Vishal Mega Mart Ltd.Strong Growth Amid Inflation Headwinds

Vishal Mega Mart delivered robust Q4 FY26 performance with revenue surging 22.2% YoY to ₹3,114 crores, while same-store sales growth accelerated to 13.2%.

Profit after tax jumped 45.9% YoY to ₹168 crores, with PAT margin expanding 90 bps to 5.4%, reflecting strong operational leverage. For full-year FY26, revenue grew 20.4% to ₹12,906 crores with 11% SSSG, driven significantly by new customer acquisition accounting for 7% of the growth, indicating clear market share gains. The company aggressively expanded its footprint by opening 105 stores across 77 new cities, reaching 795 total stores in 535 cities.

Management remains confident in navigating input cost inflation through its strategic moat of 74.1% private brand revenue contribution, up 100 bps YoY, which enables maintaining at least 40% discount versus national brands. Despite facing 10-11% fabric inflation, the company plans to implement cost optimization initiatives while maintaining aggressive expansion, betting on increased footfall and down-trading during inflationary periods to capture additional market share.