Company Update : V-Mart Retail by Motilal Oswal Financial Services Ltd
Pre-quarter update: Another strong revenue print (+23% YoY, SSSG +9%)
* V-Mart’s 1QFY27 revenue grew 23% YoY to INR10.9b (~5% above our expectations), driven by ~16% YoY store additions and robust SSSG (9%).
* SSSG for V-Mart (core) stood at 8% (vs. 4%/12% in 1QFY26/4QFY26), while SSSG for Unlimited came in at 13% (vs. 5%/9% in 1QFY26/4QFY26).
* V-Mart’s blended SSSG was better than V2 Retail’s (+7.5%) for the second successive quarter.
* Revenue per store increased ~6% YoY to INR18.6m.
* The company opened 15 new stores (we estimate 13 V-Mart store openings and two Unlimited stores) and closed one store during the quarter, bringing the total store count to 591 (+16% YoY).
* V-Mart remains among our preferred picks in the retail space.
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