Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
Vishal Mega Mart Ltd.
NSE: VMMConsumer CyclicalDepartment Stores
- Last close
- ₹87.35
- Day change
- −₹0.64 (−0.73%)vs
- Market cap
- ₹44,243 crIndian rupees
- Research updated
- 2 reports
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About Vishal Mega Mart
Vishal Mega Mart Ltd. is a prominent player in the Indian retail sector, recognized for its chain of hypermarkets that cater to a wide range of consumer needs. As a retail asset, Vishal Mega Mart focuses on offering a variety of products, including groceries, apparel, electronics, home furnishings, and more, at competitive prices. This consumer-focused approach makes Vishal Mega Mart a pivotal part of the fast-growing Indian retail sector, which has witnessed significant expansion due to rising urbanization and disposable incomes. The company’s business model is centered around establishing a robust network of stores across urban and semi-urban areas, enhancing accessibility for a diverse customer base. Through strategic location choices and a comprehensive product range, Vishal Mega Mart plays a crucial role in driving retail consumption and generating employment in the regions it operates. As retail continues to evolve, Vishal Mega Mart remains an influential entity in shaping shopping experiences with its blend of traditional and modern retail tactics.
- Sector
- Consumer Cyclical
- Industry
- Department Stores
- Listing
- NSE: VMM
- Chief executive
- Mr. Gunender Kapur
- Employees
- 21,913
- Headquarters
- Gurugram, India
- ISIN
- INE01EA01019
- Website
- aboutvishal.com
Public research · Report of
Business model & financial foundation
Vishal Mega Mart (NSE: VMM), Value retail - apparel, general merchandise and FMCG: revenue of ₹12,906 crore in FY26 (+20.4% on FY25), an EBITDA margin of 14.6%, net profit of ₹839.2 crore and net cash of ₹1,714 crore.
- Revenue, FY26 (₹ crore)
- 12,906
- consolidated
- Revenue growth, FY26
- +20.4%
- on FY25
- EBITDA margin, FY26
- 14.6%
- EBITDA excluding other income / revenue
- Net profit, FY26 (₹ crore)
- 839.2
- to owners
- Return on equity, FY26
- 12.1%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,714
- Net debt excluding lease liabilities
- Market capitalisation (₹ crore)
- 45,438
- at the close of 21 Oct 2026
Company profile
Vishal Mega Mart curates affordable apparel, general merchandise and FMCG for middle- and lower-middle-income Indian households. Own brands dominate the assortment and support differentiated gross margins, while rented stores allow relatively capital-light geographical expansion. The listed entity combines wholesale/franchise activities with the retail operations of wholly owned Airplaza; consolidated reporting captures the economics. Growth depends on mature-store sales, disciplined new-store openings and inventory productivity.
| Item | Value |
|---|---|
| Legal name | Vishal Mega Mart Limited (formerly Vishal Mega Mart Private Limited) |
| Exchange and ticker | NSE: VMM; BSE: 544307 |
| ISIN | INE01EA01019 |
| CIN | L51909HR2018PLC073282 |
| Sector | Consumer Cyclical |
| Industry | Value retail - apparel, general merchandise and FMCG |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP (since FY22) |
| Market capitalisation | ₹45,438 crore (21 Oct 2026) |
| Shares outstanding | 469.22 crore shares (FY26) |
| Price | ₹94.44 (close, 21 Oct 2026) |
| 52-week range | ₹94.01 - ₹149.8 (to 21 Oct 2026) |
| Website | https://aboutvishal.com/ |
Corporate structure and shareholding
Parent: Samayat Services LLP.
| Entity | Holding | Business |
|---|---|---|
| Airplaza Retail Holdings Private Limited | 100% | Retail stores under Vishal Mega Mart brand |
| Vishal E-Commerce Private Limited | 100% | E-commerce operations |
Samayat is the Kedaara/Partners Group promoter vehicle; ownership fell through secondary sales, not cash withdrawn from the listed company.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 54.09% | 40.12% | 40.09% | 40.02% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 15.52% | 22.01% | 20.43% | 18.75% |
| Domestic institutions | 25.47% | 32.74% | 34.80% | 36.45% |
| of which mutual funds | 23.92% | 28.89% | 30.58% | 31.75% |
| Retail | 4.92% | 5.13% | 4.68% | 4.77% |
| Other | 0.00% | 0.00% | 0.00% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Vishal Mega Mart is an Indian value retailer, using a national store network, private brands and loyalty-led repeat sales. Store additions and sales productivity drive revenue; merchandise margin and employee costs determine operating leverage.
| Peer | Why the dossier compares them |
|---|---|
| Avenue Supermarts (DMART) | Scaled discount hypermarket; FMCG-heavy mix and owned-property model differ. |
| Trent (TRENT) | |
| V-Mart Retail (VMART) | Value apparel in smaller cities, leased stores. |
| V2 Retail (V2RETAIL) | Value apparel, rapid leased-store expansion. |
| Baazar Style Retail (STYLEBAAZAR) | Regional value fashion retailer; closest mix/store-economics comparator. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 5,573 | 7,563 | 8,912 | 10,716 | 12,906 |
| Cost of revenue (vendor classification) * | 4,034 | 5,553 | 6,478 | 7,700 | 9,282 |
| Other operating costs (vendor classification) * | 351.6 | 509.5 | 587.3 | 718.7 | 854.0 |
| EBITDA (vendor classification) * | 817.2 | 1,033 | 1,267 | 1,549 | 1,900 |
| EBIT * | 458.5 | 589.8 | 764.2 | 998.5 | 1,296 |
| Finance costs | 188.9 | 159.3 | 143.5 | 149.2 | 171.5 |
| Profit before tax | 269.7 | 430.5 | 621.0 | 849.3 | 1,125 |
| Total tax expense | 66.9 | 109.3 | 159.0 | 217.3 | 285.8 |
| Profit after tax | 202.8 | 321.3 | 461.9 | 632.0 | 839.2 |
| Diluted EPS (₹) | 0.45 | 0.71 | 1.01 | 1.36 | 1.79 |
| Purchases of stock-in-trade plus inventory change | 6,446 | 7,664 | 9,238 | ||
| Employee benefits expense | 504.7 | 640.6 | 728.3 | ||
| Other expenses | 712.6 | 882.0 | 1,056 | ||
| EBITDA excluding other income | 1,249 | 1,530 | 1,884 | ||
| Other income | 33.2 | 58.6 | 86.3 | ||
| Depreciation and amortisation expense | 517.3 | 590.2 | 673.4 | ||
| Exceptional items | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to owners | 461.9 | 632.0 | 839.2 | ||
| Profit attributable to noncontrolling interests | 0.00 | 0.00 | 0.00 | ||
| Share of profit of associates | 0.00 | 0.00 | 0.00 | ||
| Basic EPS (₹) | 1.40 | 1.80 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 4,825 | 5,156 | 5,622 | 6,401 | 7,413 |
| Borrowings excluding lease liabilities | 1,790 | 1,462 | 0.00 | 0.00 | 0.00 |
| Cash and cash equivalents | 97.2 | 45.5 | 87.0 | 397.0 | 530.0 |
| Trade receivables | 2.32 | 4.15 | 31.7 | 66.4 | 27.8 |
| Inventories | 1,216 | 1,491 | 1,465 | 1,850 | 2,017 |
| Trade payables | 1,461 | 1,501 | 1,220 | 1,479 | 1,619 |
| Net PPE excluding ROU and goodwill | 591.8 | 695.1 | 795.9 | ||
| Capital work in progress | 14.0 | 79.7 | 38.6 | 13.6 | 33.6 |
| Total assets | 8,218 | 8,289 | 8,506 | 9,993 | 11,449 |
| Current and noncurrent lease liabilities | 1,483 | 1,729 | 1,988 | ||
| Current investments plus other bank deposits | 31.9 | 454.0 | 1,184 | ||
| Net debt excluding lease liabilities | -118.9 | -850.9 | -1,714 | ||
| Right-of-use assets | 1,300 | 1,546 | 1,784 | ||
| Goodwill | 4,284 | 4,284 | 4,284 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 829.7 | 1,399 | 1,621 | ||
| Free cash flow (vendor definition) * | 499.3 | 413.1 | 580.3 | 1,135 | 1,296 |
| Purchase of PPE including CWIP and capital advances | -157.5 | -218.7 | -249.4 | -263.8 | -324.9 |
| Lease principal and interest paid | -517.3 | -565.0 | -622.6 | ||
| Dividends paid (an outflow is negative) | 0.00 | 0.00 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Diluted weighted-average equity shares | 450.87 | 450.87 | 458.91 | 464.84 | 469.22 |
| Gross profit | 2,466 | 3,053 | 3,668 | ||
| PPE and intangible depreciation | 166.5 | 194.3 | |||
| Pledged deposits and CSR cash excluded | 41.7 | ||||
| Unrestricted net financial cash | 1,672 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 3,136 | 2,548 | 3,140 | 2,981 | 3,670 | 3,114 | 3,727 | 3,399 |
| Cost of revenue (vendor classification) * | 2,224 | 1,864 | 2,249 | 2,138 | 2,604 | 2,247 | 2,658 | |
| Other operating costs (vendor classification) * | 236.4 | -54.2 | 261.0 | 272.4 | 269.2 | 253.5 | 309.8 | |
| EBITDA (vendor classification) * | 524.1 | 375.7 | 476.2 | 414.7 | 629.7 | 449.3 | 577.8 | |
| EBIT * | 383.4 | 205.0 | 317.1 | 245.6 | 462.1 | 271.7 | 392.3 | |
| Finance costs | 31.5 | 49.3 | 41.1 | 41.2 | 42.7 | 46.4 | 46.3 | |
| Profit before tax | 351.9 | 155.7 | 276.0 | 204.4 | 419.4 | 225.3 | 346.0 | |
| Total tax expense | 89.2 | 40.6 | 69.9 | 52.1 | 106.5 | 57.4 | 87.2 | |
| Profit after tax | 262.7 | 115.1 | 206.1 | 152.3 | 312.9 | 167.9 | 258.8 | |
| Diluted EPS (₹) | 0.57 | 0.25 | 0.44 | 0.32 | 0.66 | 0.36 | 0.55 | |
| Merchandise cost | 2,224 | 1,828 | 2,249 | 2,138 | 2,604 | 2,247 | 2,658 | 2,448 |
| Employee benefits expense | 170.9 | 167.3 | 171.1 | 176.1 | 192.1 | 189.0 | 214.4 | |
| Other expenses | 236.4 | 195.7 | 261.0 | 272.4 | 269.2 | 253.5 | 309.8 | |
| EBITDA excluding other income | 505.0 | 357.1 | 459.2 | 394.6 | 605.1 | 424.8 | 544.6 | |
| Other income | 19.0 | 18.6 | 17.0 | 20.2 | 24.6 | 24.5 | 33.1 | |
| Depreciation and amortisation expense | 140.7 | 170.7 | 159.1 | 169.1 | 167.6 | 177.6 | 185.5 | |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Profit attributable to owners | 262.7 | 115.1 | 206.1 | 152.3 | 312.9 | 167.9 | 258.8 | |
| Profit attributable to noncontrolling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Share of profit of associates | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Basic EPS (₹) | 0.25 | 0.45 | 0.33 | 0.67 | 0.36 | 0.55 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 35.7% | 17.8% | 20.2% | 20.4% | |
| EBITDA margin | 14.0% | 14.3% | 14.6% | ||
| Net margin | 5.2% | 5.9% | 6.5% | ||
| Return on equity | 8.6% | 10.5% | 12.1% | ||
| Return on capital employed | 6.9% | 8.9% | 12.5% | 16.6% | 18.8% |
| Return on assets | 5.5% | 6.8% | 7.8% | ||
| Net debt (₹ crore) | -118.9 | -850.9 | -1,714 | ||
| Net debt / EBITDA | -0.10x | -0.56x | -0.91x | ||
| Interest cover | 2.43x | 3.70x | 5.32x | 6.69x | 7.56x |
| Asset turnover | 0.68x | 0.92x | 1.06x | 1.16x | 1.20x |
| Receivable days | 0 | 0 | 1 | 2 | 1 |
| Inventory days (on revenue) | 80 | 72 | 60 | 63 | 57 |
| Payable days (on revenue) | 96 | 72 | 50 | 50 | 46 |
| Cash conversion | 1.80x | 2.21x | 1.93x | ||
| Capex intensity | 2.8% | 2.9% | 2.8% | 2.5% | 2.5% |
| Free cash flow (₹ crore) | 580.3 | 1,135 | 1,296 | ||
| Dividend payout | 0.0% | 0.0% | |||
| EPS, diluted (₹) | 0.45 | 0.71 | 1.01 | 1.36 | 1.79 |
| Book value per share (₹) | 10.70 | 11.44 | 12.25 | 13.77 | 15.80 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt excluding lease liabilities; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excluding other income.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 21 Oct 2026); market data at the close of 21 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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Report history
Reports on Vishal Mega Mart
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