V-Mart Retail Limited has informed the Exchange about Investor Presentation
Ref. No. CS/S/L-902/2025-26
24th July, 2025
To: NATIONAL STOCK EXCHANGE OF INDIA LIMITED The Listing Department
To: THE BSE LTD The Corporate Relationship Department
“Exchange Plaza” Bandra Kurla Complex, Scrip Code: VMART Bandra (E ), Mumbai – 400 051
Fax: 022-26598120 Email: cmlist@nse.co.in Sub: Presentation to Analysts/Investors
Phiroze Jeejeebhoy Towers, Scrip Code: 534976 Dalal Street, Mumbai – 400 001
Fax: 022-22723121 Email: corp.relations@bseindia.com
Dear Sir/Madam,
Please find enclosed herewith the presentation being forwarded to Analysts/Investors on unaudited financial results of the Company for the first quarter ended on June 30, 2025.
The above presentation is also available on the Company's website: www.vmart.co.in.
We request you to kindly take the above information on record.
Thanking You,
V-Mart Retail Limited
Yours Truly For
Megha Tandon Company Secretary and Compliance Officer
Encl: As above
V-Mart Retail Limited Investor Presentation Q1FY26
www.vmart.co.in / www.limeroad.com
Disclaimer Disclaimer
This presentation by V-Mart Retail Limited (“V-Mart”) does not constitute a prospectus, placement memorandum, or an offer to acquire any securities. It should not be deemed an offer in any form.
No representation or warranty, express or implied, is made regarding the fairness, accuracy, completeness, or correctness of the information or opinions herein. The information is current only as of its date. Certain statements may be “forward-looking,” involving risks, uncertainties, and other factors that could cause actual results to differ materially. These risks include those related to V-Mart’s fashion, FMCG, and online marketplace businesses.
Data and opinions are based on assumptions and subject to risks, which may cause actual results to differ materially. Figures are rounded and may not depict exact numbers. The Company and its affiliates are not obligated to update any forward-looking statements. They are not liable for any loss arising from the use of this presentation. Do not place undue reliance on forward-looking statements, which reflect the current view of the Company’s management. We use various financial and operational indicators to measure performance. These indicators have isolation from our historical financial performance. Past performance is not necessarily indicative of future results.
limitations and should not be considered
in
V-Mart may alter the content of this presentation without obligation to notify any person. This presentation cannot be copied or disseminated. This summary does not contain all information needed to evaluate any potential transaction. Recipients should conduct their own analysis, consulting legal, business, tax, and financial advisers. The information has not been independently verified or reviewed by any statutory or regulatory authority in India.
No representation or warranty is made regarding the fairness, accuracy, completeness, or correctness of the information and opinions herein. This document does not constitute legal, business, tax, or financial advice. No person is authorized to provide information or make representations not contained in this presentation. If such information or representations are given, they should not be relied upon as authorized by V-Mart.
2
Q1FY26
Key Performance Highlights
Financial Parameters Operational Parameters
Key Highlights: Q1FY26 vs.Q1FY25
▪ Revenue Growth : 13% YoY ▪ Memo Growth 18% YoY ▪ Same Store Sales Growth : 1% (V-Mart: 1%, Unlimited: 1%) ▪ Normalised Same Stores Growth : 5%* (V-Mart: 5%, Unlimited: 5%) ▪ Total Stores : 510 (V-Mart : 421, Unlimited : 89) • Stores Opened : 15 (V-Mart: 10, Unlimited: 5) • Stores Closed : 2 (V-Mart: 1, Unlimited: 1)
▪
LimeRoad Loss reduced by 56%
▪ EBITDA Growth 27% YoY (14.3% of Revenue) ▪ PAT growth 177% YOY (3.8% of revenue) ▪
Inventory days of sales improved by 5% YOY to 93 days
*Normalised for the preponement of Eid to the previous quarter in this year
Financial Parameters
Revenue from operations (₹ Millions)
Revenue Mix (%)
13%▲
8,852
7,861
14%▲
7,407
6,500
Q1FY25
Q1FY26
81%
80%
Q1FY25
Q1FY26
12%▲
35%▼
1,245
1,383
291
188
9%
10%
10%
10%
Total
V-Mart
Unlimited
LimeRoad NMV*
Apparel
Non-Apparel
General Merchandise
*LimeRoad Commission Income is ₹ 62 Mn (Q1 FY25 ₹ 116Mn)
EBITDA (₹ Millions, % to Revenue)
PAT (₹ Millions, % to Revenue)
27%▲
14.3%
12.6%
22%▲
14.3%
13.4%
990
1,262
869
1,063
Q1FY25
Q1FY26
9%▲
18.0% 17.7%
224
245
56%▲
-103
-46
Total
V-Mart
Unlimited
LimeRoad
177%
1.5%
121
Q1FY25
3.8%
336
Q1FY26
5
Operational Parameters
Footfall (Millions)
Conversion Rate (%)
18
20
14%▲
47%
48%
Q1FY25
Q1FY26
Q1FY25
Q1FY26
Average Transaction Size (₹)
Average Selling Price (ASP) (₹)
Q1FY25
Q1FY26
6%▼
1,816
1,716
1%▼
0%▼
6%▼
3%▼
1%▲
2%▲
3%▼
1,036
1,004
3%▼
961
932
Total
V-Mart
Unlimited
218
201
396
326
309
434
Total
V-Mart
Unlimited
Total
V-Mart
Unlimited
ASP (Total)
% change YoY
ASP (Apparel)
6
Operational Parameters
14%▲
510
448
Store Count (Nos)
Tier Wise Sales per square feet (Per Month) (₹)
Q1FY25
Q1FY26
Q1 FY25
Q1 FY26
8%▲
104
112
11%▲
53
59
17%▲
277
237
15%▲
54
62
1%▲
711
716
2%▼
761
745
4%▲
1%▲
4%▲
682
710
703
711
643
666
Total
Tier 1
Tier 2
Tier 3
Tier 4
Total
Tier 1
Tier 2
Tier 3
Tier 4
Sales per square feet (Per Month) (₹)
Retail Space (Million Square Feet)
1%▲
0%▲
711
716
745
748
Q1FY25
Q1FY26
5%▲
573
603
14%▲
4.4
3.9
14%▲
3.6
3.1
Q1 FY25
Q1 FY26
11%▲
0.8
0.8
Total
V-Mart
Unlimited
Total
V-Mart
Unlimited
7
Operational Parameters
Same Store Sales Growth (SSSG) (%)
Same Store Volume Growth (SSSV) (%)
11%
12%
Q1FY25
Q1FY26
8%
11%
10%
Q1FY25
Q1FY26
15%
5%
1%
1%
1%
1%
1%
Total
V-Mart
Unlimited
Total
V-Mart
Unlimited
Inventory (Days of Sales)
*
Provision for aged Inventory including shrinkage
5%▼
4%▼
22%▼
124
99
93
101
97
98
12%▲
Q1 FY25
Q1 FY26
1.7%
57
64
0.7%
Total
Apparel
Non Apparel
General Merchandise
Q1 FY25
Q1 FY26
*Inventory days of Sales formula has been updated to use the average inventory and average sales per day over the past four rolling quarters, to reflects the full-year trend more accurately
8
Operating Expenses
Manpower (₹ Millions)
Power & fuel (₹ Millions)
Q1 FY25
Q1 FY26
Q1 FY25
Q1 FY26
13%▲
950
841
18%▲
759
643
14%▲
370
326
15%▲
302
263
14%▲
131
150
40%▼
67
40
8%▲
62
67
0
0
Total
V-Mart
Unlimited
LimeRoad
Total
V-Mart
Unlimited
LimeRoad
Advertisement (₹ Millions , % to Total Revenue)
Other Expenses (₹ Millions)
Q1 FY25
Q1 FY26
Q1 FY25
Q1 FY26
2.3%
1.3%
1.3%
1.0%
1.0%
0.3%
30
178
115
99
85
79
1%▼
433
427
9%▲
298
324
6%▲
49%▼
62
66
73
37
Total
(V-Mart + Unlimited)
LimeRoad
Total
V-Mart
Unlimited
LimeRoad
9
10
LimeRoad: Loss reduced by 56% YoY, NMV reduced by 34%
NMV and EBITDA (₹ Millions)
YOY NMV growth
YOY EBITDA Loss reduction
34%▼
56%▼
140
281
73
294
65
234
68
120
100
80
60
40
20
0
46
188
103
286
480
430
380
330
280
230
180
130
80
30
Q1FY25
Q2FY25
Q3FY25
Q4FY25
Q1FY26
NMV
EBITDA Loss
Marketing Cost and V-Mart’s Sale Mix
Marketing Cost (% of NMV)
V-Mart contribution in LimeRoad online orders
27%
27%
29%
23%
33%
12%
40%
33%
20%
19%
35%
16%
Q4FY24
Q1FY25
Q2FY25
Q3FY25
Q4FY25
Q1FY26
11
Q1 FY26
Statement of Profit & Loss Key Business Segments Balance Sheet Cash flow Statement
12
Statement of Profit & Loss
₹ Millions
13
Q1 FY26Q1 FY25Q1 FY26Q1 FY25(Unaudited)(Unaudited)(Unaudited)(Unaudited)Revenue from operations8,8527,86113%8,8527,86113%COGS5,7295,0945,7295,094Gross Profit3,1242,76713%3,1242,76713%GP Margin %35.3%35.2%35.3%35.2%Employee Expenses950841950841Other Expenses9129371,5621,489EBITDA / Operating Income1,26299027%61243840%EBITDA Margin %14.3%12.6%6.9%5.6%Other Income29462946Depreciation & Amortisation679568283191Finance Cost1823757250Profit Before Tax (PBT)42993361%28724318%PBT Margin %4.9%1.2%3.2%3.1%Post Ind AS 116Pre Ind AS 116Particulars YOY % Change YOY % Change Ind-AS 116 : P&L Impact
₹ Millions
14
ParticularsPre-Ind AS 116 (A)Increased/ (Decreased) (B)Post-Ind AS 116 C=(A+B)Pre-Ind AS 116 (D)Increased/ (Decreased) (E)Post-Ind AS 116 F=(D+E)Other Expenses (Rent Reversal)1562 (649)9121489 (552)937EBITDA6126491262438552990Finance costs7211118250325375Depreciation283397679191377568(Loss)/Profit before tax (PBT)287142429243 (150)93Q1 FY 24-25Q1 FY 25-26 Balance sheet
₹ Millions
15
June 30, 2025March 31, 2025June 30, 2025March 31, 2025(Unaudited)(Audited)(Unaudited)(Audited)EQUITY AND LIABILITIES ASSETS Equity Property, plant and equipment5,2965,274Equity Share Capital794198 Capital work in progress2743Other Equity7,7247,904 Goodwill1515Total Equity (D)8,5188,102 Intangible assets373397 Right-of-use assets5,1954,699Liabilities Financial assetsFinancial liabilities Other financial assets467462 Lease liabilities4,5864,410 Income tax asset (net)6868Employee benefit obligations175170 Deferred tax assets (net)825849Non-current liabilities (E)4,7614,580 Other non-current assets344298Financial liabilitiesNon-current assets (A)12,61012,105Borrowings3501,490Current assets Lease liabilities2,0841,926 Inventories8,1829,868Payables (including Trade)6,5247,620 Financial assets Other financial liabilities639445 Investments 17151Employee benefit obligations7774 Loans33Current tax liabilities (net)618 Cash and cash equivalents276394Other current liabilities117119 Other financial assets376400Current liabilities (F)9,85211,681 Other current assets1,5131,542Total Liabilities (G = E+F)14,61316,261 Current assets (B)10,52112,258TOTAL EQUITY LIABILITIES (H = D+G)23,13124,362TOTAL ASSETS (C = A+B)23,13124,362ParticularsAs AtParticularsAs At Cash Flow Statement
₹ Millions
16
June 30, 2025June 30, 2024(Unaudited)(Unaudited)(A) Cash flows from operating activitiesProfit/ (Loss) before Income Tax42993Adjustments to reconcile profit before tax to net cash flows883946Operating profit before working 1,3121,038Changes in working capital829255Cash flow from operations2,1411,294Taxes paid (net of refunds)(16)(1)Net cash flow from operating 2,1241,293(B) Investing activities Net cash flow (used in)/from (431)(444)(C) Financing activities Net cash from/(used in) financing (1,811)(902)Net increase/(decrease) in cash and cash equivalent (D = A+B+C) (118) (52)Cash Flow Statement for the periodFor the period endedJune 30, 2025June 30, 2024Net cash flow from operating 2,1241,293IndAS 116 adjustment (B)(649)(552)Pre IndAS 116 Net cash flow from operating activities (C) = (A+B)1,475742Net Capex (D)(300)(260)Finance charges - others (E)(79)(50)Net Free Cash Flow (F) = (C+D+E)1,097431Free Cash Flow for the periodFor the period ended Q1 FY26
Store Geographical Spread Other Significant Updates
17
Cluster Based Expansion - New Stores Additions (Q1 FY26)
2
3
2
1
1
1
1
1
3
Total
TAMIL NADU
UTTAR PRADESH
BIHAR
UTTARAKHAND
ORISSA
MAHARASHTRA
JHARKHAND
TELANGANA
GUJARAT
3
3
2
2
1
1
1
1
1
Total Tier 1 Tier 2 Tier 3 Tier 4
0
2
3
15
15
10
18
Total Stores as on 30th June 2025
9
4
1
4
17
2
2
15
1
1
29
5
158
72
13
16
29
20
*
1 *
14
6
17
17
11
33
4
* Store opened in Chhattisgarh on 7th July 2025
Powered by Bing
19
STATEQ1 FY26Q1FY25UTTAR PRADESH158140BIHAR7261TAMIL NADU3328RAJASTHAN2928JHARKHAND2926WEST BENGAL2019KARNATAKA1715MADHYA PRADESH1618UTTARAKHAND1714TELANGANA1715ASSAM1513ANDHRA PRADESH1110GUJARAT1312ORISSA1410JAMMU AND KASHMIR98NEW DELHI75TRIPURA74KERALA44MAHARASHTRA65PUNJAB44HARYANA44MANIPUR20ARUNACHAL PRADESH21HIMACHAL PRADESH11MEGHALAYA11CHANDIGARH11PUDUCHERRY11Total510448 New Stores Opened
Varanasi, Uttar Pradesh
Surat, Gujarat
Jhansi, Uttar Pradesh
Ichalkaranji, Tamil Nadu
20
Awards & Recognition
21
Thank you
www.vmart.co.in / www.limeroad.com
For further information, please contact: Suraj Rathor : suraj.rathor@vmartretail.com ir_vmart@vmartretail.com
22