Vishal Mega Mart Ltd(VMM)

NSE: VMMBSE: 544307

₹ 87-1.14%refreshed 23 Oct, 03:59 pm ISTMarket cap: ₹ 40,758 crWebsite: www.aboutvishal.comUpdated: 24 Oct 2026

About

Vishal Mega Mart (VMM) is an Indian value retailer selling apparel, general merchandise and FMCG through a chain of large- and small-format stores, with private labels accounting for 75.2% of revenue in Q1 FY27. The company operates 819 stores across 559 cities with 13.8 million sq ft of trading area as of June 2026. It describes itself as one of India's leading offline-first diversified retailers, and reported FY26 revenue from operations of Rs 12,906.32 Cr.^[1][2][3]

Business mix

Reports as a single segment (wholesale and retail trading). By category in FY26: Apparel Rs 5,710 Cr, General Merchandise Rs 3,680.2 Cr, FMCG Rs 3,480.4 Cr.^[2]
Category revenue in FY25: Apparel Rs 4,704.66 Cr, General Merchandise Rs 3,022.17 Cr, FMCG Rs 2,973.77 Cr.^[4]
Wholly owned subsidiaries: Airplaza Retail Holdings Private Limited and Vishal E-Commerce Private Limited.^[2]

Private label portfolio

As of Q1 FY27, apparel is 100% private label, general merchandise 75% and FMCG 60% by volume.^[1]
Two private brands each had more than ₹1,000 crores of revenue in FY26, and six more each had more than ₹500 crores.^[5]
Own-brand goods are made by a geographically diverse group of contract manufacturers and third-party vendors. Apparel brings in new fashion drops almost every week (FY26).^[2]

Store network and trading area

VMM had 819 stores in 559 cities as of June 2026, up from 795 stores in 535 cities at the end of March 2026.^[1]
As of March 31, 2026, stores covered 28 states and 2 union territories, with 13.45 million sq. ft. of retail space. Trading area was 13.8 million sq ft in Q1 FY27.^[2][1]
Gross store openings were 27 in Q1 FY27 and 105 in FY26, when VMM entered 77 new cities. In FY25 it opened 90 stores (85 net).^[1][4]
South India accounted for 10 of the 27 stores opened in Q1 FY27. FY26 openings included 47 stores in South India, 5 in Gujarat and 3 in Maharashtra.^[1]
In FY26, 11 pilot stores were operating in Gujarat and Maharashtra, and small-format stores were open at 13 locations.^[2]
Kerala had 19 operating stores and about 20 more in the pipeline as of Q3 FY26.^[6]

Same-store sales growth and gross margin

Same-store sales growth was 10.0% in Q1 FY27, 13.2% in Q4 FY26 and 10.3% (adjusted) for the first nine months of FY26.^[1]
Of the roughly 11% same-store sales growth in FY26, about 7 points came from new customers and transactions, 2 from existing customers buying more and 2 from premiumisation.^[5]
Gross margin was 28.7% in Q1 FY27, up 30 bps year on year, which the company put down to lower promotional spending.^[1]
In Q4 FY26, apparel same-store sales grew 11.1% at entry price, 13.6% at mid price and 14.7% in high fashion.^[5]

Customers and loyalty

Registered loyalty customers numbered about 169 million in FY26, up 17% year on year, and accounted for nearly 95% of revenue. The figure was ~17.5 crore in Q1 FY27, up 16% year on year.^[2][1]
The FY26 annual report says the loyalty programme ranks 6th in retail worldwide, 4th in Asia Pacific and largest in India.^[2]
VMM mainly serves India's young middle-income and aspirational consumers. It had no exports in FY26 and operates only in India.^[2]
In Q1 FY27, customer acquisitions rose 8% year on year and spending by existing customers grew about 3%.^[1]

Quick commerce

Hyperlocal delivery, with delivery in 2 hours, ran from 745 stores in 505 cities in FY26. It ran from 767 stores in 520 cities in Q1 FY27.^[2][1]
Registered quick commerce users were about 13 million in FY26 and more than 1.41 crore in Q1 FY27, up 44% year on year. FMCG made up over 70% of quick commerce revenue.^[2][1]
In Q1 FY27, quick commerce made up 2% to 9% of revenue per store. 20% of its customers had never shopped at a Vishal store before.^[1]

Supply chain

VMM runs a fully automated central distribution centre of about 0.7 million sq. ft. in Haryana, backed by regional centres in a hub-and-spoke model (FY26).^[2]
RFID tagging started across all Delhi NCR stores in Q1 FY27 after a two-store pilot. Rolling it out across the full network is expected to take slightly more than a year.^[1]
Closing inventory was ₹1,900 crores in Q1 FY27.^[1]

Expansion plans and costs

Guidance is 80 to 100 net store additions a year. VMM opened 105 stores in FY26.^[6]
Small-format store openings are set to speed up in UP and Haryana. The company puts the long-term potential at about 3,000 small-format stores.^[1]
A new store format pilot was targeted for launch by September 2026, with 1 to 2 more pilots planned before any decision on a wider rollout.^[1]
Employee cost per sq ft rose about 13% year on year in Q1 FY27 after minimum wage increases in several states. Contracted rent rises by about 5% a year.^[1][5]

Ownership and governance

After sell-downs in FY26, promoter holding fell below 50% to 40.12%.^[2]
A 49.99% cap on total foreign shareholding was proposed in FY26 so the company stays Indian-owned and controlled, because subsidiary Airplaza's sector is restricted for foreign investment.^[2]
The IPO was an offer for sale of ₹80,000 million, and the shares listed on Dec 18, 2024.^[4]

Market Cap

₹40,758 Cr

High / Low

₹150 / 85

Stock P/E

45.3

Price / Book

5.2

Book Value

₹16

EPS

₹1.8

No. of Shares

467.31 Cr

ROCE

15.8%

ROE

12.2%

OPM

10.0%

Debt / Equity

0.00

Sales

₹12,906 Cr

Net Profit

₹839 Cr

Promoter holding

40.0%

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