Vishal Mega Mart (VMM IN) delivered a strong Q1FY27, with consolidated revenue up 18.7% YoY to Rs 37.3bn, 1% ahead of our estimate. Growth was led by 10% SSSG, ahead of our 8% estimate, supported by new customer additions, higher purchases by existing customers and continued scale up in hyperlocal delivery. Importantly, VMM maintained prices in its opening and mid-price portfolios despite inflation, which protected customer affordability and helped drive footfalls, volumes and SSSG. This reinforces VMM's ability to drive volume led growth while protecting affordability, a key differentiator in the value retail...