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Swing Capital

V-Mart Retail Ltd

NSE: VMART BSE: 534976Retail

V-Mart Retail is engaged in the business of Value Retailing through the chain of stores situated at various cities in India.

₹639
52W: ₹458 — ₹962
PE 40.7 · Book ₹120 · +433% vs book
Market Cap₹5,080 Cr
Stock P/E40.7Price to Earnings
ROCE13.2%Return on Capital
ROE14.2%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company has delivered good profit growth of 82.9% CAGR over last 5 years

Weaknesses

  • −Stock is trading at 5.17 times its book value
  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has a low return on equity of 2.21% over last 3 years.

Shareholding Pattern

Promoters44.2%
FIIs16.92%
DIIs31.87%
Public7.02%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters44.34%44.32%▼0.044.29%▼0.044.28%▼0.044.19%▼0.144.18%▼0.044.15%▼0.044.2%▲0.1
FIIs15.46%16.02%▲0.617.32%▲1.317.48%▲0.218.29%▲0.817.46%▼0.817.01%▼0.416.92%▼0.1
DIIs32.62%32.79%▲0.232.45%▼0.332.93%▲0.531.51%▼1.432.11%▲0.632.46%▲0.431.87%▼0.6
Public7.59%6.89%▼0.75.94%▼0.95.33%▼0.66.02%▲0.76.26%▲0.26.38%▲0.17.02%▲0.6

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales8896697866611,0277808858071,126971
Expenses769628687622855712759735917865
Operating Profit1204099391716812672210106
OPM %13%6%13%6%17%9%14%9%19%11%
Net Profit28-3912-57721934-98811
EPS ₹3.57-4.921.53-7.149.042.344.23-1.1211.081.42

AI Insights

Revenue Trend

Mar 2026 revenue at ₹3,789Cr, up 16.4% YoY. OPM at 14%.

Debt Position

Borrowings at ₹958Cr. Debt-to-equity ratio: 1.10x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹8Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 31.87% (+0.90pp change). FIIs: 16.92% (+2.10pp change). Promoters hold 44.2%.

Margin & Efficiency

ROCE declining from 26% (Mar 2015) to 13% (Mar 2026). Working capital days: 2.

Valuation

PE 40.7x with 13.2% ROCE. Price is 433% above book value of ₹120. Dividend yield: 0%.

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