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Operates a large chain of value/discount retail stores across India selling apparel, groceries and general merchandise.
Operates a large chain of value/discount retail stores across India selling apparel, groceries and general merchandise.
In one line: India's Walmart/Ross Stores hybrid at the value end.
Moat: narrow (scale, distribution, brand). A large store network and low-cost private-label sourcing target price-sensitive shoppers in smaller Indian cities.
Headquarters: Gurugram, India · Founded: 2001 · Employees: 21,913
Size Vishal Mega Mart (VMM.NS) is an India Consumer Discretionary company (Apparel/Footwear Retail) with a market value of $4.67B, the 221st largest of 1,058 India companies the cockpit tracks. Shares closed at ₹94.00 on 6 Nov 2026.
Performance Over six months the shares fell 25.1%, against +16.2% for the median peer and 0.0% for the India market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 17.8% over the last twelve months (peer median +9.1%); the operating margin is 9.1% (peer median 9.6%).
Valuation It trades at 43.8× forward earnings against a peer median of 14.6× (2nd most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 32% a year for seven years (Req g). Recent delivered growth is +19%, so the hurdle is +13 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.8 points below its cost of capital (13.1% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹139B | ₹129B | ₹107B | ₹89.1B | ₹75.8B |
| Revenue growth | — | +20% | +20% | +17% | — |
| Gross profit | ₹24.1B | ₹19.0B | ₹15.1B | ₹11.9B | ₹9.58B |
| EBITDA | ₹19.9B | ₹19.2B | ₹15.6B | ₹12.8B | ₹10.5B |
| Net income | ₹8.97B | ₹8.39B | ₹6.32B | ₹4.62B | ₹3.21B |
| Free cash flow | n/a | ₹11.3B | ₹9.93B | ₹4.44B | ₹2.57B |
| Capital expenditure | n/a | ₹3.25B | ₹2.64B | ₹2.49B | ₹2.22B |
| Total debt | ₹21.2B | ₹19.9B | ₹17.3B | ₹14.8B | ₹14.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Vishal Mega Mart VMM.NS | $4.67B | -25% | +18% | 9% | 43.8× | 32.3% |
| Avenue Supermarts DMART.NS | $23.6B | -22% | +16% | 6% | 63.8× | n/a |
| Trent TRENT.NS | $17.4B | +8% | +18% | 12% | 75.1× | 60.1% |
| V-Mart Retail VMART.NS | $636M | +14% | +18% | 6% | 38.9× | 36.5% |
| Baazar Style Retail STYLEBAAZA.NS | $314M | -6% | +35% | 5% | 33.4× | n/a |
| V2 Retail V2RETAIL.NS | $672M | -20% | +49% | 9% | 20.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VMM.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.5% | +7.5% | 3rd lowest of 21 |
| 6-month return | -25.1% | +16.2% | lowest of 21 |
| Distance from 52-week high | -36.1% | -17.7% | 2nd lowest of 21 |
| Revenue growth (TTM) | +17.8% | +9.1% | 3rd highest of 21 |
| Operating margin | 9.1% | 9.6% | 10th lowest of 21 |
| Forward P/E | 43.8× | 14.6× | 2nd most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 32.3% | 12.8% | 2nd most demanding of 20 |
| Growth delivered (Del g) | +19.4% | +12.3% | 5th highest of 20 |
| Hurdle (Req g minus delivered) | +12.9 pp | -5.4 pp | 4th most demanding of 20 |
| ROIC minus cost of capital | -0.8 pp | +2.1 pp | 6th lowest of 21 |
| EV / EBITDA | 22.1× | 10.2× | 2nd most expensive of 19 |
| Net debt / EBITDA | -0.1× | 1.3× | 4th least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Vishal Mega Mart VMM.NS | India | $4.67B | -25% | +18% | 9% | 43.8× | 32.3% | +19.4% |
| SHIMAMURA 8227.T | Japan | $4.69B | +2% | +5% | 9% | 14.3× | -9.9% | +5.2% |
| Boot Barn BOOT | United States | $3.92B | -20% | +17% | 14% | 14.6× | 14.3% | +20.3% |
| JD Sports Fashion JD..L | United Kingdom | $6.03B | +37% | +2% | 7% | 9.0× | 1.4% | +15.5% |
| Abercrombie & Fitch ANF | United States | $6.35B | +57% | +5% | 14% | 12.1× | -2.7% | +11.0% |
| American Eagle Outfitters AEO | United States | $3.34B | +19% | +8% | 9% | 11.1× | 0.9% | +8.1% |
| Urban Outfitters URBN | United States | $7.26B | +18% | +11% | 10% | 13.1× | 6.9% | +12.3% |
| Gap GAP | United States | $7.55B | -8% | +1% | 11% | 8.4× | -2.3% | +2.2% |
| Victoria's Secret & VSXY | United States | $8.62B | +125% | +10% | 8% | 21.4× | 20.0% | +3.9% |
| Sailvan Times 301381.SZ | China | $2.39B | +25% | +14% | 4% | 25.4× | 14.9% | +17.6% |
| Metro Brands METROBRAND.NS | India | $2.39B | -20% | +16% | 19% | 49.2× | 34.1% | +29.1% |
| Buckle BKE | United States | $2.16B | -20% | +6% | 22% | 10.3× | -5.2% | +7.6% |
| Capri CPRI | United States | $2.12B | +11% | -14% | 3% | 9.4× | 21.3% | -3.1% |
| Modivo MDV.WA | Poland | $2.01B | +29% | +4% | 2% | 34.1× | 23.3% | +15.9% |
| Meesho MEESHO.NS | India | $11.4B | +17% | +34% | -9% | n/a | n/a | n/a |
| Aritzia ATZ.TO | Canada | $12.5B | +9% | +40% | 16% | 27.1× | 22.0% | +34.0% |
| OVS OVS.MI | Italy | $1.74B | +15% | +10% | 7% | 14.8× | 12.8% | +11.4% |
| Lpp LPP.WA | Poland | $13.0B | +36% | +15% | 13% | 17.4× | 17.5% | +24.1% |
| PAL 2726.T | Japan | $1.58B | -4% | +7% | 11% | 13.6× | -15.4% | +16.7% |
| Premier Investments PMV.AX | Australia | $1.57B | +22% | -3% | 14% | 14.9× | 9.4% | -11.0% |
| Burlington Stores BURL | United States | $15.5B | -19% | +11% | 8% | 20.5× | 18.2% | +14.9% |