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Informist, Saturday, Jan. 24, 2026

 

By Shakshi Jain

 

MUMBAI – Hypermarket chain Vishal Mega Mart Ltd. is expected to report a strong set of top line and bottom line growth numbers for the December quarter, helped by the addition of new stores and healthy growth in same-store sales. This would, however, be the company's slowest year-on-year growth in both metrics since December 2024, when the company listed on stock exchanges.

 

Vishal Mega Mart is expected to report a consolidated net profit of INR 3.13 billion on revenue of INR 37.46 billion for the December quarter, as per the average of the estimates of five brokerages. This would mean over 19% growth in both the metrics on a year-on-year basis. This also means the top line would increase by a quarter and the net profit would more than double from the trailing quarter.

 

In the year-ago quarter, Vishal Mega Mart had registered a consolidated net profit of INR 2.63 billion on revenue of INR 31.36 billion. For the September quarter, the company had reported a consolidated net profit of INR 1.52 billion on revenue of INR 29.81 billion.

 

The highest revenue estimate for the December quarter is INR 38.1 billion by Elara Securities (India) Pvt. Ltd. and the lowest is INR 36.95 billion by Emkay Global Financial Services Ltd. The net profit estimates range from a high of INR 3.2 billion by Elara to a low of INR 3.09 billion by Kotak Securities Ltd. Vishal Mega Mart will announce its December quarter earnings on Tuesday.

 

The company is estimated to have opened 15-24 new stores in the December quarter, according to inputs from four brokerages. In the September quarter, the company gross added 28 stores and net added 25 stores. As of Sept. 30, Vishal Mega Mart had 742 stores across 493 cities.

 

Same-store sales growth for the December quarter would be driven by higher volumes across the apparel, fast-moving consumer goods, and general merchandise categories, according to Kotak Securities. "Revenue growth is lower than 1HFY26 (Apr-Sept) growth of 22?cause of late onset of winter and advancement of some festive revenue to 2QFY26 (Jul-Sep)," the brokerage said. Same-store sales growth refers to the increase in revenue of retail stores or restaurants that have been in operation for at least a year.

 

Following the September-quarter earnings disclosure in November, the management had said Vishal Mega Mart did not plan to increase prices if inflation remained at the then prevailing "benign levels."

 

JM Financial expects Vishal Mega Mart's sales per square feet for the December quarter to improve 6% on year to INR 11,400 on an annualised basis. 

 

The company is expected to report INR 6.11 billion in earnings before interest, tax, depreciation, and amortisation for the December quarter, according to the average of estimates. The highest EBITDA estimate is INR 6.21 billion by Elara and the lowest is INR 6.06 billion by Motilal Oswal Financial Services Ltd.

 

For the year-ago quarter, Vishal Mega Mart had reported EBITDA of INR 5.05 billion and an adjusted EBITDA of INR 3.94 billion.

 

Vishal Mega Mart has decided to keep its gross margins flat in 2025-26 (Apr-Mar) and any gains from the rise in gross margin would be invested back into the company to improve the "quality of the business," Managing Director and Chief Executive Officer Gunender Kapur had said in August. Kapur had added that the company's EBITDA margin would continue to improve due to operating leverage.

 

On Friday, shares of Vishal Mega Mart closed at INR 124.58 on the National Stock Exchange, up 0.3%. The stock is down nearly 10% since the company reported its results for the September quarter. It is down around 21% from its 52-week high of INR 157.6, recorded on Aug. 26.

 

All the four research recommendations on Vishal Mega Mart available with Informist have a 'buy' or equivalent rating on the stock with an average target price of INR 175. This is over 40% higher than the current market price.

 

Following are the Oct-Dec earnings estimates for Vishal Mega Mart, in INR billion, from five brokerages in descending order of the estimate of net profit:

 

Broking firm	Revenue	Net profit	EBITDA
Elara Securities (India) Pvt Ltd	38.10	3.20	6.21
JM Financial Institutional Securities Pvt Ltd	37.28	3.15	6.13
Emkay Global Financial Services Ltd	36.95	3.11	6.07
Motilal Oswal Financial Services Ltd	37.65	3.09	6.06
Kotak Securities Ltd	37.312	3.09	6.09
Average	37.46	3.13	6.11

 

End

 

Edited by Avishek Dutta

 

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