Vishal Mega Mart (VMM) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 revenue reached INR 2,981 crore, up 22.4% year-over-year, with adjusted same-store sales growth of 12.8%.

• EBITDA for Q2 was INR 395 crore, a 30.5% increase, and PAT was INR 152 crore, up 46.5% year-over-year.

• First half FY26 revenue was INR 6,122 crore, up 21.6%, with adjusted same-store sales growth of 12.1%.

• Unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2025 were approved by the Board on 13 November 2025.

• 51 new stores opened in H1, bringing the total to 742 stores across 493 cities.

Financial highlights

• Q2 EBITDA margin improved to 13.2% from 12.4% last year; PAT margin rose to 5.1% from 4.3%.

• H1 EBITDA was INR 854 crore, up 27.8%, with a margin of 13.9% (vs. 13.3% last year).

• H1 PAT was INR 358 crore, up 41%, with a PAT margin of 5.9% (vs. 5% last year).

• Gross profit margin remained stable at 28.3% in both Q2FY26 and H1FY26.

• Adjusted SSSG was 12.8% in Q2FY26 and 12.1% in H1FY26, indicating healthy same-store growth.

Outlook and guidance

• Management remains optimistic due to GST rationalization, income tax cuts, and favorable monsoon, but refrains from providing specific forward guidance.

• Focus remains on maintaining gross margins and reinvesting buying efficiencies into product quality and pricing.

• Continued focus on store expansion and omni-channel growth, with accelerated store additions and digital engagement.

• Emphasis on loyalty program and hyperlocal delivery to drive future revenue.