India · Delayed Price · Currency is INR V-Mart Retail Earnings Call Transcripts
Fiscal Year 2026
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Q4 FY26 saw 24% sales growth, record new store additions, and 56% EBITDA growth, with strong performance in the South and improved inventory health. Management remains optimistic despite inflation and supply chain risks, guiding for continued expansion and margin improvement.
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Q3 saw robust revenue and profit growth, driven by festive demand and operational efficiency, despite weather disruptions. Gross margins improved, new stores ramped up quickly, and the company remains focused on disciplined expansion and technology upgrades.
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Q2 delivered 22% sales growth and 11% like-for-like growth, driven by early festive demand and record store expansion. Gross margins held steady, EBITDA improved, and free cash flow turned positive. Full-year SSG guidance remains mid to high single digits, with continued focus on expansion and profitability.
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Q1 FY26 delivered 13% sales growth and 27% EBITDA growth, with improved margins and strong cash flow. Expansion continues with 65 new stores targeted for the year, while margin strategy shifts to rupee growth amid rising competition and rental costs.
Fiscal Year 2025
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Q4 saw 17% revenue growth and improved margins, driven by strong performance in tier 2/3 cities and among Gen Z consumers. Store expansion and technology integration remain key, with 65 new stores targeted for FY25. Margins are expected to stay stable, and LimeRoad losses will continue to decline.
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Q3 FY25 delivered strong sales growth, improved margins, and robust store expansion, driven by higher youth engagement, technology adoption, and a shift from unorganized to organized retail. Inventory and cost efficiencies supported profitability, while competitive and inflationary pressures persist.
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Q2 FY25 delivered 20% sales growth, strong like-to-like sales, and improved customer loyalty, with value retail outperforming and digital losses narrowing. Store expansion and operational efficiency remain priorities, while rapid fashion changes and weather pose risks.
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Q1 FY25 delivered 20% sales growth and improved margins, driven by efficiency gains, store expansion, and strong customer engagement, especially in tier three and four towns. LimeRoad losses narrowed, and inventory management improved cash flow.