AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Sep - Vishal Mega Mart to attend JP Morgan one-on-one/group investor meeting in Mumbai on September 22, 2026.
Source: Bse
Vishal Mega Mart Limited (VMM)
Mid CapConsumer stocks · Mid cap · NSE
Vishal Mega Mart Limited is an Indian value retail chain operating across 30 States/UTs with 819 stores and 1.38 crore retail sq. ft. as of June 2026. The company focuses on making aspirations affordable for a billion Indians through value creation, accessibility, and customer-centric growth, with a strong presence in Tier II and Tier III cities.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result23 Jul, 06:17 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
25Bearishfull bear SMA stack · SMA20 -5.6% / mo · MACD − · near 52W low · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 18
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
Technical chart
VMMD candles · FIT view-23.4%Latest close ₹94.44 on 2026-10-19
Bar
-1.6%
RSI
35
MACD hist
-0.31
52W pos
1%
2026-10-19O ₹96.00H ₹96.20L ₹94.01C ₹94.44Vol 54.1L 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
VMMNifty Consumer DurablesNifty 500
- VMM
- -15.1%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- -9.5 pp
Chart stats
19 Oct 2026- From 52W high
- -37.0%
- 52W range position
- 1%
- ATR (14)
- 2.8%
- Volume vs 20D
- 0.47x
- Avg traded value
- ₹113 Cr
- 20D price channel
- ₹94 - ₹108.2
₹149.8
₹94 - ₹149.8
₹2.7
Latest completed session
20-session average
30.3% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST42
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good67
Revenue +18.7% · PAT +25.7% YoY
Technical
Bearish25
Price trend and sector-relative-strength timing.
Valuation
Legacy model-48.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence77
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 67/100Rev +19% YoY · PAT +26% YoY · +20% QoQ · operating leverage · margin compression
Filed 23 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,727 Cr | +18.7% | +19.7% |
| EBITDA | ₹545 Cr | +18.7% | +28.2% |
| Operating margin | 15.0% | +0 bps | +100 bps |
| PAT | ₹259 Cr | +25.7% | +54.2% |
| PAT margin | 7.0% | +39 bps | +156 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 50.40
- P/B
- 6.03
- EV/EBITDA
- 20.61
- Market Cap
- 44927.00Cr
Profitability
- ROE
- 12.20%
- ROCE
- 15.20%
- ROA
- 7.79%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 24.00%
- EPS 5Y
- 48.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 39.00%
Balance Sheet
- Debt/Equity
- 0.23
- Interest Coverage
- 8.84×
- Altman Z
- 8.20
- Book Value
- 15.90
Cash Flow
- FCF Yield
- 1.41%
- FCF Positive Y
- 7/5
- OCF
- 1621.00 Cr
- EPS TTM
- 1.91
Shareholding
- Promoter Hold
- 40.02%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 2%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 6,631+11.5% vs prev
Net Profit
₹ CrLatest: 656+38.7% vs prev
Return on Equity
%Latest: 9.3+22.4% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 35.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~5.9% over last month) — short-term momentum negative.
- RSI(14) at 35 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
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
7
RS percentile
Stage 4 Downtrend
1M return
-8.0%
3M return
-15.1%
6M return
-24.2%
1Y return
-35.7%
RS 1D
0
RS 20D
-3
Sector rank
#8
Industry rank
#21
Stage evidence
- Price is 15.8% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.5%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 67.6-0.62%
RS vs Nifty 50068
Valuation & peers
U-Score 42 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 42 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth18/25
Quality6/20
Balance Sheet7/15
Cash Flow5/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
42
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
42/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 18/25 to the score.
- Cash flow contributes 5/10 to the score.
Main drags
- Fair-value margin of safety is negative at -48.5%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 6/20; 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.
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.
PE
50.4
PB
6.0
EV/EBITDA
20.6
ROE
12.2%
ROCE
15.2%
FCF Yield
1.4%
Debt/Equity
0.2
MoS
-48.5%
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
42
Previous: 42
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-48.5%
Previous: -48.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
41
41
41
41
41
41
41
42
42
42
42
42
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
₹26.14
-261.3% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹63.6
-48.5% MoS
PEG
1.14
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
OSIAHYPER
Small
Osia Hyper Retail Limited
Retail
match 78
48
2.1
6.6%
+95%
FAIR VALUE
SPENCERS
Small
Spencer's Retail Limited
Retail
match 75
6
—
—
—
OVERVALUED
DMART
Large
Avenue Supermarts Limited
Retail
match 69
35
70.0
12.9%
-108%
WATCHLIST
KALYANKJIL
Mid
Kalyan Jewellers India Limited
Retail
match 62
57
38.9
24.8%
-19%
FAIR VALUE
JUBLFOOD
Mid
Jubilant Foodworks Limited
Retail
match 62
39
73.2
21.0%
-89%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
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 2026-07-24T08:16:35.569Z
Management commentary snapshot
VMM reported robust Q1FY27 performance with 18.7% YoY revenue growth, 10.0% SSSG, and strong profit expansion. Gross margin improved to 28.7%, and PAT grew 25.6% YoY, driven by store additions and loyalty program engagement.
The company delivered strong top-line growth driven by new store additions and healthy SSSG. Margin expansion across all levels indicates operational efficiency. High loyalty customer engagement and quick commerce expansion are positive signs for sustained growth in the value retail segment.
Current business mix
Revenue by Product Category (Q1FY27)
Latest issuer-disclosed distribution across 3 reported categories.
Apparel47.4%
General Merchandise27.3%
FMCG25.1%
Growth engines
Store Expansion
Added 27 gross new stores in Q1FY27, with a net addition of 24 stores, reaching 819 stores across 559 cities.
Loyalty Program
Loyalty customers grew 16% YoY to 17.5 crore, contributing ~95% of revenue, enabling targeted promotions.
Quick Commerce
Hyperlocal delivery available in 767 stores (14% YoY growth), with registered users up 44% YoY to 1.41 crore.
Own Brands Focus
Own brands contributed 75.2% of sales, indicating strong private label penetration and potential for margin control.
Capacity and execution
New Store Additions
27 gross new stores were added in Q1FY27, resulting in a net addition of 24 stores after 3 closures.
Retail Footprint
Total retail square footage reached 1.38 crore sq. ft. as of June 2026.
Tailwinds
Value Retail Demand
Company's focus on 'making aspirations affordable for a a billion Indians' aligns with value-conscious consumer trends.
Tier 2/3 Market Penetration
Strong presence with 423 stores in Tier III cities and 192 in Tier II cities as of June 2026.
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 often exhibits seasonality, making year-over-year comparisons more appropriate to assess underlying performance trends and growth drivers, as evidenced by the Q1FY27 vs Q1FY26 data provided.
Sector KPIs management disclosed
Revenue from Operations
Grew 18.7% YoY to INR 3,727.0 crore in Q1FY27.
SSSG
Achieved 10.0% SSSG for Q1FY27.
Gross Profit Margin
Improved to 28.7% in Q1FY27 from 28.4% in Q1FY26.
Operating EBITDA Margin
Increased to 10.4% in Q1FY27 from 10.3% in Q1FY26.
Management forward view
Customer-Centric Growth
Continued focus on value creation, accessibility, and customer-centric growth to serve a billion Indians.
Brand Recognition
Recognition in the 2025 Burgundy Private Hurun India 500 List underscores strong position in India’s retail landscape.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| SSSG | 10.0% in Q1FY27 | Sustained double-digit SSSG to indicate continued demand and effective store performance. |
| Gross Store Additions | 27 gross additions in Q1FY27 | Consistent pace of store expansion, especially in Tier II/III cities, to drive future revenue growth. |
| Revenue from Loyalty Customers | ~95% of revenue in Q1FY27 | Maintenance or increase in loyalty customer contribution to ensure customer retention and targeted marketing effectiveness. |
| Quick Commerce User Growth | Registered users grew 44% YoY to ~1.41 crore | Continued strong growth in quick commerce users and cities covered, indicating successful omnichannel strategy. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
77Limited 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 83rd percentile of the scored universe and 87th percentile within Consumer. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
44 docs text-extracted · 12 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
83rd percentile
overall median 67 · Consumer: 87th pctile, median 66 · Mid: 55th pctile, median 76
Evidence depth
Financial-only
44 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 confidenceWhat 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
60
acceptable · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.4%.
- ▸7 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Promoter holding fell 14.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Vishal Mega Mart Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 11 Sep - COO Manoj Kumar relieved on September 11, 2026 after resignation; ceases as senior management personnel.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Directorate 19 Sep - AGM approved Neha Bansal’s reappointment and Gunender Kapur’s 5-year reappointment as MD & CEO.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Management 19 Sep - AGM approved Neha Bansal's 1-year independent director reappointment and Gunender Kapur's 5-year MD & CEO term.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Sep - Intimation of schedule of Analyst/Institutional Investors Meeting under the SEBI (LODR) Regulations, 2015
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 8 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Aug - Newspaper Publication regarding intimation of 8th Annual general meeting of the Company through VC/OAVM and e-voting information
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 12 Aug - Allotment of 500000 equity shares pursuant to exercise of Stock Options under Vishal Mega Mart Employees Stock Options Plan 2019
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 3 Jul - Intimation of exercise of 79,33,333 stock options and consequent allotment of 79,33,333 equity shares under Vishal Mega Mart Employees Stock Options Plan 2019
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 9 Jun - Vishal Mega Mart to attend Kotak Securities Corporate Day in London on June 15-16, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 2 Jun
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.