V-Mart Retail (VMART) Q4 25/26 earnings summary

Executive summary

• Achieved 24% year-over-year revenue growth in Q4 FY26 and 16% for FY26, with record new store additions and strong like-to-like sales growth.

• EBITDA increased 56% YoY in Q4 and 36% for FY26, with margins improving to 10.9% and 13.5% of revenue, respectively.

• Adjusted PAT for FY26 reached ₹1,250 million (3.3% margin), up 507% YoY, with PAT margin approaching pre-COVID levels.

• LimeRoad losses reduced by over 50% both quarterly and annually, now profitable at CM3 level and contributing to higher loyalty and repeat rates.

• Management remains confident in sustaining growth momentum despite inflationary and supply chain challenges.

Financial highlights

• Q4FY26 revenue: ₹9,709 million (24% YoY growth); FY26 revenue: ₹37,894 million (16% YoY growth).

• Q4FY26 EBITDA: ₹1,063 million (56% YoY growth); FY26 EBITDA: ₹5,135 million (36% YoY growth).

• Adjusted PAT for Q4FY26: ₹110 million (1.1% of revenue); FY26: ₹1,250 million (3.3% of revenue, 507% YoY growth).

• Gross profit margin stable at 32.1% in Q4 and 34.4% in FY26.

• Free cash flow improved to ₹326 million in FY26 from negative ₹332 million in FY25.

Outlook and guidance

• CapEx guidance for FY27 is INR 170–180 crores, focused on new stores, refurbishments, and technology.

• Store area addition guidance remains at 13%-15% annually, net of 1%-2% closures.

• Continued focus on operational efficiency, inventory management, and digital integration.

• Expansion strategy targets new store openings in key clusters and tiered markets.

• The company continues to monitor regulatory changes, especially regarding new Labour Codes, and will adjust accounting as clarifications emerge.