Vishal Mega Mart (VMM) Q3 25/26 earnings summary

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.