Vishal Mega Mart submitted its Business Responsibility & Sustainability Report (BRSR) for FY26 on August 24, 2026. The filing covers consolidated operations across 814 locations and reports a consolidated turnover of ₹12,906 crore.

The company engaged Grant Thornton Bharat LLP to provide reasonable assurance on core sustainability indicators. These metrics include energy consumption, water usage, greenhouse gas emissions, and waste management data.

Operational Metrics

Vishal Mega Mart operates primarily in the retail sector, with apparel contributing 44% of total turnover. General merchandise accounts for 29%, while fast-moving consumer goods make up the remaining 27%.

The workforce comprises 21,913 permanent employees as of March 31, 2026. Of these, 66% are male and 34% are female. The company reported a turnover rate of 84% for permanent employees in FY26.

Environmental Impact

Total energy consumption rose to 7,34,083 GJ in FY26 from 5,89,035 GJ in FY25. This increase coincided with higher non-renewable energy usage, which stood at 7,32,578 GJ. Renewable energy consumption was recorded at 1,505 GJ.

Greenhouse gas emissions (Scope 1 and Scope 2) totaled 1,41,404 metric tonnes of CO2 equivalent. This compares to 1,16,750 metric tonnes in the prior year. Water withdrawal increased to 1,48,627 kilolitres from 1,20,171 kilolitres.

What the Numbers Show

Customer complaints surged significantly in FY26. The company received 94,575 complaints during the year, up from 81,482 in FY25. Despite this volume increase, the number of pending resolutions at year-end remained at zero for both periods. This suggests improved processing efficiency or a shift in complaint nature rather than unresolved backlog issues.

Governance and Safety

Vishal Mega Mart reported four recordable work-related injuries in FY26, down from 13 in FY25. The Lost Time Injury Frequency Rate (LTIFR) fell to 0.08 per million person-hours worked from 0.31 previously.

The board includes two female directors, representing 25% of the total eight-member board. No monetary penalties or fines were reported during the financial year.

Vishal Mega Mart has been rated Overweight by Morgan Stanley, which set a target price of ₹146. The broker cited the removal of succession concerns following the leadership reappointment and an attractive valuation multiple.

The bank highlighted the five-year reappointment of Mr. Gunender Kapur as Founder, Managing Director and CEO, effective September 1, 2026. Morgan Stanley noted that this move addresses potential succession risks. The firm also pointed to the company’s consistent execution and a 42.8x 12-month price-to-earnings (P/E) ratio compared to discretionary peers as key factors supporting its positive view.

Leadership Continuity

The board of directors approved Mr. Kapur’s reappointment during its meeting on August 21, 2026. The decision followed a recommendation from the Nomination and Remuneration Committee and is subject to shareholder approval.

Mr. Kapur was originally appointed for a three-year term starting June 27, 2024, expiring on June 26, 2027. The new tenure commences earlier, on September 1, 2026, and runs through August 31, 2031.

Leadership Profile

Mr. Kapur holds a bachelor’s degree in engineering with honours from the Birla Institute of Technology and Sciences and a master’s degree in business administration from the University of Delhi. He brings over 42 years of experience in management and investment within the consumer and retail sectors.

His professional background includes associations with Hindustan Lever Limited, Unilever Nigeria PLC, Reliance Industries Limited and TPG Capital. The company confirmed that he is not debarred from holding office by any SEBI order or other authority and is not related to any other directors of the company.