V-Mart Retail LimitedQ1 FY27 Results & Financial Update
V-Mart Retail Limited: Q1 FY27 standalone results and company financials – revenue ₹1,088.81 Cr, PAT ₹47.21 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore V-Mart Retail Q1 FY27 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
V-Mart delivered a robust financial performance for the first quarter of fiscal 2027, propelled by steady consumer demand, rising footfalls, and disciplined cost control across its store network.
Revenue from operations increased by 23% year-on-year to INR 1,088.81 crore, supported by strong same-store sales growth (SSSG) of 9% across the overall store portfolio.
Profitability outpaced top-line growth significantly, with Profit After Tax (PAT) surging 41% year-on-year to INR 47.21 crore, reflecting operating leverage and improved inventory management.
Operational efficiency improved notably as per-store inventory decreased by 5% year-on-year, driving inventory days down to 86 days as of June 30, 2026, compared to 93 days in the corresponding period of the previous year.
The company continued its targeted store expansion strategy, opening 15 new stores and closing 1 underperforming location, bringing its total operating store network to 591 stores spanning 28 states and Union Territories with a cumulative retail area of 5.1 million square feet.
Tier 4 markets delivered stellar operational results, registering the highest tier-wise sales per square foot growth of 15% year-on-year, underlining the expanding consumption appetite in smaller towns.
The digital marketplace segment under LimeRoad continued its turnaround trajectory, growing Net Merchandise Value (NMV) by 18% year-on-year while reducing EBITDA losses by 39% year-on-year.
01 · Business model
What does V-Mart Retail do?
V-Mart Retail Limited is a pioneer in organized value fashion retail in India, offering a wide range of fashion apparel, footwear, accessories, and home furnishings for the entire family.
The company operates with a strong retail footprint across Tier II, Tier III, and Tier IV cities, featuring store sizes averaging around 8,000 square feet.
Through its multi-channel distribution, V-Mart caters to the aspirations of India's growing middle class by combining physical stores with an omni-channel digital presence anchored by its LimeRoad platform and online marketplace integrations.
02 · Historical context
What shaped the business before this quarter
V-Mart's store count expanded to 577 stores by the end of FY26, incorporating historical milestones such as the acquisition of 74 stores of Unlimited in FY22.
The company acquired LimeRoad in FY23 to build out its omni-channel digital ecosystem and integrate online fashion retail with its physical footprint.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q1 FY27 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹1,088.81 Cr | ₹885.22 Cr | ₹970.89 Cr |
| Total income | ₹1,091.46 Cr | ₹888.15 Cr | ₹975.61 Cr |
| EBITDA | ₹160.64 Cr | ₹126.17 Cr | ₹106.28 Cr |
| Profit before tax | ₹59.52 Cr | ₹42.94 Cr | ₹12.54 Cr |
| Profit after tax | ₹47.21 Cr | ₹33.60 Cr | ₹11.28 Cr |
| EPS | ₹5.94 | ₹4.23 | ₹1.42 |
| EBITDA margin | 14.75% | 14.25% | 10.95% |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Total footfalls surged by 39% year-on-year to 28 million, accompanied by an 18% increase in transaction memos to 11 million.
Retail Trade revenue grew to INR 1,083.48 crore from INR 879.06 crore in the same quarter last year, while Digital Market Place revenue rose to INR 10.37 crore.
Same-store sales growth was robust across formats, with the V-Mart format growing at 8% and the Unlimited format achieving 13% SSSG.
What drove margins
EBITDA expanded by 27% year-on-year to INR 160.64 crore, with EBITDA margin improving by 50 basis points to 14.75% due to better expense absorption.
Private labels continued to form a vital margin cushion, contributing over 66% of total sales within the apparel category.
Manpower and power expenses scaled rationally alongside store expansions while inventory aging and shrink provisions were maintained conservatively.
05 · Demand, customers & order book
Where demand is coming from
Average transaction size across formats stood at INR 1,033, while average selling prices for apparel remained stable at INR 362.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Retail Trade generated segment results of INR 66.22 crore, recovering strongly from INR 52.74 crore in Q1 FY26.
Digital Market Place reported segment revenue of INR 10.37 crore with a reduced segment loss of INR 3.23 crore, showing narrowing losses compared to INR 5.06 crore in the year-ago period.
Geography and market mix
Tier 4 markets emerged as a key growth engine with sales per square foot per month rising 15% year-on-year to INR 768.
The company operated 591 stores across 335 cities, with Uttar Pradesh remaining the largest state concentration accounting for 183 stores.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The company operated two major warehouses in Palwal (Haryana) and Bengaluru, handling over 190 million pieces per year with bi-weekly fashion drops across 591 stores.
Projects, capex and execution
Retail space expanded by 14% year-on-year to reach 5.1 million square feet, supported by 15 new store openings during the quarter.
08 · Strategy & new businesses
How the company is trying to change its growth mix
LimeRoad continued to scale its omni-channel ecosystem, with V-Mart inventory contribution in LimeRoad online orders increasing to 54%.
09 · Reported developments
What changed operationally
PAT grew by 41% year-on-year to INR 47.21 crore, underpinned by broad-based operational momentum.
Mr. Suraj Rathor was appointed as Head of Finance and Senior Management Personnel effective July 24, 2026.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Inventory days of sales improved by 8% year-on-year to 86 days as of June 30, 2026, driven by supply chain efficiencies and enhanced assortment planning.
Capital allocation & funding
Short-term borrowings decreased substantially to INR 1.2 crore as of June 30, 2026, down from INR 100.0 crore as of March 31, 2026.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Annual General Meeting schedule
The company scheduled its 24th Annual General Meeting for July 30, 2026, to consider and approve a final dividend of 10% for FY 2025-26.
12 · Previous-quarter changes
What changed since the previous quarter
Revenue and profitability rebounded sequentially from Q4 FY26, with revenue rising from INR 970.89 crore and PAT increasing from INR 11.28 crore.
13 · Key Q&A
The quarter, answered directly
What does V-Mart Retail do?
V-Mart Retail Limited is a pioneer in organized value fashion retail in India, offering a wide range of fashion apparel, footwear, accessories, and home furnishings for the entire family.
What is the clearest takeaway from Q1 FY27?
V-Mart delivered a robust financial performance for the first quarter of fiscal 2027, propelled by steady consumer demand, rising footfalls, and disciplined cost control across its store network.
What drove revenue or demand?
Total footfalls surged by 39% year-on-year to 28 million, accompanied by an 18% increase in transaction memos to 11 million.
What mattered most for margins or profitability?
EBITDA expanded by 27% year-on-year to INR 160.64 crore, with EBITDA margin improving by 50 basis points to 14.75% due to better expense absorption.
What changed operationally beyond the headline numbers?
The company operated two major warehouses in Palwal (Haryana) and Bengaluru, handling over 190 million pieces per year with bi-weekly fashion drops across 591 stores.
What should the next disclosure help confirm?
Monitor the pace and productivity of new store additions across Tier 3 and Tier 4 cities.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Store expansion execution: Monitor the pace and productivity of new store additions across Tier 3 and Tier 4 cities.
- 02
Digital loss reduction: Track the path to profitability for the LimeRoad digital marketplace and inventory contribution trends.
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