V-Mart Retail Limited

Consumer Cyclical — Department Stores · NSE

₹790.00−₹12.25 (−1.53%)

DalalBaazaar Score

64 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by moderate debt load, small-cap size, which brings sharper price swings.

In simple words: Reasonable but unspectacular business quality, with both sales and profits growing well. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:51 pm

Understanding the Business

Company site ↗

The 60-second version of V-Mart Retail Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

V-Mart Retail Limited operates a chain of retail departmental stores in India. The company offers casual, formal, ethnic, sports, inner, and night wear for men, women, and kids.

IndustryDepartment Stores

SectorConsumer Cyclical

Employees11,691

Annual revenue₹3,784 Cr

How does it make money?

Turns over ₹3,784 Cr a year. Of every ₹100 of sales, about ₹3 reaches shareholders as profit, with ₹14 left at the operating level before interest, tax and depreciation. Each of its 11,691 employees supports ₹32.4 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹32.4 lakh

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 14.5% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE25.9%

What is the outlook?

14 analysts covering the stock expect revenue to grow about 15.8% and earnings to grow about 33.3% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+15.8%

Est. earnings growth+33.3%

Analysts14

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +54% while net margin moved -1126% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+54%

Margin effect-1126%

DalalBaazaar Score

64/ 100

Good

Weighted across six categories. Every point is explained below.

✗ P/E of 45.7x is demanding — it needs sustained high growth to justify
✓ P/E is 61% below its own historical median of 116.6x — cheap by its own standards
✗ P/B of 6.60x is a steep premium to book

Quality vs. Valuation

Company Quality

69/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

67/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

45.7x

1.3Y Median

116.6x

16 monthly readings · mean 103.3x · range 48.5x–145.0x

Sector Median

69.2x

median of 4 sector peers

🟢Current valuation is approximately 61% below its 1.3y median of 116.6x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 34% below the peer median of 69.2x.

vs. its own history

Cheap

116.6x median over 16 months · -61%

vs. sector peers

Cheap

69.2x median of 4 peers · -34%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

13.5x

PEG

1.13

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from 11.4% to 14.1% over 3 years.
Debt is being paid down
Total debt is down 28% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on equity is rising
ROE has improved from -0.9% to 13.0%.
Return on capital is rising
ROCE has improved from 5.3% to 14.5%.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 11.4% to 14.1%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 28% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 61% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 34% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 12% a year✓ 15.5% CAGR
Latest reported year was 23.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 12%✓ 14.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Interest cover stays above 3x✓ 3.1x
How much operating profit can fall before interest stops being comfortably covered.
4Free cash flow remains positive✓ ₹336 Cr
Profit that never becomes cash eventually stops being profit.
5Debt / EBITDA stays below 2x✓ 1.8x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.

Investment Checklist

6 / 12 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 5 neutral · 2 weak

Market Cap

₹6,286 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

45.7x

Expensive

Expensive — verify against sector peers

P/B Ratio

6.60x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹17.3

Profitable

Profitable on a per-share basis

ROE

13.0%

Moderate

Moderate capital efficiency

ROCE

14.5%

Moderate

Moderate return on the capital in the business

Debt/Equity

1.01x

Moderate

Moderate leverage

Revenue Growth (YoY)

23.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

40.4%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.13%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹336 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

30.2x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

7.0%

Average

Average margins

Net Margin

3.4%

Average

Average bottom-line conversion

Current Ratio

1.04

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

0.71

Defensive

Steadier than the market

52W Range Position

78%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

790.9 / 808.7

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

59.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹2,458 Cr	₹2,781 Cr	₹3,247 Cr	₹3,784 Cr	+15.5%
EBITDA	₹281 Cr	₹230 Cr	₹391 Cr	₹535 Cr	+23.9%
EBITDA Margin	11.4%	8.3%	12.0%	14.1%	—
PAT (Net Profit)	-₹8 Cr	-₹97 Cr	₹46 Cr	₹124 Cr	—
EPS	₹-0.99	₹-12.23	₹5.72	₹15.54	—
ROE	-0.9%	-13.0%	5.6%	13.0%	—
ROCE	5.3%	0.6%	14.2%	14.5%	—
Total Debt	₹1,332 Cr	₹1,391 Cr	₹783 Cr	₹958 Cr	-10.4%
Free Cash Flow	-₹97 Cr	₹263 Cr	₹223 Cr	₹336 Cr	—

🟢 Revenue has grown at 15.5% a year over 3 years.

🟢 EBITDA has grown at 23.9% a year over 3 years.

🟢 EBITDA Margin has risen from 11.4% to 14.1% over 3 years (+2.7 pts).

🟢 PAT (Net Profit) has turned positive, from -₹8 Cr to ₹124 Cr.

🟢 EPS has turned positive, from ₹-0.99 to ₹15.54.

🟢 ROE has risen from -0.9% to 13.0% over 3 years (+14.0 pts).

🟢 ROCE has risen from 5.3% to 14.5% over 3 years (+9.2 pts).

🟢 Total Debt has shrunk at 10.4% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹97 Cr to ₹336 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹2,780 Cr

Total Liabilities

₹1,829 Cr

Cash & Equivalents

₹20 Cr

Operating Cash Flow

₹501 Cr

Capex

-₹165 Cr

Shareholding (proxy)

Institutional Holding

35.5%

Insider Holding

51.9%

Corporate Actions

Dividend Rate

₹1

Ex-Dividend Date

17 Jul 2026

Analyst Consensus

Recommendations

14 Buy · 0 Hold · 0 Sell

Target Price (Mean)

₹923.21

+16.9% vs CMP

Target Range

₹790 – ₹1,245

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

1 positive1 mixed4 general

VMart Retail Share Price

Upstox, 16 Oct

V-Mart Retail shares rocket over 30% in three days! What’s fuelling the rally?

The Economic Times, 06 Apr

V-Mart Retail Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 31 Aug

V-Mart Retail Share: Bull Case vs Bear Case for 2026

Univest, 29 Sept

V-Mart Retail share price jumps 13% after Q4 business update surprise: Revenue jumps 24%, same-store sales rise 12%

Livemint, 02 AprResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

V-Mart Retail Q1 profit climbs 41% on strong revenue growth; Stock gives up gains

CNBC TV18, 24 JulResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health · Growth

MiddlingBusiness Quality · Profitability · Risk

WeakValuation

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself.

All 5 tripwires holding · see Key things to watch ↑