V-Mart Retail Ltd (VMART) AI Stock Analysis

• Market Cap: ₹50.27B
• Dividend Yield: N/A
• Average Volume (3M): 31.86K
• Price to Earnings (P/E): 38.3
• Beta (1Y): 1.08
• Revenue Growth: 16.45%
• EPS Growth: N/A
• Country: IN
• Employees: 9,827
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Department Stores
• EPS (TTM): 11.10
• Shares Outstanding: 79,439,026
• 10 Day Avg. Volume: 16,386
• 30 Day Avg. Volume: 31,857
• PEG Ratio: -1.15
• Price to Book (P/B): 7.29
• Price to Sales (P/S): 1.81
• P/FCF Ratio: 26.18
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹900.00
• Price Target Upside: 22.39% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 60 Neutral
• Price Target: ₹601.00 ▼(-18.27% Downside)

The score is supported primarily by improving financial performance, including revenue growth and a recovery to positive profitability with stable cash generation. This is materially offset by very weak technicals (price below key moving averages with negative MACD) and a relatively high P/E valuation.

Positive Factors

Profitability Recovery

Restoring net profitability and improving EBIT/EBITDA margins indicates the business is operating above breakeven and generating sustainable operating earnings. This durable change enhances internal funding for store expansion, reduces reliance on external financing, and supports longer-term return metrics.

Consistent Revenue Growth

Mid-teens revenue growth reflects expanding sales and customer traction in value retail. Sustained top-line gains improve scale economics, strengthen supplier terms, and underpin continued investment in store rollouts and private-label assortments, supporting durable competitive positioning.

Healthy Gross Margin

A ~34.5% gross margin signals strong cost control and pricing power in its product mix, likely aided by private-label assortments. Durable margin strength provides a cushion for operating leverage, enabling reinvestment into marketing, stores, and inventory without eroding profitability.

Negative Factors

Moderate Leverage

Moderate debt levels constrain financial flexibility compared with a low-debt profile; interest obligations can pressure cash flow during slower periods. Over 2–6 months this limits agility for opportunistic investments or aggressive store expansion without raising additional capital.

Declining Equity Ratio

A weakening equity ratio signals gradual reliance on debt financing for asset growth, increasing balance-sheet sensitivity to rate rises or revenue shocks. Structurally, this can raise financing costs and reduce headroom for capital raises if macro conditions tighten.

Free Cash Flow Lags Net Income

When free cash flow underperforms reported earnings, it points to working-capital absorption or timing differences that may limit available cash for capex, dividends, or debt paydown. Over months this constrains pace of store investment and elevates financing needs.

V-Mart Retail Ltd Business Overview & Revenue Model

Company Description

V-Mart Retail Limited operates a chain of value retail departmental stores in India. Its stores offer a range of products, including apparels, footwear, accessories, and general merchandise for men, women, boys, girls, and infants, as well as home furnishings, toys and games, bags, kirana, crockery and utensils, and other products. As of June 30, 2022, the company operated a network of 391 stores. It also offers its products online. V-Mart Retail Limited was incorporated in 2002 and is based in Gurugram, India.

How the Company Makes Money

VMART generates revenue primarily through the sale of its diverse product offerings in its retail stores. The company's revenue model is based on a mix of direct sales from its brick-and-mortar outlets and potential online sales through e-commerce platforms. Key revenue streams include the sale of private-label products, which typically offer higher margins compared to branded items. VMART also benefits from economies of scale, allowing it to negotiate better terms with suppliers and reduce costs. Additionally, partnerships with various brands for exclusive product lines and promotional events further enhance its revenue potential. Seasonal promotions and discounts help drive foot traffic and increase sales volume, contributing significantly to its earnings.

V-Mart Retail Ltd Financial Statement Overview

Summary

Income statement is strong (75) with solid revenue growth, healthy ~34.5% gross margin, and a turnaround to positive profitability with improved EBIT/EBITDA margins. Balance sheet is moderate (68) with reasonable leverage but a slightly weaker equity ratio. Cash flow is stable (70) with positive free cash flow growth and strong cash conversion, though free cash flow trails net income somewhat.

Income Statement

V-Mart Retail Ltd has shown strong revenue growth with a significant increase in total revenue from the previous year. The gross profit margin is healthy at approximately 34.5%, indicating efficient cost management. Net profit margin has improved significantly from a negative to a positive position, showing profitability recovery. EBIT and EBITDA margins have also strengthened, reflecting improved operating performance.

Balance Sheet

The company has a moderate debt-to-equity ratio, suggesting a reasonable level of leverage. However, equity ratio has slightly decreased, indicating a greater proportion of assets financed by debt. Return on equity has improved, reflecting enhanced profitability and effective use of equity funding.

Cash Flow

Free cash flow has shown positive growth, indicating better cash generation capability. Operating cash flow to net income ratio is robust, demonstrating efficient cash conversion from earnings. However, there is a slight decline in free cash flow compared to net income, suggesting potential areas for improvement in cash management.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	34.99B	32.54B	27.81B	24.65B	16.66B	10.75B
Gross Profit	12.09B	11.24B	9.38B	3.18B	5.54B	870.12M
EBITDA	4.37B	3.77B	2.34B	2.84B	2.18B	1.52B
Net Income	1.15B	457.70M	-967.60M	-78.49M	116.41M	-62.03M
Balance Sheet
Total Assets	26.26B	24.36B	28.45B	27.43B	20.99B	16.27B
Cash, Cash Equivalents and Short-Term Investments	700.30M	444.70M	488.50M	286.90M	1.54B	4.09B
Total Debt	12.79B	7.83B	13.91B	13.32B	9.02B	5.68B
Total Liabilities	17.81B	16.26B	20.98B	18.94B	12.50B	8.01B
Stockholders Equity	8.46B	8.10B	7.47B	8.49B	8.50B	8.25B
Cash Flow
Free Cash Flow	0.00	2.26B	2.65B	-975.69M	-1.62B	1.08B
Operating Cash Flow	2.19B	3.49B	3.86B	1.81B	-112.52M	1.49B
Investing Cash Flow	-604.20M	-1.22B	-1.18B	-1.59B	1.24B	-4.19B
Financing Cash Flow	-1.74B	-2.15B	-2.59B	-373.60M	-1.04B	2.87B

V-Mart Retail Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 735.35
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:VMART, the sentiment is Negative. The current price of 735.35 is above the 20-day moving average (MA) of 625.87, above the 50-day MA of 705.57, and below the 200-day MA of 785.26, indicating a neutral trend. The MACD of -32.92 indicates Negative momentum. The RSI at 46.37 is Neutral, neither overbought nor oversold. The STOCH value of 87.62 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:VMART.

V-Mart Retail Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ARVIND	73 Outperform	₹82.03B	20.23	―	1.18%	8.84%	41.74%
SHARDAMOTR	66 Neutral	₹48.78B	14.60	―	2.75%	6.96%	6.33%
V2RETAIL	62 Neutral	₹72.83B	69.42	―	―	65.91%	139.39%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
VMART	60 Neutral	₹50.27B	38.27	―	―	16.45%	―
ARVINDFASN	56 Neutral	₹63.06B	-355.64	―	0.31%	10.72%	-115.52%

V-Mart Retail Ltd Corporate Events

V-Mart Retail Publishes Unaudited Q3 and Nine-Month FY2025-26 Results

V-Mart Retail Limited has released its unaudited financial results for the quarter and nine-month period ended 31 December 2025, following approval by its Board of Directors at a meeting held on 22 January 2026. The results, which have been reviewed by statutory auditors S.R. Batliboi & Co. LLP in line with regulatory requirements, comply with Indian Accounting Standards and the Securities and Exchange Board of India’s listing regulations, with the auditors reporting no material misstatements or non-disclosures. The disclosure reinforces V-Mart’s regulatory compliance and financial reporting transparency, providing investors and other stakeholders with updated performance data for the current financial year, and the company has also made the information available on its website for wider public access.

V-Mart Board Clears Q3 and Nine-Month FY26 Unaudited Results, Auditors Flag No Material Issues

V-Mart Retail Ltd’s board of directors met on 22 January 2026 and approved the unaudited financial results for the third quarter and nine-month period ended 31 December 2025, along with taking on record the limited review report from its statutory auditors. The independent auditors, S.R. Batliboi & Co. LLP, issued a review conclusion stating that nothing had come to their attention to suggest that the financial results were materially misstated or not in compliance with applicable Indian Accounting Standards and SEBI disclosure regulations, reinforcing the reliability of V-Mart’s reported interim financial performance for investors and other stakeholders.

V-Mart Files SEBI Regulation 74(5) Compliance Certificate for Q3 FY2025-26

V-Mart Retail Limited has submitted to the stock exchanges a compliance certificate from its Registrar and Transfer Agent, KFin Technologies Limited, confirming adherence to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 31 December 2025. The filing confirms that all required details of securities dematerialized and rematerialized during the quarter have been duly furnished to the exchanges where V-Mart’s shares are listed, underscoring the company’s ongoing regulatory compliance in handling its equity securities and maintaining transparency for investors and market regulators.

V-Mart Retail Announces Acquisition of Convertible Debentures

V-Mart Retail Ltd has disclosed an acquisition of 1,97,33,161 Compulsory Convertible Debentures of Conquest Business Service Pvt. Ltd., a promoter company of V-Mart, through an inter-se transfer among qualifying persons. This acquisition is exempt from making an open offer under SEBI regulations, and the disclosure was made within the specified timeline, potentially impacting the company’s control structure and stakeholder interests.

V-Mart’s Strategic Debenture Acquisition by Lalit Agarwal

Lalit Agarwal has disclosed the acquisition of 1,97,33,161 Compulsory Convertible Debentures of Conquest Business Service Pvt. Ltd., the promoter company of V-Mart, under the SEBI (SAST) Regulations, 2011. This acquisition, an inter-se transfer among qualifying persons, is exempt from making an open offer and is part of a strategic move to consolidate voting rights within the company.

V-Mart Retail Releases Conference Call Recording

V-Mart Retail Ltd announced the availability of a recording from its recent conference call with analysts and investors, which took place on November 11, 2025. This move reflects the company’s commitment to transparency and engagement with its stakeholders, potentially impacting its market perception positively.

V-Mart Retail Announces Resignation of Senior Management Personnel

V-Mart Retail Ltd has announced the resignation of Mr. Syed Ali Athar, the Vice President of Skill Development & Training, effective from the close of business on November 08, 2025. This change in senior management is part of Mr. Athar’s decision to pursue personal opportunities, and it may impact the company’s training and development strategies moving forward.