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V-Mart Retail (VMART) investor relations material
V-Mart Retail Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary11 Nov, 2025
Executive summary
Q2 revenue grew 22% year-over-year, with 11% like-for-like growth and 25 new stores opened, bringing the store count to 549 as of November; H1 revenue rose 17% year-over-year.
EBITDA margin for offline business reached 8.9% in Q2, with EBITDA up 85% year-over-year; H1 EBITDA grew 44%.
Net profit after tax for H1 FY26 was ₹2,473 lakhs, compared to a net loss of ₹4,437 lakhs in H1 FY25.
Unlimited brand and southern India stores showed strong growth, with further expansion planned.
Board approved unaudited Q2 and H1 FY26 results on November 10, 2025, with no material misstatements identified by auditors.
Financial highlights
Q2 FY26 revenue from operations was ₹8,069 million, up 22% year-over-year; gross margin remained flat at 33.6%.
Q2 FY26 EBITDA was ₹715 million (8.9% margin), up 85% year-over-year; PAT was ₹144 million, up 36% year-over-year.
Free cash flow of INR 27 crore generated YTD, compared to a negative INR 63 crore last year; net cash flow from operating activities was ₹2,327 million YTD FY26.
Capex of INR 30 crore in Q2, mainly for new stores and refurbishments.
Inventory increased by INR 220 crore quarter-on-quarter for festive season, but days of inventory improved by two days year-on-year.
Outlook and guidance
Full-year same-store sales growth (SSG) guidance maintained at mid to high single digits, with 5% SSG achieved in H1.
Q3 expected to see low to mid single-digit SSG due to festive season timing shifts.
Marginal improvement in full-year EBITDA margin expected, with upside if SSG exceeds mid-single digits.
Management focuses on store expansion, operational efficiency, and reducing LimeRoad losses.
Lease term estimates for store leases reassessed to align with future operating strategy.
Digital Market Place revenue decline drivers
Lease liability payment increase drivers
Drivers for finance cost reduction
Future consumer spending from GST/inflation savings?
Strategy for rising competitive intensity
Sustain offline gross margin with value focus?
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Next V-Mart Retail earnings date
Q3 25/264 Feb, 2026
Next V-Mart Retail earnings date
Q3 25/264 Feb, 2026
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Frequently asked questions
V-Mart Retail Limited is an Indian retail chain specializing in small size hypermarkets. The company has a focus on value retailing, offering a wide range of products including fashion apparel, footwear, home furnishings, general merchandise, and kirana items. V-Mart is characterized by its commitment to providing value and fashion to its customers through an optimal mix of private and market labels. The retailer operates more than 450 stores across over 250 cities i across the country, in which demonstrating a substantial presence in the Indian retail landscape. The company is headquartered in Gurugram, Haryana, and its shares are listed on the NSE and BSE.
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