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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹972 Cr
verification pending
Revenue YoY
24%
reported change
EBITDA
₹106 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
V-Mart delivered a strong Q4 FY26 with revenue growth of 24% YoY to ₹972 crore, driven by 12% like-to-like growth and the highest-ever quarterly store addition of 29. EBITDA surged 56% YoY to ₹106 crore, with margins expanding 220 bps to 10.9%, reflecting operational leverage and cost discipline. The Unlimited format in South India posted 28% revenue growth, while the LimeRoad marketplace reduced losses. Management guided for 13-15% area addition in FY27 and expects margin expansion to continue, aided by better inventory health and product mix. However, 10-15% rise in yarn prices due to crude oil inflation poses a risk to gross margins, though management has partially hedged through advance bookings and selective price increases. The key risk is that sustained inflation could dampen consumer sentiment in the value segment.
Colored figures show movement against the previous available record.
Guidance to track
- Net store area growth target of 13-15% year-on-year, net of 1-2% closures.
- Capital expenditure estimated at ₹170-180 crore, primarily for new stores, refurbishments, and technology investments.
- Management aims to improve ROCE from current ~14.5% to 18-20% as expansion matures.
Risks flagged
- 10-15% rise in yarn prices due to crude oil increase could translate to 5-7% apparel cost inflation, pressuring gross margins.
- Sustained inflation may reduce disposable income for V-Mart's target customers, impacting footfalls and sales.
- Competitors are opening stores aggressively in tier 2/3 markets, which could intensify competition and pressure same-store sales.
Key quotes
- We have almost cut down almost 70% of the losses in that business from the last year perspective.
- Our strategy will be largely to increase our own market share from the earlier times.
- We are very confident that we should be able to track and continue the LTL growth rate which is going on.
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