Vishal Mega Mart Q4 FY25: Profit up 88%, revenue 23%

What Vishal Mega Mart reported for Q4 FY25

Vishal Mega Mart Limited reported a sharp year-on-year improvement in profitability for the quarter ended March 2025 (Q4 FY25), backed by higher sales and better operating leverage. Consolidated revenue rose 23% to ₹2,547.9 crore from ₹2,068.9 crore a year earlier. Net profit (PAT) increased 88% to ₹115.1 crore compared with ₹61.2 crore in the same quarter last year. Reported EBITDA climbed 42.5% to ₹357.0 crore, and the EBITDA margin improved to about 14% from 12%.

The company also disclosed adjusted profitability measures that exclude ESOP costs and account for Ind AS 116 impacts. Adjusted EBITDA (pre-ESOP and Ind AS 116) for Q4 FY25 was reported at ₹208 crore. Adjusted PAT (pre-ESOP) was reported at ₹128 crore, with an adjusted PAT margin of 5%, while reported PAT margin was stated at 4.5%.

Same-store growth and what it signals

A key retail metric, same-store sales growth (SSSG), was reported at 13.7% (adjusted) for Q4 FY25. Another disclosure in the provided information pegged Q4 adjusted SSSG at 13.4%, while also noting the sequential improvement from 10.8% in the previous quarter. Taken together, the disclosures indicate double-digit demand from existing stores, even as the broader retail environment was described as muted.

Brokerage commentary cited in the material attributed the quarter’s strength to festive-led demand, improved store productivity, and a higher contribution from own brands. The same commentary also flagged that revenue growth accelerated sequentially in Q4, supported by early festive spending.

Full-year FY25 performance: revenue crosses ₹10,700 crore

For the full year ended March 2025 (FY25), Vishal Mega Mart reported revenue of ₹10,716.4 crore, up 20.25% from ₹8,912.0 crore in FY24. Net profit rose 36.81% to ₹632.0 crore from ₹461.9 crore. Gross profit for FY25 was reported at ₹3,052 crore, up 23.8%, and gross margin was stated at 28.5% of revenue.

On operating profitability, FY25 EBITDA was reported at ₹1,530 crore, up 22.6%, with an EBITDA margin of 14.3%. The company also reported adjusted EBITDA (pre-ESOP and Ind AS 116) of ₹1,033 crore, up 38.7%, representing 9.6% of revenue. FY25 adjusted PAT (pre-ESOP) was disclosed at ₹676 crore, representing a margin of 6.3%.

Store expansion, footprint, and trading area

Management stated that the company accelerated its store opening plan over the year and opened 90 new stores. It reported presence in 458 cities across India and a trading area of 12.2 million square feet. On category mix, the company said clothing contributed 43.9% of business, general merchandise 28.2%, and FMCG 27.7%.

The company also highlighted its quick commerce initiative. It said the service is available to customers in the catchment of 656 stores across 429 cities, with registered users increasing to 8.7 million.

Private label mix and product mix trends

Own brands were positioned as a key differentiator. Management said private brands’ contribution grew to 73.1%, a 135 bps improvement over the last year. In another set of disclosed metrics (for 2QFY26 and 1HFY26), private label contribution was referenced at 73.5% in 2QFY26 and about 74.7% in 1HFY26.

Category performance details in the provided brokerage-style notes pointed to apparel, general merchandise, and FMCG all growing year-on-year, with apparel often leading the growth. These disclosures also linked margin movement to a higher share of higher-margin apparel and an increasing private-label mix.

Stock market reaction to the earnings

The market response to the Q4 FY25 numbers was positive in the information provided. One report said shares rallied nearly 10% intraday to ₹118.4 per share after the profit jump. Another report said the stock rose 6.8% to an intraday high of ₹114.90 on April 30, 2025, following results disclosed in a regulatory filing to the BSE on April 29, 2025.

Additional quarterly disclosures mentioned in the material (FY26)

Beyond Q4 FY25 and FY25, the provided text also included FY26 quarterly snapshots. For Q1 FY26, revenue from operations was reported at ₹3,140.3 crore (₹31,403 million), up 21% year-on-year. Q1 FY26 adjusted EBITDA (pre-Ind AS 116 and pre-ESOP) was ₹324.4 crore (₹3,244 million), with a 10.3% margin, and adjusted PAT (pre-ESOP) was ₹215.5 crore (₹2,155 million), with a 6.9% margin.

For 2QFY26, consolidated revenue was reported at ₹2,980 crore (INR29.8b), up 22% year-on-year, with gross profit of ₹840 crore (INR8.4b) and reported EBITDA of ₹395 crore (INR3.95b). For 1HFY26, consolidated revenue was reported at ₹6,120 crore (INR61.2b), up about 22% year-on-year, with reported EBITDA of ₹850 crore (INR8.5b) and adjusted PAT (pre-ESOP) of ₹380 crore (INR3.8b).

Key numbers at a glance

Why the quarter matters for investors tracking retail execution

The Q4 FY25 result set reinforced two things visible in the disclosed metrics: growth from existing stores (double-digit SSSG) and better profitability (EBITDA margin expansion and sharp PAT growth). Management’s commentary on private brands and category mix provides context for gross margin resilience, as own brands were reported at more than 73% contribution.

At the same time, the material shows that the company is balancing expansion and productivity. The footprint disclosures of 90 new stores and presence across 458 cities, alongside quick commerce coverage across 656 store catchments, indicate a broader push to capture demand across formats and channels.

Conclusion

Vishal Mega Mart’s Q4 FY25 results showed 23% revenue growth to ₹2,547.9 crore and an 88% rise in net profit to ₹115.1 crore, with higher margins and strong same-store growth. For FY25, the company reported revenue of ₹10,716.4 crore and PAT of ₹632.0 crore, alongside higher gross profit and EBITDA. Investors will continue to watch the pace of store additions, the sustained mix of private-label sales, and the company’s periodic updates on quick commerce adoption and profitability metrics.