Vishal Mega Mart
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Vishal Mega Mart (VMM) investor relations material

Vishal Mega Mart Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary28 Jan, 2026

Executive summary

  • Q3 FY26 revenue from operations reached ₹36,704.11 million, up 17% year-over-year, with adjusted same-store sales growth (SSG) of 9.6% after festive timing adjustments.

  • EBITDA for Q3 was ₹6,050 million, up 19.8% year-over-year, with an EBITDA margin of 16.5%. PAT was ₹3,129.23 million, up 19.1%, and PAT margin was 8.5%.

  • For the nine months ended FY26, revenue was ₹97,922.17 million, up 19.9% year-over-year, with adjusted SSG of 10.3%.

  • EBITDA for nine months was ₹14,590 million (24.4% growth), and PAT was ₹6,713.08 million (30% growth).

  • Store network expanded to 771 stores across 517 cities and 30 states/UTs by December 2025.

Financial highlights

  • Q3 revenue grew 17% year-over-year; nine-month revenue grew 19.9%.

  • Gross profit margin stable at 29.1% in Q3 FY26; 28.6% for nine months.

  • Q3 EBITDA margin improved to 16.5% from 16.1% last year; nine-month EBITDA margin was 14.9%.

  • Q3 PAT margin was 8.5%, up from 8.4% last year; nine-month PAT margin was 7.2%.

  • SSSG for nine months at 10.3% (adjusted), with Q3 at 9.6% (adjusted).

Outlook and guidance

  • Management expects SSG to remain around 10% and total sales growth near 19-20% in the near to medium term.

  • Store addition guidance retained at 80-100 per year, with capacity to exceed if suitable properties are available.

  • Management continues to monitor regulatory changes, including new Labour Codes, and expects no material impact on employee benefit liabilities as of this period.

  • Optimism about future consumption growth driven by GST and tax reforms.

  • Continued focus on store expansion and omni-channel growth.

Elaborate on Labour Codes' future impact
Purpose of unreviewed subsidiaries with losses?
Rationale for single operating segment reporting?
New format/region expansion scalability outlook?
Company interventions driving premium SSSG?
When will tax/GST benefits fully reflect in sales?
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Q4 25/2629 Apr, 2026
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Frequently asked questions

Vishal Mega Mart Limited is a retail company operating a chain of value-focused stores that offer a wide range of products including apparel, general merchandise, and fast-moving consumer goods (FMCG). The company serves customers through large-format stores located across urban and semi-urban areas, targeting affordability and accessibility. Its product portfolio includes clothing for men, women, and children, along with household items, food products, and personal care goods. The company is headquartered in Gurugram, India, and its shares are listed on the BSE.

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