V-Mart Retail Ltd (VMART) Q2FY27 Concall Summary - Sep-2026 Qtr
Key Takeaways
- The 'Unlimited' business in South India is a major success, now delivering higher EBITDA margins (11.6%) than the core V-Mart business (8.8%).
- Management confirmed a healthy underlying like-for-like sales growth of 11% for Q2, after adjusting for the 19-day shift of the festive season into Q3.
- The 'LimeRoad' acquisition is paying off, with 58% of its online orders fulfilled via store inventory, driving asset-light growth and reducing losses to 8% of revenue.
Performance Overview
- Despite a 19-day festive season shift from Q2 to Q3, the company achieved 18% revenue growth and a 3% same-store sales growth (SSSG), which adjusts to 11% when accounting for the festive shift.
- The 'Unlimited' business in South India was a standout performer, delivering strong growth and higher EBITDA margins (11.6%) than the core V-Mart business (8.8%), with its sales per square foot now matching V-Mart's.
- The 'LimeRoad' online business grew its top line by 55% while reducing losses by 32%, with losses as a percentage of revenue dropping from 18% to 8%, driven by an effective omnichannel strategy.
- The company expanded its retail footprint by opening 23 new stores, crossing the 600-store milestone and reaching a total of 613 stores across 351 cities.
- Operational efficiencies were a key focus, leading to a 7-day reduction in inventory days (from 97 to 90) and improved vendor relationships through faster payments, despite increased working capital utilization.
Financial Metrics
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Operating Performance / Business Segments
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Key Discussions & Insights
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Outlook and Guidance
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Challenges / Concerns
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Industry / Competitive Landscape
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Overall Summary
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Tone & Disclosure
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