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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 67/100Rev +19% YoY · PAT +26% YoY · +20% QoQ · operating leverage · margin compression
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Revenue by Product Category (Q1FY27)
Latest issuer-disclosed distribution across 3 reported categories.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
34Bearishfull bear SMA stack · SMA20 -3.1% / mo · MACD + · near 52W low
Technical chart
VMMdaily · 1Y · AUTO-7.6%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 45.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~3.2% over last month) — short-term momentum negative.
- RSI(14) at 45 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 31% off 52W high · 7% 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.
Relative Strength & Trend Stage
- Price is 7.8% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.0%.
Valuation & score drivers
U-Score 42 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 42 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -59.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 6/20; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
Score history
12 stored score snapshots. Latest stored move: +2 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 83rd percentile of the scored universe and 86th percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: Promoter holding fell 14%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 86th pctile, median 66 · Mid: 56th pctile, median 76
39 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.3%.
- ▸7 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Promoter holding fell 14%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 55.80
- P/B
- 6.67
- EV/EBITDA
- 22.73
- Market Cap
- 49725.00Cr
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
- 1.27%
- FCF Positive Y
- 7/5
- OCF
- 1621.00 Cr
- EPS TTM
- 1.91
Shareholding
- Promoter Hold
- 40.09%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 13%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
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.