Vishal Mega Mart Ltd.
VMMConsumer Discretionary filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
7 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 7 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20250505 | 2025-03-31 | yes | |
| TRANSCRIPT | 20250507 | 2025-03-31 | yes | |
| TRANSCRIPT | 20250820 | 2025-06-30 | yes | |
| TRANSCRIPT | 20251119 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260130 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260519 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260728 | 2026-06-30 | yes |
VMM
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 105.46 |
| 52-week range | 99.68 – 150.63 |
| Return 1M | -6.26% |
| Return 3M | -9.39% |
| Return 1Y | -28.47% |
| Return 3Y | not reported for this period |
| Return 5Y | not reported for this period |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 3,727.00 |
| Other income | 33.00 |
| Total income | 3,760.00 |
| Cost of materials consumed | 0.00 |
| Purchases of stock-in-trade | 2,531.00 |
| Changes in inventories | 127.00 |
| Employee benefit expense | 214.00 |
| Finance costs | 46.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.40 | -0.00 |
| institutions foreign | 0.20 | -0.02 |
| institutions domestic | 0.35 | 0.02 |
| mutual funds | 0.31 | 0.02 |
| public | 0.60 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| TRANSCRIPT | 2026-06-30 | 7 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|
| Revenue from operations | 3,136.00 | 2,548.00 | 3,140.00 | 2,981.00 | 3,670.00 | 3,114.00 | 3,727.00 |
| Other income | 19.00 | 19.00 | 17.00 | 20.00 | 25.00 | 25.00 | 33.00 |
| Total income | 3,155.00 | 2,567.00 | 3,157.00 | 3,002.00 | 3,695.00 | 3,139.00 | 3,760.00 |
| Cost of materials consumed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Purchases of stock-in-trade | 1,908.00 | 2,145.00 | 2,094.00 | 2,656.00 | 2,198.00 | 2,456.00 | 2,531.00 |
| Changes in inventories | 316.00 | -317.00 | 155.00 | -518.00 | 406.00 | -209.00 | 127.00 |
| Employee benefit expense | 171.00 | 167.00 | 171.00 | 176.00 | 192.00 | 189.00 | 214.00 |
| Finance costs | 31.00 | 49.00 | 41.00 | 41.00 | 43.00 | 46.00 | 46.00 |
| Depreciation and amortisation | 141.00 | 171.00 | 159.00 | 169.00 | 168.00 | 178.00 | 185.00 |
| Other expenses | 236.00 | 196.00 | 261.00 | 272.00 | 269.00 | 253.00 | 310.00 |
| Total expenses | 2,803.00 | 2,411.00 | 2,881.00 | 2,797.00 | 3,276.00 | 2,913.00 | 3,414.00 |
| Profit before exceptional items and tax | 352.00 | 156.00 | 276.00 | 204.00 | 419.00 | 225.00 | 346.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit before tax | 352.00 | 156.00 | 276.00 | 204.00 | 419.00 | 225.00 | 346.00 |
| Current tax | 75.00 | 56.00 | 80.00 | 69.00 | 86.00 | 76.00 | 97.00 |
| Deferred tax | 14.00 | -16.00 | -10.00 | -17.00 | 21.00 | -18.00 | -10.00 |
| Tax expense | 89.00 | 41.00 | 70.00 | 52.00 | 106.00 | 57.00 | 87.00 |
| Profit for the period | 263.00 | 115.00 | 206.00 | 152.00 | 313.00 | 168.00 | 259.00 |
| Profit attributable to owners | 263.00 | — | 206.00 | 0.00 | 313.00 | 0.00 | 259.00 |
| Profit attributable to non-controlling interests | 0.00 | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other comprehensive income | -1.00 | 1.00 | -2.00 | 0.00 | -0.00 | 0.00 | -1.00 |
| Total comprehensive income | 262.00 | 116.00 | 204.00 | 153.00 | 313.00 | 168.00 | 258.00 |
| Earnings per share, basic | 0.58 | 0.25 | 0.45 | 0.33 | 0.67 | 0.36 | 0.55 |
| Earnings per share, diluted | 0.57 | 0.25 | 0.44 | 0.32 | 0.66 | 0.36 | 0.55 |
Annual results, as filed
| Line | 2025-03-31 | 2026-03-31 |
|---|---|---|
| Revenue from operations | 10,716.00 | 12,906.00 |
| Other income | 59.00 | 86.00 |
| Total income | 10,775.00 | 12,993.00 |
| Cost of materials consumed | 0.00 | 0.00 |
| Purchases of stock-in-trade | 8,049.00 | 9,404.00 |
| Changes in inventories | -385.00 | -166.00 |
| Employee benefit expense | 641.00 | 728.00 |
| Finance costs | 149.00 | 171.00 |
| Depreciation and amortisation | 590.00 | 673.00 |
| Other expenses | 882.00 | 1,056.00 |
| Total expenses | 9,926.00 | 11,868.00 |
| Profit before exceptional items and tax | 849.00 | 1,125.00 |
| Exceptional items | 0.00 | 0.00 |
| Profit before tax | 849.00 | 1,125.00 |
| Current tax | 230.00 | 310.00 |
| Deferred tax | -13.00 | -24.00 |
| Tax expense | 217.00 | 286.00 |
| Profit for the period | 632.00 | 839.00 |
| Profit attributable to owners | — | 0.00 |
| Profit attributable to non-controlling interests | — | 0.00 |
| Other comprehensive income | -1.00 | -1.00 |
| Total comprehensive income | 630.00 | 838.00 |
| Earnings per share, basic | 1.40 | 1.80 |
| Earnings per share, diluted | 1.36 | 1.79 |
Balance sheet, as filed
| Line | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|
| Total assets | 9,993.00 | 11,064.00 | 11,449.00 |
| Non-current assets | 6,891.00 | 7,108.00 | 7,316.00 |
| Current assets | 3,102.00 | 3,956.00 | 4,133.00 |
| Property, plant and equipment | 695.00 | 718.00 | 796.00 |
| Capital work-in-progress | 14.00 | 35.00 | 34.00 |
| Goodwill | 4,284.00 | 4,284.00 | 4,284.00 |
| Other intangible assets | 1,556.00 | 1,695.00 | 1,802.00 |
| Inventories | 1,850.00 | 2,214.00 | 2,017.00 |
| Trade receivables | 66.00 | 23.00 | 28.00 |
| Cash and cash equivalents | 397.00 | 315.00 | 530.00 |
| Total equity and liabilities | 9,993.00 | 11,064.00 | 11,449.00 |
| Equity | 6,401.00 | 6,898.00 | 7,413.00 |
| Equity share capital | 4,597.00 | 4,671.00 | 4,673.00 |
| Other equity | 1,804.00 | 2,227.00 | 2,740.00 |
| Total liabilities | 3,592.00 | 4,166.00 | 4,036.00 |
| Non-current liabilities | 1,259.00 | 1,369.00 | 1,455.00 |
| Current liabilities | 2,333.00 | 2,797.00 | 2,581.00 |
| Borrowings, non-current | 0.00 | 0.00 | 0.00 |
| Borrowings, current | 0.00 | 0.00 | 0.00 |
| Trade payables | 1,479.00 | 2,085.00 | 1,619.00 |
Cash flow, as filed
| Line | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|
| Net cash from operating activities | 1,399.00 | 796.00 | 1,621.00 |
| Net cash from investing activities | -610.00 | -686.00 | -988.00 |
| Net cash from financing activities | -479.00 | -192.00 | -500.00 |
| Purchase of property, plant and equipment | 264.00 | 140.00 | 325.00 |
| Net increase in cash | 310.00 | -82.00 | 133.00 |
| con:CFO.BEFORE_TAX | 1,639.00 | 941.00 | 1,947.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 240.00 | 145.00 | 325.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_SOLD | 0.00 | 0.00 | 0.00 |
| con:PPE_DISPOSALS | 3.00 | 2.00 | 3.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2024-12-18 | 2024-12-31 | 2025-03-31 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 76.02 | 76.02 | 74.55 | 0.54 | 0.54 | 0.40 | 0.40 |
| Domestic institutions | 6.40 | 9.90 | 12.22 | 0.25 | 0.25 | 0.33 | 0.35 |
| Mutual funds | — | — | — | 0.24 | 0.24 | 0.29 | 0.31 |
| Insurance companies | 0.56 | 0.70 | 0.62 | 0.01 | 0.01 | 0.03 | 0.03 |
| Foreign institutions | 4.55 | 6.58 | 7.03 | 0.15 | 0.16 | 0.22 | 0.20 |
| Government | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 |
| Public | 23.98 | 23.98 | 25.45 | 0.46 | 0.46 | 0.60 | 0.60 |
| Non-institutional | 13.03 | 7.50 | 6.20 | 0.05 | 0.05 | 0.05 | 0.05 |
| Shares outstanding | 4508719493 | 4508719493 | 4597428223 | 4671067926 | 4673002806 | 4673117806 | 4676375306 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-07-28 | Q1FY27 | Read the call | |
| 2026-05-19 | Q4FY26 | Read the call | |
| 2026-01-30 | Q3FY26 | Read the call | |
| 2025-11-19 | Q2FY26 | Read the call | |
| 2025-08-20 | Q1FY26 | CHIEF, DIRECTOR, OFFICER | Read the call |
| 2025-05-07 | Q4FY25 | CHIEF EXECUTIVE OFFICER | Read the call |
| 2025-05-05 | Q4FY25 | CHIEF EXECUTIVE OFFICER | Read the call |
What they said about it, quarter by quarter
| Topic | Q1FY26 | Q1FY27 | Q2FY26 | Q3FY26 | Q4FY25 | Q4FY26 |
|---|---|---|---|---|---|---|
| Capex | — | — | And sir, any changes with respect to our capex plans, considering that consumption is likely to be more stronger than in the last few years? | — | — | And lastly, on dividend, what is your policy now, because you are generating -- even after capex, you are generating a free cash flow of about 70%, 75… |
| Capital allocation | — | — | Maybe at a much lower customer acquisition cost actually. | — | — | Till now, I think you have not given any significant dividend. |
| Costs | — | The first is in the last quarter, we had this discussion around the potential cost inflation. | — | — | — | So, was it that the cost-saving initiatives sort of negated the cotton hike? |
| Debt and cash | — | — | — | — | — | You have a significant cash balance also now, and you will keep generating this kind of cash flow in the future also. |
| Demand | I think the expectation continues that the consumer demand will improve after the changes which were announced on income tax. | Sometime in the third quarter, you all had mentioned that there is another format in pipeline, but hadn't reached the pilot stage yet. | Is it fair to assume that you see demand consumption coming back strongly over the next few years compared to the last few years, and there would be s… | As we speak now, we have 19 stores in Kerala, which are operational, performing very well, and another 20 odd stores in pipeline. | Just want to understand, especially from Tier-2 markets, because that's our forte, where are we seeing a pickup in terms of e-commerce demand coming f… | Having said that, our business, in difficult inflation and demand situations, in the past has continued to perform and outperform. |
| Guidance | — | With elevated inflation weighing on demand environment in quarter 1, we expect the impact to taper down in the subsequent quarters. | But as you know, we do not give any forward-looking guidance at all. | That is what we expect, Percy, and that would be our endeavor. | In FY '26, I would not give any specific guidance, Vivek, if you can understand that. | And GK, with the level of inflation and the price hikes that we are seeing across different industries, what would be your outlook for FY27? |
| Margin | The gross margin of the business improved from 28.2% to 28.4% in Q1 FY26. The EBITDA margin improved from 14.1% to 14.6%. | Profit after tax was INR 259 crores, which is a 25.6% growth over last year, and the PAT margin improved from 6.6% last year to 6.9% this year. | And last question, if I may, which is basically on the first half, adjusted EBITDA margins are almost about 9.5%. | Was this undertaken to improve our growth profile with recruitment of new consumers or was it related to focus on improving gross margin with premiumi… | Just on the gross margin, we have seen close to around 80 basis points improvement on the Y-o-Y for the full year. | And second thing, if you just want to understand the past, like in 2021, '22, when cotton price rallied from, say, INR 40,000/KT to around INR 1 lakh/… |
| Pricing | And hence, do we keep pricing sort of same across our store and online or is there a delta there? | Second is, GK, what are the -- given how the inflation deck is, what are the kind of price hikes you would have taken in your own labels in both appar… | And the margins, which may come because of better buying efficiencies, we have a plan to reinvest that either in product quality or in better pricing. | Equally we improve, I mentioned earlier that we maintain our gross margins at the same level and all the buying savings that accrue Vishal Mega Mart L… | Not immediately as yet, because you see, there are two factors which go into the pricing of private brands. | What would be your thought process on the pricing? |
| Revenue growth | The largest contributor to the growth was the improvement in the number of transactions. | This was a growth of 18.7% over last year, and this was backed by a strong same-store sales growth of 10%, a clear proof of the resilience of our busi… | — | But overall, I must also tell you that our winter merchandise, the same-store sales growth was also double-digit for the full quarter. | So. my first question was around average bill value, would it be possible for you to give some flavor on FY '25 SSSG or revenue growth in terms of tra… | So, what is the equation there in terms of impact on total sales growth of apparel on the basis of price increase? |