Vishal Mega Mart FY26 revenue rises 20.4% to ₹12,906 crore

Key takeaways from Q4FY26 and FY26

Vishal Mega Mart Ltd (NSE: VMM) reported a stronger year-on-year profit performance in the March 2026 quarter even as revenue declined sequentially from the December quarter. For Q4, the company said operating EBITDA grew 32.3% year-on-year, and the adjusted EBITDA margin improved to 8.8%. Profit after tax (PAT) for Q4 rose 45.9%, with the PAT margin increasing to 5.4%. On a full-year basis, revenue rose 20.4% to ₹12,906 crore for FY26, supported by same-store sales growth (SSSG) of 11%. The results came alongside a significant expansion in the store network, with 105 stores added during FY26.

Q4FY26: revenue up YoY, down QoQ

The consolidated numbers show Vishal Mega Mart’s March 2026 quarter total revenue at ₹3,138.62 crore. This was up 22.3% year-on-year versus ₹2,566.52 crore in the March 2025 quarter. However, it fell 15.1% quarter-on-quarter compared with ₹3,695.00 crore in the December 2025 quarter. Operating profit for Q4 was ₹424.76 crore, up 18.9% year-on-year from ₹357.12 crore, but down 29.8% sequentially from ₹605.13 crore. Net profit in Q4 came in at ₹167.92 crore, up 45.9% year-on-year, and down 46.3% compared with the December quarter.

Margin picture: adjusted EBITDA margin at 8.8%

The company highlighted a year-on-year improvement in adjusted EBITDA margin to 8.8% for Q4. It also reported a PAT margin increase to 5.4% for the same period. These disclosures point to improved profitability relative to the year-ago quarter, even as the March quarter saw a sequential decline in revenue and earnings versus the December quarter. The consolidated table also shows a fall in adjusted EPS to ₹0.36 in Q4 from ₹0.67 in Q3, while still rising from ₹0.25 a year ago. The reported year-on-year growth rates underline that the March quarter’s base was lower than the preceding quarter.

FY26: sales rise to ₹12,906 crore; profit up 32.8%

For the year ended March 31, 2026, consolidated sales rose 20.44% to ₹12,906.32 crore from ₹10,716.35 crore in FY25. Net profit for FY26 increased 32.80% to ₹839.23 crore, compared with ₹631.97 crore in the previous year. Alongside reported growth, Vishal Mega Mart disclosed same-store sales growth of 11% for the full year. These metrics indicate that growth was not only driven by new store additions but also supported by higher sales from existing stores.

Store expansion: 105 additions take network to 795 stores

Vishal Mega Mart said it added 105 stores during FY26. This took its total store count to 795 stores across 535 cities. The pace of expansion remains a key part of the company’s strategy, given its positioning in value retail and its presence in smaller towns. The larger footprint also raises the importance of execution on store ramp-ups, supply chain, and staffing, as scale increases.

What management said: consumption uptick linked to tax, GST changes

Gunender Kapoor, MD and CEO, attributed the strong same-store sales performance to a general uptick in consumption. He said this was partly driven by the positive impact of income tax rationalization and GST rate reduction. Kapoor also said the company invested more in growth during the quarter, which contributed to the results. The comments were shared in the context of a conference call with management and analysts on Q4FY26 and full-year performance and outlook.

How Q3 context fits into FY26 performance

Earlier in FY26, the company had reported Q3 revenue from operations of ₹3,670 crore, up 17% year-on-year, with adjusted same-store sales growth of 9.6%. For Q3, it had disclosed EBITDA of ₹605 crore and PAT of ₹313 crore, along with EBITDA margin of 16.5% and PAT margin of 8.5%. The Q4 table shows operating profit and net profit lower than Q3 on a sequential basis, aligning with the quarter-on-quarter declines listed in the March 2026 quarter summary. This quarter-to-quarter movement also comes against the backdrop of commentary around festive timing shifts earlier in the year.

Key numbers at a glance

Market view and broker targets referenced

The material also referenced broker notes dated January 28, 2026. Motilal Oswal mentioned a target price of ₹170 with an upside of 42.87%, and Emkay cited a target price of ₹180 with an upside of 51.27%. Separately, a note highlighted valuation context by stating that after a year of listing and a rally supported by private labels, store expansion, and operating leverage, execution risks may rise at higher forward earnings multiples.

Why the update matters for investors

The FY26 numbers provide two clear operating signals. First, the company’s full-year growth was supported by both network expansion and an 11% same-store sales growth, indicating broad-based demand. Second, the Q4 snapshot shows improved year-on-year profitability and margins, while also highlighting quarter-on-quarter volatility in revenue and earnings versus Q3. With the store base now at 795 outlets, investors are likely to track how quickly new stores mature, how margins behave amid reinvestment, and whether consumption drivers cited by management sustain.

Conclusion

Vishal Mega Mart closed FY26 with 20.4% sales growth to ₹12,906 crore, higher annual profit, and a sharp expansion in store count to 795 across 535 cities. Management linked same-store demand to a consumption uptick supported by income tax rationalization and GST rate reduction, while noting higher growth investments during the quarter. The next set of management commentary and disclosures will be watched for updates on store rollout pace, same-store sales trajectory, and the profitability impact of reinvestment.