v mart retail shareholders approved a dividend of ₹1 per equity share and the reappointment of Managing Director Lalit Agarwal at the company’s 24th Annual General Meeting (AGM) held on July 30, 2026. The resolutions were passed via remote e-voting and e-voting during the meeting, which was conducted through video conferencing in compliance with Ministry of Corporate Affairs and Securities and Exchange Board of India (SEBI) circulars. A total of 191 members representing 3,53,37,200 shares attended the virtual meeting.

The AGM proceedings were governed by Regulation 30 read with Para A (13) of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. M/s S.R. Batliboi & Co LLP served as the statutory auditor, while M/s Agarwal S. & Associates acted as secretarial auditors. Mr. Harsh Oberoi of M/s Oberoi & Associates was appointed as the scrutinizer for the meeting. Remote e-voting commenced on July 26, 2026, at 9:00 a.m. and concluded on July 29, 2026, at 5:00 p.m., with additional e-voting facilities available during the AGM for eligible members who had not voted remotely.

Key Resolutions Passed

Shareholders approved three ordinary resolutions during the meeting:

Lalit Agarwal retires by rotation but is eligible and has offered himself for reappointment. The financial statements for the year ended March 31, 2026, were adopted without any adverse qualifications from the statutory or secretarial auditors.

Financial Performance Overview

During the AGM, Chairperson Aakash Moondhra and Managing Director Lalit Agarwal provided an overview of the company’s operational and financial performance for FY26. V-Mart Retail reported significant growth metrics for the fiscal year:

The company highlighted that it remains long-term debt-free. Management emphasized a strategic focus on becoming India’s leading value fashion omni-retailer, supported by a scalable operating model and technology-led transformation initiatives including AI-augmented enterprise solutions.

Governance and Sustainability

V-Mart Retail received the ICAI Award for Excellence in Financial Reporting, underscoring its commitment to strong governance practices. The company also reported generating more than 2,700 GJ of renewable energy as part of its sustainability journey. With 577 stores across India and over 897 lakh customer visits, management reaffirmed its goal to build a resilient, future-ready retail business focused on customer-centric competitive advantages.

V-Mart Retail delivered its 11th consecutive quarter of positive same-store sales growth (SSSG) in Q1FY27, with Managing Director Lalit Agarwal projecting mid-to-high single-digit SSG for the full year. The company reported a 41% year-on-year rise in net profit after tax (PAT) to ₹47.21 crore, driven by a 23% surge in revenue to ₹1,088.81 crore. Despite gross margin compression of 80 basis points due to raw material inflation and inventory provisioning, operating leverage expanded by 150 basis points as total expenses grew only 15%. This performance underscores V-Mart’s ability to maintain profitability through disciplined cost management and improved inventory turnover amid rising input costs.

The Board of Directors approved the unaudited financial results on July 24, 2026, pursuant to Regulations 30 & 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Statutory auditors S.R. Batliboi & Co. LLP issued the Limited Review Report. In a strategic leadership move, the Board appointed Suraj Rathor as Head of Finance and Senior Management Personnel, effective July 24, 2026. Additionally, Anand Agarwal assumed the role of Chief Operating Officer alongside his CFO duties, marking a completed leadership transition. Company Secretary Megha Tandon communicated the results to shareholders on July 27, 2026.

Financial Performance Highlights

V-Mart Retail demonstrated significant operating leverage in Q1FY27. Revenue from operations grew from ₹885.22 crore in Q1FY26 to ₹1,088.81 crore. EBITDA increased by 27% to ₹160.64 crore from ₹126.17 crore, expanding the EBITDA margin by 50 basis points to 14.8% from 14.3%. Profit before tax grew significantly, leading to the 41% surge in PAT. Other income remained relatively stable at ₹2.65 crore compared to ₹2.93 crore in the previous year. Pre-IndAS EBITDA grew 36% to ₹83 crore, with margins expanding to 7.6% from 6.9%.

Operational Efficiency and Segment Performance

The company’s same-store sales growth (SSSG) of 9% year-on-year reflects sustained consumer traction, with the Unlimited format outperforming at 13% SSG. Footfall surged 39% while memo count grew 18%, indicating higher customer engagement. Inventory management saw notable improvement, with inventory days dropping 8% year-on-year to 86 days. This efficiency gain was supported by leaner operations and better stock turnover. V-Mart also added 15 new stores gross during the quarter, bringing total network strength to 591 across 335 cities. The Unlimited format in South India delivered 33% revenue growth and 40% EBITDA growth, with sales per square feet reaching ₹710, up 18% year-on-year.

Segment-wise, Retail Trade revenue stood at ₹1,083.48 crore, contributing ₹66.22 crore to segment results. The Digital Marketplace segment reported revenue of ₹10.37 crore with a loss of ₹3.23 crore, showing a significant improvement from a loss of ₹5.06 crore in Q1FY26. LimeRoad marketplace losses reduced by 39% year-on-year despite an 18% increase in net merchandise values (NMVs).

What the Numbers Show

The divergence between revenue growth (23%) and PAT growth (41%) highlights substantial operating leverage achieved by V-Mart Retail in Q1FY27. The expansion in both EBITDA and PAT margins by 50 basis points indicates that fixed costs were effectively spread over a larger revenue base while variable costs were controlled. The reduction in inventory days to 86 days suggests improving supply chain efficiency, reducing working capital pressure. Additionally, the narrowing losses at the Digital Marketplace segment alongside revenue growth point to a maturing digital ecosystem that is becoming less of a drag on overall profitability. Management noted that 3%-4% SSG is sufficient to offset typical inflationary pressures, given that 95%-98% of expenses are fixed in nature.