Vishal Mega Mart FY26 PAT Rises 32.8% to ₹8,392 Million; Results Published in Newspapers
Vishal Mega Mart reported strong FY26 consolidated results with revenue of ₹1,29,063 million (+20.4% YoY) and PAT of ₹8,392 million (+32.8% YoY). Q4FY26 PAT grew 45.9% YoY to ₹1,679 million, driven by adjusted SSSG of 13.2%. The company operated 795 stores across 535 cities as of March 31, 2026, and published its audited financial results in Financial Express and Jansatta on May 15, 2026, per SEBI Regulation 47.
*this image is generated using AI for illustrative purposes only.
Vishal Mega Mart Limited announced its audited consolidated financial results for the quarter and financial year ended March 31, 2026. The Board of Directors approved the standalone and consolidated financial results at its meeting held on May 14, 2026. Pursuant to Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company subsequently published the financial results in Financial Express (English) and Jansatta (Hindi) on May 15, 2026. The results are also available on the company's website at https://www.aboutvishal.com/ . The company delivered strong revenue and profitability growth for the full year, backed by broad-based performance across all product categories and continued store expansion.
FY26 Financial Performance
For the financial year ended March 31, 2026, Vishal Mega Mart reported consolidated revenue from operations of ₹1,29,063 million, reflecting a year-on-year growth of 20.4%. Adjusted EBITDA (pre-INDAS 116 and pre-ESOP charges) stood at ₹13,211 million, representing a margin of 10.2% and a YoY growth of 27.8%. Reported EBITDA came in at ₹18,836 million with a margin of 14.6%. Profit After Tax (PAT) for FY26 stood at ₹8,392 million, up 32.8% from ₹6,320 million in FY25, with a PAT margin of 6.5%. Adjusted PAT (pre-ESOP charges) was ₹8,766 million, a growth of 29.7% YoY. Basic EPS increased to ₹1.80 from ₹1.40 in the prior year. Adjusted Same-Store Sales Growth (SSSG) for the year stood at 11.0%, while reported SSSG was 9.8%.
Q4FY26 Highlights
In the fourth quarter of FY26, revenue from operations reached ₹31,141 million, a YoY rise of 22.2%. Adjusted EBITDA (pre-INDAS 116 and pre-ESOP charges) for the quarter stood at ₹2,753 million, a margin of 8.8% and a YoY growth of 32.3%. Reported EBITDA was ₹4,248 million with a margin of 13.6%. PAT for the quarter grew 45.9% YoY to ₹1,679 million, with a margin of 5.4%. Adjusted PAT (pre-ESOP charges) stood at ₹1,759 million, up 37.3% YoY. Adjusted SSSG for Q4FY26 was 13.2%, while reported SSSG was 12.1%. The company added 25 gross and 24 net new stores during the quarter.
The table below summarises the consolidated financial results for Q4FY26 and FY26:
| Metric: | Q4FY26 | Q4FY25 | YoY | FY26 | FY25 | YoY |
|---|---|---|---|---|---|---|
| Revenue from Operations (₹ Mn) | 31,141 | 25,479 | 22.2% | 1,29,063 | 1,07,163 | 20.4% |
| Gross Profit (₹ Mn) | 8,672 | 7,201 | 20.4% | 36,681 | 30,527 | 20.2% |
| Gross Profit Margin (%) | 27.8% | 28.3% | — | 28.4% | 28.5% | — |
| Reported EBITDA (₹ Mn) | 4,248 | 3,571 | 18.9% | 18,836 | 15,302 | 23.1% |
| EBITDA Margin (%) | 13.6% | 14.0% | — | 14.6% | 14.3% | — |
| Adjusted EBITDA (₹ Mn) | 2,753 | 2,081 | 32.3% | 13,211 | 10,333 | 27.8% |
| Adjusted EBITDA Margin (%) | 8.8% | 8.2% | — | 10.2% | 9.6% | — |
| Profit After Tax (₹ Mn) | 1,679 | 1,151 | 45.9% | 8,392 | 6,320 | 32.8% |
| PAT Margin (%) | 5.4% | 4.5% | — | 6.5% | 5.9% | — |
| Adjusted PAT (₹ Mn) | 1,759 | 1,281 | 37.3% | 8,766 | 6,761 | 29.7% |
| Adjusted PAT Margin (%) | 5.6% | 5.0% | — | 6.8% | 6.3% | — |
Key Operational Highlights
As of March 31, 2026, Vishal Mega Mart operated 795 stores across 535 cities in 28 states and 2 union territories, spanning a total retail area of approximately 13.45 million sq. ft. During FY26, the company added 105 gross and 99 net new stores. The company's consumer base stood at approximately 169 million as of March 31, 2026. Category-wise revenue contribution for FY26 was 44.2% for Apparel, 28.5% for General Merchandise, and 27.0% for FMCG. Own brand contribution to revenue stood at 74.1% in FY26, compared to 73.1% in FY25. The company's quick commerce initiative is now available in 745 stores across 505 cities, with a registered user base of 12.9 million as of March 31, 2026.
Management Commentary
Commenting on the results, Mr. Gunender Kapur, Managing Director and Chief Executive Officer, said: "FY26 marks another remarkable year in our journey, delivering strong operational and financial performance. Underscored by the strength of our unique strategy and our commitment to making aspirations affordable, our revenue from operations grew by 22.2% YoY in Q4FY26 to Rs. 31,141 million. This was driven by an industry-leading SSSG (adjusted) of 13.2% which is mainly an outcome of aspirational merchandise, ability to cater to diverse and evolving customer needs and great execution. For FY26, our revenue from operations grew by 20.4% YoY to Rs. 129,063 million, driven by adjusted SSSG of 11%. PAT for Q4FY26 grew at 45.9% to Rs. 1,679 million and on full year basis it grew at 32.8% to Rs. 8,392 million, driven by improved cost efficiencies and the benefits of operating leverage. We are closely monitoring the macro environment and evolving geopolitical developments and are navigating with agility."
Corporate Governance Updates
The Board also approved the re-appointment of Ernst & Young LLP as the Internal Auditors for the financial year 2026-27. The statutory auditors, M/s. Walker Chandiok & Co LLP, issued an unmodified opinion on the audited financial results. The trading window for designated persons and their immediate relatives remains closed until 48 hours after the announcement of the financial results. The newspaper publication filing was submitted by Rahul Luthra, Company Secretary & Compliance Officer (ICSI Membership No: F9588).
Historical Stock Returns for Vishal Mega Mart
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.26% | -0.30% | -3.13% | -10.07% | -2.78% | +8.79% |
With 795 stores across 535 cities, how close is Vishal Mega Mart to its store expansion saturation point, and what tier-2 and tier-3 city markets remain untapped for future growth?
Given that quick commerce is now live in 745 stores with 12.9 million registered users, how might this channel reshape Vishal Mega Mart's revenue mix and margin profile over the next two to three years?
As own-brand contribution rises to 74.1%, what risks does Vishal Mega Mart face from increasing private-label competition by larger players like Reliance Retail and DMart, and how might this pressure gross margins?
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