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Vishal Mega Mart

VMM NSE
₹90.84 No trade today
P/E
47.56
View as Markdown
MCP
Close 4 Nov 2026 ₹90.84 −50.16 −35.6% 1Y
Start ₹141.00

Key Fundamentals

MidcapRetailConsumer Services

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
15.20%
Debt to Equity
0.27
EPS (TTM)
₹1.91
Book Value
₹16.85
Market Cap
—
P/E (TTM)
47.56
P/B
5.39
ROE
12.20%
Dividend Yield
0.00%
EBITDA
₹1,970 Cr
52W High
₹144.45
52W Low
₹84.16
Volume
0

Tapetide Score

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

Overall score

47 Average

Data confidence 100/100

Category scores

Quality
55
Average
Returns, margins, earnings quality 22% weight
Valuation
53
Average
Cheap vs sector & own history 24% weight
Growth
62
Good
Sales & profit trajectory 9% weight
Financial Health
42
Weak
Solvency, leverage, coverage 9% weight
Momentum
9
Poor
Trend strength, vol-adjusted 12% weight
Ownership
49
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

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

Weaknesses

3
  • Stock is trading at 6.07 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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1054
OscillatorsNeutral252
Moving AveragesStrong Bearish802

Key readings

RSI (14)
43.32
Neutral
MACD (12,26,9)
−3.35
Bullish
SMA (50)
99.59
Bearish
SMA (200)
112.36
Bearish

As of

Analyst Rating

Based on 19 analysts
BUY95%

18 of 19 analysts rate Buy, 0 Hold, 1 Sell.

As of

BUY
18
95%
HOLD
0
0%
SELL
1
5%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+23.72%
3Y+19.38%
1Y+20.44%
TTM+19.82%

Net profit

Net profit growth by window
5Y+47.79%
3Y+37.75%
1Y+32.75%
TTM+29.65%

Operating cash flow

Operating cash flow growth by window
5Y+8.99%
3Y+36.60%
1Y+15.87%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y+0.82 pp
3Y+1.10 pp
1Y+0.27 pp
TTM+0.19 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2020₹5,292 Cr
Mar 2021₹4,452 Cr
Mar 2022₹5,589 Cr
Mar 2023₹7,586 Cr
Mar 2024₹8,912 Cr
Mar 2025₹10,716 Cr
Mar 2026₹12,906 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2020₹45.00 Cr
Mar 2021₹119 Cr
Mar 2022₹203 Cr
Mar 2023₹321 Cr
Mar 2024₹462 Cr
Mar 2025₹632 Cr
Mar 2026₹839 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹732 Cr +62.6% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk high

Vishal Mega Mart Ltd trades at ₹88.9 as of 2026-11-02 with a market cap of ₹40,992 Cr and a trailing P/E of 46.54x. The company has demonstrated strong profit growth at a 48% CAGR over five years and 19% sales CAGR over three years, but the stock has declined 34% over the past year and currently sits near its 52-week low of ₹84.16, with no dividend payout despite repeated profitability.

Bull Case 7
  • Strong five-year compounded profit growth of 48% CAGR indicates rapid earnings scale-up in the value retail segment
  • TTM sales growth of 20% shows continued top-line momentum and consumer demand resilience
  • Three-year compounded sales CAGR of 19% reflects consistent revenue expansion over a meaningful period
  • TTM profit growth of 30% demonstrates that earnings continue to grow at a healthy pace even on a larger base
  • Conservative balance sheet with debt-to-equity of just 0.27x provides financial flexibility for store expansion
  • ROCE of 14.62% suggests the business generates reasonable returns on total capital employed
  • Last year ROE improved to 12%, up from the three-year average of 11%, indicating a trend of improving shareholder returns
Bear Case 7
  • Trailing P/E of 46.54x is elevated for a retail business, implying the market is pricing in high future growth that must be sustained
  • Stock has declined 34% over the past one year, significantly underperforming and reflecting weakened investor sentiment
  • Zero dividend yield despite repeated profitability means shareholders receive no income return, with all capital return dependent on price appreciation
  • Three-year average ROE of approximately 11% is modest relative to the premium valuation, suggesting capital efficiency has room to improve
  • The stock has fallen from a 52-week high of ₹144.99 to ₹88.9, a drawdown of nearly 39%, indicating significant volatility
  • Five-year average ROE of 9% highlights that return on equity has historically been in single digits, only recently crossing into low double digits
  • EPS of ₹1.91 on a share price of ₹88.9 means the earnings yield is roughly 2.1%, well below risk-free rates, demanding sustained high growth to justify the valuation

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

AI News Digest

9h ago

TL;DR: Vishal Mega Mart's Q2FY27 was a miss on both earnings and margins, with EBITDA margin contracting 110 bps to 12.1% and PAT growth of just 3.7% vs expectations of ~18%. Store expansion remains robust at 49 net additions in the quarter, and the 18.1 crore loyal customer base provides a solid foundation. The key near-term catalyst is the festive season shift into Q3, where management expects SSSG to exceed 10%, but sustained margin recovery and execution on the 2,000-store target will be critical to restoring investor confidence.

Headwinds 5
  • EBITDA margin drops 110 bps Oct 20

    EBITDA margin compressed to 12.1% in Q2FY27 from 13.2% YoY, driven by operating deleverage as festive buying shifted from Q2 to Q3.

  • Q2 earnings miss estimates Oct 20

    PAT grew only 3.7% to ₹157.9 crore vs projected 17.8% growth, while revenue of ₹3,398.5 crore missed the estimated 17.4% growth at 14% YoY.

  • Stock hits 52-week low Oct 20

    Shares fell over 8% intraday to ₹86.66 on the NSE after Q2 results, reflecting investor disappointment over margin compression. Market cap stood at ₹43,375 crore.

Positives 5
  • Aggressive store expansion continues Oct 20

    Added 53 gross and 49 net stores in Q2FY27, reaching 844 stores across 582 cities with ~1.41 crore sq. ft. retail area as of Sep 30, 2026.

  • Targets 100+ stores annually Oct 22

    Plans to open 100+ stores per year targeting a long-term total of 2,000 large stores, with ~30 bps annual EBITDA margin improvement and double-digit SSSG.

  • Festive shift boosts Q3 outlook Oct 20

    Management noted festivals shifted from H1 to H2, impacting Q2 SSSG by 3-4 percentage points. Adjusted SSSG would be ~9.5%, and Q3 SSSG is expected to surpass 10%.

Neutral 2
  • FMCG and GM share rising Oct 20

    General merchandise and FMCG segments rose to 29.6% and 29.7% of total revenue respectively in Q2FY27, as the revenue mix shifts away from apparel.

  • SSSG at 7.7% in Q2 Oct 20

    Same-store sales growth stood at 7.7% in Q2FY27, impacted by festive calendar shift; management indicated adjusted SSSG closer to 9.5%.

Quarterly Results

₹ Cr
VMM quarterly results, ₹ crore
Particulars Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
2,624
2,069
2,596
2,436
3,136
2,548
3,140
2,981
3,670
3,114
3,727
3,399
Expenses
2,197
1,818
2,231
2,134
2,631
2,191
2,681
2,587
3,065
2,689
3,182
2,986
Operating Profit
427
251
366
302
505
357
459
395
605
425
545
412
OPM %
16%
12%
14%
12%
16%
14%
15%
13%
16%
14%
15%
12%
Other Income
10
7
8
13
19
19
17
20
25
25
33
38
Interest
33
36
34
34
31
49
41
41
43
46
46
47
Depreciation
132
136
138
141
141
171
159
169
168
178
185
192
PBT
272
85
201
141
352
156
276
204
419
225
346
211
Tax %
25%
28%
25%
26%
25%
26%
25%
25%
25%
25%
25%
25%
Net Profit
205
61
150
104
263
115
206
152
313
168
259
158
EPS (₹)
0.46
0.14
0.33
0.23
0.58
0.25
0.44
0.33
0.67
0.36
0.55
—

Sep 2026: from the results filed on 21 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
VMM profit and loss, annual, ₹ crore
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 (₹)
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%
—

Balance Sheet

₹ Cr
VMM balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
VMM cash flow, annual, ₹ crore
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

Ratios

VMM financial ratios, annual
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

Log in to view Vishal Mega Mart insights

59 extracted metrics across FY20–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 40.02%
  • DIIs 36.45%
  • FIIs 18.75%
  • Public 4.14%
  • Others 0.64%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

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.
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 Retail sector, in the Diversified Retail industry.
What is the PE ratio of Vishal Mega Mart Ltd?
Vishal Mega Mart Ltd trades at a PE ratio of 47.56 as of 4 Nov 2026, on earnings per share of ₹1.91, against a book value of ₹16.85 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 ₹84.16 and ₹144.45 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Vishal Mega Mart Ltd?
Vishal Mega Mart Ltd reported a return on equity of 12.20%. 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.

Website aboutvishal.com
Listed 18 Dec 2024
Face Value ₹10

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