V-Mart Retail 2QFY26 Performance Update

▶Revenue grew 22.1% YoY/ -8.8% QoQ to Rs 8.07 bn. This growth has come on a base of 20.3% growth in 2QFY25.

▶The growth was supported by the early festive season. Pujo in 2Q FY26 vs in 3Q during FY25.

▶SSSG stood at +11% for 2QFY26 (V-Mart at +11% and Unlimited at +11%). Compared to 15% SSSG in base quarter of 2QFY25 and 5% (normalized) SSSG in 1QFY26.

▶The company opened 25 new stores and closed 2 stores during the quarter. Total store count stood at 533.

▶At CMP of Rs 727 stock is trading at EV/ EBITDA multiple of 12.3x/ 10.2x on FY27E/ FY28E.