Vishal Mega Mart Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Vishal Mega Mart Ltd filed with BSE on 19 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Vishal Mega Mart reported Q4 FY26 revenue of Rs 3,114 crore, up 22.2% year-on-year, with same-store sales growth of 13.2% and adjusted EBITDA margin of 8.8%. For full year FY26, revenue was Rs 12,906 crore, up 20.4%, with same-store sales growth of 11% and PAT of Rs 839 crore. Management discussed store expansion to 795 stores across 535 cities, private brand contribution of 74.1% of revenue, and rising input cost inflation linked to crude and petroleum derivatives heading into FY27.
Numbers mentioned
Revenue from operations: INR 3,114 crores (Q4 FY26)
p. 3
“In quarter 4, our revenue from operations was INR 3,114 crores.”
Gunender Kapur, page 3 of the filed PDF · View the filing
Revenue growth: 22.2% (Q4 FY26 vs Q4 FY25)
p. 3
“This was a growth of 22.2% over the previous year quarter 4.”
Gunender Kapur, page 3 of the filed PDF · View the filing
Same-store sales growth: 13.2% (Q4 FY26)
p. 3
“Our same-store sales growth for quarter 4 was 13.2%.”
Gunender Kapur, page 3 of the filed PDF · View the filing
Operating EBITDA: INR 275 crores (Q4 FY26)
p. 3
“The operating EBITDA in the quarter was INR 275 crores, which was a growth of 32.3% over last year.”
Gunender Kapur, page 3 of the filed PDF · View the filing
Adjusted EBITDA margin: 8.8% (Q4 FY26)
p. 3
“And our adjusted EBITDA margin was 8.8% vis-a-vis 8.2% of last year.”
Gunender Kapur, page 3 of the filed PDF · View the filing
Profit after tax: INR 168 crores (Q4 FY26)
p. 3
“The profit after tax was INR 168 crores, which is a 45.9% growth over last year, and the PAT margin was 5.4% vis-a-vis 4.5% of the last year quarter 4.”
Gunender Kapur, page 3 of the filed PDF · View the filing
Revenue from operations: INR 12,906 crores (FY26)
p. 3
“In full year '26, the company did revenue from operations of INR 12,906 crores.”
Gunender Kapur, page 3 of the filed PDF · View the filing
Revenue growth: 20.4% (FY26 vs FY25)
p. 3
“This was a growth of 20.4% over last year.”
Gunender Kapur, page 3 of the filed PDF · View the filing
Same-store sales growth: 11% (FY26)
p. 3
“Our samestore sales growth was 11% for the full year.”
Gunender Kapur, page 3 of the filed PDF · View the filing
Operating EBITDA: INR 1,321 crores (FY26)
p. 3
“Operating EBITDA for full year was INR 1,321 crores, which is a growth of 27.8% over last year, and the adjusted EBITDA margin was 10.2% vis-a-vis 9.6% of last year.”
Gunender Kapur, page 3 of the filed PDF · View the filing
Profit after tax: INR 839 crores (FY26)
p. 4
“The profit after tax number was INR 839 crores, which is a 32.8% growth over last year, and the PAT margin was 6.5% vis-a-vis 5.9% in last year.”
Gunender Kapur, page 4 of the filed PDF · View the filing
Store additions: 105 stores (FY26)
p. 4
“We opened 25 stores during quarter 4 and 105 stores during the full year.”
Gunender Kapur, page 4 of the filed PDF · View the filing
Total store count: 795 stores (as of March 2026)
p. 4
“This takes the total store count to 795 as of March '26, and we are now present in 535 cities across the country.”
Gunender Kapur, page 4 of the filed PDF · View the filing
Private brand contribution to revenue: 74.1% (FY26)
p. 4
“Our private brands contribute 74.1% to our revenue in full year '26, which is a 100-bps improvement yearon-year.”
Gunender Kapur, page 4 of the filed PDF · View the filing
Trading area: 1.34 crore square feet (as of March 2026)
p. 4
“Our trading area now stands -- at the end of March stood at 1.34 crores square feet.”
Gunender Kapur, page 4 of the filed PDF · View the filing
Quick commerce registered users: 1.3 crore (FY26)
p. 4
“Our registered users on quick commerce grew to 1.3 crores people.”
Gunender Kapur, page 4 of the filed PDF · View the filing
SSSG from new customers: 7% (FY26)
p. 10
“So of that 11%, 7% has come because of new customers and new transactions in our store.”
Gunender Kapur, page 10 of the filed PDF · View the filing
Entry price point apparel SSSG: 11.1% (Q4 FY26)
p. 14
“Secondly, I can share with you something arithmetically, which is that in quarter 4, our entry price point merchandise grew at 11.1% same-store sales growth, our mid-price apparel merchandise grew at 13.6% same-store sales growth, and our fashionable price point, which is typically the highest 2 or 3 price points, grew at 14.7%.”
Gunender Kapur, page 14 of the filed PDF · View the filing
Instagram campaign views: 1.6 billion
p. 13
“Our new campaign has now been seen 1.6 billion times on Instagram, which makes it among top 10 campaigns on Instagram ever.”
Gunender Kapur, page 13 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Store expansion pace — next 12-18 months
stated firmly by Gunender Kapur
p. 11
“We will continue. We will not slow down our expansion at all because we are very excited about the long-term consumption story in this country and it is our hope and belief that these issues are not permanent in nature and they will go away.”
Gunender Kapur, page 11 of the filed PDF · View the filing
Discount versus market leader private brands — at least 40%
stated firmly by Gunender Kapur
p. 5
“Yes. Vivek, our discount vis-a-vis the market leaders on private brands will at least remain the same.”
Gunender Kapur, page 5 of the filed PDF · View the filing
Operating leverage from rental costs
stated conditionally by Amit Gupta
p. 11
“That should continue for a simple reason is that these are long-term leases and our contractual arrangement is about 15% increase every 3 years, which translates into, let's say, 5% every year.”
Amit Gupta, page 11 of the filed PDF · View the filing
New store formats
stated as an aspiration by Gunender Kapur
p. 14
“But I can confirm that we are looking at, if there is an opportunity for some different formats, which will help us get to more consumers and customers in the country.”
Gunender Kapur, page 14 of the filed PDF · View the filing
Investment in brand advertising
stated firmly by Gunender Kapur
p. 13
“And I can confirm to you that we will continue to invest behind our brands, both to get new consumers and customers, specifically to get new consumers and more younger customers, because we are very relevant for them, and also to improve and increase the aspirational quotient of a brand.”
Gunender Kapur, page 13 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed it to a general uptick in consumption following income tax rationalization and GST rate cuts, combined with increased investment in growth.
Answered by Gunender Kapur
Asked by Vivek Maheshwari: What drove the acceleration in same-store sales growth this quarter?
p. 4
“One, we saw a general uptick in consumption, which was not entirely unexpected.”
Gunender Kapur, page 4 of the filed PDF · View the filing
Management said significant cotton inflation had been absorbed via cost initiatives such as removing packaging and using computer-aided cutting to reduce wastage.
Answered by Gunender Kapur
Asked by Jignesh Kamani: What price increases are apparel vendors requesting, and how was cotton inflation handled in 2021-22?
p. 6
“At that point in time, we had actually taken a slight beating on the margin, but we had cushioned our customers and consumers to a very, very large extent.”
Gunender Kapur, page 6 of the filed PDF · View the filing
Management said inflation is concentrated in petroleum derivative inputs like plastics and polyester, correlated with crude pricing.
Answered by Gunender Kapur
Asked by Nihal Jham: What is driving current input cost inflation and what price hikes are vendors indicating?
p. 7
“At this point in time, the inflation that we are seeing is clearly on the petroleum derivatives.”
Gunender Kapur, page 7 of the filed PDF · View the filing
Management said the decision rests with the Board and it cannot comment independently.
Answered by Gunender Kapur
Asked by Percy Panthaki: What is the dividend policy given strong free cash flow generation?
p. 9
“But to comment on this, I will have to rely on my Board, because I cannot express any view independent of the Board, on this matter.”
Gunender Kapur, page 9 of the filed PDF · View the filing
Management said private brand pricing advantage would cushion demand impact and cited new customer contribution to SSSG as evidence of share gains.
Answered by Gunender Kapur
Asked by Michael Sell: Would a weaker rural economy or poor monsoon impact the company, and is it gaining share from other value retailers?
p. 10
“Now the fact that 7% of 11% has come from new customers makes me believe that we are gaining market share.”
Gunender Kapur, page 10 of the filed PDF · View the filing
Management said vendors faced gas and labor availability challenges but these are improving and are not causing supply disruption.
Answered by Gunender Kapur
Asked by Gaurav Jogani: Has product and material availability been a challenge amid inflation?
p. 12
“So, we were facing these 2 issues very specifically on the vendor side, but they are getting better and better.”
Gunender Kapur, page 12 of the filed PDF · View the filing
Management said it was mainly due to clearing old stock ahead of the spring/summer season plus increased promotional intensity to capture consumption uptick.
Answered by Gunender Kapur
Asked by Videesha Sheth: What drove the gross margin compression in Q4 and was it linked to demand or competition?
p. 13
“So, I'll tell you, the most dominant reason was the fact that we were entering spring/summer.”
Gunender Kapur, page 13 of the filed PDF · View the filing
Management said fabric prices are rising about 10-11% currently.
Answered by Gunender Kapur
Asked by Prerna Jhunjhunwala: What price increases are apparel suppliers currently requesting?
p. 15
“So, the fabric prices are going up at about 10% to 11%.”
Gunender Kapur, page 15 of the filed PDF · View the filing
Risks flagged
Rising crude and petroleum derivative prices driving input cost inflation
p. 7
“So, plastics, polyester, the inputs which go into detergents, detergent powders and so on and so forth.”
Gunender Kapur, page 7 of the filed PDF · View the filing
Currency depreciation and crude price increases could fuel broader inflation and impact demand
p. 9
“So higher crude prices, any depreciation in our currency will certainly fuel inflation and could impact the demand as well.”
Gunender Kapur, page 9 of the filed PDF · View the filing
Poor harvest could reduce mass market consumer incomes
p. 10
“I would believe that we would have greater sensitivity to that, because that is going to directly impact the incomes of mass market consumers, well to the extent that they are dependent on agriculture.”
Gunender Kapur, page 10 of the filed PDF · View the filing
Vendor-side gas and labor availability constraints
p. 12
“These challenges were firstly because of the gas availability, the commercial gas availability.”
Gunender Kapur, page 12 of the filed PDF · View the filing
Uncertainty from West Asia geopolitical situation affecting demand outlook
p. 5
“And while that is the case, it's very difficult to speculate on the macro and specifically the West Asia situation.”
Gunender Kapur, page 5 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.