Vishal Mega Mart LimitedQ2FY27 Results & Financial Update
Vishal Mega Mart Limited: Q2FY27 consolidated results and company financials – revenue ₹3,398.53 Cr, PAT ₹157.88 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 Vishal Mega Mart Q2FY27 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 Limited posted consolidated revenue from operations of ₹3,398.53 crore for Q2 FY27, marking a 14.0% increase compared to ₹2,981.49 crore in the corresponding period of the previous year.
Profit after tax (PAT) for the quarter reached ₹157.88 crore, representing a 3.7% growth over the ₹152.31 crore reported in Q2 FY26, achieved despite inflationary headwinds and festive calendar shifts.
A notable operational factor during the quarter was an 18-day shift in the festive calendar, which moved major festive demand periods such as Puja and Dussehra out of Q2 and into Q3.
Management noted that this festive timing variance exerted an estimated 3% to 4% drag on same-store sales growth (SSSG) for the quarter, dampening fixed-cost absorption and compressing operating margins temporarily.
Reported EBITDA stood at ₹412.0 crore with an EBITDA margin of 12.1%, compared to ₹394.6 crore (13.2% margin) in the same quarter last year.
Operating EBITDA, measured pre-Ind AS 116 and pre-ESOP charges, came in at ₹262.2 crore compared to ₹252.9 crore a year ago, reflecting a margin of 7.7% against 8.5% previously.
The store footprint expanded through the addition of 26 gross new stores during the quarter, bringing the net addition to 25 stores and closing the period with 844 total operational locations.
01 · Business model
What does Vishal Mega Mart do?
Vishal Mega Mart Limited is a prominent retail operator in India catering to young, middle-income shoppers by providing an assortment of fashion, general merchandise, and fast-moving consumer goods (FMCG) under one roof at affordable price points.
The company curates its product offerings through a mix of proprietary in-house brands and third-party labels, with own brands contributing 73.9% of revenue for the first half of fiscal year 2027.
Operations span an extensive pan-India store network encompassing 844 stores across 582 cities in 28 states and 2 union territories, representing a cumulative retail space of approximately 1.41 crore square feet as of September 30, 2026.
Customer engagement is bolstered by a mobile-based loyalty program boasting roughly 18.1 crore registered customers who account for nearly 95% of gross revenue, alongside an expanding quick-commerce and omnichannel delivery setup.
02 · Historical context
What shaped the business before this quarter
Previously operating as Vishal Mega Mart Private Limited, the entity transitioned its corporate structure and name to Vishal Mega Mart Limited.
The company expanded its retail footprint to 696 stores at the exit of FY25, scaling up progressively across successive quarters through accelerated store additions to reach 844 stores by the end of Q2 FY27.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q2FY27 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹3,398.53 Cr | ₹2,981.49 Cr | ₹3,727.01 Cr |
| Total income | ₹3,436.92 Cr | ₹3,001.67 Cr | ₹3,760.15 Cr |
| Profit before tax | ₹211.31 Cr | ₹204.37 Cr | ₹345.96 Cr |
| Profit after tax | ₹157.88 Cr | ₹152.31 Cr | ₹258.77 Cr |
| EPS | ₹0.34 | ₹0.33 | ₹0.55 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue growth was supported by the addition of 26 gross new stores during Q2 FY27 (53 gross additions in H1 FY27), expanding the total retail area to ~1.41 crore sq. ft.
SSSG registered at 5.4% for Q2 FY27; management stated that adjusting for the 18-day festive calendar shift that moved Puja and Dussehra to Q3, normalized SSSG would have been approximately 9%.
Category revenue contributions for H1 FY27 stood at 44.1% for Apparel, 28.4% for General Merchandise, and 27.3% for FMCG, with own brands contributing 73.9% of revenue.
What drove margins
Operating margins experienced temporary pressure due to lower fixed-cost absorption resulting from the shift of festive demand from Q2 to Q3.
Gross profit for Q2 FY27 reached ₹950.1 crore, representing a gross profit margin of 28.0% compared to 28.3% in Q2 FY26.
05 · Demand, customers & order book
Where demand is coming from
The mobile-based loyalty program grew 15% year-on-year to reach approximately 18.1 crore registered customers, who generate roughly 95% of gross revenue.
The quick commerce and hyperlocal delivery initiative expanded to 781 stores across 532 cities, serving a registered user base of 1.52 crore users (a 41% year-on-year increase).
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Apparel accounted for 44.1% of revenue, General Merchandise contributed 28.4%, and FMCG represented 27.3%.
Geography and market mix
As of September 30, 2026, the store network comprised 315 stores in the North, 237 in the South, 208 in the East (including North East), and 84 in the West (including Central).
The store footprint spans 582 cities across 28 states and 2 union territories, categorized into 204 Tier I stores, 197 Tier II stores, and 443 Tier III stores.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Total retail area expanded to approximately 1.41 crore square feet across 844 stores as of September 30, 2026.
Projects, capex and execution
The company added 26 gross new stores during Q2 FY27 and 53 gross new stores during H1 FY27, resulting in net store additions of 25 and 49 respectively.
08 · Strategy & new businesses
How the company is trying to change its growth mix
During Q2 FY27, the company launched the first pilot store of 'Belong & Co.', a new apparel format located at DLF Mid-Town Plaza, Moti Nagar, catering to young, affluent urban consumers with an effortless fashion proposition.
09 · Reported developments
What changed operationally
Management reported a strong start to the festivals following the close of the quarter, reinforcing confidence in demand momentum heading into Diwali and the wedding season.
10 · Pressure points & risks
What is not going smoothly
Management noted renewed inflationary pressures across key raw material categories alongside an uneven monsoon during the period.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Brand Ambassador Promotions
The company ran extensive festive promotional campaigns across Pujo, Ganesh Chaturthi, and Onam featuring movie star Vaani Kapoor to drive consumer engagement.
12 · Previous-quarter changes
What changed since the previous quarter
The store count increased from 819 stores at the end of Q1 FY27 to 844 stores at the end of Q2 FY27 following 26 gross additions and 1 store closure.
13 · Key Q&A
The quarter, answered directly
What does Vishal Mega Mart do?
Vishal Mega Mart Limited is a prominent retail operator in India catering to young, middle-income shoppers by providing an assortment of fashion, general merchandise, and fast-moving consumer goods (FMCG) under one roof at affordable price points.
What is the clearest takeaway from Q2FY27?
Vishal Mega Mart Limited posted consolidated revenue from operations of ₹3,398.53 crore for Q2 FY27, marking a 14.0% increase compared to ₹2,981.49 crore in the corresponding period of the previous year.
What drove revenue or demand?
Revenue growth was supported by the addition of 26 gross new stores during Q2 FY27 (53 gross additions in H1 FY27), expanding the total retail area to ~1.41 crore sq. ft.
What mattered most for margins or profitability?
Operating margins experienced temporary pressure due to lower fixed-cost absorption resulting from the shift of festive demand from Q2 to Q3.
What changed operationally beyond the headline numbers?
Total retail area expanded to approximately 1.41 crore square feet across 844 stores as of September 30, 2026.
What are the main pressure points disclosed for the quarter?
Management noted renewed inflationary pressures across key raw material categories alongside an uneven monsoon during the period.
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
Festive Demand Realization: Monitor the sales lift and margin recovery in Q3 FY27 as deferred festive demand from the Pujo, Dussehra, Diwali, and wedding seasons materializes.
- 02
New Format Scaling: Track the performance and expansion plans of the newly launched 'Belong & Co.' apparel pilot store format.
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