Cr
20D price channel: ₹736.6 - ₹847.7

Quarter ended 30 Jun 2026

Excellent · 90

Rev +23% YoY · PAT +38% YoY · margin expansion · +12% QoQ · operating leverage

Revenue: ₹1,089 Cr; YoY +23.1%
PAT: ₹47 Cr; YoY +38.2%
Operating margin: 15.0%; QoQ +400 bps
PAT margin: 4.3%; QoQ +319 bps

Filed 24 Jul 2026Full result & history →

Current-quarter concall

Transcript not linked yet

No source-linked earnings-call transcript is available for this company in the active results quarter.

Search Concall Intelligence

Technical snapshot

Positioning and participation

Stage 2 Uptrend

Current trend context ranked against all active NSE stocks. It describes the chart; it is not a buy or sell signal.

RS percentile: 67; -10 ranks over 20D
Stage 2 entry: 04 Aug 2026; 53 trading sessions · established
Sector rotation: #9; neutral · 495 stocks
Industry rotation: #22; improving · 153 stocks

Trend structure

Below 20-DMABelow 50-DMAAbove 200-DMA

RSI (14)

Weak momentum

MACD

Above signal

Histogram +1.01

Volume participation

0.6x average

Versus 20-session average

20-session position

39% of range

₹736.6 low · ₹847.7 high

Relative performance

vs Nifty 500

1M: +0.1 pp; stock -3.4%
3M: +5.0 pp; stock -0.6%
6M: +25.5 pp; stock +21.9%
1Y: -2.7 pp; stock -9.7%

From 52W high

-11.5%

High ₹882

52W range position

76%

₹457.9 - ₹882

ATR (14)

3.6%

₹28.38

Avg traded value

₹6.1 Cr

20-session average

Current setup

Established Stage 2

Entered 04 Aug 2026 · 53 sessions

Open detailed technicals →

Research snapshot

What the evidence says now

Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.

Suggested next step

Research, do not rush

The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.

U-Score

Legacy · FAIR VALUE

Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.

Financials

Fundamentals, quarterly history, margins, returns and balance-sheet evidence

Quarter ended 30 Jun 2026

Excellent · 90/100

Rev +23% YoY · PAT +38% YoY · margin expansion · +12% QoQ · operating leverage

Filed 24 Jul 2026

Open results browser →

Metric	This quarter	YoY	QoQ
Revenue	₹1,089 Cr	+23.1%	+12.2%
EBITDA	₹161 Cr	+27.8%	+51.9%
Operating margin	15.0%	+100 bps	+400 bps
PAT	₹47 Cr	+38.2%	+327.3%
PAT margin	4.3%	+48 bps	+319 bps

NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.

Fundamentals

Valuation

P/E: 45.40
P/B: 6.59
EV/EBITDA: 8.42
Market Cap: 6292.00Cr

Profitability

ROE: 14.20%
ROCE: 13.20%
ROA: 4.96%
Dividend Y: 0.13%

Growth (CAGR)

Revenue 5Y: 29.00%
EPS 5Y: 83.00%
Revenue 3Y: 15.00%
EPS 3Y: 144.00%

Balance Sheet

Debt/Equity: 1.01
Interest Coverage: 7.12×
Altman Z: 4.71
Book Value: 120.00

Cash Flow

FCF Yield: 5.20%
FCF Positive Y: 10/5
OCF: 501.00 Cr
EPS TTM: 17.31

Shareholding

Promoter Hold: 44.13%
Promoter Pledge: 0.00%
Momentum 52W: 79%

Financial History

Updated 20/10/2026

Revenue

₹ Cr

Latest: 3,789+16.4% vs prev

Net Profit

₹ Cr

Latest: 124+169.6% vs prev

Return on Equity

Latest: 13.0+129.6% vs prev

Technicals

Trend interpretation, Stage 2, relative strength, volume and indicator evidence

Daily technical trend read

Bearish setup

Trend is weak — long-term uptrend intact. RSI 44.

Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
SMA20 falling (~4.8% over last month) — short-term momentum negative.
RSI(14) at 44 — falling, no extreme reading.
MACD above signal but histogram contracting — bullish momentum cooling.
12% off 52W high · 70% 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.

Nifty 500 leadership

Relative Strength & Trend Stage

RS percentile

Stage 2 UptrendEstablished S2

1M return

-3.4%

3M return

-0.6%

6M return

+20.8%

1Y return

-5.8%

RS 1D

RS 20D

-10

Sector rank

Industry rank

#22

Stage evidence

Price is 8.1% above the 30-week proxy.
The 50-DMA is above the 30-week proxy and its slope is rising +4.8%.

50-DMA

price below

200-DMA

price above

S2 entered

04 Aug 2026

S2 age

53 trading sessions

Sector

neutral

Industry

improving

Relative-strength line vs Nifty 500 (base 100)

262 observations

19 Oct 2026Value 111.15-0.29%

RS vs Nifty 500111

Valuation & peers

U-Score 55 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies

Financial Turnaround

Fundamental score breakdown

U band · FAIR VALUE

Valuation1/30

Growth25/25

Quality10/20

Balance Sheet5/15

Cash Flow9/10

Piotroski

7/9 (+5)

Penalties

Raw sum

Why this score?

Top U-Score contributors and drags from the latest stored fundamentals.

55/100 · legacy band FAIR VALUE

Positive drivers

FCF yield is supportive at 5.2%.
Piotroski is strong at 7/9.
Growth contributes 25/25 to the score.

Main drags

Fair-value margin of safety is negative at -35.4%.
Valuation is weaker at 1/30; verify the latest quarterly trend.
Balance sheet is weaker at 5/15; verify the latest quarterly trend.

Sector valuation model

Consumer valuation: PE/PEG and brand-quality premium

Consumer franchises can deserve higher multiples, but only when growth quality supports them.

Consumer PE/PEG

Primary lens

PE and PEG relative to growth, ROE, margins, and brand strength.

Secondary checks

Volume growth, pricing power, distribution, same-store or category growth.

Main risk check

Premium valuation needs durable growth and margin resilience.

45.4

6.6

EV/EBITDA

8.4

ROE

14.2%

ROCE

13.2%

FCF Yield

5.2%

Debt/Equity

1.0

MoS

-35.4%

Score movement

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.

Stored run: 20 Oct 2026

v4.3-runtime-valuation

Final score

Previous: 55

Legacy U-Score band

FAIR VALUE

Previous: FAIR VALUE

Margin of safety

-35.4%

Previous: -35.4%

Score history

12 stored score snapshots. Latest stored move: +0 points.

20 Oct 2026

v4.3-runtime-valuation

Factor attribution

No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.

Modelled fair value

Graham Number

₹216.19

-260.9% MoS

Growth-justified P/E

33.3

Growth-justified Value

₹576.42

-35.4% MoS

PEG

0.42

Comparable companies

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.

Compare all ↗

Ticker

Name

Why peer

Score

ROE

MoS

Verdict

Arvind Fashions Limited

Baazar Style Retail Limited

Cantabil Retail India Limited

Go Fashion (India) Limited

Business, management & trust

Growth engines, risks, management commitments and evidence-backed delivery

Business and thesis

Where growth can come from, and what can break the case

Thesis intactReviewed 2026-06-11T07:56:01.006Z

Management commentary snapshot

V-Mart reports strong Q4FY26 revenue growth of 24% YoY and EBITDA growth of 56% YoY, driven by robust footfall and store expansion. FY26 performance also shows significant improvement in profitability and operational efficiency.

The company demonstrated strong top-line growth and significant margin expansion in Q4FY26 and FY26, supported by aggressive store additions and improved operational metrics like SSSG and inventory days. The reduction in LimeRoad losses is a positive. However, the slight dip in gross margin and the elevated debt-equity ratio (post Ind AS 116) warrant continued monitoring.

Current business mix

FY26 Revenue Mix

Latest issuer-disclosed distribution across 3 reported categories.

Apparel79.0%

Non-Apparel10.0%

FMCG11.0%

Growth engines

Store Expansion

Total stores increased to 577 in FY26 from 497 in FY25, with 92 new stores opened (74 V-Mart, 18 Unlimited). Retail space grew 16% YoY to 5.0 Million Square Feet.

Operational Efficiency

Inventory Days of Sales (DOI) improved from 96 to 93 days, and per-store inventory reduced by 13% (₹20 Mn to ₹17 Mn) in FY26.

LimeRoad Loss Reduction

LimeRoad loss reduced by 56% YoY to ₹30 Mn in Q4FY26 and by 57% YoY to ₹133 Mn in FY26.

Capacity and execution

New Store Openings

29 stores opened in Q4FY26 (25 V-Mart, 4 Unlimited). 92 stores opened in FY26 (74 V-Mart, 18 Unlimited).

Total Store Count

Total stores reached 577 as of March 31, 2026 (478 V-Mart, 99 Unlimited).

Retail Space Expansion

Retail space increased 16% YoY to 5.0 Million Square Feet in FY26 (4.0 Mn V-Mart, 0.9 Mn Unlimited).

Risk radar

Business-Specific Risks

Forward-looking statements involve risks related to V-Mart’s fashion, FMCG, and online marketplace businesses, which could cause actual results to differ materially.

Leverage (Post Ind AS 116)

Debt-Equity Ratio (Post Ind AS 116) was 1.01x in FY26, an increase from 0.97x in FY25, indicating higher financial leverage.

Management accountability

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.

Analyst reading lens

Compare YOY

The retail business is seasonal, making year-over-year comparisons more relevant for understanding underlying performance trends and growth drivers. The document provides both Q4FY26 vs Q4FY25 and FY26 vs FY25 data.

Sector KPIs management disclosed

Revenue Growth

Q4FY26 Revenue from operations grew 24% YoY to ₹9,709 Mn. FY26 Revenue grew 16% YoY to ₹37,894 Mn.

Footfall Growth

Q4FY26 Footfall increased 47% YoY. FY26 Footfall increased 22% YoY to 90 Million.

Same Store Sales Growth (SSSG)

Q4FY26 SSSG was 12% (V-Mart: 12%, Unlimited: 9%). FY26 SSSG was 5% (V-Mart: 5%, Unlimited: 5%).

Same Store Volume Growth (SSVG)

Q4FY26 SSVG was 10% (V-Mart: 10%, Unlimited: 10%). FY26 SSVG was 4% (V-Mart: 4%, Unlimited: 9%).

Management forward view

Focus on Operational Efficiency

Management highlighted improved inventory days of sales and reduced per-store inventory, indicating a focus on efficient working capital management.

Strategic Store Expansion

Continued cluster-based expansion with 92 new stores opened in FY26, demonstrating commitment to increasing physical footprint.

Thesis monitor

Numbers and claims to verify in the next filings

Checkpoint	Current evidence	What to verify next
Same Store Sales Growth (SSSG)	5% (FY26)	Sustained positive SSSG across both V-Mart and Unlimited formats to indicate underlying demand strength.
EBITDA Margin	13.6% (FY26)	Maintenance or further improvement in EBITDA margin, especially given the slight dip in gross margin.
LimeRoad Profitability	Loss of ₹133 Mn (FY26)	Continued reduction in losses and progress towards profitability for the online marketplace business.
Debt-Equity Ratio (Post Ind AS 116)	1.01x (FY26)	Stabilization or reduction in the debt-equity ratio to manage financial risk, particularly with ongoing expansion.

Verification checkpoints are IndiaPulse research interpretation, not investment advice.

Trust Score

78Limited evidence · low confidenceTrust Lite

Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.

Limited evidence: Claim history is still being built. It ranks around the 86th percentile of the scored universe and 91st percentile within Consumer. No major sub-score weakness stands out.

This is a financial-behaviour screen, not a claim-tested management reliability verdict.

Computed 05 Sept 2026

management-trust-v1

123 docs text-extracted · 37 concalls text-extracted

Score band

Limited evidence

Financial behaviour is scored, but management claims do not yet have enough outcome checks.

Relative rank

86th percentile

overall median 67 · Consumer: 91st pctile, median 66 · Micro: 74th pctile, median 73

Evidence depth

Financial-only

123 documents have extracted text, but claim history is not strong enough yet.

Claim delivery

Outcome history still building

0 claims extracted · No contradicted claim yet

How to read this Trust Score

Limited evidence · low confidence

What it measures

Reliability of management and financial delivery, using financial behaviour only.

Confidence

Treat this as an early read until more concalls and outcomes are matched.

Investor use

Can support position sizing if valuation and trend also agree.

Read 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.

Promoter

strong · holding, pledge, alignment

Cash flow

strong · profit to cash conversion

Balance sheet

acceptable · leverage and solvency

Discipline

strong · capital discipline

Results

acceptable · quarterly consistency

Trust positives

▸Promoter pledge is zero.
▸FCF yield is 5.1%.
▸10 years of positive FCF.
▸4/4 latest quarters had positive YoY revenue growth.

Trust risks

▸Debt/equity is 1.01.
▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.

Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.

Compare Consumer stocks Browse Indian stocks starting with V Explore fundamental stock screeners Browse Indian investment themes

Related companies

V2 Retail Limited (V2RETAIL)Arvind Fashions Limited (ARVINDFASN)Baazar Style Retail Limited (STYLEBAAZA)Cantabil Retail India Limited (CANTABIL)Go Fashion (India) Limited (GOCOLORS)

Important announcements & filings

Latest exchange and company disclosures found within the past two years.

Source: Bse

Open source ↗

Verify on:NSE India ↗

All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.

V-Mart Retail Limited (VMART)

Trend score and candlestick chart

Technical chart

Relative performance and chart statistics

What the evidence says now

Financials

Quarter ended 30 Jun 2026

Fundamentals

Valuation

Profitability

Growth (CAGR)

Balance Sheet

Cash Flow

Shareholding

Revenue

Net Profit

Return on Equity

Technicals

Daily technical trend read

Relative Strength & Trend Stage

Valuation & peers

Fundamental score breakdown

Why this score?

Positive drivers

Main drags

Consumer valuation: PE/PEG and brand-quality premium

Stored run vs live recompute

Score history

Factor attribution

Modelled fair value

Comparable companies

Business, management & trust

Where growth can come from, and what can break the case

FY26 Revenue Mix

Store Expansion

Operational Efficiency

LimeRoad Loss Reduction

New Store Openings

Total Store Count

Retail Space Expansion

Business-Specific Risks

Leverage (Post Ind AS 116)

What management said, and what results must prove

Revenue Growth

Footfall Growth

Same Store Sales Growth (SSSG)

Same Store Volume Growth (SSVG)

Focus on Operational Efficiency

Strategic Store Expansion

Numbers and claims to verify in the next filings

How to read this Trust Score

Forensic breakdown

Trust positives

Trust risks

Continue researching V-Mart Retail Limited

Important announcements & filings

Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Aug - Intimation for Analyst/ Investor meet scheduled for August 12, 2026.

Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 4 Aug - Intimation for Investor/ Analyst call scheduled for August 7, 2026

Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Aug - Intimation for Investor/ Analyst meet scheduled on August 13, 2026

Announcement under Regulation 30 (LODR)-Press Release / Media Release 11 Aug - V-Mart opened its 600th store, adding 100 in a year and 24 so far in FY27.

Jul 2026 · PPT

Jul 2026 · Transcript

Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Management 10 Jun - COO Vineet Jain resigns effective July 15, 2026; CFO Anand Agarwal अतिरिक्त COO responsibilities.

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 20 Jul - Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, we wish to inform you that the Company will organize a conference …

Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Jul

Announcement under Regulation 30 (LODR)-Newspaper Publication 24 Jun

Announcement under Regulation 30 (LODR)-Credit Rating 2 Jun - ICRA reaffirmed V-Mart’s AA- stable long-term and A1+ short-term ratings for Rs300 crore bank limits.

May 2026 · Transcript