Vishal Mega Mart (VMM) Q4 25/26 earnings summary

Executive summary

• Q4 revenue from operations reached INR 3,114 crores, up 22.2% year-over-year; full year revenue was INR 12,906 crores, up 20.4% year-over-year, with strong sales momentum and profit after tax up 45.9% in Q4 and 32.8% for the year.

• Operating EBITDA for Q4 was INR 275 crores (up 32.3% YoY); full year operating EBITDA was INR 1,321 crores (up 27.8% YoY), with adjusted EBITDA margin improving to 8.8% in Q4 and 10.2% for the year.

• Store network expanded to 795 stores across 535 cities and 30 states/UTs, with 105 new stores added in FY26.

• Private/own brands contributed 74.1% of total revenue in FY26, with significant growth in the brand portfolio.

• Audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, were approved by the Board on May 14, 2026, with unmodified audit opinions.

Financial highlights

• Q4FY26 revenue: ₹31,141 mn (up 22.2% YoY); FY26 revenue: ₹129,063 mn (up 20.4% YoY); Q4FY26 PAT: ₹1,679 mn (5.4% margin); FY26 PAT: ₹8,392 mn (6.5% margin).

• Adjusted EBITDA for FY26: ₹13,211 mn (10.2% margin), up 27.8% YoY; gross margin stable at 28.4% for FY26.

• Standalone revenue for FY26 was ₹66,313.84 million, up from ₹59,466.04 million in FY25; standalone net profit for FY26 was ₹6,560.84 million.

• Consolidated basic EPS for FY26 was ₹1.80, up from ₹1.40 in FY25.

• Loyalty customers contributed ~95% of revenue in FY26.

Outlook and guidance

• Management remains optimistic for FY27 despite inflation and geopolitical uncertainties, with continued focus on expanding store footprint and omni-channel capabilities.

• Expansion plans will continue, with no slowdown in new store openings and emphasis on growing own brands.

• The company will monitor regulatory changes, including new Labour Codes, and assess their impact on employee benefits.