LimeRoad NMV rose 55% as Q2 EBITDA loss narrowed to Rs 2.3 crore

V-Mart Retail Limited’s LimeRoad marketplace delivered net merchandise value (NMV) of Rs 29.8 crore in Q2 FY'27, up 55% year on year, while EBITDA loss narrowed 32% to Rs 2.3 crore from Rs 3.5 crore; V-Mart inventory supplied 58% of its online orders. EBITDA is earnings before interest, tax, depreciation and amortisation.

How did LimeRoad perform in Q2 FY'27?

LimeRoad recorded NMV of Rs 29.8 crore in Q2 FY'27, compared with Rs 19.2 crore in Q2 FY'26, and the presentation reports 55% year-on-year growth. Its EBITDA loss was Rs 2.3 crore, down from Rs 3.5 crore a year earlier, which the presentation identifies as a 32% reduction in loss.

The Q2 FY'27 outcome also improved sequentially from Q1 FY'27. NMV increased by Rs 7.6 crore from Rs 22.2 crore, while the EBITDA loss reduced by Rs 0.5 crore from Rs 2.8 crore. This means the quarter combined higher reported marketplace value with a lower reported operating loss than the preceding quarter.

Across the five disclosed quarters, Q2 FY'27 had the highest NMV, at Rs 29.8 crore. The EBITDA loss matched the Rs 2.3 crore reported in Q3 FY'26 and was lower than the Rs 3.0 crore in Q4 FY'26. The presentation does not provide a LimeRoad revenue figure, take rate, order count or a standalone profit and loss statement.

How much of LimeRoad order mix came from V-Mart inventory?

V-Mart inventory accounted for 58% of LimeRoad online orders in Q2 FY'27, rising from 34% in Q2 FY'26. The 24-percentage-point increase shows that a larger share of LimeRoad orders used V-Mart inventory over the year.

The inventory contribution increased in every quarter shown after Q2 FY'26. It rose from 44% in Q3 FY'26 to 45% in Q4 FY'26, then reached 54% in Q1 FY'27 and 58% in Q2 FY'27. The latest figure was 4 percentage points above the preceding quarter, when LimeRoad NMV was Rs 22.2 crore.

This measure is an inventory-source share of online orders, rather than a share of NMV or revenue. The presentation does not divide Q2 FY'27 NMV of Rs 29.8 crore between V-Mart-supplied products and other marketplace products. It describes LimeRoad Marketplace as part of strengthening the omni-channel ecosystem.

What do LimeRoad’s year-to-date expenses show?

LimeRoad’s manpower expense fell 7% to Rs 6.8 crore in YTD FY'27 from Rs 7.4 crore in YTD FY'26. In contrast, its advertising expense increased to Rs 11 crore from Rs 6.6 crore, and the presentation lists advertising as 0.5% of total revenue, compared with 0.4% in the prior-year period.

Other LimeRoad expenses increased 12% to Rs 11.9 crore in YTD FY'27 from Rs 10.6 crore in YTD FY'26. These are year-to-date figures, not Q2-only costs, and therefore cannot be used to reconcile directly to the quarter's Rs 2.3 crore EBITDA loss. The presentation establishes the movement in expense categories but does not assign the lower quarterly loss to a specific cost line.

The largest absolute movement among these disclosed lines was advertising, which rose by Rs 4.4 crore year on year. Manpower declined by Rs 0.6 crore over the same period, while other expenses rose by Rs 1.3 crore. The expense data therefore show spending changes alongside the Q2 FY'27 marketplace improvement, without establishing causation.

How does LimeRoad fit within V-Mart Retail Limited’s Q2 FY'27 results?

LimeRoad's Q2 FY'27 progress occurred while V-Mart Retail Limited reported revenue from operations of Rs 953 crore, up 18% from Rs 806.9 crore in Q2 FY'26. Under Ind AS 116, the accounting standard for leases, group EBITDA increased 20% to Rs 86.1 crore from Rs 71.5 crore, while EBITDA margin moved to 9.0% from 8.9%.

The group reported a post-Ind AS 116 loss after tax of Rs 16.3 crore in Q2 FY'27, compared with a Rs 8.9 crore loss in Q2 FY'26. The presentation says quarterly profit after tax remained affected by depreciation under Ind AS 116. These group results should not be treated as LimeRoad's standalone income statement because the marketplace disclosure provides NMV and EBITDA loss only.

For YTD FY'27, V-Mart Retail Limited reported revenue from operations of Rs 2,041.8 crore, up 21% from Rs 1,692.1 crore in YTD FY'26. Post-Ind AS 116 EBITDA rose 25% to Rs 246.7 crore and profit after tax increased 25% to Rs 30.9 crore. LimeRoad's 58% V-Mart inventory contribution indicates a growing disclosed connection between the marketplace and the retailer's stock pool.

Conclusion

LimeRoad’s Q2 FY'27 disclosure shows NMV rising 55% to Rs 29.8 crore while EBITDA loss narrowed 32% to Rs 2.3 crore. At the same time, V-Mart inventory supplied 58% of LimeRoad online orders, compared with 34% a year earlier. The reported figures therefore combine faster marketplace activity, lower operating loss and a higher reliance on V-Mart inventory.

The presentation does not disclose a LimeRoad EBITDA break-even target, revenue target, take rate or a future inventory-contribution target. The next disclosures will clarify whether NMV can remain above the Q2 FY'27 level of Rs 29.8 crore, whether the loss can stay at or below Rs 2.3 crore, and how advertising expense develops after reaching Rs 11 crore in YTD FY'27.