Vishal Mega Mart (VMM) Q1 2026 earnings summary

Executive summary

• Revenue from operations grew 21% year-over-year in Q1 FY26, reaching ₹31,403 million, with same-store sales growth of 11.4% and 23 new stores opened, totaling 717 stores across 472 cities.

• Private brands contributed 75.8% of sales, with apparel at 100% private label and continued gains in FMCG and general merchandise.

• Quick commerce expanded to 670 stores in 445 cities, with 10 million registered customers and up to 8% of store revenue in mature markets.

• Loyalty program registered 151 million customers, contributing about 95% of revenue.

• Unaudited financial results for the quarter ended June 30, 2025, were approved by the Board on August 13, 2025, covering both standalone and consolidated performance.

Financial highlights

• Gross margin improved to 28.4% from 28.2% YoY, with gross profit at ₹8,913 million.

• EBITDA margin rose to 14.6%, with adjusted EBITDA up 33.7% YoY to ₹3,244 million and margin at 10.3%.

• PAT margin improved to 6.6%, with adjusted PAT up 37.8% YoY to ₹2,155 million and margin at 6.9%.

• Other income increased to ₹170 million from ₹77 million YoY.

• Consolidated revenue and net profit for Q1 FY26 were ₹31,403.19 million and ₹2,060.73 million, respectively.

Outlook and guidance

• Gross margins expected to remain constant, with any improvement reinvested in growth and business quality.

• EBITDA margin to continue gradual improvement, driven by operating leverage.

• Focus on consistent performance and disciplined execution to sustain double-digit SSG.

• Expansion of smaller format stores in smaller towns to accelerate in coming quarters.