V-Mart Retail Ltd
VMARTV-Mart Retail Ltd's earnings have outrun its stock. EPS grew +170.1% in a year against a +9.8% price move.
The sharpest disagreement: annual EPS moved +170.1% against a +9.8% price move — the market has not yet caught up with the delivery.
The price is in a confirmed uptrend (11 weeks in) while the P/E sits at the 36th percentile of its own 11-year range. Underneath, the last four quarters read improving — profit +38.2% year on year, and 461% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
V-Mart Retail Ltd trades at ₹809, in a confirmed uptrend and 11 weeks into that stage. That is +10.3% against its own 200-day average. It sits at 86% of a 52-week range of ₹493 to ₹862. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 27 straight weeks.
Today the stock is in a confirmed uptrend — week 11 of stage 2, confirmed. At ₹809 it trades +10.3% versus its 200-day average and sits at 86% of its 52-week range (₹493–₹862).
Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +621% while the NIFTY 500 moved +273% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 27 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
V-Mart Retail Ltd's story is not scored yet against the markers our research file set on 22 August 2026. Where it sits in its own cycle: Not stated in the research file. Our fortnightly research layers last read it on 22 August 2026.
Our read, 22 August 2026. V-Mart's Q1 FY27 result confirms the operating leverage thesis is intact: revenue grew 23%, same-store sales grew 9%, and reported PAT of Rs 47 Cr rose 41% year on year despite 10% raw material inflation and a compressed gross margin — the fixed-cost base is converting revenue growth into earnings at an accelerating pace.
What is proven. V-Mart's Q1 FY27 result confirms the operating leverage thesis is intact: revenue grew 23%, same-store sales grew 9%, and reported PAT of Rs 47 Cr rose 41% year on year despite 10% raw material inflation and a compressed gross margin — the fixed-cost base is converting revenue growth into earnings at an accelerating pace.
What is not proven yet. If same-store sales fall below 3% for two consecutive quarters while the operating margin simultaneously contracts below 10% on an annualized basis, the operating leverage thesis breaks. Additionally, if the Q3 FY27 festive quarter — which must absorb the Durga Puja timing recovery — delivers OPM below 16%, that would indicate the seasonal timing shift masked structural demand weakness.
🚨 What would change our mind. If same-store sales fall below 3% for two consecutive quarters while the operating margin simultaneously contracts below 10% on an annualized basis, the operating leverage thesis breaks. Additionally, if the Q3 FY27 festive quarter — which must absorb the Durga Puja timing recovery — delivers OPM below 16%, that would indicate the seasonal timing shift masked structural demand weakness.
Layer 1 read, 22 August 2026 — KEEP. Sales up 23% pushed profit up 41% on a fixed store base — and the price has barely moved while that happened. V-Mart's cost base is mostly fixed per store, so extra sales in the same shops fall through to profit; management says 6-7% same-store growth buys about 120 basis points of margin, and 9% was delivered last quarter, producing profit of Rs 47 crore against Rs 34 crore a year ago. I checked the filed accounts rather than trusting the call: only Rs 3 crore of the Rs 60 crore pre-tax profit was non-operating income, so this is a genuine trading recovery. The share is priced at about 48 times trailing earnings [C023, a percentile/model read, not a hard fact], but those earnings are still climbing out of an FY24 loss of Rs 97 crore, and the multiple is 26% lower than it was two years ago even as…
What would change Layer 1’s mind. The Timeline's own kill-switch is same-store sales below 3% for two straight quarters with operating margin under 10%. I sharpen it to something I can check sooner and that the seasonal calendar cannot disguise: if the December 2026 quarter — which absorbs the whole Durga Puja shift moved out of September — prints an operating margin below 17% (December 2025 was 19%, December 2024 was 17%) or a gross margin below 33%, then the operating-leverage mechanism has stopped working and the September…
Layer 2 read, 22 August 2026 — ADVANCE. The sector turn supports V-Mart, but weak guidance credibility keeps confidence moderate. The sector work calls this a stock-pickers' recovery and names V-Mart as a scaler. That independently supports the latest result: reported EBITDA margin expanded and profit rose faster than revenue, despite raw-material pressure. Current capital-cycle evidence is neutral, so it creates no external veto.
What would change Layer 2’s mind. Drop if a reliable external channel check shows same-store sales below 3% for two non-seasonal quarters while operating margin falls below 10%.
Layer 3 read, 22 August 2026 — DEPLOY. Raw-material pressure is managed, but four guidance reversals keep V-Mart at starter size. Input costs rose 10%, with roughly 80% of purchases exposed to crude, but vendor action and selective pricing limited the stated margin compromise to about 0.5%-0.8%. Management remains on WATCHLIST because LimeRoad loss reduction was 70% in May but 39% in July without reconciliation, while 9% same-store sales keeps the operating thesis intact.
What would change Layer 3’s mind. A Dec 2026 operating margin below 17%, after shifted festival demand returns, would make the cost-and-competition risk structural and flip DEPLOY to BENCH or DROP.
CIO read, 22 August 2026 — BENCH. NOT ADMITTED (incoming, benched) · forward-asymmetry 60/100 · CONTESTED. CONTEST — I judge deliverable EPS growth at 30%, giving a 2.5-point cushion over the model's 27.5% requirement. Same-store sales reached 9%, but raw-material inflation and unreconciled LimeRoad guidance keep the case at the contest boundary.
What the company does. V-Mart runs apparel value retail across tier-2 to tier-4 India — a market still over 60% unorganized. The company's cost base ballooned post-COVID and post-Unlimited acquisition; FY24 was the loss trough at annual PAT of Rs -97 Cr. FY26 delivered PAT Rs 124 Cr and Q1 FY27 continues the recovery, printing Rs 47 Cr against Rs 34 Cr a year ago — 11 consecutive quarters of positive same-store sales growth.
Sources: our stock research file (22 August 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
V-Mart Retail Ltd reported ₹1,089 Cr of revenue in the Jun 26 quarter, +23.1% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 16.7% a year. The last full year, FY26, came in at ₹3,789 Cr. The last four reported quarters add to ₹3,993 Cr.
FY26 revenue came in at ₹3,789 Cr (+16.4% on the year), capping 10 years at 16.7% compound. The latest quarter (Jun 26) printed ₹1,089 Cr, +23.1% year on year — the 12th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +19.8% growth against the decade's 16.7% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +19.1% over the last 4 quarters against +17.5%/yr over the last 8 — stabilising.
FY26-Q4. revenue ₹971 Cr and profit ₹11 Cr as reported.
FY27-Q1. revenue ₹1,089 Cr and profit ₹47 Cr as reported.
Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
V-Mart Retail Ltd's operating margin is 15.0% in the Jun 26 quarter, +1.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 8.0% to 14.0%. The current quarter is running above every full year in that window.
Why this happened. V-Mart's cost structure is dominated by rent (targeting 7% of sales), staff, and depreciation — all largely fixed per store. Q1 FY27 demonstrates this: revenue grew 23% while pre-Ind AS EBITDA margin expanded 70 basis points to 7.6% despite a gross margin dip of 80 basis points. Management's own arithmetic requires 6 to 7% same-store sales growth to generate 120 basis points of operating leverage. Unlimited South format delivered 33% revenue growth producing 40% EBITDA growth in Q1 FY27, showing the same lever at work in a newer geography.
The latest quarter's operating margin is 15.0%, +1.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 8.0%–14.0%, and FY26's 14.0% is the top of that band — a record year.
Why the margin moved: operating margin went +0.5 pp year on year while gross margin went −0.8 pp — the gain came mostly from the gross line: input costs and pricing.
Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.
FY26-Q4. revenue ₹971 Cr and profit ₹11 Cr as reported.
FY27-Q1. revenue ₹1,089 Cr and profit ₹47 Cr as reported.
Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
V-Mart Retail Ltd earned ₹47.0 Cr of net profit in the Jun 26 quarter, +38.2% year on year. Full-year FY26 profit was ₹124 Cr. The 10-year compound rate is 16.0%. That is 4.3% of the quarter's revenue. The same quarter a year earlier earned ₹34.0 Cr. 4 of the last 12 reported quarters were loss-making.
Jun 26 profit was ₹47.0 Cr, +38.2% year on year. On the full year, FY26 printed ₹124 Cr (+169.6%), and the 10-year compound rate is 16.0%.
Why profit moved: revenue contributed +23.1% and the margin +1.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit +6.1% vs revenue +19.8%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.
FY26-Q4. revenue ₹971 Cr and profit ₹11 Cr as reported.
FY27-Q1. revenue ₹1,089 Cr and profit ₹47 Cr as reported.
Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 461% of V-Mart Retail Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹501 Cr of operating cash against ₹124 Cr of profit. After ₹628 Cr of capital spending, ₹−127 Cr was left as free cash.
FY26: operating cash of ₹501 Cr against reported profit of ₹124 Cr, leaving free cash of ₹−127 Cr after ₹628 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 461% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 461%: the cash cycle tightened 46 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.
Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
V-Mart Retail Ltd's cash conversion cycle runs 73 days in FY26, down from 119 days in FY21. Capital spending ran ₹572 Cr over the last 3 years. At FY26 sales of ₹3,789 Cr each day of that cycle holds about ₹10.4 Cr, so roughly ₹758 Cr sits inside the business at any moment.
Why this happened. The large share of unorganized apparel retail means most of V-Mart's growth comes from consumers trading up from local informal stores rather than from fighting Reliance or Trent head-to-head. This structural opportunity supports the case for continued double-digit top-line growth even as organized competition expands.
FY26: debtors at 0 days, inventory at 145 days — roughly 4.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 73 days, tighter than FY21's 119.
The full loop: cash goes out to suppliers and production on day 0; stock waits 145 days to sell; customers pay about 0 days after that; and suppliers themselves are paid at 72 days — netting out to the 73-day cycle.
In money terms: at FY26 sales of ₹3,789 Cr, each day of the cycle holds about ₹10.4 Cr — so the 73-day loop keeps roughly ₹758 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹572 Cr over the last 3 fiscal years against ₹752 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹8.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
V-Mart Retail Ltd earns a ROCE of 13% in FY26. That is up from a trough of 1% in FY24. Return on invested capital clears the cost of that capital by −1.8 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 3.3% net margin on 1.36× asset turns.
FY26 ROCE is 13%, recovered from a FY24 trough of 1% — the full ladder below shows the fall and the climb, undoctored.
🚨 Why the return is what it is — the wiring (FY26): 3.3% net margin × 1.36× asset turns × 2.92× balance-sheet leverage ≈ 13.1% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 10.2% − 12.0% = a −1.8 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
V-Mart Retail Ltd carries total debt of ₹958 Cr against shareholder equity of ₹951 Cr as of Mar 26, a debt-to-equity of 1.01. On the annual view that ratio went from 1.06 in FY22 to 1.01 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Mar 26: total debt of ₹958 Cr against shareholder equity of ₹951 Cr — a debt-to-equity of 1.01. On the annual view, debt-to-equity went from 1.06 (FY22) to 1.01 (FY26). Read the returns on this page with that leverage in mind.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions cut 1.7 points of V-Mart Retail Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 30.9% of the company. Foreign institutions moved +1.0 points over the same window, to 16.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: −1.7 points over 8 quarters to 30.9%; Foreign institutions: +1.0 points over 8 quarters to 16.5%; Promoters: −0.2 points over 8 quarters to 44.1%.
🚨 Why the register moved: domestic institutions drove it (−1.7 points), absorbed on the other side by foreign institutions (+1.0 points) — distribution into the market’s bid.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
V-Mart Retail Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
V-Mart Retail Ltd trades at 46.4× P/E, mid-range by its own standards (36th percentile). Its long-run median P/E is 56.5×, measured across 10.6 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 46.4× is mid-range by its own standards (36th percentile), against a long-run median of 56.5× measured over 10.6 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.
Why the multiple sits where it does: over the past year annual EPS moved +170.1% against a +9.8% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 10y, of the +20.2%/yr price move, ~+17.9%/yr came from earnings growth and ~+2.3 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.
What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.
Solved at its 23 August 2026 price, V-Mart Retail Ltd was paying for profit growth of about 27.5% a year. Profit itself has compounded 16.0% a year over the past 10 years. Today the market pays 46.4× P/E, the 36th percentile of its own 11-year range.
What the two numbers say together. The multiple is unremarkable against its own past, and the growth the price is paying for is above what this company has actually delivered.
How to hold this number: it is a reading of one day's price, taken on 23 August 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.
Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
V-Mart Retail Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 12 quarters across 2 curves, on partial evidence.
Why it matters: with too little history, an honest page says so instead of guessing a trajectory.
One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.
Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +16.4% | +15.4% | +28.7% | +16.7% |
| Profit | +169.6% | — | — | +16.0% |
| EPS | +170.1% | — | — | +15.1% |
| Share price | +9.8% | +13.3% | −1.4% | +20.2% |
4-Factor Sector Score
57.7/100 — rank 6 of 26 in Textiles - Readymade Apparel · 93% evidence confidence
V-Mart Retail Ltd scores 57.7 out of 100 against the 26 companies it is compared with in Textiles - Readymade Apparel, ranking 6. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 25.4 + 7.4 + 7.8 + 17.1 = 57.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Said versus delivered
What V-Mart Retail Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
LimeRoad Loss Reduction Rate Not Reconciled · 27 July 2026. In May 2026, management said LimeRoad losses had been cut by almost 70% versus the prior year. In July 2026, management reported a 39% year-over-year reduction for Q1 FY27; because the latest call did not explain whether the earlier figure was full-year, quarterly, or based on a different loss measure, the apparent slowdown in the turnaround trajectory warrants clarification.
Input Cost Outlook Reversal · 8 May 2026. In the Jan 2026 call, management explicitly cited easing input costs as an active source of margin support while pledging vigilance against reversals. By the May 2026 call, management was communicating a 15-20% spike in yarn prices translating to 3-4% apparel cost increases, a material reversal of the prior positive cost narrative delivered without any acknowledgment that the earlier favorable outlook had changed.
Unlimited Format Productivity Parity Target Walk-Back · 8 May 2026. In the Jan 2026 call, the CFO explicitly designated reaching V-Mart-level sales per square feet across the entire Unlimited network as the company's first priority for that format. Three months later in the May 2026 call, the MD stated the productivity delta between Unlimited and V-Mart will structurally not go away because V-Mart carries FMCG and Kirana lines that Unlimited does not, a structural reality that existed at the time of the Jan 2026 commitment and was not acknowledged then.
Competitive Store Impact Assessment Reversed · 8 May 2026. In the Nov 2025 call, management specifically quantified that roughly 30-35% of stores experienced measurable one to two month sales disruptions whenever a competitor opened nearby. In the May 2026 call, just six months later, management stated competitive impacts are now getting nullified and that new competitor openings no longer have a meaningful impact on existing store performance, with no substantive explanation for such a rapid shift given that competitor expansion plans remain explicitly acknowledged as active.
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Kewal Kiran Clothing LtdKKCL | 69.0/100Favorable setup100% evidence | BREAKING OUT | 18.9/35 Revenue 15.9% · PAT 3.2% · OPM change 1 pp 100% evidence | 18.4/25 ROCE 17.2% · OPM 19% 100% evidence | 17.1/20 P/E 20.6× · PEG 0.59 100% evidence | 14.6/20 RS sector 0.5% · RS bench 1.8% · 1Y -5.4%7 of 12 weeks ahead 100% evidence |
| Exact sum: 18.9 + 18.4 + 17.1 + 14.6 = 69 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 2SBC Exports LtdSBC | 68.9/100Favorable setup87% evidence | LEADER | 32.4/35 Revenue 47.3% · PAT 100% · OPM change 3.4 pp 95% evidence | 12.9/25 ROCE 18.2% · OPM 10.8% 95% evidence | 6.6/20 P/E 60.2× · PEG — 50% evidence | 17.0/20 RS sector 46% · RS bench 48.8% · 1Y 136.2%10 of 12 weeks ahead 100% evidence |
| Exact sum: 32.4 + 12.9 + 6.6 + 17 = 68.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3Iris Clothings LtdIRISDOREME | 64.8/100Mixed-positive evidence87% evidence | LEADER | 22.5/35 Revenue 31.8% · PAT 31.9% · OPM change 3 pp 95% evidence | 15.2/25 ROCE 16% · OPM 17% 95% evidence | 7.1/20 P/E 66.6× · PEG — 50% evidence | 20.0/20 RS sector 61.1% · RS bench 63.4% · 1Y 92%12 of 12 weeks ahead 100% evidence |
| Exact sum: 22.5 + 15.2 + 7.1 + 20 = 64.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Cantabil Retail India LtdCANTABIL | 63.6/100Mixed-positive evidence87% evidence | BREAKING OUT | 22.2/35 Revenue 15.8% · PAT 22.8% · OPM change 2 pp 95% evidence | 18.5/25 ROCE 19.4% · OPM 33% 95% evidence | 12.8/20 P/E 20.6× · PEG — 50% evidence | 10.1/20 RS sector -4.6% · RS bench -3.1% · 1Y -6.4%6 of 12 weeks ahead 100% evidence |
| Exact sum: 22.2 + 18.5 + 12.8 + 10.1 = 63.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5V2 Retail LtdV2RETAIL | 58.9/100Mixed-positive evidence83% evidence | ASLEEP | 27.4/35 Revenue 63.3% · PAT 100% · OPM change 0 pp 100% evidence | 12.1/25 ROCE 19.3% · OPM 14% 100% evidence | 9.3/20 P/E 50.1× · PEG — 15% evidence | 10.1/20 RS sector 0.6% · RS bench 2% · 1Y 33.2%4 of 12 weeks ahead 100% evidence |
| Exact sum: 27.4 + 12.1 + 9.3 + 10.1 = 58.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6V-Mart Retail Ltdthis pageVMART | 57.7/100Mixed-positive evidence93% evidence | LEADER | 25.4/35 Revenue 19.1% · PAT 100% · OPM change 1 pp 100% evidence | 7.4/25 ROCE 13.2% · OPM 15% 100% evidence | 7.8/20 P/E 46.4× · PEG 2.5 65% evidence | 17.1/20 RS sector 15.1% · RS bench 16.1% · 1Y 8.4%12 of 12 weeks ahead 100% evidence |
| Exact sum: 25.4 + 7.4 + 7.8 + 17.1 = 57.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Arvind Fashions LtdARVINDFASN | 54.8/100Mixed-positive evidence93% evidence | TURNING | 22.9/35 Revenue 14% · PAT 100% · OPM change 0 pp 100% evidence | 15.4/25 ROCE 19.6% · OPM 12% 100% evidence | 9.6/20 P/E 45.5× · PEG 1.95 65% evidence | 6.9/20 RS sector -5% · RS bench -3.9% · 1Y -17.5%1 of 12 weeks ahead 100% evidence |
| Exact sum: 22.9 + 15.4 + 9.6 + 6.9 = 54.8 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -5% and the one-year return is -17.5%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 8Trent LtdTRENT | 53.9/100Mixed-positive evidence93% evidence | FADING | 18.3/35 Revenue 16.9% · PAT 15.6% · OPM change 2 pp 100% evidence | 19.7/25 ROCE 28.3% · OPM 19% 100% evidence | 4.5/20 P/E 81.7× · PEG 5.17 65% evidence | 11.4/20 RS sector -1.2% · RS bench -0.1% · 1Y -24%5 of 12 weeks ahead 100% evidence |
| Exact sum: 18.3 + 19.7 + 4.5 + 11.4 = 53.9 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 9Baazar Style Retail LtdSTYLEBAAZA | 53.4/100Mixed-positive evidence83% evidence | TURNING | 22.9/35 Revenue 34.9% · PAT 100% · OPM change -0.6 pp 100% evidence | 4.1/25 ROCE 7.6% · OPM 14.8% 100% evidence | 8.5/20 P/E 108× · PEG — 15% evidence | 17.9/20 RS sector 20% · RS bench 21.6% · 1Y 12%4 of 12 weeks ahead 100% evidence |
| Exact sum: 22.9 + 4.1 + 8.5 + 17.9 = 53.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10S P Apparels LtdSPAL | 52.8/100Mixed-positive evidence100% evidence | LEADER | 16.9/35 Revenue 1.6% · PAT 9.3% · OPM change 2 pp 100% evidence | 12.6/25 ROCE 14% · OPM 15% 100% evidence | 4.5/20 P/E 24.5× · PEG 3.72 100% evidence | 18.8/20 RS sector 26.2% · RS bench 28% · 1Y 39.5%12 of 12 weeks ahead 100% evidence |
| Exact sum: 16.9 + 12.6 + 4.5 + 18.8 = 52.8 · Decision use: Price leads the evidence: RS versus the benchmark is 28%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 11Aditya Birla Lifestyle Brands LtdABLBL | 52.5/100Mixed-positive evidence78% evidence | BASING | 20.4/35 Revenue 9.1% · PAT 100% · OPM change 1 pp 100% evidence | 12.6/25 ROCE 15% · OPM 15% 100% evidence | 11.5/20 P/E 47.8× · PEG 1.39 65% evidence | 8.0/20 RS sector — · RS bench -22.5% · 1Y -41%0 of 10 weeks ahead 25% evidence |
| Exact sum: 20.4 + 12.6 + 11.5 + 8 = 52.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Vishal Mega Mart LtdVMM | 52.1/100Mixed-positive evidence87% evidence | BASING | 23.5/35 Revenue 19.8% · PAT 29.6% · OPM change 0 pp 100% evidence | 12.8/25 ROCE 15.2% · OPM 15% 100% evidence | 4.6/20 P/E 53.4× · PEG 5.39 65% evidence | 11.2/20 RS sector 2.7% · RS bench -16.5% · 1Y -33.3%0 of 10 weeks ahead 70% evidence |
| Exact sum: 23.5 + 12.8 + 4.6 + 11.2 = 52.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13Bella Casa Fashion & Retail LtdBELLACASA | 51.2/100Mixed-positive evidence61% evidence | 21.9/35 Revenue 21.8% · PAT 37% · OPM change -0.3 pp 53% evidence | 13.6/25 ROCE 17.2% · OPM 8.7% 71% evidence | 11.4/20 P/E 16.6× · PEG — 50% evidence | 4.3/20 RS sector -20.8% · RS bench -31.3% · 1Y -40%0 of 12 weeks ahead to 2026-03-29 70% evidence | |
| Exact sum: 21.9 + 13.6 + 11.4 + 4.3 = 51.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Thomas Scott India LtdTHOMASCOTT | 50.5/100Thin evidence · provisional54% evidence | 17.7/35 Revenue 61.5% · PAT 54.4% · OPM change -0.4 pp 53% evidence | 15.4/25 ROCE 20.4% · OPM 11.8% 71% evidence | 10.7/20 P/E 21× · PEG — 15% evidence | 6.7/20 RS sector -5.2% · RS bench -17.3% · 1Y -28.8%1 of 12 weeks ahead to 2026-03-29 70% evidence | |
| Exact sum: 17.7 + 15.4 + 10.7 + 6.7 = 50.5 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 15Pearl Global Industries LtdPGIL | 50.3/100Mixed-positive evidence82% evidence | BASING | 20.5/35 Revenue 13.7% · PAT 29.4% · OPM change 2 pp 95% evidence | 17.1/25 ROCE 19.9% · OPM 11% 76% evidence | 7.0/20 P/E 35× · PEG — 50% evidence | 5.7/20 RS sector -22% · RS bench 42.1% · 1Y -1.3%4 of 12 weeks ahead 100% evidence |
| Exact sum: 20.5 + 17.1 + 7 + 5.7 = 50.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16Monte Carlo Fashions LtdMONTECARLO | 49.4/100Mixed-negative evidence73% evidence | TURNING | 16.7/35 Revenue 15.4% · PAT 32.9% · OPM change -4.8 pp 71% evidence | 8.7/25 ROCE 14% · OPM -9% 95% evidence | 13.9/20 P/E 11× · PEG — 50% evidence | 10.1/20 RS sector 0% · RS bench -6% · 1Y -7.5%0 of 10 weeks ahead 70% evidence |
| Exact sum: 16.7 + 8.7 + 13.9 + 10.1 = 49.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17Sai Silks (Kalamandir) LtdKALAMANDIR | 47.8/100Mixed-negative evidence81% evidence | ASLEEP | 12.8/35 Revenue 4.8% · PAT 20.2% · OPM change -1 pp 95% evidence | 15.3/25 ROCE 14.4% · OPM 14% 95% evidence | 15.0/20 P/E 9.3× · PEG — 50% evidence | 4.7/20 RS sector -16.9% · RS bench -31.5% · 1Y -51.6%0 of 10 weeks ahead 70% evidence |
| Exact sum: 12.8 + 15.3 + 15 + 4.7 = 47.8 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 18Vedant Fashions LtdMANYAVAR | 44.9/100Mixed-negative evidence94% evidence | BREAKING OUT | 10.0/35 Revenue 2% · PAT -2.5% · OPM change 0 pp 100% evidence | 19.4/25 ROCE 22.8% · OPM 43% 100% evidence | 7.9/20 P/E 36.7× · PEG 9.55 100% evidence | 7.6/20 RS sector -32% · RS bench 17.2% · 1Y -19.6%7 of 10 weeks ahead 70% evidence |
| Exact sum: 10 + 19.4 + 7.9 + 7.6 = 44.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 19Raymond Lifestyle LtdRAYMONDLSL | 40.9/100Mixed-negative evidence78% evidence | ASLEEP | 17.9/35 Revenue 9.2% · PAT 4.9% · OPM change 1 pp 74% evidence | 2.5/25 ROCE 3.5% · OPM 6% 100% evidence | 14.9/20 P/E 28.3× · PEG 0.74 65% evidence | 5.6/20 RS sector -8.1% · RS bench -22.4% · 1Y -43.9%0 of 10 weeks ahead 70% evidence |
| Exact sum: 17.9 + 2.5 + 14.9 + 5.6 = 40.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 20Credo Brands Marketing LtdMUFTI | 36.4/100Mixed-negative evidence87% evidence | ASLEEP | 5.3/35 Revenue -2.7% · PAT -33.1% · OPM change -4.7 pp 95% evidence | 15.5/25 ROCE 14.4% · OPM 21.2% 95% evidence | 12.1/20 P/E 10.7× · PEG — 50% evidence | 3.5/20 RS sector -19.3% · RS bench -18.5% · 1Y -42.1%4 of 12 weeks ahead 100% evidence |
| Exact sum: 5.3 + 15.5 + 12.1 + 3.5 = 36.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 21Lux Industries LtdLUXIND | 33.3/100Adverse evidence82% evidence | BASING | 12.1/35 Revenue 10.6% · PAT -31.6% · OPM change 1 pp 95% evidence | 8.2/25 ROCE 8.1% · OPM 7% 76% evidence | 9.1/20 P/E 31.1× · PEG — 50% evidence | 3.9/20 RS sector -7.1% · RS bench -6.1% · 1Y -15.6%2 of 12 weeks ahead 100% evidence |
| Exact sum: 12.1 + 8.2 + 9.1 + 3.9 = 33.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 22Go Fashion (India) LtdGOCOLORS | 32.5/100Adverse evidence81% evidence | ASLEEP | 5.7/35 Revenue -1.6% · PAT -39.1% · OPM change -4 pp 95% evidence | 10.7/25 ROCE 10.8% · OPM 27% 95% evidence | 12.3/20 P/E 32× · PEG — 50% evidence | 3.8/20 RS sector -47.6% · RS bench -19.2% · 1Y -55.5%7 of 10 weeks ahead 70% evidence |
| Exact sum: 5.7 + 10.7 + 12.3 + 3.8 = 32.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 23Aditya Birla Fashion & Retail LtdABFRL | 27.9/100Adverse evidence64% evidence | ASLEEP | 12.8/35 Revenue 11.4% · PAT -77.9% · OPM change -1 pp 71% evidence | 3.1/25 ROCE -3.8% · OPM 5% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 2.0/20 RS sector -25.3% · RS bench -24.5% · 1Y -41.3%0 of 12 weeks ahead 100% evidence |
| Exact sum: 12.8 + 3.1 + 10 + 2 = 27.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 24Gokaldas Exports LtdGOKEX | 27.0/100Adverse evidence94% evidence | BREAKING OUT | 9.2/35 Revenue 7.7% · PAT -40.1% · OPM change 0 pp 100% evidence | 6.4/25 ROCE 7.7% · OPM 10% 100% evidence | 1.9/20 P/E 55.9× · PEG 4.98 100% evidence | 9.5/20 RS sector -6.8% · RS bench 5.5% · 1Y 7.2%10 of 10 weeks ahead 70% evidence |
| Exact sum: 9.2 + 6.4 + 1.9 + 9.5 = 27 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 25Kitex Garments LtdKITEX | 18.0/100Adverse evidence79% evidence | BASING | 1.9/35 Revenue -36.5% · PAT -80% · OPM change -11 pp 95% evidence | 4.7/25 ROCE 1.5% · OPM 6% 76% evidence | 9.3/20 P/E — · PEG — 35% evidence | 2.1/20 RS sector -27.7% · RS bench -26.9% · 1Y -32.4%0 of 12 weeks ahead 100% evidence |
| Exact sum: 1.9 + 4.7 + 9.3 + 2.1 = 18 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 26Karnika Industries LtdKARNIKA | 60.8/100Thin evidence · provisional48% evidence | ASLEEP | 20.4/35 Revenue — · PAT — · OPM change 2.3 pp 19% evidence | 21.4/25 ROCE 51.2% · OPM 17.2% 95% evidence | 10.5/20 P/E 26.4× · PEG — 15% evidence | 8.5/20 RS sector -2.4% · RS bench -8.4% · 1Y -37%1 of 10 weeks ahead 70% evidence |
| Exact sum: 20.4 + 21.4 + 10.5 + 8.5 = 60.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is V-Mart Retail Ltd's share price today?
V-Mart Retail Ltd trades at ₹809, +9.8% over the past year. The company is valued at ₹6,437 Cr. The stock sits at 86% of its 52-week range of ₹493–₹862, +10.3% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 11 weeks in. — as of 11 September 2026.
What were V-Mart Retail Ltd's latest quarterly results?
V-Mart Retail Ltd reported revenue of ₹1,089 Cr and net profit of ₹47.0 Cr for the Jun 26 quarter. Revenue rose 23.1% and profit rose 38.2% year on year. Earnings per share were ₹5.93. The operating margin was 15.0%, 1.0 pp higher than a year earlier. — as of 11 September 2026.
What is V-Mart Retail Ltd's revenue?
V-Mart Retail Ltd reported revenue of ₹1,089 Cr in the Jun 26 quarter, +23.1% year on year. For the full FY26 fiscal year, revenue was ₹3,789 Cr (+16.4%). Over the last 10 years revenue compounded at 16.7% a year. — as of 11 September 2026.
What is V-Mart Retail Ltd's profit?
V-Mart Retail Ltd earned ₹47.0 Cr of net profit in the Jun 26 quarter, +38.2% year on year. Full-year FY26 profit was ₹124 Cr. The operating margin ran 15.0% in the latest quarter. — as of 11 September 2026.
What is V-Mart Retail Ltd's market cap?
V-Mart Retail Ltd's market capitalisation is ₹6,437 Cr at a share price of ₹809. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is V-Mart Retail Ltd's P/E ratio?
V-Mart Retail Ltd trades at a P/E of 46.4×, at the 36th percentile of its own 11-year range, against a long-run median of 56.5×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.
Does V-Mart Retail Ltd pay a dividend?
Yes — V-Mart Retail Ltd's dividend payout was 6% of profit in FY26, and it recorded a payout in 8 of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 11 September 2026.
Is V-Mart Retail Ltd overvalued?
On its own history, V-Mart Retail Ltd looks mid-range: its P/E of 46.4× sits at the 36th percentile of its 11-year range (long-run median 56.5×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 11 September 2026.
Is V-Mart Retail Ltd growing?
Yes — V-Mart Retail Ltd is growing: latest-quarter revenue +23.1% year on year, profit +38.2%, and the margin +1.0 pp at 15.0%. The 10-year compound rates are 16.7% (revenue) and 16.0% (profit). The earnings engine currently reads: improving — as of 11 September 2026.
How is V-Mart Retail Ltd performing?
V-Mart Retail Ltd is in a confirmed uptrend, 11 weeks in. Its latest quarter's revenue rose 23.1% and profit rose 38.2% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 27 weeks. This describes what the data did, not a rating. — as of 11 September 2026.
Is V-Mart Retail Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 11 of stage 2), trading +10.3% versus its 200-day average and at 86% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.
Is V-Mart Retail Ltd beating the market?
On recent form, yes — V-Mart Retail Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 27 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.5 years the stock moved +621% against the NIFTY 500's +273% — ahead of the index over the full window. — as of 11 September 2026.
Will V-Mart Retail Ltd's share price go up?
This page publishes no price forecast for V-Mart Retail Ltd. What it measures instead: the share price is ₹809, the price is in a confirmed uptrend 11 weeks in. Its P/E of 46.4× sits at the 36th percentile of its own 11-year range. — as of 11 September 2026.
Who owns V-Mart Retail Ltd?
Promoters hold 44.1% of V-Mart Retail Ltd, foreign institutions 16.5%, domestic institutions 30.9% and the public 8.5% (latest quarter). The biggest move on the register over the last two years: Domestic institutions cut 1.7 points over 8 quarters. — as of 11 September 2026.
Does V-Mart Retail Ltd have too much debt?
It carries real leverage — V-Mart Retail Ltd's debt-to-equity is 1.01, and operating profit covers the interest bill 7×. FY26 borrowings were ₹958 Cr against equity of ₹951 Cr. Read the returns on this page with that leverage in mind — as of 11 September 2026.
What is V-Mart Retail Ltd's capex?
V-Mart Retail Ltd spent ₹572 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹628 Cr, with ₹8.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.
What is V-Mart Retail Ltd's cash flow?
V-Mart Retail Ltd generated ₹501 Cr of operating cash flow in FY26 and ₹−127 Cr of free cash flow after ₹628 Cr of capital spending. Reported profit that year was ₹124 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 11 September 2026.
Is V-Mart Retail Ltd's profit real cash?
Yes — over the last 3 fiscal years, 461% of V-Mart Retail Ltd's reported profit arrived as operating cash. Though the latest year ran at 404% — the trend is the thing to watch. In FY26, operating cash was ₹501 Cr against reported profit of ₹124 Cr. The cash then goes into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 11 September 2026.
Where is V-Mart Retail Ltd in its business cycle?
V-Mart Retail Ltd's FY26 operating margin was 14.0%, against a 13-year band of 8.0%–14.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 15.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.
What growth does V-Mart Retail Ltd's price assume?
At its price on 23 August 2026, V-Mart Retail Ltd was priced for profit growth of about 27.5% a year. Profit itself has compounded 16.0% a year over the past 10 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 11 September 2026.
What could break the V-Mart Retail Ltd story?
The sharpest disagreement: annual EPS moved +170.1% against a +9.8% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.
Is V-Mart Retail Ltd a stock worth studying right now?
This is not investment advice. The machine read: V-Mart Retail Ltd's earnings have outrun its stock. EPS grew +170.1% in a year against a +9.8% price move. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.
Not SEBI Registered !! Not Investment advice !!