V-Mart Retail Ltd.Record Profitability with Disciplined Growth

V-Mart Retail delivered a strong Q3 FY26 performance with revenue growing 21% year-on-year driven by festive recovery, while profit after tax increased 23% to a record ₹88 crores.

Pre-IndAS EBITDA margin expanded significantly by 140 basis points to 12.2%, supported by better inventory management, improved product mix, and tight cost control with total expenses rising just 1%. The company added 23 new stores during the quarter, bringing the total count to 554, and remains on track to add 75-plus stores for the full year. Management maintained cautious optimism about consumer sentiment, describing it as stable and cautiously positive.

Same-store sales growth was impacted by festive calendar shifts and delayed winter, but normalized SSSG is running at 5-6% with medium-term aspirations of 5-8%. The Unlimited format turnaround is visible with new stores performing at V-Mart levels. Management emphasized disciplined expansion funded entirely by internal accruals, maintaining a debt-free balance sheet while targeting 13-14% annual square footage growth long-term. Digital initiatives and process improvements are driving operational efficiency.