Vishal Mega Mart LimitedQ1FY27 Results & Financial Update
Vishal Mega Mart Limited: Q1FY27 consolidated results and company financials – revenue ₹3,727.01 Cr, PAT ₹258.77 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Vishal Mega Mart Q1FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Vishal Mega Mart delivered a strong start to fiscal year 2027 during the first quarter ended June 30, 2026, registering consolidated revenue from operations of ₹3,727.01 crore, marking an increase of 18.7% compared to ₹3,140.32 crore in the corresponding quarter of the previous year.
Growth during the quarter was underpinned by robust same-store sales growth (SSSG) of 10.0%, reflecting sustained underlying consumer demand and consistent footfalls across established retail outlets despite a challenging broader macroeconomic environment.
Profitability expanded at a healthy pace, with profit after tax (PAT) climbing 25.6% year-on-year to ₹258.77 crore compared to ₹206.07 crore in Q1 FY26, supported by operational efficiency and favorable gross margins.
Category-wise performance remained well-balanced across offerings, with apparel accounting for 47.4% of revenue contribution, general merchandise contributing 27.3%, and FMCG making up 25.2% of total category-wise revenue.
The company continued to execute its store expansion strategy actively, adding 27 gross new stores and 24 net new stores during the quarter, bringing the total store count to 819 outlets by the end of June 2026.
Management noted that elevated inflation weighed on the consumer demand environment during the initial part of the quarter, though the company expects this pressure to taper down in subsequent quarters.
The board of directors also approved a proposal to cap aggregate foreign ownership through depositories at 49.99% of total equity instruments on a fully diluted basis, ensuring continued compliance for the company's operating subsidiaries under Indian foreign exchange regulations.
01 · Business model
What does Vishal Mega Mart do?
Vishal Mega Mart Limited is a leading retail enterprise operating hypermarkets that offer an aspirational range of fashion, general merchandise, and fast-moving consumer goods (FMCG) under one roof to India's young, middle-income group customers.
The company curates its product offerings through a mix of its proprietary private-label brands and established third-party brands, designed to make consumer aspirations accessible and affordable.
As of June 30, 2026, the company operated a vast pan-India retail footprint consisting of 819 stores across 559 cities spanning 28 states and 2 union territories, representing a cumulative retail space of approximately 1.38 crore square feet.
The business model is deeply supported by an omni-channel delivery network, an extensive loyalty program, and a quick-commerce initiative that reaches hundreds of cities directly from neighborhood store inventories.
02 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q1FY27 | Year-ago |
|---|---|---|
| Revenue from operations | ₹3,727.01 Cr | ₹3,140.32 Cr |
| Total income | ₹3,760.15 Cr | ₹3,157.32 Cr |
| Profit before tax | ₹345.96 Cr | ₹275.96 Cr |
| Profit after tax | ₹258.77 Cr | ₹206.07 Cr |
| EPS | ₹0.55 | ₹0.45 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 6.9% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 9.3% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹33.14 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
The company reported a solid SSSG of 10.0% for Q1 FY27, driven by steady customer footfalls and robust demand across established retail locations.
Revenue was augmented by the addition of 27 gross new stores (24 net additions) during the quarter, expanding the total operating store count to 819 stores across 559 cities.
Growth remained broad-based across all core product lines, with revenue contributions standing at 47.4% for apparel, 27.3% for general merchandise, and 25.2% for FMCG.
The mobile-based loyalty program scaled to approximately 17.5 crore registered loyal customers, with members driving nearly 95% of total gross revenue during the quarter.
What drove margins
Gross profit increased 19.9% year-on-year to ₹1,068.8 crore, with gross profit margin expanding slightly to 28.7% compared to 28.4% in Q1 FY26.
Operating EBITDA (pre-Ind AS 116 and pre-ESOP charges) grew 19.3% year-on-year to ₹387.0 crore, with the operating EBITDA margin improving modestly to 10.4% from 10.3% in the year-ago period.
04 · Demand, customers & order book
Where demand is coming from
The company's registered loyalty customer base grew 16% year-on-year to reach approximately 17.5 crore members.
The company's quick-commerce initiative expanded to 767 stores across 520 cities, registering a user base of approximately 1.41 crore users, marking a 44% year-on-year increase in registered users.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The Chief Operating Decision Maker (CODM) evaluates the company's performance at an overall level as a single operating segment in accordance with Ind AS 108.
Geography and market mix
As of June 30, 2026, the retail network spanned 30 states and union territories, with regional store distribution comprising 311 stores in the North, 222 in the South, 204 in the East, and 82 in the West.
During the quarter, the company added 10 new stores in the Southern region, reflecting continued strategic focus on deepening its presence in southern markets.
Store deployment across city tiers stood at 423 stores in Tier III cities, 204 stores in Tier I cities, and 192 stores in Tier II cities.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Total retail operational area reached approximately 1.38 crore square feet across 819 stores as of June 30, 2026.
07 · Strategy & new businesses
How the company is trying to change its growth mix
The company's proprietary own brands contributed 75.2% to total product revenue during Q1 FY27, highlighting the strength of its curated private-label portfolio.
08 · Reported developments
What changed operationally
Profit after tax grew by 25.6% year-on-year to ₹258.77 crore, driven by robust operational execution and steady revenue expansion.
Vishal Mega Mart was recognized in the 2025 Burgundy Private Hurun India 500 List, ranking among India's most valuable companies and top five retail brands.
09 · Management guidance & targets
What management is targeting from here
Management noted that while elevated inflation impacted the demand environment in Q1, it expects the pressure to taper down in subsequent quarters of FY27.
10 · Beyond the numbers
What changed beyond the numbers
Reported update
Board Appointment
The board approved the re-appointment of Ms. Neha Bansal as a Non-Executive Independent Director for a second term of one year commencing September 23, 2026, subject to shareholder approval.
11 · Key Q&A
The quarter, answered directly
What does Vishal Mega Mart do?
Vishal Mega Mart Limited is a leading retail enterprise operating hypermarkets that offer an aspirational range of fashion, general merchandise, and fast-moving consumer goods (FMCG) under one roof to India's young, middle-income group customers.
What is the clearest takeaway from Q1FY27?
Vishal Mega Mart delivered a strong start to fiscal year 2027 during the first quarter ended June 30, 2026, registering consolidated revenue from operations of ₹3,727.01 crore, marking an increase of 18.7% compared to ₹3,140.32 crore in the corresponding quarter of the previous year.
What drove revenue or demand?
The company reported a solid SSSG of 10.0% for Q1 FY27, driven by steady customer footfalls and robust demand across established retail locations.
What mattered most for margins or profitability?
Gross profit increased 19.9% year-on-year to ₹1,068.8 crore, with gross profit margin expanding slightly to 28.7% compared to 28.4% in Q1 FY26.
What changed operationally beyond the headline numbers?
Total retail operational area reached approximately 1.38 crore square feet across 819 stores as of June 30, 2026.
What is management guiding or targeting from here?
Management noted that while elevated inflation impacted the demand environment in Q1, it expects the pressure to taper down in subsequent quarters of FY27.
12 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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13 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Inflation Trend and Demand Impact: Monitor whether the anticipated moderation in inflationary pressures materializes and drives further acceleration in store footfalls and SSSG in subsequent quarters.
- 02
Store Expansion Execution: Track the pace of new store openings and regional deployment, particularly in the Southern region and Tier-II and Tier-III cities.
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Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.