V-Mart Retail Ltd. share price target

We maintain our BUY rating on the stock.

With basic needs in rural India being fulfilled through government initiatives, such as free food schemes and cash handouts for women, disposable incomes have risen, driving growth in aspirational spends that benefits value fashion retailers.

V-Mart Retail’s (VMART) delivered 22% YoY revenue growth, on the back of 11% blended SSSG, partly boosted by the early festive season.

Capitalizing on India's Apparel Revolution Growth, Expansion, and Profitability Unleashed

We recommend a BUY rating on the stock with a TP of Rs 845/share, implying an upside of 10% from the CMP.

With an 18% upside potential from the CMP, we maintain our BUY rating on the stock.

Lower Limeroad losses, greater operational efficiencies and better offline margins drove a 166bp y/y higher EBITDA margin to 14.3% (~200bps above ARe and consensus).

With a 19% upside potential from the CMP, we maintain our BUY rating on the stock.

V-Mart Retail’s (VMART) revenue grew 17% YoY in 4QFY25, led by 8% SSSG and 12% store additions. EBITDA jumped ~70% YoY (in line) on account of gross margin improvement and lower losses in online segment.

V-Mart’s Q4 profitability improved, with a 272bps y/y higher EBITDA margin at 8.7% (~90bps above ARe), driven by lower Limeroad losses and better offline margins. FY25 sales/EBITDA grew ~17%/77% y/y, led by 11% SSSG.

Continually good offline margins, lower Limeroad losses and efficiency measures pushed up V-Mart’s Q3 EBITDA margin to 16.7%, considerably above ARe.

With a 24% upside potential from the CMP, we maintain our BUY rating on the stock.

V-Mart Retail’s (VMART) revenue grew 16% YoY in 3QFY25, led by strong SSSG (10%) and store additions. EBITDA beat our estimate by 12%, aided by improvement in gross margin for offline format, lower losses in LimeRoad (LR), and benefits from unprofitable store closures in Unlimited.

We recommend a BUY rating on the stock with a near-term TP of Rs 4,180/share, implying an upside of 10% from the CMP.

With a 12% upside potential from the CMP, we maintain our BUY rating on the stock.

V-Mart Retail’s (VMART) revenue grew 20% YoY in 2QFY25, led by strong SSSG and store additions.

With a 12% upside potential from the CMP, we maintain our buy rating on the stock.

VMART’s EBITDA jumped 89% YoY (beat) in 1QFY25, aided by 11% SSSG, a reduction in Limeroad losses and controlled ad spending.

We recommend a BUY rating on the stock with a near-term TP of Rs 3,450/share, implying an upside of 10% from the CMP.