V-Mart Retail (VMART) reported below-expected Q4FY19 revenue growth of 16% YoY to Rs 3.4bn, with SSSg of 3.5%. Operating margins contracted 260bps YoY to 15.7%, resulting in EBITDA/PBT dropping 23%/29% YoY. Management has guided for ~25% area addition and operating margins of 9-9.5% in FY20. We scale back FY20/FY21 PAT estimates by 9%/3% given the muted margin guidance. Upon rollover to Mar'20, our target price...