Any current/future capex/capital investment/strategic investment?

Vishal Mega Mart is actively expanding its store base, having opened 23 new stores recently, with plans to continue store expansion, including accelerating rollout of smaller format stores (about 50% size of regular stores) in smaller towns like Uttar Pradesh and Haryana. The company is right-sizing some stores in Karnataka where store sizes are larger than necessary. New stores have been opened in Gujarat (Naroda Ahmedabad and Anand) and Maharashtra (Pune Talegaon), with plans to seek additional properties based on encouraging early performance. The QuickCommerce business has expanded to 670

Future growth expectations in sales/revenue/volumes?

Vishal Mega Mart achieved double-digit same-store sales growth (SSG) across Tier 1, 2, and 3 cities in Q1 FY26, indicating strong growth momentum. Growth largely driven by increased footfall and new customer acquisition, suggesting market share gains. Expansion ongoing with 23 new stores opened recently, including smaller format stores in Uttar Pradesh and Haryana, aimed at capturing smaller towns. Quick commerce initiative growing, now servicing 670 stores and 445 cities with ~10 million registered customers, contributing up to 6%-8% of some store revenues. Focus on upgrading customers to hig

Future growth expectations in earnings/operating earnings/profits/EPS?

Vishal Mega Mart is targeting consistent double-digit same-store sales growth (SSG), aiming to sustain their past performance momentum. Operating leverage benefits are expected to continue, contributing to gradual improvements in EBITDA margins by around 0.1% to 0.3% per quarter. Gross margins are expected to remain largely flat, with any improvements reinvested back into growth and quality enhancement of the business. PAT margins have shown improvement already (from 5.8% to 6.6% and adjusted from 6.0% to 6.9%) indicating profitability growth alongside revenue growth. Expansion with 23

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Vishal Mega Mart LtdQ2 FY25Retailing

Vishal Mega Mart Ltd Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹119P/E: 72.7Market Cap: ₹57.1K CrSector: Retailing

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

→Vishal Mega Mart achieved double-digit same-store sales growth (SSG) across Tier 1, 2, and 3 cities in Q1 FY26, indicating strong growth momentum.
→Growth largely driven by increased footfall and new customer acquisition, suggesting market share gains.
→Expansion ongoing with 23 new stores opened recently, including smaller format stores in Uttar Pradesh and Haryana, aimed at capturing smaller towns.
→Quick commerce initiative growing, now servicing 670 stores and 445 cities with ~10 million registered customers, contributing up to 6%-8% of some store revenues.
→Focus on upgrading customers to higher price points to increase average bill value.
→Commitment to consistent double-digit SSG performance with disciplined execution.
→Operating leverage and growth investments expected to support continued margin improvement alongside revenue growth.

Margin guidance

Category 3

→Vishal Mega Mart is targeting consistent double-digit same-store sales growth (SSG), aiming to sustain their past performance momentum.
→Operating leverage benefits are expected to continue, contributing to gradual improvements in EBITDA margins by around 0.1% to 0.3% per quarter.
→Gross margins are expected to remain largely flat, with any improvements reinvested back into growth and quality enhancement of the business.
→PAT margins have shown improvement already (from 5.8% to 6.6% and adjusted from 6.0% to 6.9%) indicating profitability growth alongside revenue growth.
→Expansion with 23 new stores this quarter and entry into new markets (Maharashtra and Gujarat) signal growth in operating earnings and scale.
→Growth driven mainly by increased footfall and new customer acquisition, supporting incremental profits and EPS growth.
→Management’s medium-term view implies sustained operating profit expansion aligned with strategic store expansion and operational efficiency.

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Fundraise plans

The transcript provided on page 15 and surrounding pages does not mention any current or planned fundraising activities through debt or equity by Vishal Mega Mart Limited. Key points: - No specific discussion of raising new debt or equity financing was noted. - The focus was on operational performance, store formats, margins, and growth strategies. - Emphasis was on consistent execution, same-store sales growth, private label expansion, and smaller store formats. - No indication of capital raising plans either current or future was mentioned during the call. Therefore, based on the available information, there is no indication of any immediate or future fundraising plans through debt or equity at this time.

Order book

The provided transcript from pages 1 to 17 of the Vishal Mega Mart Limited Q1 FY26 Earnings Conference Call does not contain specific information or details regarding the company's current or expected order book or pending orders. The discussion primarily focuses on topics such as store formats, same store sales growth, quick commerce initiatives, consumer sentiment, margins, and competitive landscape. Therefore, no data on order book or pending orders is available in the document.

Capex plans

Yes

→Vishal Mega Mart is actively expanding its store base, having opened 23 new stores recently, with plans to continue store expansion, including accelerating rollout of smaller format stores (about 50% size of regular stores) in smaller towns like Uttar Pradesh and Haryana.
→The company is right-sizing some stores in Karnataka where store sizes are larger than necessary.
→New stores have been opened in Gujarat (Naroda Ahmedabad and Anand) and Maharashtra (Pune Talegaon), with plans to seek additional properties based on encouraging early performance.
→The QuickCommerce business has expanded to 670 stores across 445 cities, with ongoing investments to enhance online-offline stock fungibility and reach new customers.
→Operating leverage benefits and improved gross margins are being reinvested into growth and quality improvements.
→Investment is also being made to upgrade safety systems, such as fire management systems across stores.

How does Vishal Mega Mart Ltd rank vs peers in Retailing?

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