V-Mart Retail Limited announced the resignation of Jayesh Kothari, President - Merchandising and Senior Management Personnel (SMP), effective from the close of business hours on October 9, 2026. The move follows a resignation letter dated October 4, 2026, where Kothari cited health-related reasons as the primary driver for his departure.

Resignation details

The company filed a disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. According to the filing, Kothari’s cessation from the role is scheduled for October 9, 2026. The company secretary, Megha Tandon, confirmed that the resignation was tendered due to health issues, as stated in the enclosed resignation letter.

In his personal communication to Anjali Goel, Kothari noted that his health had been poor for some time, requiring daily treatments. He mentioned an upcoming tooth surgery on Saturday and indicated he would complete handover formalities by the following week.

Key facts of the departure

Regulatory compliance

V-Mart Retail stated that the details required under SEBI Listing Regulations, read with SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, were provided in Annexure A of the filing. The original resignation letter was attached as Annexure B. The company requested the stock exchanges to take the information on record.

V-Mart Retail reported a revenue increase of 18% YoY to ₹953 crore in Q2FY27, alongside a network expansion of 23 new stores.

Store network and revenue performance

The company's topline growth of 18% on a year-on-year basis brought quarterly revenue to ₹953 crore in Q2FY27, up from ₹807 crore in the corresponding quarter last year. Alongside this financial performance, V-Mart Retail expanded its physical footprint during the quarter.

Same store sales and festive impact

The same store sales growth (SSSG) for the quarter stood at 3%, with V-Mart contributing 2% and Unlimited contributing 11%. However, the reported figure was impacted by a shift in the festive calendar. Navratri commenced on October 11, 2026, in the current year, compared to September 22, 2025, in the previous year. This resulted in a 19-day shift in festive dates from Q2 to Q3.

Adjusting for this festive timing shift, the SSSG for the quarter stood at 11%, with V-Mart at 10% and Unlimited at 12%.

Year-to-date performance

For the six months ended September 30, 2026 (YTD FY27), total revenue from operations stood at ₹2,042 crore, compared to ₹1,692 crore in the corresponding period of the previous year. This reflects a year-on-year growth of 21%. The YTD SSSG stood at 6%, with V-Mart at 5% and Unlimited at 12%.

The above revenue numbers are provisional and subject to review by the Statutory Auditors of the Company.

Store expansion highlights

The following table summarises the store expansion details reported for Q2FY27:

The addition of 23 new stores, net of one closure, brought the total operating store count to 613. The new stores were distributed across multiple states, including seven in Uttar Pradesh, three each in Bihar and Madhya Pradesh, two each in Punjab and Tamil Nadu, and one each in Andhra Pradesh, Goa, Gujarat, Haryana, Rajasthan, and West Bengal.

What the Numbers Show

The divergence between reported SSSG (3%) and adjusted SSSG (11%) highlights the significant impact of the festive calendar shift on quarterly comparability. While headline revenue growth remained robust at 18%, the underlying organic growth appears stronger when normalized for the timing difference in festive sales, which shifted substantially into Q3FY27.