Value fashion retailer V-Mart Retail Ltd delivered a robust operational performance in FY26, driven by strong same-store sales growth, improved inventory management, and aggressive store expansion across Tier II and Tier III markets.
Strong quarterly performance
For the quarter ended March 31, 2026, the company reported revenue of ₹971 crore, registering a 24% year-on-year growth. EBITDA surged 56% YoY to ₹106 crore, while adjusted profit after tax stood at ₹10 crore.
The strong quarterly performance was aided by healthy consumer demand, better merchandise mix, and operational efficiencies that helped improve margins.
FY26 earnings reflect operational turnaround
For the full financial year FY26, V-Mart posted revenue of ₹3,789 crore, up 16% YoY. EBITDA climbed 36% to ₹513 crore, while adjusted PAT jumped a sharp 507% year-on-year to ₹125 crore, highlighting a significant profitability turnaround.
The company’s same-store sales growth (SSSG) stood at 12% for the March quarter and 5% for the full year, indicating improving traction across existing stores.
Inventory efficiency improves
V-Mart said its ongoing strategic initiatives helped improve inventory productivity and ensure fresher merchandise availability across stores.
Days of inventory improved by three days on a year-on-year basis, while per-store inventory levels declined 13% YoY as of March 31, 2026. The company indicated that tighter inventory control and faster stock rotation are helping improve working capital efficiency and customer experience.
Record store additions drive expansion
The retailer accelerated its expansion strategy during the quarter, adding 29 new stores while shutting six outlets, taking the total store count to 577 stores nationwide.
FY26 marked the highest-ever annual store additions for the company, with a net addition of 92 stores during the year. The aggressive expansion reflects V-Mart’s continued focus on deepening its footprint in India’s fast-growing value retail market.
Tier II and Tier III focus remains core strategy
Founded in 2002, V-Mart has built its business around affordable fashion retailing targeted at middle-income consumers in smaller cities and towns. The company operates large-format value retail stores with an average size of around 8,000 square feet.
The retailer continues to strengthen its omni-channel presence through LimeRoad while also leveraging leading online marketplaces to cater to digitally savvy customers.
Outlook
With strong same-store growth, disciplined inventory management, and rapid store expansion, V-Mart appears to be positioning itself for sustained growth amid rising consumption demand in non-metro India. The company’s improving profitability metrics also indicate that scale benefits and operational efficiencies are beginning to reflect meaningfully on the bottom line.