V Mart Q1 FY27: Growth broadens, margins hold, and LimeRoad losses narrow

Revenue from operations was INR 10,888 million (up 23% YoY), post Ind AS 116 EBITDA was INR 1,606 million (margin 14.8%), and post Ind AS 116 PAT was INR 472 million (up 41% YoY).

Revenue from operations increased to INR 8,992 million for V-Mart (up 21% YoY) and INR 1,842 million for Unlimited (up 33% YoY). Same store sales growth was 8% for V-Mart and 13% for Unlimited.

Management reiterated FY27 guidance of 90+ store openings (gross). They also stated that around 8 to 10 stores may be closed during the year.

Management indicated Q2 could see a negative impact on sales and margins versus last year because Durga Puja shifts by 19 days into Q3, and expects the impact to be recovered with better festive-to-festive growth in Q3.

LimeRoad NMV grew 18% YoY to INR 222 million and EBITDA loss reduced 39% YoY to INR 28 million, as per the investor presentation.

Inventory days of sales improved to 86 days from 93 days in Q1 FY26. Apparel DOI improved to 89 from 97, non-apparel to 95 from 98, and FMCG to 60 from 64.

Management cited around 10% blended raw material inflation (including crude-linked inputs and cotton/yarn) and stated they aim to limit overall ASP increase within about 3% to 5%, using efficiencies and product mix changes.