V-mart Retail Ltd · NSE:VMART
V-mart Retail — Q2 FY2027 Earnings Presentation
37 slides from V-mart Retail's earnings presentation, Nov 3, 2026
Slide 1: Exchange cover letter: Presentation to Analysts/Investors
Ref. No. CS/S/L-1020/2026-27 3rd November, 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 Scr
Slide 2: V-Mart Retail Limited Investor Presentation Q2 FY'27
INVESTOR PRESENTATION · Q2 FY’27 V-Mart Retail Limited 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: Q2 FY'27 Key Performance Highlights
Q2 FY’27 Key Performance Highlights Financial Parameters Operational Parameters 3 V-MART RETAIL LIMITED
Slide 5: Key Highlights: Q2 FY'27 vs Q2 FY'26
Key Highlights: Q2 FY’27 vs Q2 FY’26 Q2 FY’27 Strong performance across financial and operational parameters, driven by healthy customer traction and improving business momentum. 613 Stores ₹9,530 Mn ₹861 Mn SSSG: 3% Net Store Addition: 22 Revenue EBITDA : 9.0% of Revenue *Festive Adjusted SSSG :11%
Slide 6: Financial Parameters Q2 FY'27
Financial Parameters Q2 FY’27 EBITDA outpaced revenue growth, reflecting operating leverage and disciplined cost management while maintaining a stable revenue mix. Revenue from Operations (₹ Millions) Revenue Mix (%) Q2 FY'26 Q2 FY'27 Q2 FY'26 Q2 FY'27 18%▲ 17%▲ 77% 77% 9,530 8,069 7,750 6,624 25%▲
Slide 7: Operational Parameters – Key Performance Indicators
Operational Parameters – Key Performance Indicators Q2 FY’27 Strong festive-adjusted SSSG and volume-led traffic expansion reaffirm core brand momentum while maintaining pricing discipline. Same Store Sales Growth (SSSG) (%) Same Store Volume Growth (SSVG) (%) Q2 FY'26 Q2 FY'27 Festive Adjusted SSSG
Slide 8: YTD FY'27 Key Performance Highlights
YTD FY’27 Key Performance Highlights Financial Parameters Operational Parameters 7 V-MART RETAIL LIMITED
Slide 9: Key Highlights: YTD FY'27 vs YTD FY'26
Key Highlights: YTD FY’27 vs YTD FY’26 YTD FY’27 Accelerating store rollout and strong footfall gains drive robust top-line momentum, supported by festive demand alignment and inventory leanings. ₹20,418 Mn ₹2,467 Mn ₹309 Mn 90 Days Revenue EBITDA · 12.1% of Revenue PAT · 1.5% of Revenue Inventory D
Slide 10: Financial Parameters YTD FY'27
Financial Parameters YTD FY’27 Operating leverage and strategic cost optimization drive margin expansion, strengthening bottom-line resilience. Revenue from Operations (₹ Millions) Revenue Mix (%) YTD FY'26 YTD FY'27 YTD FY'26 YTD FY'27 21%▲ 19%▲ 79% 79% 20,418 16,921 16,742 14,031 29%▲ 37%▲ 2,763 3
Slide 11: Operational Parameters – Key Performance Indicators
Operational Parameters – Key Performance Indicators YTD FY’27 Steady growth in store footfalls and transaction bills reinforces brand preference across regional markets. Footfall (Millions) Memo (Millions) 53 21 39 18 37%▲ 17%▲ YTD FY'26 YTD FY'27 YTD FY'26 YTD FY'27 Average Transaction Size (₹) Ave
Slide 12: Operational Parameters – Network & Space
Operational Parameters – Network & Space YTD FY’27 Sustained SPSF growth, disciplined expansion, new stores delivering higher SPSF than matured stores. Store Count (Nos) Tier Wise Sales per square feet (Per Month) (₹) YTD FY'26 YTD FY'27 YTD FY'26 YTD FY'27 15%▲ 5%▲ 1%▲ 10%▲ 4%▲ 6%▲ 613 533 678 709
Slide 13: Operational Parameters – Efficiency
Operational Parameters – Efficiency YTD FY’27 Improved merchandise assortment and supply chain efficiencies led to improvement in inventory days alongside sustained SSSG. Same Store Sales Growth (SSSG) (%) Same Store Volume Growth (SSVG) (%) YTD FY'26 YTD FY'27 YTD FY'26 YTD FY'27 12% 12% 11% 6% 5%
Slide 14: Operating Expenses
Operating Expenses YTD FY’27 Optimised expense and economies of scale keep operational overheads well-calibrated with retail network expansion. Manpower (₹ Millions) Power & fuel (₹ Millions) YTD FY'26 YTD FY'27 YTD FY'26 YTD FY'27 16%▲ 17%▲ 17%▲ 2,232 19%▲ 1,926 869 1,809 740 719 1,546 606 16%▲ 12%
Slide 15: LimeRoad brand and product collage
Slide 16: LimeRoad: NMV rises 55% while Losses shrink 32% YoY
LimeRoad: NMV rises 55% while Losses shrink 32% YoY Q2 FY’27 Strengthening the omni-channel ecosystem through LimeRoad Marketplace. NMV and EBITDA (₹ Millions) YOY NMV growth 55%▲ YOY EBITDA Loss reduction 32%▼ 298 235 222 192 205 35 30 28 23 23 Q2 FY'26 Q3 FY'26 Q4 FY'26 Q1 FY'27 Q2 FY'27 NMV EBITD
Slide 17: Q2 FY'27 Financial Statements
Q2 FY’27 Statement of Profit & Loss Balance Sheet Cash flow Statement 16
Slide 18: Statement of Profit & Loss Q2 FY'27
Statement of Profit & Loss Q2 FY’27 Revenue grew 18% and EBITDA 20%, with margins improving to 9.0%; quarterly PAT remained impacted by depreciation under Ind AS 116. ₹ Millions Post Ind AS 116 Pre Ind AS 116 Q2 FY'27 Q2 FY'26 YOY Q2 FY'27 Q2 FY'26 YOY Particulars (Unaudited) (Unaudited) % (Unaudite
Slide 19: Statement of Profit & Loss YTD FY'27
Statement of Profit & Loss YTD FY’27 Q2 FY’27 Revenue grew 21% and EBITDA 25%, with margins improving to 12.1%; PBT grew by 32% and PAT grew by 25% ₹ Millions Post Ind AS 116 Pre Ind AS 116 FY27 FY26 YOY FY27 FY26 YOY Particulars (Unaudited) (Unaudited) % (Unaudited) (Unaudited) % Revenue from opera
Slide 20: Ind-AS 116: P&L Impact
Ind-AS 116: P&L Impact YTD FY’27 ₹ Millions YTD FY'27 YTD FY'26 Pre-Ind Increased/ Post-Ind Pre-Ind Increased/ Post-Ind Particulars AS 116 (Decreased) AS 116 AS 116 (Decreased) AS 116 Other Expenses* 3,818 -1,576 2,242 3,255 -1,319 1,935 EBITDA 891 1,576 2,466 657 1,319 1,976 Finance Cost 118 287 40
Slide 21: Balance Sheet
Balance Sheet YTD FY’27 Disciplined capital allocation and a strong balance sheet support ongoing network expansion and seasonal stock preparation. ₹ Millions As At As At Particulars September 30, 2026 March 31, 2026 Particulars September 30, 2026 March 31, 2026 (Unaudited) (Audited) (Unaudited) (Au
Slide 22: Cash Flow Statement
Cash Flow Statement YTD FY’27 Negative FCF primarily reflects higher working-capital absorption due to festive inventory build-up and faster vendor payments, with the DPO–DOI gap narrowing by 9 days YoY. ₹ Millions For the period ended For the period ended Free Cash Flow Particulars September 30, 20
Slide 23: Store Geographical Spread and Other Significant Updates
Q2 FY’27 Store Geographical Spread Other Significant Updates 22 V-MART RETAIL LIMITED
Slide 24: Cluster-Based Expansion — New Store Additions
Cluster-Based Expansion — New Store Additions Q2 FY’27 Accelerating cluster-based store rollout deepens market presence across high-potential Tier 2 and Tier 3 catchments. New Stores by State (Q2 FY’27) New Stores by Tier Tier 1: 6 Uttar Pradesh 7 0 Tier 2: 8 6 Bihar 3 9 Tier 3: 9 Madhya Pradesh 3 T
Slide 25: Total Stores as on 30th September 2026
Total Stores as on 30th September 2026 Q2 FY’27 STATE Q2 FY'27 Q2 FY'26 V-mart UTTAR PRADESH 190 162 BIHAR 85 76 613 229 TAMIL NADU 41 33 RAJASTHAN 34 30 Stores as on 11 Stores in JHARKHAND 33 31 30th September 2026 Tier I & II cities WEST BENGAL 26 21 1 7 UTTARAKHAND 22 18 22 KARNATAKA 20 21 6 MADH
Slide 26: New Stores Opened — Q2 FY'27
New Stores Opened — Q2 FY’27 Q2 FY’27 Madhya Pradesh Tamil Nadu Rajasthan 25 V-MART RETAIL LIMITED
Slide 27: V-Mart at a Glance
V-Mart at a Glance Our Story Historical Performances Leadership Business Ecosystem 26 V-MART RETAIL LIMITED
Slide 28: Driving Product Portfolio & Strong Private Labels
Driving Product Portfolio & Strong Private Labels Men ▪ Casual Wear ▪ Sports/ 44% ▪ Formal Wear Activewear FMCG ▪ Ethnic Wear ▪ Innerwear ▪ Personal & ▪ Beauty & Home Cosmetics Essentials ▪ Packaged Women ▪ Western Wear ▪ Activewear 29% FMCG 11% Staples ▪ Ethnic Wear ▪ Inner Wear Apparels 79% Fashio
Slide 29: Delivering Fashion, Variety & Affordability
Delivering Fashion, Variety & Affordability 28 V-MART RETAIL LIMITED
Slide 30: Integrated Supply Chain & Future-Ready Infrastructure
Integrated Supply Chain & Future-Ready Infrastructure Tech-enabled, centralized logistics network powers rapid store replenishment and optimized inventory turn across all regions. 600+ Vendors supplying inventory across categories 2 Warehouses Palwal (near Delhi) & Bengaluru 6 Lakh sq.ft. Owned Ware
Slide 31: Historical Scale Expansion & Customer Growth
Historical Scale Expansion & Customer Growth Growing Store Count Expanding Retail Space (Mn sq. ft.) Total Stores New Stores Opened 4 years CAGR 11% 577 5.0 497 4.3 444 3.7 3.9 423 380* 3.3 266 279 92 2.2 2.3 59 62 55 46 39 20 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Inc
Slide 32: Historical Financial Growth & Value Creation
Historical Financial Growth & Value Creation Consistent Revenue Growth (₹ Mn) Profitable Growth (₹ Mn) Revenue YoY Growth 4 years CAGR 23% EBITDA % 4 years CAGR 26% 37,894 13.5% 32,539 12.9% 10.9% 11.6% 27,856 24,648 7.7% 16,620 48% 16% 13% 17% 16% 2,138 2,689 2,131 3,771 5,134 FY20 FY23 FY24 FY25 F
Slide 33: Historical Productivity & Operational Excellence
Historical Productivity & Operational Excellence Average Transaction Size (₹) & Apparels ASP (₹) Days of Inventory (DOI) Average Transaction Size Average Selling Price (Apparels) 114 113 1,100 1,065 1,045 96 93 1,033 86 789 334 382 358 354 362 FY20 FY23 FY24 FY25 FY26 FY20 FY23 FY24 FY25 FY26 Same S
Slide 34: Awards & Recognition
Awards & Recognition Prestigious industry honors reinforce our commitment to governance excellence, brand leadership, and workplace culture. Silver Shield - ICAI Awards for 24th ICSI National Awards for Globally ranked 19th best Ambition Box Employer Exellence in Financial Exellence in Corporate Int
Slide 35: Experienced Board Driving Long-Term Value
Experienced Board Driving Long-Term Value Aakash Moondhra Lalit Agarwal Madan Gopal Agarwal Chairperson & Non- Promoter & Managing Promoter & Whole Time Executive Director Director Director ▪ Former Global CFO of Naspers Fintech and PayU ▪ 25+ years of retail experience and pioneer in ▪ 56+ years of
Slide 36: Leadership Team Executing the Growth Strategy
Leadership Team Executing the Growth Strategy Anand Agarwal Anjali Goel Jaideep Jaiman Nitin Goel COO & CFO Head Human Resources Chief Digital Officer Head Inventory Planning & CSR 25+ years of experience in strategic 19+ years of experience in effective 14 years of experience across Retail, 15+ yea
Slide 37: Thank You
Thank You www.vmart.co.in | www.limeroad.com For further information, please contact: Suraj Rathor · suraj.rathor@vmartretail.com Investor Relations · ir_vmart@vmartretail.com V-MART RETAIL LIMITED 36