V-Mart Retail Ltd. share price target

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.

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

Key highlights from V-Mart Retail’s Q4FY24 result: (1) Steady 5% YoY SSSG in VMART, (2) sharp improvement in Unlimited SSSG at 13% (vs 1% in Q3) driven by higher volume growth despite 10% YoY reduction in ASP.

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