Like-to-Like Sales Growth
12%
+12pp YoY
10th consecutive quarter of positive LTL growth; V-Mart at 12%, Unlimited at 9%.
VMARTRETAIL
Consumer
15 May 2026
V Mart Retail Ltd — Q4 FY26
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.
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
New Stores Added
29
+29 stores QoQ
Highest-ever quarterly store additions; 92 stores added in FY26.
Apparel ASP Growth
5%
+5% YoY
Driven by better festive mix, lower discounting, and improved full-price sales.
Inventory Days Improvement
3 days
-3 days YoY
Per-store inventory reduced 13% YoY; improved inventory health expected to aid gross margins.
Management Guidance
Area addition of 13-15% in FY27
Net store area growth target of 13-15% year-on-year, net of 1-2% closures.
Management guidance expansionCapex of ₹170-180 crore for FY27
Capital expenditure estimated at ₹170-180 crore, primarily for new stores, refurbishments, and technology investments.
Management guidance capexMedium-term ROCE target of 18-20%
Management aims to improve ROCE from current ~14.5% to 18-20% as expansion matures.
Management guidance growthKey Risks
Raw material inflation from crude oil
10-15% rise in yarn prices due to crude oil increase could translate to 5-7% apparel cost inflation, pressuring gross margins.
high · management_commentaryConsumer demand slowdown from inflation
Sustained inflation may reduce disposable income for V-Mart's target customers, impacting footfalls and sales.
medium · analyst_questionCompetitive store expansion
Competitors are opening stores aggressively in tier 2/3 markets, which could intensify competition and pressure same-store sales.
medium · management_commentaryNotable 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.
Frequently Asked Questions
What was V Mart Retail's revenue in Q4 FY26?
V Mart Retail reported revenue of ₹972 Cr in Q4 FY26, representing a +24% change compared to the same quarter last year.
What guidance did V Mart Retail management give for FY27?
Area addition of 13-15% in FY27: Net store area growth target of 13-15% year-on-year, net of 1-2% closures. Capex of ₹170-180 crore for FY27: Capital expenditure estimated at ₹170-180 crore, primarily for new stores, refurbishments, and technology investments. Medium-term ROCE target of 18-20%: Management aims to improve ROCE from current ~14.5% to 18-20% as expansion matures.
What are the key risks for V Mart Retail in FY27?
Key risks include Raw material inflation from crude oil — 10-15% rise in yarn prices due to crude oil increase could translate to 5-7% apparel cost inflation, pressuring gross margins.; Consumer demand slowdown from inflation — Sustained inflation may reduce disposable income for V-Mart's target customers, impacting footfalls and sales.; Competitive store expansion — Competitors are opening stores aggressively in tier 2/3 markets, which could intensify competition and pressure same-store sales..
Did V Mart Retail meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full V Mart Retail Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.