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V-Mart Retail (VMART) investor relations material
V-Mart Retail Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 FY26 was marked by strong revenue and profit growth, driven by festive and wedding season demand, improved rural sentiment, and disciplined expansion, despite weather disruptions and delayed winter onset in North and West India.
The company expanded its network to 554 stores with 23 new openings in Q3, focusing on value retail, cost control, and operational efficiency, with most new stores breaking even quickly and expansion funded by internal accruals.
Technology upgrades, including ERP and early AI adoption, enhanced inventory management and operational efficiency.
LimeRoad turnaround efforts reduced EBITDA losses by 60% despite a 20% drop in NMV, with a continued focus on profitability and cost control.
Unaudited financial results for the quarter and nine months ended December 31, 2025, were approved and reviewed by the Board and statutory auditors on January 22, 2026.
Financial highlights
Q3 FY26 revenue from operations was ₹112,638 lakhs, up 10% YoY, with EBITDA at ₹20,950 lakhs (18.6% margin), and PAT at ₹8,799 lakhs, up 23% YoY.
YTD FY26 revenue reached ₹281,850 lakhs, up 14% YoY; EBITDA was ₹40,720 lakhs, up 32%; PAT was ₹11,270 lakhs, up 313%.
Gross profit margin for Q3 FY26 was 36.2% (vs 35.8% YoY); offline business margins expanded by 70 bps due to better inventory health and reduced discounting.
Free cash flow YTD FY26 was ₹6,300 lakhs, up 9.4% YoY.
Basic EPS for Q3 FY26 was ₹11.08, compared to ₹9.04 in Q3 FY25.
Outlook and guidance
The company expects demand to evolve gradually, supported by stable inflation, improving rural incomes, and a shift to organized retail, with a strategic focus on profitability and efficiency improvements.
Plans to add 75+ new stores by year-end, with long-term annual area addition targeted at 13%-14%.
SSSG aspiration is mid- to high-single digits (5%-8%) over the medium to long term.
Margin expansion will be driven by operational leverage rather than further cost cuts.
The company continues to monitor regulatory changes, especially regarding new Labour Codes, and will adjust accounting as further clarifications are issued.
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