kend closures in various states affected overall operations. The second quarter of the fiscal year is generally low on margins with no major festivals or any major consumption drivers and largely comprises of end of season liquidation. Moreover, there has been immense margin pressures on the product sourcing side due to spike in cotton yarn prices, with little signs of abetment. However, the company mitigated the same...

V-Mart Retail Ltd. is trading below all available SMAs

V-Mart Retail Ltd.

12 Nov 2021

707.05

-2.26%

Result Update:V-Mart Retail

Buy: V-Mart Retail Ltd.

Recommendation Target

Axis Direct

In view of the healthy Q2 performance we revise our store opening estimates for FY22/23/24 with improvement in profitability thus leading to an upward revision in our estimates and rating to BUY (HOLD earlier) and revised TP of Rs. 4,750 (Rs. 3,685 earlier).

V-Mart Retail Ltd. has an average target of 1026.50 from 4 brokers.

V-Mart Retail Ltd.

10 Nov 2021

707.05

-2.26%

Growth momentum returns; turnaround of Unlimited remains key

Buy: V-Mart Retail Ltd.

Target

Motilal Oswal

VMART saw a resurgence in growth, with 12 store additions and 93% YoY jump in revenue, 8% above pre-COVID levels (2QFY20). Excluding onemonth revenue from the recently acquired Unlimited' stores, it reached pre-COVID levels. LTL stood at 90%. It reported an operating (pre Ind AS 116)/net loss of INR57m/INR141m. Recent acquisition of the Unlimited Value Retail chain and aggressive store additions in its core markets should drive steady growth (FY23E PAT revised upward to 25% on incorporating Unlimited stores in our estimates), which can be well supported by a lean Balance Sheet, backed by a recent QIP. We factor...

V-Mart Retail Ltd. has an average target of 1026.50 from 4 brokers.

V-Mart Retail Ltd.

13 Aug 2021

707.05

-2.26%

Result Update:V-Mart Retail

Hold: V-Mart Retail Ltd.

Recommendation Target

Axis Direct

We remain positive on the stock from a long-term perspective in light of its immense growth potential. At CMP, the stock trades at 16x FY24E EV/EBITDA, and we assign a target multiple of 18x FY24E EBITDA to arrive at TP of Rs 3,685/share, implying an upside potential of 6% from CMP.

V-Mart Retail Ltd. has an average target of 1026.50 from 4 brokers.

V-Mart Retail Ltd.

11 Aug 2021

707.05

-2.26%

V-Mart Ltd.

Buy: V-Mart Retail Ltd.

ICICI Securities Limited

V-Mart follows a cluster based approach of adding stores within a radius of 50-100 km. This gives it better economies of scales, supply chain efficiencies and better understanding of fashion needs of the specific region...

V-Mart Retail Ltd. is trading below all available SMAs

Is V Mart Retail Ltd. worth buying?

92 Votes:

Buy 73.91%

Sell 15.22%

Hold 10.87%

RESEARCH REPORTS

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