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Informist, Tuesday, Jul. 21, 2026

 

By Avishek Rakshit

 

KOLKATA – An estimated 9-9.5% same-store sales growth and expansion of its store network is expected to help hypermarket chain Vishal Mega Mart Ltd. report decent top line and bottom line growth for the June quarter. 

 

The company's consolidated net profit for the June quarter is expected to increase nearly 24% on year and over 51% on quarter to INR 2.54 billion, according to the average of estimates of seven brokerages. The highest net profit estimate of INR 2.60 billion is from Kotak Securities Ltd. and the lowest estimate of INR 2.45 billion is from Elara Securities (India) Pvt. Ltd.

 

The offline-first retailer's consolidated revenue for the June quarter is expected to rise almost 20% on year and 21% on quarter to nearly INR 38 billion, according to the average of seven estimates. The highest estimate of revenue is INR 37.99 billion from brokerage Kotak and the lowest is INR 37.37 billion from Elara Securities.  

 

In the year-ago quarter, Vishal Mega Mart had registered a consolidated net profit of INR 2.06 billion on revenue of INR 31.40 billion. For the March quarter, it reported a consolidated net profit of INR 1.68 billion on revenue of INR 31.14 billion. The retailer will detail its June quarter results Thursday.  

 

Nearly all brokerages expect Vishal Mega Mart to report around 9-9.5% same-store sales growth, which is a key revenue barometer for the retail industry. It refers to the increase or growth in revenue of a company's retail stores that have been in operation for at least a year. Hence, it discounts revenue additions arising from new stores and helps measure how each store is performing on an average. Higher same-store sales growth essentially leads to top line growth for retailers. 

 

Elara estimates that Vishal Mega Mart added 25 new stores in the June quarter, taking the total store tally to 820 as on Jun. 30. Besides same-store sales growth which is expected to pull up revenues, brokerages including Elara and Kotak are also bullish on the retailer being able to generate new revenue from new stores, which is expected to pull up the top line further in the June quarter. 

 

However, the projected 9-9.5% same-store sales growth may be lower than the 12.1% growth the company had reported in the March quarter. 

 

Brokerages said sales in the retail industry in the June quarter are expected to be led by healthy traction in innerwear and footwear segments, while apparel demand stayed relatively weaker. Premium categories continued to outperform budget priced products amid the inflationary environment, while mid-market demand remained selective and promotion-led. 

 

Elara said wedding and occasion wear saw some recovery in the June quarter, though footfalls were uneven, further weighed down by the inauspicious 'Adhik Maas' period of a month when consumer sentiment was weak. Indian consumers usually defer or avoid purchases during inauspicious times. However, organised large-scale companies such as Vishal Mega Mart are expected to have gained market share from smaller and regional players leading to top line growth. 

 

The company is expected to report INR 5.48 billion in consolidated earnings before interest, tax, depreciation, and amortisation for the June quarter, according to the average of estimates from six brokerages. The highest EBITDA estimate is INR 5.62 billion by brokerage Kotak and the lowest is INR 5.38 billion by Elara.

 

Brokerage Kotak expects Vishal Mega Mart's consolidated gross margins to decline 20 basis points on year to 28.2% but the EBITDA margin is seen increasing 20 bps on year to 14.8% in the June quarter.

 

Sector analysts will track the company's comments on the competitive landscape, demand trends, overall outlook for the current financial year, consumer sentiment, and the expansion strategy.

 

At 1256, shares of Vishal Mega Mart traded slightly higher at INR 111.28 on the National Stock Exchange. They are down nearly 6% since the company announced its March quarter earnings in May.

 

All six brokerage reports available on the company with Informist have a 'buy' or equivalent recommendation on the stock with an average target price of INR 156.

 

Following are the June quarter earnings estimates for Vishal Mega Mart, in INR billion, from seven brokerages in descending order of the estimate of net profit:

 

Brokerage	Net sales	Net profit	EBITDA
Kotak Securities Ltd	37.99	2.60	5.62
HDFC Securities Ltd	37.70	2.60	5.50
Emkay Global Financial Services Ltd	37.44	2.58	5.46
PhillipCapital (India) Pvt Ltd	37.93	2.57	5.48
JM Financial Institutional Securities Pvt Ltd	37.40	2.54	5.45
Anand Rathi Share and Stock Brokers Ltd	37.68	2.46
Elara Securities (India) Pvt Ltd	37.37	2.45	5.38
Average	37.65	2.54	5.48

 

End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Himanshi Gupta 

 

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