Vishal Mega Mart Q2 Results: Shares of Vishal Mega Mart Limited fell around 6 per cent on Wednesday, October 21, after the company announced its Q2FY27 results.
The stock was trading at Rs 89.63 on the NSE at around 1:17 pm, down Rs 4.81. Gurugram-headquartered retail company reported a 3.7 per cent year-on-year (YoY) rise in consolidated profit after tax (PAT) to Rs 157.9 crore in Q2FY27, compared with Rs 152.3 crore in the year-ago quarter. However, the figure was below Zee Business’ estimate of Rs 179 crore, which implied a 17.8 per cent YoY increase.
Revenue from operations rose 14 per cent to Rs 3,398.5 crore from Rs 2,981.5 crore a year ago. This was also below the estimate of Rs 3,500 crore, which indicated 17.4 per cent growth.
Operating EBITDA increased 3.7 per cent to Rs 262.2 crore from Rs 252.9 crore in the corresponding quarter last year. This was lower than the estimate of Rs 450 crore, which implied 14.2 per cent growth.
Vishal Mega Mart Q2 results: EBITDA margin under pressure
The operating EBITDA margin, before Ind AS 116 and ESOP charges, declined to 7.7 per cent in Q2FY27 from 8.5 per cent in the year-ago quarter. Zee Business had estimated a margin of 12.9 per cent, compared with 13.2 per cent a year earlier.
The company said the margin was affected by operating deleverage due to a shift in festive buying from Q2 to Q3 this year.
Adjusted profit after tax (PAT), before ESOP charges, stood at Rs 172 crore, up 6.4 per cent year-on-year. The adjusted PAT margin declined to 5.1 per cent from 5.4 per cent in the corresponding quarter last year.
Vishal Mega Mart Q2 results: Same-store sales growth at 5.4%
Vishal Mega Mart reported same-store sales growth (SSSG) of 5.4 per cent during the quarter. Zee Business had expected SSSG growth of 8 per cent.
The company said festivals have shifted from Q2 to Q3 this year, affecting SSSG by 3-4 percentage points. After adjusting for this impact, SSSG would have been around 9 per cent.
Vishal Mega Mart adds 25 net stores in Q2
The company added 26 gross stores and 25 net stores during Q2FY27. Zee Business had estimated that the retailer would open 22-26 stores during the quarter.
As of September 30, 2026, Vishal Mega Mart operated 844 stores across 582 cities, covering a total retail area of around 1.41 crore square feet.
Vishal Mega Mart operational highlights
For the first half of FY27 (H1FY27), apparel contributed 44.1 per cent of revenue, while general merchandise accounted for 28.4 per cent and FMCG contributed 27.3 per cent.
The company had around 18.1 crore customers as of September 30, 2026. Its own brands contributed 73.9 per cent of revenue in H1FY27.
Vishal Mega Mart’s quick-commerce initiative had expanded to 781 stores across 532 cities, with a registered user base of 1.5 crore.
Management Commentary
Commenting on the results, Gunender Kapur, Founder, Chief Executive Officer and Managing Director said: “We delivered another strong quarter, supported by the strength of our own-brand offerings, our customer-first approach and disciplined execution. Demand conditions remained steady despite renewed inflationary pressures across key raw material categories and an uneven
monsoon. Our differentiated merchandise, compelling price positioning and deep understanding of customer needs continued to resonate with shoppers, reinforcing the resilience of our business.
We continued to advance our store expansion strategy, adding 26 gross new stores during the quarter and 53 during the half year. In Q2, we launched the first pilot store of ‘Belong & Co.’,
our new apparel format catering to young, affluent urban consumers, with a distinct brand proposition offering effortless fashion.
We had a strong start to the festivals and this has reinforced our confidence in the demand momentum as we approach Diwali and the wedding season. Looking ahead, we remain focused
on capturing growth opportunities while staying agile in an evolving geopolitical and inflationary environment.”