Vishal Mega Mart logo

Vishal Mega Mart

VMM NSE

Key Fundamentals

MidcapDiversified RetailRetail
Market Cap
₹47,694 Cr
Volatility
Moderate
P/E Ratio
53.25
EBITDA
₹1,970 Cr
Return on Equity
11.32%
Debt to Equity
0.27
Book Value
₹15.85
52W High
₹153.88
52W Low
₹98.77

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has delivered good profit growth of 48.0% CAGR over last 5 years

Weaknesses

3
  • Stock is trading at 6.41 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has a low return on equity of 10.5% over last 3 years.

Growth Rate

Revenue Growth
20.58% higher than 3Y
Net Income Growth
32.78% lower than 3Y
Cash Flow Change
15.88% lower than 3Y
ROE
14.69% higher than 3Y
ROCE
12.12% lower than 3Y
EBITDA Margin (Avg.)
2.85% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Vishal Mega Mart Ltd commands a market cap of ₹47,694 Cr at a PE of 54.4x, delivering strong compounded profit growth of 48% CAGR over 5 years and TTM sales growth of 20%. However, the stock trades at 6.5x book value with a 3-year ROE of only ~11%, has declined 32% over the past year, and pays no dividend.

Bull Case 7
  • Exceptional 5-year compounded profit CAGR of 48%, indicating rapid earnings scale-up as the retail footprint expands
  • Robust TTM sales growth of 20%, well above the broader retail sector average, suggesting continued consumer traction
  • 3-year compounded sales CAGR of 19% reflects sustained top-line momentum rather than a one-off spike
  • TTM profit growth of 30% outpaces revenue growth of 20%, pointing to improving operating leverage and margin expansion
  • 3-year compounded profit CAGR of 39% demonstrates a consistent trend of accelerating profitability over multiple years
  • Last year ROE improved to 12% from the 3-year average of 11% and 5-year average of 9%, showing a trend of rising capital efficiency
  • Market cap of ₹47,694 Cr provides institutional-grade liquidity and positions the company as a credible mid-to-large cap retail play
Bear Case 7
  • PE of 54.4x is significantly elevated relative to the broader market and most listed retail peers, leaving little margin of safety
  • Stock has declined 32% over the past 1 year, reflecting significant negative price momentum and potential re-rating risk
  • Price-to-book ratio of 6.5x is steep, especially for a business with a 3-year ROE of only 11%, implying the market is pricing in outsized future growth
  • Zero dividend yield despite repeated profitability suggests shareholders receive no direct cash return on their investment
  • 3-year average ROE of approximately 11% and 5-year average of 9% are modest for a company commanding a 54x earnings multiple
  • 5-year ROE of 9% is below the cost of equity for most investors, raising questions about long-term value creation on an absolute basis
  • Limited long-term track record — 10-year data for sales, profit, and ROE is unavailable, making it difficult to assess durability through full economic cycles

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 3h ago
Headwinds 4
  • Subsidiary eviction order ₹2.68Cr Aug 17

    Commercial Court at Rajarhat ordered Airplaza Retail Holdings to pay ₹2.68 crore and vacate Kolkata premises in a landlord dispute over rent and mesne profits.

  • Subsidiary fined for food safety Sep 1

    Airplaza Retail Holdings received a ₹2.5 lakh penalty from a Telangana court for food safety violations. Financial impact limited to the penalty amount.

  • Stock down 14% in three months Aug 24

    Despite strong Q1 FY27 results, VMM fell 16.5% YTD and 24.7% over 12 months due to rich valuations (54.53x P/E), a 6.5% promoter stake sale in Feb 2026, and quick-commerce competition from Blinkit, Zepto, and Swiggy Instamart.

  • COO resignation effective Sep 11 Sep 11

    Manoj Kumar resigned as COO effective September 11, 2026 for personal reasons. Sashi Gumma was already appointed Chief of Operations in June 2026, ensuring continuity.

Positives 6
  • CEO reappointed five years till 2031 Aug 24

    Gunender Kapur reappointed as Founder, MD & CEO for five years (Sep 1, 2026 to Aug 31, 2031), eliminating key-man risk. Stock surged 12% to ₹115.40 intraday with 39 million shares traded.

  • Strong Q1 FY27 earnings beat Aug 24

    Revenue grew 18.7% YoY to ₹3,727 crore, net profit jumped 26% to ₹259 crore, and EBITDA rose 18.7% to ₹545 crore with stable 14.6% margins. SSSG at 10% beat FY27 guidance of 9-9.5%.

  • Morgan Stanley Overweight at ₹146 Aug 24

    Morgan Stanley rated VMM Overweight with ₹146 target price, citing attractive 42.8x forward P/E vs discretionary peers and leadership continuity as key catalysts.

  • 19 of 20 analysts say Buy Aug 24

    Bloomberg data shows 19 of 20 analysts have a Buy rating with average 12-month target of ₹148.78, implying 31.2% upside from current levels.

  • 819 stores, 75% own-brand revenue Aug 24

    Network expanded to 819 stores across 559 cities with 27 new stores in Q1. Own brands at 75.2% of revenue drive margin advantage with gross margins expanding to 28.7%.

  • Quick commerce approach scaling Aug 24

    Quick-commerce initiative expanded to 767 stores (93% of network) across 520 cities with a registered user base of 1.41 crore.

Neutral 3
  • Multiple investor meets scheduled Sep 8

    VMM scheduled analyst and investor meetings on Sep 13, Sep 22 (with JP Morgan), and Sep 23 (with Kotak Securities) in Mumbai, signaling active institutional engagement.

  • AGM set for September 18 Aug 24

    8th Annual General Meeting scheduled for September 18, 2026 via video conferencing. Agenda includes adopting FY26 financials and re-appointing directors.

  • FY26 BRSR report filed Aug 24

    Business Responsibility & Sustainability Report for FY26 submitted with consolidated turnover of ₹12,906 crore and ESG metrics including energy usage and employee safety.

TL;DR: Vishal Mega Mart is executing well operationally with 18.7% revenue growth, 26% profit growth, and 10% SSSG beating guidance, underpinned by a dominant 75% own-brand model across 819 stores. Key risks include elevated valuations vs peers, geographic concentration (37% revenue from 3 states), subsidiary legal troubles, and competitive pressure from quick-commerce players. The CEO reappointment through 2031 removed a significant overhang and triggered the largest single-day gain since listing, with near-unanimous analyst Buy ratings and ~31% implied upside. The trend is improving near-term as leadership clarity and earnings momentum converge, though sustaining premium multiples will require continued SSSG outperformance and successful southern expansion.

Quarterly Results

Particulars Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
2,624
2,069
2,596
2,436
3,136
2,548
3,140
2,981
3,670
3,114
3,727
Expenses
2,197
1,818
2,231
2,134
2,631
2,191
2,681
2,587
3,065
2,689
3,182
Operating Profit
427
251
366
302
505
357
459
395
605
425
545
OPM %
16%
12%
14%
12%
16%
14%
15%
13%
16%
14%
15%
Other Income
10
7
8
13
19
19
17
20
25
25
33
Interest
33
36
34
34
31
49
41
41
43
46
46
Depreciation
132
136
138
141
141
171
159
169
168
178
185
PBT
272
85
201
141
352
156
276
204
419
225
346
Tax %
25%
28%
25%
26%
25%
26%
25%
25%
25%
25%
25%
Net Profit
205
61
150
104
263
115
206
152
313
168
259
EPS in Rs
0.46
0.14
0.33
0.23
0.58
0.25
0.44
0.33
0.67
0.36
0.55
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
5,292
4,452
5,589
7,586
8,912
10,716
12,906
13,493
Expenses
4,635
3,827
4,763
6,542
7,635
9,153
10,988
11,524
Operating Profit
657
625
826
1,044
1,276
1,564
1,918
1,969
OPM %
12%
14%
15%
14%
14%
15%
15%
15%
Other Income
20
116
62
33
32
56
84
102
Interest
236
232
213
185
170
180
204
177
Depreciation
340
346
406
461
517
590
673
700
PBT
101
163
270
431
621
849
1,125
1,195
Tax %
55%
27%
25%
25%
26%
26%
25%
—
Net Profit
45
119
203
321
462
632
839
892
EPS in Rs
0.1
0.26
0.45
0.71
1.02
1.37
1.8
1.91
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
4,366
4,484
4,503
4,507
4,509
4,597
4,673
Reserves
-143
105
322
650
1,113
1,804
2,740
Borrowings
793
770
1,790
1,462
1,483
1,729
1,988
Other Liabilities
2,377
2,547
1,603
1,671
1,401
1,862
2,048
Total Liabilities
7,392
7,905
8,218
8,289
8,506
9,993
11,449
Fixed Assets
5,736
4,643
5,802
5,893
6,183
6,535
6,882
CWIP
20
11
11
69
38
14
34
Investments
87
547
417
35
0
387
1,119
Other Assets
1,549
2,704
1,988
2,293
2,284
3,057
3,415
Total Assets
7,392
7,905
8,218
8,289
8,506
9,993
11,449
Figures in ₹ Crores

Cash Flow

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
557
1,054
657
636
830
1,399
1,621
Investing
-149
-695
27
177
-130
-610
-988
Financing
-429
-276
-710
-865
-658
-479
-500
Net Cash Flow
-22
84
-26
-52
41
310
133
Free Cash Flow
387
950
500
417
583
1,138
1,299
CFO/OP
94
172
88
73
77
105
102
Figures in ₹ Crores

Ratios

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
0
0
0
0
1
2
1
Inventory Days
106
110
111
98
83
88
80
Days Payable
102
144
133
99
69
70
64
Cash Conversion Cycle
4
-34
-22
0
15
20
17
Working Capital Days
-17
-38
-40
-16
1
-3
-5
ROCE %
—
8%
8%
9%
11%
14%
15%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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37 extracted metrics + investor summaries across FY20–FY27.

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Shareholding Pattern

Others0.72%Promot.40.09%Public3.95%FIIs20.43%DIIs34.80%As ofJun 2026

Documents

Frequently Asked Questions about Vishal Mega Mart

What does Vishal Mega Mart Ltd do?
Incorporated In 2001, Vishal Mega Mart is a hypermarket chain that sells a wide range of products like apparel, groceries, electronics, and home essentials.[1]
Where is Vishal Mega Mart Ltd (VMM) listed?
Vishal Mega Mart Ltd trades as VMM on the NSE and under code 544307 on the BSE.
Which sector does Vishal Mega Mart Ltd belong to?
Vishal Mega Mart Ltd is classified under the Consumer Discretionary sector, in the Retailing industry.
What is the market capitalisation of Vishal Mega Mart Ltd?
Vishal Mega Mart Ltd has a market capitalisation of ₹47,694 Cr, which places it in the Large Cap band.
What is the PE ratio of Vishal Mega Mart Ltd?
Vishal Mega Mart Ltd trades at a PE ratio of 53.25, against a book value of ₹15.85 per share.
What is the 52-week high and low of Vishal Mega Mart Ltd?
Over the last 52 weeks Vishal Mega Mart Ltd has traded between ₹98.77 and ₹153.88.
What is the Return on Equity (ROE) of Vishal Mega Mart Ltd?
Vishal Mega Mart Ltd reported a return on equity of 11.32%. Its debt-to-equity ratio is 0.27.

Company Information

Incorporated In 2001, Vishal Mega Mart is a hypermarket chain that sells a wide range of products like apparel, groceries, electronics, and home essentials.[1]

Website aboutvishal.com
Listed 2024-12-18
Face Value ₹ 10
Issued Size 4,67,30,02,806

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