V-Mart Retail Limited has informed the Exchange about Investor Presentation
Ref. No. CS/S/L-922/2025-26
10th November, 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 second quarter and half year ended on September 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 Q2FY26
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.
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Q2FY26
Key Performance Highlights
Financial Parameters Operational Parameters
Key Highlights: Q2FY26 vs Q2FY25
▪ Revenue Growth : 22% YoY ▪ Memo Growth 23% YoY ▪ Same Store Sales Growth : 11% (V-Mart: 11%, Unlimited: 11%) ▪ Total Stores : 533 (V-Mart : 438, Unlimited : 95) • Stores Opened : 25 (V-Mart: 18, Unlimited: 7) • Stores Closed : 2 (V-Mart: 1, Unlimited: 1)
▪
LimeRoad Loss reduced by 53% YoY to ₹34 Mn
▪ EBITDA Growth 85% YoY (8.9% of Revenue) ▪
Inventory days improved by 2% YoY to 97 days
• The figures for the corresponding previous period/year have been regrouped/reclassified,
wherever necessary
Financial Parameters
Revenue from operations (₹ Millions)
Revenue Mix (%)
22%▲
8,069
6,610
23%▲
6,624
5,371
Q2FY25
Q2FY26
76%
77%
Q2FY25
Q2FY26
22%▲
32%▼
1,134
1,380
281
192
11%
11%
13%
12%
Total
V-Mart
Unlimited
LimeRoad NMV*
Apparel
Non-Apparel
FMCG
*LimeRoad Commission Income is ₹ 66 Mn (Q2 FY25 ₹ 104 Mn)
NMV- Net Merchandise Value
EBITDA (₹ Millions, % to Revenue)
PAT (₹ Millions, % to Revenue)
85%▲
8.9%
71%▲
9.1%
36%▲
Q2FY25
Q2FY26
5.8%
6.6%
9.4% 10.5%
386
715
353
605
106
144
53%▲
-73
-34
Total
V-Mart
Unlimited
LimeRoad
-8.5%
-565
Q2FY25
-1.1% -89
84%▲
Q2FY25
Q2FY26
Q2FY26
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Operational Parameters
Same Store Sales Growth (SSSG) (%)
Same Store Volume Growth (SSVG) (%)
Q2FY25
Q2FY26
15%
16%
11%
11%
11%
11%
Q2FY25
Q2FY26
17%
12%
7%
6%
7%
5%
Total
V-Mart
Unlimited
Total
V-Mart
Unlimited
Footfall (Millions) & Conversion Rate (%)
Average Selling Price (ASP) (₹)
Footfall
19
17
14%▲
Conversion %
7%▼
45%
47%
4%▲
4%▲
3%▼
5%▲
7%▲
214
196
383
347
331
427
Total
V-Mart Unlimited
Total
V-Mart Unlimited
Q2FY25
Q2FY26
Q2FY25
Q2FY26
ASP (Total)
% change YoY
ASP (Apparel)
6
Key Highlights: H1FY26 vs H1FY25
▪ Revenue Growth : 17% YoY ▪ Memo Growth 21% YoY ▪ Same Store Sales Growth : 5% (V-Mart: 5%, Unlimited: 5%) ▪ Total Stores : 533 (V-Mart : 438, Unlimited : 95) • Stores Opened : 40 (V-Mart: 28, Unlimited: 12) • Stores Closed : 4 (V-Mart: 2, Unlimited: 2)
▪
LimeRoad Loss reduced by 55% to ₹80 Mn ▪ EBITDA Growth 44% YoY (11.7% of Revenue) ▪ PAT growth 156% YoY (1.5% of Revenue)
• The figures for the corresponding previous period/year have been regrouped/reclassified, wherever
necessary
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Financial Parameters
Revenue from operations (₹ Millions)
Revenue Mix (%)
17%▲
16,921
18%▲
14,471
14,031
11,872
YTD FY25
YTD FY26
79%
79%
YTD FY25
YTD FY26
16%▲
33%▼
2,379
2,763
567
380
10%
10%
11%
11%
Total
V-Mart
Unlimited
LimeRoad NMV*
Apparel
Non-Apparel
FMCG
*LimeRoad Commission Income is ₹ 127 Mn (H1 FY25 ₹ 220 Mn)
NMV- Net Merchandise Value
EBITDA (₹ Millions, % to Revenue)
PAT (₹ Millions, % to Revenue)
44%▲
11.7%
9.5%
36%▲
11.9%
10.3%
1,376
1,977
1,223
1,668
YTD FY25
YTD FY26
18%▲
13.8% 14.1%
329
388
55%▲
-176
-80
-3.1%
-444
156%▲
1.5%
247
Total
V-Mart
Unlimited
LimeRoad
YTD FY25
YTD FY26
8
Operational Parameters
Footfall (Millions)
Conversion Rate (%)
39
45%
46%
14%▲
34
YTD FY25
YTD FY26
Average Transaction Size (₹)
YTD FY25
YTD FY26
Average Selling Price (ASP) (₹)
YTD FY25
YTD FY26
2%▼
1%▼
1,001
981
923
910
5%▼
1,730
1,643
6%▼
3%▲
4%▲
3%▼
1%▲
2%▲
216
199
390
336
318
431
Total
V-Mart Unlimited
Total
V-Mart Unlimited
Total
V-Mart
Unlimited
ASP (Total)
% change YoY
ASP (Apparel)
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Operational Parameters
14%▲
533
467
Store Count (Nos)
Tier Wise Sales per square feet (Per Month) (₹)
YTD FY25
YTD FY26
5%▲
1%▲
5%▲
6%▲
15%▲
YTD FY25
YTD FY26
14%▲
107
122
15%▲
55
63
15%▲
286
248
9%▲
57
62
645
678
708
718
619
653
630
668
666
578
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)
YTD FY25
YTD FY26
5%▲
645
678
4%▲
668
698
6%▲
557
592
14%▲
4.0
4.6
14%▲
3.2
3.7
YTD FY25
YTD FY26
10%▲
0.8
0.9
Total
V-Mart
Unlimited
Total
V-Mart
Unlimited
10
Operational Parameters
Same Store Sales Growth (SSSG) (%)
Same Store Volume Growth (SSVG) (%)
13%
14%
5%
5%
YTD FY25
YTD FY26
9%
5%
YTD FY25
YTD FY26
14%
11%
9%
9%
4%
3%
Total
V-Mart
Unlimited
Total
V-Mart
Unlimited
* Inventory (Days of Sales)
Provision for aged Inventory including shrinkage
YTD FY25
YTD FY26
1.5%
2%▼
2%▼
99
97
103
101
12%▼
115
101
16%▲
58
67
0.9%
Total
Apparel
Non Apparel
FMCG
YTD FY25
YTD FY26
*Days Of Sales = Avg Closing Inventory (Rolling 5 Quarters)/Avg Daily Sales (Rolling 12 Months).
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Operating Expenses
Manpower (₹ Millions)
Power & fuel (₹ Millions)
13%▲
17%▲
YTD FY25
YTD FY26
1,926
1,706
1,546
1,318
16%▲
40%▼
264
306
124
74
15%▲
740
643
16%▲
YTD FY25
YTD FY26
606
522
11%▲
120
133
45%▼
1
1
Total
V-Mart
Unlimited
LimeRoad
Total
V-Mart
Unlimited
LimeRoad
Advertisement (₹ Millions , % to Total Revenue)
Other Expenses (₹ Millions)
YTD FY25
YTD FY26
2%▲
YTD FY25
YTD FY26
11%▲
2.7%
1.8%
1.7%
1.4%
385
297
243
231
1.0%
142
0.4%
66
Total
(V-Mart + Unlimited)
LimeRoad
878
898
630
700
12%▲
49%▼
117
132
130
67
Total
V-Mart
Unlimited
LimeRoad
12
13
LimeRoad: Loss reduced by 53% YoY, NMV reduced by 32%
NMV and EBITDA (₹ Millions)
YOY NMV growth YOY EBITDA Loss reduction
32%▼ 53%▼
281
73
294
65
234
68
188
46
192
35
Q2FY25
Q3FY25
Q4FY25
Q1FY26
Q2FY26
NMV
EBITDA Loss
Marketing Cost and V-Mart’s Sale Mix
Marketing Cost (% of NMV)
V-Mart contribution in LimeRoad online orders
33%
40%
35%
34%
20%
19%
16%
17%
29%
23%
Q2FY25
Q3FY25
Q4FY25
Q1FY26
Q2FY26
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Q2 FY26
Statement of Profit & Loss Balance Sheet Cash flow Statement
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Statement of Profit & Loss (Q2)
₹ Millions
16
Q2 FY26Q2 FY25Q2 FY26Q2 FY25(Unaudited)(Unaudited)(Unaudited)(Unaudited)Revenue from operations8,0696,61022%8,0696,61022%COGS5,3554,3895,3554,389Gross Profit2,7142,22122%2,7142,22122%GP Margin %33.6%33.6%33.6%33.6%Employee Expenses976865976865Other Expenses1,0229691,6931,540EBITDA / Operating Income71538685%45-184124%EBITDA Margin %8.9%5.8%0.6%-2.8%Other Income34183418Depreciation & Amortisation711592277196Finance Cost1753916155Profit Before Tax (PBT)-136-580177%-259-417138%PBT Margin %-1.7%-8.8%-3.2%-6.3%Post Ind AS 116Pre Ind AS 116Particulars YOY % YOY % Statement of Profit & Loss (YTD)
₹ Millions
17
YTD FY26YTD FY25YTD FY26YTD FY25(Unaudited)(Unaudited)(Unaudited)(Unaudited)Revenue from operations16,92114,47117%16,92114,47117%COGS11,0849,48311,0849,483Gross Profit5,8374,98817%5,8374,98817%GP Margin %34.5%34.5%34.5%34.5%Employee Expenses1,9261,7061,9261,706Other Expenses1,9351,9063,2543,029EBITDA / Operating Income1,9771,37644%657253160%EBITDA Margin %11.7%9.5%3.9%1.8%Other Income64646464Depreciation & Amortisation1,3901,161559387Finance Cost357766133105Profit Before Tax (PBT)293-487160%29-174116%PBT Margin %1.7%-3.4%0.2%-1.2%Particulars YOY % YOY % Post Ind AS 116Pre Ind AS 116 Ind-AS 116 : P&L Impact
₹ Millions
18
Other Expenses*3,254-1,3191,9353,029-1,1231,906EBITDA6571,3191,9772531,1231,376Finance Cost133224357105662766Depreciation5598311,3903877731,161(Loss)/Profit Before Tax (PBT)29265293-174-312-487ParticularsPost-Ind AS 116 (C) = (A+B)Post-Ind AS 116 (C) = (A+B)Pre-Ind AS 116(A)Increased/ (Decreased) (B)Pre-Ind AS 116(A)Increased/ (Decreased) (B)YTD FY26YTD FY25 Balance sheet
₹ Millions
*
*During the period ended September 30, 2025, the Company has issued 3 bonus shares on 1 fully paid up equity share having face value of Rs. 10 each.
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September 30, 2025March 31, 2025September 30, 2025March 31, 2025(Unaudited)(Audited)(Unaudited)(Audited)EQUITY AND LIABILITIESASSETSEquity Property, plant and equipment5,4695,274Equity share capital794198 Capital work-in-progress12443Other equity7,6647,904 Goodwill1515Total equity (D)8,4588,102 Other intangible assets350397 Right of use assets5,6874,699Liabilities Financial assetsFinancial liabilities Other financial assets496462Lease liabilities4,7824,410 Income tax asset (net)7468Employee benefit obligations180170 Deferred tax assets (net)833849 Other non-current assets306298Non-current liabilities (E)4,9624,580 Non-current assets (A)13,35312,105Financial liabilitiesCurrent assetsBorrowings1,0111,490Lease liabilities2,2191,926 Inventories10,4419,868Payables (including Trade)8,6867,620 Financial assetsOther financial liabilities728445 Investments 5251Employee benefit obligations8074 Loans23Current tax liabilities (net)88 Cash and cash equivalents239394Other current liabilities112119 Other financial assets410400Current liabilities (F)12,84411,681 Other current assets1,7671,542Total Liabilities (G = E+F)17,80616,261 Current assets (B)12,91012,258TOTAL EQUITY LIABILITIES (H = D+G)26,26324,362TOTAL ASSETS (C = A+B)26,26324,362ParticularsAs AtParticularsAs At Cash Flow Statement
₹ Millions
20
YTD FY26YTD FY25Net cash flow from operating activities (A)2,3271,216IndAS 116 adjustment (B)(1,319)(1,123)Pre IndAS 116 Net cash flow from operating activities (C) = (A+B)1,00793Net Capex (D)(600)(617)Finance charges - others (E)(142)(105)Net Free Cash Flow (F) = (C+D+E)266-628Free Cash FlowFor the period endedYTD FY26YTD FY25(Unaudited)(Unaudited)(A) Cash flows from Operating activitiesProfit/ (Loss) before Income Tax293-487Adjustments to reconcile profit before tax to net cash flows1,7731,961Operating profit before working capital changes2,0661,474Changes in working capital291-253Cash flow from operations2,3571,221Taxes paid (net of refunds)(30)(5)Net cash flow from operating activities (A)2,3271,216(B) Cash flows from Investing activities Net cash flow (used in)/from investing activities (B)(597)(610)(C) Cash flows from Financing activities Net cash from/(used in) financing activities (C)(1,885)(754)Net increase/(decrease) in cash and cash equivalent (D = A+B+C) (156) (148)Cash Flow Statement Q2 FY26
Store Geographical Spread Other Significant Updates
21
Cluster Based Expansion - New Stores Additions (Q2 FY26)
1
1
1
4
1
1
5
1
4
2
2
1
1
25
25
Total KARNATAKA BIHAR UTTAR PRADESH JHARKHAND WEST BENGAL UTTARAKHAND ORISSA MEGHALAYA TELANGANA CHHATTISGARH RAJASTHAN JAMMU AND KASHMIR ANDHRA PRADESH
5 4 4
2 2 1 1 1 1 1 1 1 1
Total
Tier 1
Tier 2
Tier 3
Tier 4
10
9
3
3
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Total Stores as on 30th September 2025
2
2
15
1
7
76
31
21
*
*
1
15
10
1
4
4
30
18
5 162
13
16
6
21
18
12
33
4
23
STATEFY26FY25UTTAR PRADESH162143BIHAR7662TAMIL NADU3329RAJASTHAN3028JHARKHAND3126WEST BENGAL2122KARNATAKA2117MADHYA PRADESH1616UTTARAKHAND1816TELANGANA1815ASSAM1514ANDHRA PRADESH1212GUJARAT1312ORISSA1512JAMMU AND KASHMIR108NEW DELHI77TRIPURA76KERALA45MAHARASHTRA65PUNJAB45HARYANA44MANIPUR20ARUNACHAL PRADESH21HIMACHAL PRADESH11MEGHALAYA21CHANDIGARH10PUDUCHERRY10CHHATTISGARH10Total533467 New Stores Opened
Bihar
Jammu & Kashmir
Andhra Pradesh
Uttar Pradesh
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Thank you
www.vmart.co.in / www.limeroad.com
For further information, please contact: Suraj Rathor : suraj.rathor@vmartretail.com ir_vmart@vmartretail.com
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