V-mart Retail Ltd · NSE:VMART
V-mart Retail — Q2 FY2026 Earnings Presentation
26 slides from V-mart Retail's earnings presentation, Nov 10, 2025
Slide 1: Exchange filing cover letter: Presentation to Analysts/Investors
Ref. No. CS/S/L-922/2025-26 10th November, 2025 To: To: The Listing Department The Corporate Relationship Department NATIONAL STOCK EXCHANGE OF INDIA LIMITED THE BSE LTD “Exchange Plaza” Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Dalal Street, Mumbai – 400 001 Bandra (E ), Mumbai – 400 051 Scr
Slide 2: V-Mart Retail Limited Investor Presentation Q2FY26
V-Mart Retail Limited Investor Presentation Q2FY26 www.vmart.co.in / www.limeroad.com
Slide 3: Disclaimer
This presentation by V-Mart Retail Limited (“V-Mart”) does not constitute a prospectus, placement memorandum, or an offer to acquire any securities. It should not be deemed an offer in any form. No representation or warranty, express or implied, is made regarding the fairness, accuracy, completeness
Slide 4: Q2FY26 Key Performance Highlights
Q2FY26 Key Performance Highlights Financial Parameters Operational Parameters
Slide 5: Key Highlights: Q2FY26 vs Q2FY25
Key Highlights: Q2FY26 vs Q2FY25 ▪ Revenue Growth : 22% YoY ▪ Memo Growth 23% YoY ▪ Same Store Sales Growth : 11% (V-Mart: 11%, Unlimited: 11%) ▪ Total Stores : 533 (V-Mart : 438, Unlimited : 95) • Stores Opened : 25 (V-Mart: 18, Unlimited: 7) • Stores Closed : 2 (V-Mart: 1, Unlimited: 1) ▪ LimeRoad
Slide 6: Financial Parameters
Financial Parameters Revenue from operations (₹ Millions) Revenue Mix (%) Q2FY25 Q2FY26 22%▲ Q2FY25 Q2FY26 76% 77% 8,069 23%▲ 6,610 6,624 5,371 22%▲ 32%▼ 1,134 1,380 11% 11% 13% 12% 281 192 Total V-Mart Unlimited LimeRoad NMV* Apparel Non-Apparel FMCG *LimeRoad Commission Income is ₹ 66 Mn (Q2 FY25
Slide 7: Operational Parameters
Operational Parameters Same Store Sales Growth (SSSG) (%) Same Store Volume Growth (SSVG) (%) Q2FY25 Q2FY26 Q2FY25 Q2FY26 16% 17% 15% 11% 11% 11% 11% 12% 7% 7% 6% 5% Total V-Mart Unlimited Total V-Mart Unlimited Footfall (Millions) & Conversion Rate (%) Average Selling Price (ASP) (₹) 3%▼ Footfall C
Slide 8: Key Highlights: H1FY26 vs H1FY25
Key Highlights: H1FY26 vs H1FY25 ▪ Revenue Growth : 17% YoY ▪ Memo Growth 21% YoY ▪ Same Store Sales Growth : 5% (V-Mart: 5%, Unlimited: 5%) ▪ Total Stores : 533 (V-Mart : 438, Unlimited : 95) • Stores Opened : 40 (V-Mart: 28, Unlimited: 12) • Stores Closed : 4 (V-Mart: 2, Unlimited: 2) ▪ LimeRoad L
Slide 9: Financial Parameters
Financial Parameters Revenue from operations (₹ Millions) Revenue Mix (%) 17%▲ YTD FY25 YTD FY26 79% 79% 16,921 18%▲ YTD FY25 YTD FY26 14,471 14,031 11,872 16%▲ 33%▼ 2,379 2,763 10% 10% 11% 11% 567 380 Total V-Mart Unlimited LimeRoad NMV* Apparel Non-Apparel FMCG *LimeRoad Commission Income is ₹ 127
Slide 10: Operational Parameters
Operational Parameters Footfall (Millions) Conversion Rate (%) 39 45% 46% 14%▲ 34 YTD FY25 YTD FY26 YTD FY25 YTD FY26 Average Transaction Size (₹) Average Selling Price (ASP) (₹) YTD FY25 YTD FY26 3%▼ 5%▼ 6%▼ 3%▲ 4%▲ 2%▼ 1,730 1,643 1%▼ 1%▲ 2%▲ 1,001 981 923 910 216 199 390 336 318 431 Total V-Mart
Slide 11: Operational Parameters
Operational Parameters Store Count (Nos) Tier Wise Sales per square feet (Per Month) (₹) YTD FY25 YTD FY26 14%▲ YTD FY25 YTD FY26 5%▲ 1%▲ 5%▲ 6%▲ 15%▲ 533 467 15%▲ 678 708 718 668 666 645 619 653 630 578 14%▲ 286 15%▲ 248 9%▲ 107 122 55 63 57 62 Total Tier 1 Tier 2 Tier 3 Tier 4 Total Tier 1 Tier 2
Slide 12: Operational Parameters
Operational Parameters Same Store Sales Growth (SSSG) (%) Same Store Volume Growth (SSVG) (%) YTD FY25 YTD FY26 YTD FY25 YTD FY26 14% 13% 14% 11% 9% 9% 9% 5% 5% 5% 4% 3% Total V-Mart Unlimited Total V-Mart Unlimited Inventory (Days of Sales) Provision for aged Inventory including shrinkage * YTD FY2
Slide 13: Operating Expenses
Operating Expenses Manpower (₹ Millions) Power & fuel (₹ Millions) 13%▲ 17%▲ YTD FY25 YTD FY26 15%▲ 16%▲ YTD FY25 YTD FY26 740 1,926 643 1,706 606 1,546 522 1,318 16%▲ 11%▲ 40%▼ 45%▼ 264 306 120 133 124 74 1 1 Total V-Mart Unlimited LimeRoad Total V-Mart Unlimited LimeRoad Advertisement (₹ Millions
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Slide 15: LimeRoad: Loss reduced by 53% YoY, NMV reduced by 32%
LimeRoad: Loss reduced by 53% YoY, NMV reduced by 32% NMV and EBITDA (₹ Millions) YOY NMV growth 32%▼ YOY EBITDA Loss reduction 53%▼ 281 294 234 188 192 73 65 68 46 35 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 NMV EBITDA Loss Marketing Cost and V-Mart’s Sale Mix Marketing Cost (% of NMV) V-Mart contributio
Slide 16: Q2 FY26 Statement of Profit & Loss, Balance Sheet, Cash flow
Q2 FY26 Statement of Profit & Loss Balance Sheet Cash flow Statement 15
Slide 17: Statement of Profit & Loss (Q2)
Statement of Profit & Loss (Q2) ₹ Millions Post Ind AS 116 Pre Ind AS 116 Q2 FY26 Q2 FY25 YOY Q2 FY26 Q2 FY25 YOY Particulars (Unaudited) (Unaudited) % (Unaudited) (Unaudited) % Revenue from operations 8,069 6,610 22% 8,069 6,610 22% COGS 5,355 4,389 5,355 4,389 Gross Profit 2,714 2,221 22% 2,714 2,
Slide 18: Statement of Profit & Loss (YTD)
Statement of Profit & Loss (YTD) ₹ Millions Post Ind AS 116 Pre Ind AS 116 YTD FY26 YTD FY25 YOY YTD FY26 YTD FY25 YOY Particulars (Unaudited) (Unaudited) % (Unaudited) (Unaudited) % Revenue from operations 16,921 14,471 17% 16,921 14,471 17% COGS 11,084 9,483 11,084 9,483 Gross Profit 5,837 4,988 1
Slide 19: Ind-AS 116: P&L Impact
Ind-AS 116 : P&L Impact ₹ Millions YTD FY26 YTD FY25 Pre-Ind Increased/ Post-Ind Pre-Ind Increased/ Post-Ind Particulars AS 116 (Decreased) AS 116 AS 116 (Decreased) AS 116 (A) (B) (C) = (A+B) (A) (B) (C) = (A+B) Other Expenses* 3,254 -1,319 1,935 3,029 -1,123 1,906 EBITDA 657 1,319 1,977 253 1,123
Slide 20: Balance sheet
Balance sheet ₹ Millions As At As At Particulars September 30, 2025 March 31, 2025 Particulars September 30, 2025 March 31, 2025 (Unaudited) (Audited) (Unaudited) (Audited) EQUITY AND LIABILITIES ASSETS Equity Property, plant and equipment 5,469 5,274 Equity share capital* 794 198 Capital work-in-pr
Slide 21: Cash Flow Statement
Cash Flow Statement ₹ Millions For the period ended Cash Flow Statement YTD FY26 YTD FY25 Free Cash Flow YTD FY26 YTD FY25 (Unaudited) (Unaudited) (A) Cash flows from Operating activities Net cash flow from operating activities (A) 2,327 1,216 Profit/ (Loss) before Income Tax 293 -487 IndAS 116 adju
Slide 22: Q2 FY26 Store Geographical Spread, Other Significant Updates
Q2 FY26 Store Geographical Spread Other Significant Updates 21
Slide 23: Cluster Based Expansion - New Stores Additions (Q2 FY26)
Cluster Based Expansion - New Stores Additions (Q2 FY26) Total 25 1 KARNATAKA 5 BIHAR 4 UTTAR PRADESH 4 1 JHARKHAND 2 WEST BENGAL 2 1 4 UTTARAKHAND 1 4 1 ORISSA 1 MEGHALAYA 1 2 2 TELANGANA 1 CHHATTISGARH 1 1 1 RAJASTHAN 1 JAMMU AND KASHMIR 1 ANDHRA PRADESH 1 1 1 5 Total 25 Tier 1 10 Tier 2 3 Tier 3
Slide 24: Total Stores as on 30th September 2025
Total Stores as on 30th September 2025 STATE FY26 FY25 UTTAR PRADESH 162 143 BIHAR 76 62 10 TAMIL NADU 33 29 RAJASTHAN 30 28 1 JHARKHAND 31 26 4 WEST BENGAL 21 22 18 KARNATAKA 21 17 4 MADHYA PRADESH 16 16 2 5 UTTARAKHAND 18 16 30 162 15 TELANGANA 18 15 76 1 ASSAM 15 14 2 ANDHRA PRADESH 12 12 31 21 7
Slide 25: New Stores Opened
New Stores Opened Bihar Jammu & Kashmir Andhra Pradesh Uttar Pradesh 24
Slide 26: Thank you
Thank you www.vmart.co.in / www.limeroad.com For further information, please contact: Suraj Rathor : suraj.rathor@vmartretail.com ir_vmart@vmartretail.com 25