V-mart Retail Ltd · NSE:VMART
V-mart Retail — Q3 FY26 Earnings Presentation
26 slides from V-mart Retail's earnings presentation, Jan 22, 2026
Slide 1: Cover letter to stock exchanges
Ref. No. CS/S/L-945/2025-26 22nd January, 2026 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 Scri
Slide 2: V-Mart Retail Limited Investor Presentation Q3FY26
V-Mart Retail Limited Investor Presentation Q3FY26 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: Q3FY26 Key Performance Highlights
Q3FY26 Key Performance Highlights Financial Parameters Operational Parameters
Slide 5: Key Highlights: Q3FY26 vs Q3FY25
Key Highlights: Q3FY26 vs Q3FY25 • 10% YoY revenue growth; Adjusted for the festive shift to Q2, combined Q2–Q3 Revenue grew 15% with 5% SSSG. • Strong Profitability Jump: Efficiency improvements drive 22% increase in EBITDA to ₹2,095 Mn (18.6%). PAT grew 23% to ₹880 Mn. • 'Unlimited’ Outperformance
Slide 6: Financial Parameters
Financial Parameters Revenue from operations (₹ Millions) Revenue Mix (%) 10%▲ Q3 FY'25 Q3 FY'26 Q3 FY'25 Q3 FY'26 9%▲ 80% 80% 11,264 10,267 9,450 8,634 15%▲ 20%▼ 1,528 1,752 10% 10% 10% 10% 294 235 Total V-Mart Unlimited LimeRoad NMV* Apparel Non-Apparel FMCG * LimeRoad Commission Income is ₹ 62 Mn
Slide 7: Operational Parameters
Operational Parameters Same Store Sales Growth (SSSG) (%) Same Store Volume Growth (SSVG) (%) Q3 FY'25 Q3 FY'26 Q3 FY'25 Q3 FY'26 16% 10% 11% 10% 10% 10% 7% 2% 2% 0% 0% 1% Total V-Mart Unlimited Total V-Mart Unlimited Footfall (Millions) & Conversion Rate (%) Average Selling Price (ASP) (₹) Footfall
Slide 8: Key Highlights: YTDFY26 vs YTDFY25
Key Highlights: YTDFY26 vs YTDFY25 ▪ Revenue Growth : 14% YoY ▪ Memo Growth 17% YoY ▪ Same Store Sales Growth : 3% (V-Mart: 3%, Unlimited: 4%) ▪ Total Stores : 554 (V-Mart : 458, Unlimited : 96) • Stores Opened : 63 (V-Mart: 49, Unlimited: 14) • Stores Closed : 6 (V-Mart: 3, Unlimited: 3) ▪ LimeRoad
Slide 9: Financial Parameters
Financial Parameters Revenue from operations (₹ Millions) Revenue Mix (%) YTD FY'25 YTD FY'26 79% 80% YTD FY'25 YTD FY'26 14%▲ 28,185 15%▲ 24,738 23,481 20,506 16%▲ 29%▼ 3,907 4,515 10% 10% 11% 10% 861 614 Total V-Mart Unlimited LimeRoad NMV* Apparel Non-Apparel FMCG *LimeRoad Commission Income is ₹
Slide 10: Operational Parameters
Operational Parameters Footfall (Millions) Conversion Rate (%) 64 44% 45% 14%▲ 56 YTD FY'25 YTD FY'26 YTD FY'25 YTD FY'26 Average Transaction Size (₹) Average Selling Price (ASP) (₹) YTD FY'25 YTD FY'26 6%▼ 3%▼ 6%▼ 3%▲ 4%▲ 1,797 3%▼ 1,685 0%▲ 0%▲ 3%▼ 1,058 1,028 981 956 234 217 404 366 351 447 Total
Slide 11: Operational Parameters
Operational Parameters Store Count (Nos) Tier Wise Sales per square feet (Per Month) (₹) 14%▲ YTD FY'25 YTD FY'26 YTD FY'25 YTD FY'26 554 3%▼ 488 1%▲ 5%▲ 1%▲ 8%▲ 12%▲ 798 777 748 729 733 709 709 716 703 649 295 14%▲ 263 7%▲ 27%▲ 110 125 55 70 60 64 Total Tier 1 Tier 2 Tier 3 Tier 4 Total Tier 1 Tier
Slide 12: Operational Parameters
Operational Parameters Same Store Sales Growth (SSSG) (%) Same Store Volume Growth (SSVG) (%) YTD FY'25 YTD FY'26 YTD FY'25 YTD FY'26 12% 12% 10% 15% 10% 9% 10% 4% 3% 3% 2% 1% Total V-Mart Unlimited Total V-Mart Unlimited Inventory (Days of Sales) Provision for aged Inventory including shrinkage * Y
Slide 13: Operating Expenses
Operating Expenses Manpower (₹ Millions) Power & fuel (₹ Millions) YTD FY'25 YTD FY'26 YTD FY'25 YTD FY'26 11%▲ 13%▲ 14%▲ 1,051 14%▲ 2,944 929 2,659 856 2,368 748 2,080 16%▲ 8%▲ 39%▼ 18%▼ 401 466 180 194 179 109 1 1 Total V-Mart Unlimited LimeRoad Total V-Mart Unlimited LimeRoad Advertisement (₹ Mil
Slide 14: Brand campaign creatives
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Slide 15: LimeRoad: Loss reduced by 60% YoY, NMV reduced by 20%
LimeRoad: Loss reduced by 60% YoY, NMV reduced by 20% NMV and EBITDA (₹ Millions) YOY NMV growth 20%▼ 480 430 YOY EBITDA Loss reduction 60%▼ 140 294 380 120 234 235 330 100 188 192 280 80 230 60 68 180 130 65 40 46 20 35 80 30 26 0 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 NMV EBITDA Loss Marketing Cost an
Slide 16: Q3 FY26 Financial Statements
Q3 FY26 Statement of Profit & Loss Balance Sheet Cash flow Statement 15
Slide 17: Statement of Profit & Loss (Q3)
Statement of Profit & Loss (Q3) Post Ind AS 116 Pre Ind AS 116 ₹ Millions Q3 FY26 Q3 FY25 YOY Q3 FY26 Q3 FY25 YOY Particulars (Unaudited) (Unaudited) % (Unaudited) (Unaudited) % Revenue from operations 11,264 10,267 10% 11,264 10,267 10% COGS 7,191 6,596 7,191 6,596 Gross Profit 4,073 3,672 11% 4,07
Slide 18: Statement of Profit & Loss (YTD)
Statement of Profit & Loss (YTD) Post Ind AS 116 Pre Ind AS 116 ₹ Millions YTD FY26 YTD FY25 YOY YTD FY26 YTD FY25 YOY Particulars (Unaudited) (Unaudited) % (Unaudited) (Unaudited) % Revenue from operations 28,185 24,738 14% 28,185 24,738 14% COGS 18,275 16,078 18,275 16,078 Gross Profit 9,910 8,660
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 Other Expenses* 4,933 -2,038 2,895 4,639 -1,728 2,910 EBITDA 2,034 2,038 4,072 1,361 1,728 3,089 Finance Cost 211 351 562 171 1
Slide 20: Balance sheet
Balance sheet ₹ Millions As At As At Particulars December 31, 2025 March 31, 2025 Particulars December 31, 2025 March 31, 2025 (Unaudited) (Audited) (Unaudited) (Audited) EQUITY AND LIABILITIES ASSETS Equity Property, plant and equipment 5,638 5,274 Equity share capital* 794 198 Capital work-in-prog
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) Net cash flow from operating activities (A) 4,084 3,313 (A) Cash flows from Operating activities IndAS 116 adjustment (B) (2,064) (1,728) Profit/ (Loss)
Slide 22: Store Geographical Spread; Other Significant Updates
Q3 FY26 Store Geographical Spread Other Significant Updates 21
Slide 23: Cluster Based Expansion - New Stores Additions (Q3 FY26)
Cluster Based Expansion - New Stores Additions (Q3 FY26) TOTAL 23 UTTAR PRADESH 5 GUJARAT 4 BIHAR 3 MADHYA PRADESH 2 1 1 HARYANA 2 2 1 TAMIL NADU 2 5 JHARKHAND 1 3 CHHATTISGARH 1 1 UTTARAKHAND 1 2 4 PUNJAB 1 1 NEW DELHI 1 Total 23 Tier 1 6 Tier 2 8 2 Tier 3 8 Tier 4 1 Powered by Bing © GeoNames, Mic
Slide 24: Total Stores as on 31st December 2025
Total Stores as on 31st December 2025 STATE FY26 FY25 UTTAR PRADESH 167 151 BIHAR 79 68 TAMIL NADU 35 29 10 JHARKHAND 32 26 RAJASTHAN 30 29 1 WEST BENGAL 21 21 5 KARNATAKA 20 18 19 5 UTTARAKHAND 19 15 5 2 MADHYA PRADESH 18 16 TELANGANA 18 16 30 167 15 2 1 GUJARAT 17 12 79 2 ASSAM 15 16 ORISSA 15 13
Slide 25: New Stores Opened
New Stores Opened Gujarat Tamil Nadu Madhya Pradesh New Delhi 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